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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

#161

Post by Melting_Harps »

Judgmentality wrote: post #153
Melting_Harps wrote: post #145

Earlier quoted context omitted.

> 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. Mark, for all the controversy surrounding your case and the obscene level of malice in the Japanese court system, reflected in its conviction rate, do you think there will ever be a way for you to tell your side of the story at length? Like a series of long format podcast…

> The crazy thing is how much deeper it all goes and certainly has all the elements of a series of movies (at least a trilogy) if someone wanted to make it a script: DPR/Ross Silk Road case, those 2 Feds who stole the BTC, BTC-e seizure, Alexander Vinnik arrest in Greece alleging to be behind the MTGOX hack(s), variety Jones's arrest in Thailand. Not to mention guys like Gonzog, or Ver... As someone who is only loose…

> As someone who is only loosely aware of the story, is there a good place to learn more (I'm pretty sure I could spend countless nights researching this, I'm hoping for something like a detailed article or a particularly insightful forum post)? And I realize part of the issue is the story hasn't been told yet, but you still know a lot more than I do.

It really goes deep, and a lot of it was events as they happened in real time for those of in the Community. Bitcoin Talk Forum and reddit still have many of those threads if you want to go deep.

But here are some links I could find to you get familiarized with all of this [0] [1] at least until you decide to go further.

As you mentioned, so much of this has not been addressed and their are so many parties vying to hijack the narrative, which include Nation States and their respective agencies and bureaus withing them which is why I'd like to hear Mark's story (starting with being brought in for questioning by the Secret Service, FBI, and DHS) be told over a series of podcasts (the lowest barrier of entry with long format). I'm sure we could crowd source this with BTC to make it happen if he ever decides to do it.

I'm just not sure if Mark would be legally allowed to do that at this point because of the ongoing reconciliation process.

0: https://blockonomi.com/mt-gox-hack/

1: https://www.techspot.com/news/61603-weekend-tech-reading-mar...

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

#162

Post by jerrymiller »

woodruffw wrote: post #39
trixie_ wrote: post #36

Earlier quoted context omitted.

It's in the news everyday. Huge investment firms diversifying into crypto. So yes, value is being stored. The market cap of cypto has been rising exponentially - exactly because it is a good store of value. Which means easy to store, and highly resistant to manipulation and inflation.

> Huge investment firms diversifying into crypto. So yes, value is being stored. Something being a desirable investment vehicle usually makes it an undesirable store of value: a store of value should be stable and predictable, not subject to significant changes in any direction. > Which means easy to store, and highly resistant to manipulation and inflation. These are, again, negative qualities in a store of value. A…

Case in point still. The contradictions you make are astounding. What's more astounding is that you are not even noticing them.

> Huge investment firms diversifying into crypto

> this is an indictment of the cryptocurrency community's basic financial literacy

I suggest that maybe it's you who lacks basic financial (and econ) literacy, not investment firms or the "cryptocurrency community"

> You can't just call a speculative instrument a "store of value" because every who bought into it in the past two months has seen a positive return

No, everyone who bought BTC at _any point in the past_ and didn't sell are seeing positive returns. This is the definition of a good store of value. You are conflating SoV properties with volatility. They are orthogonal. SoV is a long-term play.

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

#163

Post by woodruffw »

jerrymiller wrote: post #162
woodruffw wrote: post #39

Earlier quoted context omitted.

> Huge investment firms diversifying into crypto. So yes, value is being stored. Something being a desirable investment vehicle usually makes it an undesirable store of value: a store of value should be stable and predictable, not subject to significant changes in any direction. > Which means easy to store, and highly resistant to manipulation and inflation. These are, again, negative qualities in a store of value. A…

Case in point still. The contradictions you make are astounding. What's more astounding is that you are not even noticing them. > Huge investment firms diversifying into crypto > this is an indictment of the cryptocurrency community's basic financial literacy I suggest that maybe it's you who lacks basic financial (and econ) literacy, not investment firms or the "cryptocurrency community" > You can't just call a spec…

> This is the definition of a good store of value.

No, it isn't. Apart from the fact that countless people have lost their shirts to BTC (it's down 6% today! There are losers today!), an asset whose value rises in unchecked proportion to the real economy represents a fundamental liquidity risk: everybody is going to want to sell, but nobody is going to want to buy.

That is why cash is the canonical store of value: not only does it not change (much), but you can exchange it without undermining the value itself.

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

#164

Post by jerrymiller »

woodruffw wrote: post #163
jerrymiller wrote: post #162

Earlier quoted context omitted.

Case in point still. The contradictions you make are astounding. What's more astounding is that you are not even noticing them. > Huge investment firms diversifying into crypto > this is an indictment of the cryptocurrency community's basic financial literacy I suggest that maybe it's you who lacks basic financial (and econ) literacy, not investment firms or the "cryptocurrency community" > You can't just call a spec…

> This is the definition of a good store of value. No, it isn't. Apart from the fact that countless people have lost their shirts to BTC (it's down 6% today! There are losers today !), an asset whose value rises in unchecked proportion to the real economy represents a fundamental liquidity risk: everybody is going to want to sell, but nobody is going to want to buy. That is why cash is the canonical store of value: n…

BTC is liquid enough today for companies to move $1B without moving market (see MicroStrategy). Granted, money (USD specifically) is even more liquid, but that's why it's money -- by definition, money is the most liquid good.

BTC's liquidity has been increasing and will continue to increase in the future, so it's just a matter of time.

And you are again conflating SoV with volatility. Todays cash (USD) is not volatile but it's a terrible SoV. That's why no one is storing their wealth in USD and flee to harder assets (stocks, bonds, gold, and BTC).

Highly recommend this video for how investment firms think about BTC and SoV and how you should too: https://www.youtube.com/watch?v=KlXqfibqb38

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

#165

Post by rfd4sgmk8u »

MertsA wrote: post #160
poi412 wrote: post #110

Earlier quoted context omitted.

Is this coordinated image rehabilitation or something? You authoritatively confirmed that the account is who it says it is as your first involvement in this thread. Was that based on firsthand knowledge? I’m really suspicious about your involvement here and I’m starting to suspect someone figured out just how easily HN can be leveraged if the commentary remains civil and lionizes the right people late on a Friday nig…

Rasengan is Andrew Lee, cofounder of London Trust Media, parent company of Private Internet Access. He has been personal friends with Mark Karpeles since well before Mark's fraud was discovered. Here's a PR piece he put out when he hired Mark as CTO after he was let out of prison. Yes you read that right, an infamous fraudster who couldn't even be bothered to use version control on MtGox who lied day after day for ye…

Gox or Mark didn't steal any money from you, you lost the money you had left in the casino. While it might be true the casino lost it, it was no longer yours the moment you transferred it out of your own wallet. I'm sorry for your loss.

"I can’t give you your money, it isn’t here, it’s in Frank’s house and Joe’s house".

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

#166

Post by kneel »

LegitShady wrote: post #24
kneel wrote: post #9

Earlier quoted context omitted.

I've never seen self propagating transaction networks that pay for themselves and recruit their own evangelists before bitcoin. Seems pretty amazing.

It's called religion. They just separated the transacting (tithing, etc) from the self propagating evangelism. The tithing was the important part, though.

That's a pretty unique take! I like it

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

#167

Post by staplers »

vangelis wrote: post #128
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.

How are your shitcoins?

God they're doing so well especially today after Tesla announced buying $1.5 billion worth. Thanks for asking.

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

#168

Post by chaostheory »

askmike wrote: post #154
chaostheory wrote: post #25

Earlier quoted context omitted.

Mt Gox was responsible for the first bitcoin bubble. Tether has been responsible for multiple bitcoin bubbles now, using their crypto that was supposedly backed by the USD 1 to 1. The rationale for pumping bitcoin is the same: to recoup stolen money. Look at the money inflow graph. Tether surpasses everything else https://coinlib.io/coin/BTC/Bitcoin

There have been many bubbles before Mt Gox and there have been many after. > Tether has been responsible for multiple bitcoin bubbles now No one in the space actually believes this.

> There have been many bubbles before Mt Gox and there have been many after.

Before Mt Gox there were no giant bubbles. Post Mt Gox, all of the giant bubbles were most likely caused by Tether.

> No one in the space actually believes this.

That is not true.

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