Protest at MtGox

Jon Southurst just tweeted this:

Out doorstopping Mt Gox on a lovely Tokyo winter day.

With this picture attached:

protest

I have talked to the protester in this picture yesterday. He has a substantial amount of bitcoins trapped in the MtGox exchange and flew in from London to try getting them back.

This is the second such protest. Another guy flying in from Australia last week got a lot of attention at Reddit for succeeding in getting some information out of MtGox.

The sad state of affairs at MtGox is that their customers can get nothing out. No actual money, no bitcoins, and most annoyingly, no information.

If you have a substantial amount of money at MtGox, you won’t like the fact that they are talking to nobody. And some customers go a long way to try to manage, somehow, to get their money back from MtGox. Others are trading their bitcoins stuck at the exchange, at a substantial discount, for bitcoins not trapped there.

Which of course means that, right now, people are paying good money to be able to leave this exchange.

The very least MtGox needs to do immediately is to enable manual withdrawals for all transactions above a certain threshold. They should start with transactions over 100 bitcoins, and then lower that cutoff value as they get done with the higher transactions.

Update: Wall Street Journal reports on this, with a video of the protester confronting MtGox CEO Karpeles.

Published by kflenz

Professor at Aoyama Gakuin University, Tokyo. Author of Lenz Blog (since 2003, lenzblog.com).

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