I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#1

Post by wmf » Mon, Jun 20, 2011, 9:52 PM UTC

I'm the guy who bought 259684 Bitcoins for under $3000 yesterday
forum.bitcoin.org

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#2

Post by [deleted] » Mon, Jun 20, 2011, 10:05 PM UTC

[deleted]

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#3

Post by wiredfool » Mon, Jun 20, 2011, 10:10 PM UTC

So, There's something like 21 million bitcoin possible, and 6 million 'in circulation' now. A sell order comes in for 1/12 of total amount of outstanding bitcoin. And the system processes it, flashcrashes, and. 3) Profit, I guess. or 4) rollback.

That's something like what would happen if someone dumped 1 trillion USD onto a bond exchange. There are only a couple entities who could do this.

So how did 1/12 of the value in this ecosystem wind up in one account at Mt Gox? I'd have to think that it's likely an insider/early adopter. (or Mt Gox itself?) There's a limit on the number of entities who could amass that sort of 'fortune'.

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#4

Post by Aetius » Mon, Jun 20, 2011, 10:12 PM UTC

Quote of the year:

  "If I had $8 million worth of easily convertible currency, there is absolutely no way I would store it on a public

website like Mt Gox, no matter how secure I believed it was. If I had to store that much there, even temporarily, I would use a password so long it would make War and Peace look like a Twitter message."

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#5

Post by ignifero » Mon, Jun 20, 2011, 10:14 PM UTC

I wonder what's the next coin when people get bored of playing with bitcoins?

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#6

Post by wiredfool » Mon, Jun 20, 2011, 10:15 PM UTC

ignifero wrote: post #5

I wonder what's the next coin when people get bored of playing with bitcoins?

I have some bytecoins over here. They're worth roughly 8x a bitcoin.

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#7

Post by nextparadigms » Mon, Jun 20, 2011, 10:16 PM UTC

Didn't MtGox say they'll rollback all transactions from that time period, including the legit ones?

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#8

Post by marckremers » Mon, Jun 20, 2011, 10:16 PM UTC

"If I had to store that much there, even temporarily, I would use a password so long it would make War and Peace look like a Twitter message." - Brilliant

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#9

Post by ignifero » Mon, Jun 20, 2011, 10:18 PM UTC

wiredfool wrote: post #6

ignifero wrote: post #5

I wonder what's the next coin when people get bored of playing with bitcoins?

I have some bytecoins over here. They're worth roughly 8x a bitcoin.

I would say exchange them for some farmville coins. Or a farmville goat, and hope it makes enough milk.

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#10

Post by kwantam » Mon, Jun 20, 2011, 10:18 PM UTC

The poster makes some good points about the inconsistencies in Mt. Gox's handling of things, but it seems to me that he's ascribing to malice what is well explained by incompetence on the part of the person or people running the site.

The security practices are appalling, and their lack of clarity on the counter-party issue is damning. If I were Kevin---or, indeed, any customer of that exchange---I'd take my money and go elsewhere.

Still, it's pretty astounding how myopic the rest of the Mt Gox forum users appear. They're taking a situation that's beyond a doubt the fault of the Mt Gox admins and getting ready to lynch a dude who seems to have acted rather reasonably (intentionally not exploiting a known loophole to exceed the withdrawl limit, reporting his disposition immediately to the site's maintainer, et cetera).