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Mt. Gox demise as told by a Bitcoin insider

bloomberg.com

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

#121

Post by Noos »

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.

I do, and i see what the web has become now, and it makes me less likely to be giddy about the next new thing. I think we're at a point where the net is no longer novel enough to be magical, and we see the reality is a lot more mundane and even harmful than anyone predicted.

You can't just throw out grand concepts and wish for magic now; there needs to be a lot more reflection on the technologies people introduce. Are they sustainable, in that they can maintain their original purpose? Do they increase the attack surface of people, groups and societies greater than the benefit? Do they require skill and vigilance beyond the average person to use safely?

I don't think optimism and "it will all work out" is a rational position any more.

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

#122

Post by soulofmischief »

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…

The writing was on the wall months before the attack. Mt Gox's usability plummeted and rumors or pentesting circulated. Orders started experiencing increasing latency.

I watched that tower fall from a safe distance. I'm not saying it's your fault that you got dragged into the Bitcoin double spend attack, but it's simply part of the game. Easy come, easy go. Don't get caught up imagining fake money you never had. It will weight heavily on your psyche forever.

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

#123

Post by MagicalTux »

gggydf32 wrote: post #101
MagicalTux wrote: post #95

Earlier quoted context omitted.

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

So you are commenting on the veracity of the article, then?

I didn't initially, but if you're reading that far in the comments I guess it can't be avoided. People need to know what CoinLab is trying to do.

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

#124

Post by coryrc »

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…

Wouldn't it just take one person and a single piece of hardware to confirm? And yet not anyone has confirmed it?

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

#125

Post by [deleted] »

axiosgunnar wrote: post #105
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…

> occasionally I multiply my Mt Gox holdings by the current price of Bitcoin and imagine how life could be I often have flashbacks to that one tweet I saw many many years ago saying „Bitcoin reaches USD parity“. I was considering investing a thousand bucks at that time, just for fun. I would be 37 million dollars rich today! Who am I kidding. What would have actually happened is I would have sold everything once my m…

[deleted]

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

#126

Post by elif »

kortilla wrote: post #71
elif wrote: post #48

Earlier quoted context omitted.

Something that can continue to gain value for 10 years has no practical use? Someone had better remove the vast majority of the world GDP which is in financial markets.

Financial markets represent ownership of companies that produce things or provide services. Or they are for debt on loans to governments, companies, or people that use it to finance something.

Maybe before 1980 that is a sufficient explanation of abstract capital. It really does not resemble modern reality.

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

#127

Post by Thorrez »

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…

If Bloomberg was operating in good faith (such as being tricked by a lying source), would they still be liable for libel?

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

#129

Post by gamblor956 »

MagicalTux wrote: post #97
threepio wrote: post #72

Earlier quoted context omitted.

> 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.

If that were true, those companies absolutely would have filed libel cases, because that sort of harm is exactly what libel suits are intended to redress.

Most likely, the story is true enough that the companies do not have a case for libel, even if specific details may be wrong, and the companies don't want a lawsuit because that opens then up to discovery proving that the foundational elements of the story are true.

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