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Mt.Gox's tweets are all gone

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Re: Mt.Gox's tweets are all gone

#51

Post by pakitan »

SwellJoe wrote: post #14

So, each bit of news coming out of Gox makes me more likely to assume the worst. When preparing for lawsuits, often the lawyers will recommend silence, and making sure that there are no public statements that are misleading. Given that they've been making reassuring comments all along, this makes me assume things are very bad indeed. I must assume they've been advised to stop making reassuring comments and saying thi…

As far as I recall, their last tweet was something like Jan 7. So, while I can't make sense of their actions either, I haven't seen much damning evidence in their tweets and they stopped tweeting long before the current debacle started. The tweets were usually just cut/paste snippets referring people to the support section of mtgox.com

Re: Mt.Gox's tweets are all gone

#52

Post by uptown »

DerpDerpDerp wrote: post #25
SwellJoe wrote: post #20

Earlier quoted context omitted.

That's a good theory...they may be figuring out that they can't possibly provide what they've promised, and are wanting to not have an easy trail of evidence of exactly what has been promised. But, I don't think deleting things from Twitter has ever been considered "destroying evidence" in court. But, I suppose there's a first for everything. Usually, it'd be manipulating or deleting emails that have been subpoenaed,…

It's also likely that Twitter still retains a copy of the Tweet even when deleted, and will be asked for copies during the discovery process if it comes to a lawsuit.

Even if Twitter doesn't, Gnip (Twitter's authorized data-reseller) does.

Re: Mt.Gox's tweets are all gone

#53

Post by kmfrk »

Hey, at least there's a chance they might finally delete all the sensitive user data they have on hand - presumably stored in a less-than-secure fashion.

Apparently, this is what it takes.

Re: Mt.Gox's tweets are all gone

#54

Post by sergiotapia »

I'm kind of in the dark about Mt.Gox, is their recent downfall just the fault of inexperience when dealing with complex code and Bitcoin or did the team at Mt.Gox actually act with malice, attempting to steal money from people?

Is Mt.Gox just a startup made of 2 brothers and a fullstack engineer that happened to hit it big and muck up brilliantly when they scaled?

Part of me feels really sad (granted I don't participate in Bitcoin at all) because these guys may actually go to jail for fraud. I just want to know if my moral compass is pointing in the right direction.

Re: Mt.Gox's tweets are all gone

#55

Post by DanBC »

sergiotapia wrote: post #54

I'm kind of in the dark about Mt.Gox, is their recent downfall just the fault of inexperience when dealing with complex code and Bitcoin or did the team at Mt.Gox actually act with malice, attempting to steal money from people? Is Mt.Gox just a startup made of 2 brothers and a fullstack engineer that happened to hit it big and muck up brilliantly when they scaled? Part of me feels really sad (granted I don't particip…

There comes a point where incompetence is indistinguishable from malice.

MtGox has had so many incidents that they would have faced sanctions in a regulated market. But then the people giving money to MtGox should have seen just how flaky MtGox was.

It is sad and frustrating that this happened. I kind of want bitcoin to take off. And I especially want to avoid saying "told you so" because that's just being a dick.

Re: Mt.Gox's tweets are all gone

#56

Post by DanBC »

muyuu wrote: post #35
gojomo wrote: post #16

Earlier quoted context omitted.

On the other hand, destroying evidence once a lawsuit is filed is a definite no-no. But what's one more no-no in a career of no-no's? An account compromise is possible. Perhaps they're about to take some steps they'd previously publicly assured people they wouldn't, and don't want the obsolete assurances to be easy-to-reference.

This is criminal activity. They are tanking their market on purpose to buy up at firesale prices and make the most of their insider position with their customers locked without withdrawals. I wonder what do they have in mind but this is a bonafide bucket shop and I have little doubt that they will be facing criminal charges.

Assuming for the moment that they are doing that - is it really criminal activity? I understand that it would be in regulated markets, but Bitcoin isn't regulated.

Re: Mt.Gox's tweets are all gone

#57

Post by zmk_ »

DanBC wrote: post #55
sergiotapia wrote: post #54

I'm kind of in the dark about Mt.Gox, is their recent downfall just the fault of inexperience when dealing with complex code and Bitcoin or did the team at Mt.Gox actually act with malice, attempting to steal money from people? Is Mt.Gox just a startup made of 2 brothers and a fullstack engineer that happened to hit it big and muck up brilliantly when they scaled? Part of me feels really sad (granted I don't particip…

There comes a point where incompetence is indistinguishable from malice. MtGox has had so many incidents that they would have faced sanctions in a regulated market. But then the people giving money to MtGox should have seen just how flaky MtGox was. It is sad and frustrating that this happened. I kind of want bitcoin to take off. And I especially want to avoid saying "told you so" because that's just being a dick.

It is easy to say these things in hindsight. A year ago Mt. Gox was the paragon of the 'industry'.

Re: Mt.Gox's tweets are all gone

#58

Post by muyuu »

DanBC wrote: post #56
muyuu wrote: post #35

Earlier quoted context omitted.

This is criminal activity. They are tanking their market on purpose to buy up at firesale prices and make the most of their insider position with their customers locked without withdrawals. I wonder what do they have in mind but this is a bonafide bucket shop and I have little doubt that they will be facing criminal charges.

Assuming for the moment that they are doing that - is it really criminal activity? I understand that it would be in regulated markets, but Bitcoin isn't regulated.

It doesn't matter what they deal with. MtGox is a financial services provider registered with the Japanese FSA that transmits money in multiple "recognised" currencies (AUD CAD CHF CNY DKK EUR GBP HKD JPY NOK NZD PLN RUB SEK SGD THB USD).

They are subject to Japanese law and International law. And also to US and EU law regarding AML/KYC of their citizens.

Bitcoin might not be regulated in most places to different degrees, but that doesn't mean you are above the law because you deal with Bitcoin among other things.

Re: Mt.Gox's tweets are all gone

#59

Post by joepie91_ »

zmk_ wrote: post #57
DanBC wrote: post #55

Earlier quoted context omitted.

There comes a point where incompetence is indistinguishable from malice. MtGox has had so many incidents that they would have faced sanctions in a regulated market. But then the people giving money to MtGox should have seen just how flaky MtGox was. It is sad and frustrating that this happened. I kind of want bitcoin to take off. And I especially want to avoid saying "told you so" because that's just being a dick.

It is easy to say these things in hindsight. A year ago Mt. Gox was the paragon of the 'industry'.

Not really. A year ago, it had already been crap for quite a while... it just still had a sizable club of apologists saying "don't be so hard on them, they've done so much good".

Re: Mt.Gox's tweets are all gone

#60

Post by booleanbetrayal »

I think it's evident that frameworks are being drawn to wrestle "the bitcoin question" into some mechanism of control / oversight. Look to US exchanges that partner and work within these frameworks to remain in good graces. I imagine that's the reality of it.
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