3 ms·

almost sounds like a ponzi scheme.

• ameoba 13y ago
  ...or PayPal.
• kilroy123 13y ago
  This most definitely sounds like a ponzi scheme. If so, it's probably falling apart right now. Scary.
  • dragontamer 13y ago
    Its only an exchange. A weakness in Mt.Gox does not create a weakness in the greater BTC network. It just means it is that much harder to find a BTC Exchange that you can trust. Its like history unfolding again. Eventually, people will (re)learn that giving large sums of money to people you don't know requires major amounts of trust. Ex: What guarantees do I have that Mt.Gox isn't trading with my money? I mean after all... Mt. Gox money is virtual currency. Maybe you can't withdraw your money from Mt. Gox because they're playing with it themselves. You see? Its a trust issue. SEC is in charge of investigating this sort of behavior.
  • trevelyan 13y ago
    Having other people seize 10 million of your assets does not make anyone's business a ponzi scheme. MTGox should be able to cover these costs by selling BTC onto their own market. The strange thing is that if they were doing this, it should drive bitcoin prices LOWER on MTGox than elsewhere, and encourage people to play the arbitrage game in reverse (depositing rather than withdrawing USD). Maybe they are having deposit issues in addition to withdrawal ones.
• spatz2013 13y ago
  People said this when this Bitcoin started years ago, but nooooooo, it was different. ( they always are. )