Earlier quoted context omitted.
until people figure out that permanently lost coins are deflationary...
the coins were not lost, but stolen through the transaction malleability bug
good point.
MtGox.com is offline
101–110 of 553 posts
Re: MtGox.com is offline
#102I know little about Bitcoin (and its community) so please correct me where I'm wrong: If MtGox can publish all stolen Bitcoin, would it make it impossible for whoever with them to use them? Although Bitcoin is not regulated, stealing them still violates laws right? And since everything is kept track by the entire Bitcoin network, whoever uses it can't keep anonymous.
There's Bitcoin laundering. https://en.bitcoin.it/wiki/Mixing_service
Re: MtGox.com is offline
#103Re: MtGox.com is offline
#104It'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
Yeah...the only money I've personally put into any cryptocurrency has always been with the understanding that it may either be worth nothing tomorrow or could be lost in an instant. (But I also don't store my coins in an exchange, so that helps.)
Re: MtGox.com is offline
#105It'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…
A couple of years ago a server management application called HyperVM had a 0day due to some questionable programming, hundreds of thousands of websites were lost along with a lot of money... the next day the creator took his own life. A lot of people are going to be in a very bad position right now (both customers and people inside mtgox), let's hope it doesn't come to that.
According to this[0] the HyperVM guy may have had a family history of suicide.
[0] http://www.itwire.com/business-it-news/security/25559-hyperv...
Re: MtGox.com is offline
#106It'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…
No, at some point between $0 and $400,000,000[1], negligence is no longer an acceptable excuse. [1] The current market value of the claimed 700k BTC loss in USD.
Oh please. Saying that bitcoins are worth $400MM is like saying that a collection of "limited edition" Beanie Babies is worth $400MM.
Re: MtGox.com is offline
#107Pretty good Ponzi. Not as impressive as Bernie Maddof's, but extra points for the tech angle.
I'm sure it will happen again. And again. And again. And again.
The ponzi never dies because no one who participates every believes that _they_ are the one who's going to get screwed.
Re: MtGox.com is offline
#108I 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.
Ah, now I get it. It's magic: now you see it, now you don't
Re: MtGox.com is offline
#109Re: MtGox.com is offline
#110Earlier quoted context omitted.
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'.
But that's another example of a currency collapsing as a result of external (political) pressures. This was something that Bitcoin did all by itself.