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Mt. Gox demise as told by a Bitcoin insider

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Re: Mt. Gox demise as told by a Bitcoin insider

#91

Post by seneca »

zoba wrote: post #76
MagicalTux wrote: post #35

Being directly involved in this I'm not going to comment as of the veracity of the article myself, but rather point to a response of when this was posted on twitter (look at the extra responses for some fact checking): https://twitter.com/wizsecurity/status/1355973512012292096

Mark, the security errors in Mt Gox cost me sums of money that would have completely changed the life of myself and my family. Mostly I have moved on from this, but occasionally I multiply my Mt Gox holdings by the current price of Bitcoin and imagine how life could be. I have never heard you express sorrow for the individuals whose lives you so negatively impacted. I have no idea if you have plans to make amends for…

> I assume you must have concerns for your own physical safety.

> I hope that you'll consider those of us who are still hurt by your negligence by choosing your words and presence carefully.

This is a clumsy threat and isn't really appropriate.

Re: Mt. Gox demise as told by a Bitcoin insider

#92

Post by KirillPanov »

wmf wrote: post #19
staplers wrote: post #11

It's always amazed me how anti-crypto and behind the times (about bitcoin) this forum has been. Remember your imagination for the possibilities of the early web and computers.

Possibility of the early Web: getting free overnight air shipping on 50-pund bags of dog food. Possibility of cryptocurrency: becoming "fuck you" rich in a year without doing any work. Yeah, you have a point; crypto does have amazing potential.

> becoming "fuck you" rich in a year without doing any work.

That's how most SF tech startups appear to the average blue-collar person.

It's all about perspective.

Re: Mt. Gox demise as told by a Bitcoin insider

#93

Post by zoba »

seneca wrote: post #91
zoba wrote: post #76

Earlier quoted context omitted.

Mark, the security errors in Mt Gox cost me sums of money that would have completely changed the life of myself and my family. Mostly I have moved on from this, but occasionally I multiply my Mt Gox holdings by the current price of Bitcoin and imagine how life could be. I have never heard you express sorrow for the individuals whose lives you so negatively impacted. I have no idea if you have plans to make amends for…

> I assume you must have concerns for your own physical safety. > I hope that you'll consider those of us who are still hurt by your negligence by choosing your words and presence carefully. This is a clumsy threat and isn't really appropriate.

No threat intended. In my third paragraph I attempted to empathize with him. Yes, he cost me money but he is still human.

I truly do think it must be scary for him. I don't know of your involvement in Bitcoin at the time, but there was a much higher percentage of 'not good people' involved then. In the months after the Gox news originally broke, many people were discussing Mark's safety. I still wonder about his safety every time there is a major milestone in the Gox case - and will again when the case finally settles.

In my final paragraph I communicated that Mark's presence here, and the way he communicates will affect members of this community - especially important since this seems to be his first post here.

Re: Mt. Gox demise as told by a Bitcoin insider

#94

Post by MagicalTux »

zoba wrote: post #76
MagicalTux wrote: post #35

Being directly involved in this I'm not going to comment as of the veracity of the article myself, but rather point to a response of when this was posted on twitter (look at the extra responses for some fact checking): https://twitter.com/wizsecurity/status/1355973512012292096

Mark, the security errors in Mt Gox cost me sums of money that would have completely changed the life of myself and my family. Mostly I have moved on from this, but occasionally I multiply my Mt Gox holdings by the current price of Bitcoin and imagine how life could be. I have never heard you express sorrow for the individuals whose lives you so negatively impacted. I have no idea if you have plans to make amends for…

I am sorry for the situation and the way things and have expressed sorrow continuously, starting with the bankruptcy press conference, and on multiple occasions. I have been helping people who contacted me or who posted on reddit, been in touch with MtGoxLegal and other creditor groups, and generally tried to keep everyone aware of their rights and needed procedures to be into the bankruptcy. I also have made sure third parties wouldn't enter the process in order to benefit from it (see Brock Pierce for example) and still continue today to offer help on reddit to those in need.

I do not think me being involved in a new exchange would help make money for creditors. I have provided counseling to other exchanges who asked me to on how to avoid repeating what happened with MtGox and tried to push as much as possible for MtGox creditors to get as much as possible. When I was due to receive over a billion dollar as share holder in the bankruptcy I also made sure everyone knew about it because switching back to a civil rehabilitation needed the support for most creditors and wasn't something I could do (since I'm not a creditor myself).

But of course if I can help in something more I'd be happy to. You will likely receive more than you initially deposited into MtGox through the bankruptcy, but I do not know what you call "significant recompense."

Also most creditors I have been interacting with have been thankful for the help and I do not think that many people still direct much ill toward me, at least it doesn't feel that way anymore, but that may have to do with the lack of death threats and insults on Twitter and such. I'm hoping everyone will be eventually able to move on, but first the bankruptcy must end, and CoinLab is preventing exactly that from happening.

I have been choosing my words carefully, even going as far as avoiding voicing my own opinion here and instead linking to some fact checking from another MtGox creditor. I will however still say that CoinLab and more specifically Peter is clearly abusing his position and using stalling techniques to force MtGox and creditors to accept a settlement rather than having the whole process taking many more years, effectively taking everyone hostage for his own gain.

Staying silent will not do anything for creditors, and CoinLab clearly do not have creditors' benefit in mind. I do think this is important to point out.

Re: Mt. Gox demise as told by a Bitcoin insider

#95

Post by MagicalTux »

modeless wrote: post #49
MagicalTux wrote: post #35

Being directly involved in this I'm not going to comment as of the veracity of the article myself, but rather point to a response of when this was posted on twitter (look at the extra responses for some fact checking): https://twitter.com/wizsecurity/status/1355973512012292096

For those who don't know, MagicalTux is Mark Karpeles, owner and CEO of Mt Gox. Assuming this is his real account. And for what it's worth, I agree that this is a bad article based on what I know about the situation. Bloomberg reporting in general is questionable these days if you ask me. I don't trust them since the false Supermicro hack story (never retracted BTW) and I've seen several other bad stories from them s…

Yep this is indeed me. This article would clearly have its place on PRNewsWire rather than Bloomberg.

Re: Mt. Gox demise as told by a Bitcoin insider

#96

Post by shawnz »

zoba wrote: post #76
MagicalTux wrote: post #35

Being directly involved in this I'm not going to comment as of the veracity of the article myself, but rather point to a response of when this was posted on twitter (look at the extra responses for some fact checking): https://twitter.com/wizsecurity/status/1355973512012292096

Mark, the security errors in Mt Gox cost me sums of money that would have completely changed the life of myself and my family. Mostly I have moved on from this, but occasionally I multiply my Mt Gox holdings by the current price of Bitcoin and imagine how life could be. I have never heard you express sorrow for the individuals whose lives you so negatively impacted. I have no idea if you have plans to make amends for…

> occasionally I multiply my Mt Gox holdings by the current price of Bitcoin and imagine how life could be.

While this obviously doesn't justify what happened with Mt Gox, there was plenty of time afterward to reinvest at significantly lower prices than today, so I don't think it's fair to attribute all those losses to him.

Re: Mt. Gox demise as told by a Bitcoin insider

#97

Post by MagicalTux »

threepio wrote: post #72
modeless wrote: post #49

Earlier quoted context omitted.

For those who don't know, MagicalTux is Mark Karpeles, owner and CEO of Mt Gox. Assuming this is his real account. And for what it's worth, I agree that this is a bad article based on what I know about the situation. Bloomberg reporting in general is questionable these days if you ask me. I don't trust them since the false Supermicro hack story (never retracted BTW) and I've seen several other bad stories from them s…

> the false Supermicro hack story (never retracted BTW) So the idea is that Bloomberg, a company owned by a multibillionaire, published a story full of libel, and for some inexplicable reason none of the corporations damaged by that story sued them? Or maybe ... the story is true, and those mentioned found it embarrassing, so they put out denials to the press and social media that will never have to be scrutinized (s…

Or maybe suing for libel brings a lot of attention so unless it's very bad most companies will opt not to sue, especially if the target is a major news organization.

Re: Mt. Gox demise as told by a Bitcoin insider

#98

Post by rfd4sgmk8u »

MagicalTux wrote: post #94
zoba wrote: post #76

Earlier quoted context omitted.

Mark, the security errors in Mt Gox cost me sums of money that would have completely changed the life of myself and my family. Mostly I have moved on from this, but occasionally I multiply my Mt Gox holdings by the current price of Bitcoin and imagine how life could be. I have never heard you express sorrow for the individuals whose lives you so negatively impacted. I have no idea if you have plans to make amends for…

I am sorry for the situation and the way things and have expressed sorrow continuously, starting with the bankruptcy press conference, and on multiple occasions. I have been helping people who contacted me or who posted on reddit, been in touch with MtGoxLegal and other creditor groups, and generally tried to keep everyone aware of their rights and needed procedures to be into the bankruptcy. I also have made sure th…

As a counterpoint, I would like to thank you Mark for what you built, and the movement you started. You did change my life and the lives of many others, enabling us to build the future. Lessons were learned by many. NYKNYC.

We cannot change the past, and we must build for the future. I think when the dust settles, you will be remembered as a pioneer and economy builder.

Re: Mt. Gox demise as told by a Bitcoin insider

#99

Post by MagicalTux »

koolba wrote: post #47
MagicalTux wrote: post #35

Being directly involved in this I'm not going to comment as of the veracity of the article myself, but rather point to a response of when this was posted on twitter (look at the extra responses for some fact checking): https://twitter.com/wizsecurity/status/1355973512012292096

The default twitter algo selection of comments is random gibberish. Anything more specific to point to?

The WizSecurity comments are shown as a thread, those are the most relevant imo

Re: Mt. Gox demise as told by a Bitcoin insider

#100

Post by colechristensen »

zoba wrote: post #76
MagicalTux wrote: post #35

Being directly involved in this I'm not going to comment as of the veracity of the article myself, but rather point to a response of when this was posted on twitter (look at the extra responses for some fact checking): https://twitter.com/wizsecurity/status/1355973512012292096

Mark, the security errors in Mt Gox cost me sums of money that would have completely changed the life of myself and my family. Mostly I have moved on from this, but occasionally I multiply my Mt Gox holdings by the current price of Bitcoin and imagine how life could be. I have never heard you express sorrow for the individuals whose lives you so negatively impacted. I have no idea if you have plans to make amends for…

MtGOX was one of a few situations which would have led me to having a million in the bank if not for seemingly small changes. Alas, it didn’t happen, and honestly there were many other ways that it would have otherwise not happened. Sure its fun to multiply tens of bitcoins I once owned by the all time high, but this is about as effective as thinking about picking different lottery numbers. It would be nice if I got every coin back from mtgox, my balance would sell for something between a nice car and a nice house these days, but this is reality, reality has risks, and I made risky choices and got the results which I did.
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