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MtGox.com is offline

mtgox.com

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Re: MtGox.com is offline

#301

Post by Nursie »

smellelderberry wrote: post #208
aegiso wrote: post #99

Earlier quoted context omitted.

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.…

> He deserves much worse than nasty internet comments. Yeah, thanks for fanning the flames of a vigilante lynching in the making.

Why would you assume violence? If he has covered up massive losses like this for a while but still taken deposits then he may be criminally liable.

Re: MtGox.com is offline

#302

Post by pjc50 »

tlrobinson wrote: post #284
djur wrote: post #196

Earlier quoted context omitted.

There is no such thing as money without trust of third parties. Transacting under the auspices of a neutral, trusted third party is what money means. The Fed has the backing of a sovereign power with its own currency and is central to the largest national economy in the world, as well as a great deal of the international economy. If MtGox's earned trust was an apple, you could see the Fed's from space.

"Transacting under the auspices of a neutral, trusted third party is what money means." Can you explain this a little more? How do I need to trust a 3rd party when I use, say, gold as money?

If you do that, you need to store it on your own premises and hand-deliver it. You can't do internet transactions that way. Crucially you can't do credit, which is a practical requirement of most business.

Re: MtGox.com is offline

#303

Post by EricDeb »

baddox wrote: post #169
haberman wrote: post #96

Earlier quoted context omitted.

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.

Lots of people in the Bitcoin community have been saying for years to not touch MtGox with a ten foot pole.

The problem is they also say this about every exchange. It was enough for me to send half my btc to coinbase, but not enough to warrant any real urgency about it. Thus I lost about 7 btc due to this fiasco.

Re: MtGox.com is offline

#305

Post by meowface »

dfc wrote: post #247
jfoutz wrote: post #66

Earlier quoted context omitted.

Ah, indeed. I always feel a little guilty about editing posts, so i'm going to let it stand. This one especially, because it's such a reddit joke. But yes, you are correct.

If you feel guilty just add an addendum: EDIT: Use correct honorific

I bet you leave descriptive commit messages.

Re: MtGox.com is offline

#306

Post by cowls »

tlrobinson wrote: post #284
djur wrote: post #196

Earlier quoted context omitted.

There is no such thing as money without trust of third parties. Transacting under the auspices of a neutral, trusted third party is what money means. The Fed has the backing of a sovereign power with its own currency and is central to the largest national economy in the world, as well as a great deal of the international economy. If MtGox's earned trust was an apple, you could see the Fed's from space.

"Transacting under the auspices of a neutral, trusted third party is what money means." Can you explain this a little more? How do I need to trust a 3rd party when I use, say, gold as money?

Gold is not money... you should say "when I use dollars as money"

Re: MtGox.com is offline

#307

Post by joering2 »

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…

I respect your position on HN but I cannot disagree more with you on this one.

You sound like you just finished watching "thank you for smoking". The point that "he is a humanbeing" sounds like "what difference does it make" or other distraction that we are supposed to buy in order to feel less angry for his choices. Yes we are all human beings and im not sure how that helps in this instance. Maybe he should have thought of clients coins where platform continued to deliver slappy code and as a result, crashed?

I took all my coins out long time ago after seeing multiple red flag. But nothing pisses me more than this perfect situation. Any gov burocreat from a three letter agency is happily partying right now because there were waiting for something like this to happen. Mtgox will go down in the history, i dont care. Hope those sloppy pogrammers wont find their way into rocket engineering, traffic systems programming, airplains software programming or similar. But sure the gov will make a perfect example out of it and that gives them ammunition to try to regulate the market again.

You say "we all fucked up at some point". And you right. Just like one could assume most of us dui at some point. I did. Once. I drove very carefully, nothing happened and i hated myself for it for many weeks afterward as of how stupid i was. But still, i wont have much respect for someone else who drink and drive continuously and one day crashes and kills someone.

Re: MtGox.com is offline

#308

Post by the_mitsuhiko »

Noxchi wrote: post #243
haberman wrote: post #96

Earlier quoted context omitted.

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.

MtGox had to code custom software to interact with the bitcoin network because of their size. They coded it wrong and allowed a bug that could (and did) wipe them of their money. How is it the bitcoin network's fault?

> How is it the bitcoin network's fault?

Because the protocol is broken with regards to tracking transactions and that has been acknowledged. Even the official implementation got it wrong. It needs to be fixed because the workaround just does not scale.

Re: MtGox.com is offline

#310

Post by downandout »

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…

It doesn't matter how much hate we pile on. Prosecutors will pile enough hatred on Mark et al for us all. The fact that they just shut down and have vanished with hundreds of millions of dollars worth of assets that don't belong to them is going to bring the legal equivalent of hellfire and brimstone down on the heads of everyone involved.

They could have handled this far better, and maybe avoided some of the major problems they are now headed for. Now, unless Mt Gox suddenly reappears with an explanation, they are in for a very rough ride.

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