81–90 of 553 posts
Pretty good Ponzi. Not as impressive as Bernie Maddof's, but extra points for the tech angle.
The loss of coins was unintentional on the behalf of MtGox. It may have been stupid that basic abc123 auditing would have probably revealed that there was a problem months/years ago, but evil has not been shown at this point in time.
Earlier quoted context omitted.
no but there's a pretty bad track record of currency collapse. Diocletian. Confederate States of America. Weimar. Yugoslavia. Argentina. Zimbabwe. Venezuela. Edit: Looking at my list, I should have listed one for every alphabet Letter, instead of going chronologically.
considering the time spans and number of countries, that's not actually that bad. Sure, there have been many other less famous examples, but the thing is that hyperinflation and currency collapse is actually quite rare. A lot of bitcoin boosters seemed to be under the impression that it was both inevitable and frequent. Also, this list is strongly correlated with catastrophic economic/political problems, as opposed t…
[0]http://www.overstock.com/Books-Movies-Music-Games/The-Mis-Be...
Financial losses and windfalls / catastrophes happen far more frequently than you'd expect.
Also, my list is subject to dnautic's memory bias. Those are the names that I remember. There are certainly more. There is no currency in the history of the world that has lasted forever.
Earlier quoted context omitted.
If i was a Mt Gox employee,I would go into hiding and keep quiet instead of going public, all sort of people have invested into Gox including the kind of people you dont want to mess with.
It's probably more likely that many employees were oblivious to the insolvency. As long as everyone's accounts were "credited" as they should, regardless of the soundness of their cold storage accounts, it would appear as though everything was fine. See: http://www.reddit.com/r/Bitcoin/comments/1ysaz2/sarahcoinbit...
It's really easy in all of this to pile a bunch of hatred on Mark Karpeles, but please, everybody remember that he is a human being, with real human emotions, and that those things really do hurt. -- MtGox was (past tense is probably appropriate here, but for the sake of anybody who had coins there, I hope not) a startup that failed spectacularly , and publicly, and took a TON of peoples' money with it. The transacti…
Still, anyone who didn't think that bitcoin is incredibly risky (with a high upside) was living under a rock, There are best practicies when dealing with a risky asset such as BTC, and they're really not that hard. Speaking of which, I should probably get around to implementing those best practices myself =D
Did I just loose all my coins I had with them?
It's really easy in all of this to pile a bunch of hatred on Mark Karpeles, but please, everybody remember that he is a human being, with real human emotions, and that those things really do hurt. -- MtGox was (past tense is probably appropriate here, but for the sake of anybody who had coins there, I hope not) a startup that failed spectacularly , and publicly, and took a TON of peoples' money with it. The transacti…
It's not that big a deal...it's just internet funbucks anyways, right? :D
Earlier quoted context omitted.
Failure is OK. Your trading platform doesn't work out and you have to return the money to customers. Failure where all your customers' money disappears (to where?) is not OK and should not be allowed.
Bankruptcy courts exist for this reason.
It's really easy in all of this to pile a bunch of hatred on Mark Karpeles, but please, everybody remember that he is a human being, with real human emotions, and that those things really do hurt. -- MtGox was (past tense is probably appropriate here, but for the sake of anybody who had coins there, I hope not) a startup that failed spectacularly , and publicly, and took a TON of peoples' money with it. The transacti…