121–130 of 553 posts
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.
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…
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.
Unlike cash, radical transparency is entirely possible with Bitcoin.
Bitcoin the protocol is as strong as ever, but customers of other sites should demand proof that their exchanges and online wallets actually control 100% of the BTC they claim to have in their custody.
I 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
Well, it looks like that document was not a hoax: http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-S... Related: http://blog.coinbase.com/post/77766809700/joint-statement-re...
Earlier quoted context omitted.
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.
Could this be the largest documented heist of BTC in history?
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…
Their is no accountability in the Bitcoin ecosystem.
If you transfer your coins anywhere you should consider them gone. The only "safe" coin is a cold storage coin. The second it goes hot it's at risk. The second you send it somewhere it's at risk.
Whether it's Silk Road or MtGox or whatever comes next, this will happen over and over again. People will spend their time either trying to exploit someone else's system or creating the illusion of trust in a system which they plan to exploit. The next MtGox is already out there.
This happens with dollars all the time too. But we hold people accountable. We have a number of ways to reverse transactions. We have insurance.
With credit to /r/bitcoin, I got a chuckle out of this one: Sorry, due to a major bug in the WWW protocol, our website is temporarily unavailable. Thank you for your patience while we await Al Gore's instruction!
And, they've put out enough misinformation that those users believe "it wuz a hax0r that did it". So no cops, no jail sentences.
I believe this will go down in history as the largest fraud ever committed.
If you've been following this closely and you aren't writing the book already, you're missing out.