I remember people getting angry whenever anyone pointed out that they were trusting a whole lot of their money to the Magic The Gathering Online Exchange.
[deleted]
MtGox.com is offline
91–100 of 553 posts
Re: MtGox.com is offline
#92Did I just loose all my coins I had with them?
Yes, they seem to be gone, but the leaked document [0] shows that major stakeholders plan to inject coins back in to cover losses, and to run the new Gox.com so that it's profits go to stakeholders with losses.
The "Strategy Timeline" page says "50% covered", which sounds to me like the other big exchanges think that between bailout and arbitrage they can cover that amount initially, and hopefully earn the rest back over time. I could definitely be misreading the document. Take a look yourself. And of course, the best laid plans often go awry....
Sorry, by the way. That sucks big time.
[0] http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-S...
Re: MtGox.com is offline
#93Did I just loose all my coins I had with them?
Your coins were gone months or even a year or two ago. You are just realizing it now. MtGox didn't realize they were missing either, until rather recently.
That's what they say. How can you still trust what they said?there is 0 proof there was a bug.
Re: MtGox.com is offline
#94Slight drop over the last few hours http://bitcoinwisdom.com/ I'm curious if this will create a run on bitcoin or not? All of the funds from MtGox have in theory already been lost. There may be some fear that other networks will follow, but it may be rational that the price would remain level as one failed bank does not equal a failed currency.
until people figure out that permanently lost coins are deflationary...
the coins were not lost, but stolen through the transaction malleability bug
Re: MtGox.com is offline
#95Pretty good Ponzi. Not as impressive as Bernie Maddof's, but extra points for the tech angle.
I am not aware of any indication that this was a ponzi scheme. Saying that it was, without evidence, is misinformation. 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.
An exchange that manipulates it's market to hide away losses and try to shore up it's balances starts to look a lot like a ponzi scheme after awhile.
Re: MtGox.com is offline
#96It'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…
Yes, if I have any schadenfreude here it's not for him. It's for all of the people who smugly told us for years that Bitcoin is superior to our "legacy" fiat managed and regulated monetary system system in every way, and anyone who can't see that is an idiot.
Re: MtGox.com is offline
#97Earlier 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.
You mean custodian banks. You can manage my money all you want, but in my own accounts at an institution backed by SIPC (http://www.sipc.org/)
Re: MtGox.com is offline
#98So, who the other day said they would be buying if BTC felt bellow 500$? Now seems to be the time if they still believe that arbitrary value still makes sense.
that would be me, maybe? https://news.ycombinator.com/item?id=6867999 Note the date on this... 79 days ago the price of BTC was in the 1.0k range.
I see he was not alone!
But it was more likely in the past 10 days or so... :)
Re: MtGox.com is offline
#99It'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…
If the rumors are true and Gox is tanking, I don't think Karpeles can ever adequately feel the aggregate pain that his incompetence in his role has caused MtGox customers. He deserves much worse than nasty internet comments.
There are plenty of entrepreneurs on HN alone who given the resources Gox had could manage to not (unknowingly) lose half a billion dollars due to broken programming in the timespan that Gox did.
And I say this as someone with no dog in the fight.
Re: MtGox.com is offline
#100Earlier quoted context omitted.
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…
well, small catastophes aggregate themselves in centralized economies. I'll strongly suggest you read this (which I linked to above): [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…
Plumbing my memory, I can add another: Brazil
The cruzeiro was replaced by the "cruzeiro real" literally "real cruzeiro", as a hack to recover from poor fiscal policy resulting in hyperinflation. The cruzeiro real was then replaced by the 'real'.
Imagine things getting so bad that the government decides to rebrand its old currency as 'fake'.