5 votes

bitcoin - Joint Statement Regarding MtGox - Coinbase, Kraken, Bitstamp.net et al.


The purpose of this document is to summarize a joint statement to the Bitcoin community regarding Mt.Gox.

This tragic violation of the trust of users of Mt.Gox was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today. Mtgox has confirmed its issues in private discussions with other members of the bitcoin community

We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.

In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following services will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China.

We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.

Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.

The following industry leaders stand by this statement:

Fred Ehrsam and Brian Armstrong — Founders of Coinbase

Jesse Powell — CEO of Kraken

Nejc Kodrič — CEO of Bitstamp.net

Bobby Lee — CEO of BTC China

Nicolas Cary — CEO of Blockchain.info

Jeremy Allaire — CEO of Circle

read more http://blog.coinbase.com/post/77766809700/joint-statement-re...

Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Well yes of course the other exchanges are sooo much more honest

than Mt. Gox. Give me a break!

This would be like the fed crashing and other central banks putting out a statement to assure people that Central banking is still the best and they are all different and better than the U.S. Federal reserve when in reality they are susceptible to the same risks.

Sounds like you don't like bitcoin. I would suggest

in the future, if you are selling something and someone offers to pay you in bitcoin, refuse to accept it from them.

Of course, if they offered to pay you in Federal Reserve Notes and you refused to accept them you would be breaking the law...

Defeat the panda-industrial complex

I am dusk icon. anagram me.

bump for downvote.

you'll never win, trolls.

Defeat the panda-industrial complex

I am dusk icon. anagram me.

BTC-e Statement

BTC-e Statement regarding MtGox possible insolvency

25.02.14 17:31 from admin
Dear BTC-e.com participants,

We are concerned by MtGox shutdown and would like to assure you that:

1. MtGox losses do not affect account balances or the operation of BTC-e in any way.

2. We confirm the Bitcoin system operation and its exciting prospects, and MtGox bankruptcy has not been caused by any underlying technical problems of Bitcoin. Bitcoin international peer-to-peer network and cryptocurrency are independent of actions of a single market participant. Bitcoin protocol continues to function exactly as it should. The cryptocurrency maintains its stability and the network will continue to develop and exist as long as required by its users.

3. At BTC-e we are constantly monitoring Bitcoin accounts and FIAT reserves. At BTC-e we continue to maintain all clients’ assets in full – both Bitcoin and FIAT.

4. BTC-е has no vulnerabilities during client transactions as we use safe and proven transaction protocols. All transaction issues reported by our clients undergo a thorough check.

The safety of client funds and transactions is of ultimate importance for the company, and this is the reason why we have been an industry leader for the last three years.

1. BTC-е is at its peak of financial strength with the record levels of clients and capital adequacy. The company plans to start publishing financial statements, verified by an external audit, on a regular basis.

2. The highest levels of security are already in place at BTC-e, and the company regularly uses external professional advice to further increase the security of our clients.

3. BTC-e is the only exchange to offer a modern trading platform, MetaTrader 4, to its clients, and many other exciting projects and further upgrades are in the pipeline.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

My faith in bitcoin has been shaken not one iota.

I wouldn't store gold at a bank without first inspecting the vaults - similarly I wouldn't store btc at an exchange without examining the code. And since I don't know what to look for in the code I'll keep my coins in my own pocket since they don't weigh anything...

Defeat the panda-industrial complex

I am dusk icon. anagram me.

Good time to buy.

Good time to buy.