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MtGox.com is offline

mtgox.com

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Re: MtGox.com is offline

#261

Post by znowi »

blhack wrote: post #68

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…

MtGox has been lying and scheming all the way, showing complete lack of respect for either their users or Bitcoin community at large. They should have been gone and prosecuted a long ago.

I have no sympathy for Mark Karpeles. He's a shady character and I'm glad to see his shady "startup" finally crumble.

Re: MtGox.com is offline

#262

Post by sseveran »

Lerc wrote: post #121
moultano wrote: post #86

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.

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.

Sure it is. It was unlikely that they had real financial controls. I never would have trusted them with money, but thats just me. Everyone in finance knows if there is no custodian then well, you will not have your money for very long. The only real question is will people who withdrew money be subject to clawback...

Re: MtGox.com is offline

#264

Post by wpietri »

dobbsbob wrote: post #223
panarky wrote: post #115

Earlier 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…

Most people who've been around bitcointalk and bitcoin-otc know not to use MtGox since circa 2011 when their stunning incompetence was at it's height. Sadly there were plenty of media shill articles when Btc skyrocketed to $1,000 last year who were promoting them as the "Biggest Bitcoin exchange" without pointing people to relevant bitcointalk threads on what a nightmare that site has been over the years. If you read…

I clicked through and thought you were being too harsh. I mean, it can be fun to make toy implementations of things as an exercise. Doing an SSH server in PHP would be entertaining if you liked PHP. You'd learn something.

And then I read that his hacked-together-in-3-days ssh server was for use in production. In a hosting service.

Wow. Just wow.

Re: MtGox.com is offline

#265

Post by wpietri »

aegiso wrote: post #99
blhack wrote: post #68

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…

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.…

I'm with you on the first part, but I have a hard time believing that this was solely broken programming and ignorance. I think we are well into the territory of negligence, and I could well believe that we will eventually discover the sort of dubious behavior and/or outright fraud that accompany accidental ponzi schemes.

Re: MtGox.com is offline

#266

Post by ProAm »

gst wrote: post #221
blhack wrote: post #68

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…

People aren't hating Mark Karpeles because he messed up, but because of the completely absurd response to this situation. Optimal response: A message to the customers as soon as the issue is noticed: "Due to a technical problem we lost X amount of Bitcoins, which means we currently can't cover all of the deposits. Trading has been disabled while this issue is investigated. [Some external financial company] is in char…

> People aren't hating Mark Karpeles because he messed up

I think they are hating Mark for losing their money, clearly a 'mess up'.

Re: MtGox.com is offline

#267

Post by wpietri »

Istof wrote: post #234
ars wrote: post #159

Earlier quoted context omitted.

When someone prominent in the hacking community dies HN puts a black bar at the top of the page as a memorial. It's not appropriate here. A human life and money are not comparable no matter how much money.

this isn't true, it is worth about 7 millions ( http://en.wikipedia.org/wiki/Value_of_life )

So if we can raise $7m we can kill you?

Seriously, the accounting fictions used for various economic analyses don't directly apply in the real world.

Re: MtGox.com is offline

#268

Post by ProAm »

joeblau wrote: post #251
jotux wrote: post #158

Earlier quoted context omitted.

>I believe this will go down in history as the largest fraud ever committed. Madoff was estimated at ~$65b, the Enron settlement was $7.1b, Lehmen folded with $600b in assets, Comp-u-card overstated income and costed investors $14b, etc. etc.

Exactly. This is just warmup exercise compared to the pros.

We'll do better next time.

Re: MtGox.com is offline

#269

Post by anigbrowl »

wpietri wrote: post #267
Istof wrote: post #234

Earlier quoted context omitted.

this isn't true, it is worth about 7 millions ( http://en.wikipedia.org/wiki/Value_of_life )

So if we can raise $7m we can kill you? Seriously, the accounting fictions used for various economic analyses don't directly apply in the real world.

Actually, they do - courts award damages for loss of life all the time, and calculating such economic loss is a basic skill of practicing tort law. A person's life is almost always infinitely valuable to the individual in question, but for everyone else it's surprisingly calculable. A gloomy business, but a necessary one all the same -life still goes on for the survivors, and at some point accountings are made and people move on.

Re: MtGox.com is offline

#270

Post by TophWells »

erichurkman wrote: post #187
jamesaguilar wrote: post #114

Earlier quoted context omitted.

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.

I don't know any high-profile cases, but this random Reddit user did:

https://pay.reddit.com/r/Bitcoin/comments/1r88vl/need_advice...

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