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That's probably the reason for the discount but I don't think it's a very good one. Suppose that MtGox has all its users' dollars but only half the BTC. Are the
by topynate 13y ago
That's probably the reason for the discount but I don't think it's a very good one. Suppose that MtGox has all its users' dollars but only half the BTC. Are the BTC holders going to accept a haircut of 50%? No, they'll demand that the pain be shared equally. Even if that argument gets rejected in court it'll still freeze all the dollar assets for a long time. Point is, goxBTC are devalued relative to actual BTC, but goxUSD ought to be devalued as well.
- eric_bullington 13y agoI think the reason goxUSD is not as devalued is because courts can be counted on to recognize USD claims, whereas it's a bit up in the air what Japanese courts will think of Bitcoin. As a result, goxUSD retains more of its value.
- maaku 13y agoNo, definitely not this. Japan has good case law regarding the protection of virtual goods, whereas there is a lot of ambiguity on this side of the pacific. If anything this is one point in favor of mtgox being in Japan.