On the bright side, we have a new term for getting screwed: goxxed.
And you can get both goxxed and doxxed.
MtGox.com is offline
181–190 of 553 posts
Re: MtGox.com is offline
#182Hello, downsides of unregulated currency. Some of the rules are there for a reason.
How would any existing regulated system handle a similar situation to this? Or are you suggesting that bad things like this never happen in regulated systems?
Re: MtGox.com is offline
#183Earlier quoted context omitted.
There is no fucking way 700,000 BTC disappears with nobody noticing. This must have been building for a long time. Was there never any attempt to compare BTC in wallets to customer balances? Or did MtGox know about this problem, and hope to cover it up over time? Either case is at least gross negligence if not criminal fraud. Yes, we all fuck up at some point. But I don't pretend to be a surgeon and perforate a patie…
> There is no fucking way 700,000 BTC disappears with nobody noticing. The history of Barings Bank is interesting, primarily because the main trader Nick Leeson was in the position to mask hundreds of millions of pounds of losses. In that case, no one noticed the roughly $1.3B loss because he was in a position where the internal controls didn't apply
Heh, I had only been on the internet for about 2 years when that went down and I spent that evening watching the world's gears seize up instead of finishing the book I was suppose to be writing; it was around this time that I started tog et interested in alternative currencies. I was just thinking that here I am doing the same thing 20 years later.
Re: MtGox.com is offline
#184To me this demonstrates how powerful first mover advantage can be. Gox was showing cracks in the hull (actually more like gaping holes) for months and months. People have been repeatedly warned not to touch Gox with their funds. Other, more professional (so far) exchanges popped up. Yet people very much still used Gox. Were they ignorant, lazy, or stupid? I wish everyone who lost could get their money back, but it's really hard to have sympathy here.
Re: MtGox.com is offline
#185TO THE MOON!
dark side of the moon
Re: MtGox.com is offline
#186Earlier quoted context omitted.
Except when the rules result in say, Weimar.
Well, sure. It would be pretty idiotic to suggest that every rule ever thought up was a good idea.
It sounds like you're saying that having rules (as opposed to having no rules) is a good idea, but only if there is some mechanism that makes good rules more likely than bad rules.
Re: MtGox.com is offline
#187It'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…
On some level, if you lose many life savings worth of wealth through what I can only assume was gross negligence and incompetence, you should expect the hatred. It's not like you can lose hundreds of millions of dollars -- or even tens, for the pedants who want us to take the integral of the value through the buy side of the order book -- through an honest mistake. He deserves the infamy he's getting.
I dearly hope no one invested their life savings into Bitcoin.
That said, I'm sure many did, as they tend to do into any investment that has potentially huge upswings.
Re: MtGox.com is offline
#188My understanding is that if a majority of the miners agree, certain reversals can be made to the Bitcoin economy. Is this a situation which would benefit from such a reversal?
All the transactions that go to mtgox are spread out over blocks that go back for years. It's only useful to reverse the most recent block(s). This is because blocks are made up of transactions. You can't just cherrypick them out, and each block needs the previous unchanged.
You might get some more details from this http://www.reddit.com/r/Bitcoin/comments/1a51xx/. It descries a fork in the blockchain that occured a while ago.
Re: MtGox.com is offline
#189So Mt. Gox has defrauded its users of half a BILLION dollars in value. 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.
You're forgetting the 3 trillion the US government stole from its citizens and gave to the banks.
And then paid it back with interest
Re: MtGox.com is offline
#190I 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.
And even now, that is not a valid criticism. There are many successful businesses who have started in fields only tangentially related to their final form. There will undoubtedly be many postmortems on what happened, but card trading will have very little impact on what happened.
It's not a criticism, it's a signal.