MtGox.com is offline • Hacker News Board

Re: MtGox.com is offline

#351

Post by mcv » Tue, Feb 25, 2014, 10:55 AM UTC

chriswarbo wrote: post #343

panarky wrote: post #122

Earlier quoted context omitted.

Don't equate Bitcoin the protocol with dodgy websites. 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.

Exactly how does this differ from the regular banking sector? I can demand 'proof' (whatever that might mean in this case) from Barclays that their books are balanced, but it doesn't mean they'll give it to me.

But they will give it to the regulators.

Re: MtGox.com is offline

#352

Post by jfoster » Tue, Feb 25, 2014, 10:55 AM UTC

bakhy wrote: post #341

jfoster wrote: post #51

Earlier quoted context omitted.

Perhaps in theory the agreement is still meant to be honoured, but in practice if the agreement was with an organization that no longer exists (0 employees), who would initiate legal action to enforce the NDA? I have no experience in this area, but can't see how the NDA could be enforced by a dead organization.

organization is not a living being. it does not "die" like that, and any damages which it might have to pay, it might reduce by suing NDA violators. why not?

At this stage, sure. But unless MtGox gets revived, what about in 2 years from now? It doesn't seem likely unless the NDA is one of the assets they sell.

Re: MtGox.com is offline

#353

Post by stef25 » Tue, Feb 25, 2014, 10:55 AM UTC

I wonder what this comment in the source means ?

Re: MtGox.com is offline

#354

Post by dspillett » Tue, Feb 25, 2014, 10:56 AM UTC

wpietri wrote: post #264

dobbsbob wrote: post #223

Earlier quoted context omitted.

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.

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

That sounds like a brilliant technical guy, capable of running with a daft idea to completion (unlike me, with my collection of at-best-half-built personal projects), who should have some layers of protection between him and Real World Production...

Re: MtGox.com is offline

#355

Post by mcv » Tue, Feb 25, 2014, 10:57 AM UTC

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.

Not loudly enough. I remember reading lots of stuff about how Mt. Gox was where it's at.

Re: MtGox.com is offline

#356

Post by M4v3R » Tue, Feb 25, 2014, 11:04 AM UTC

pravda wrote: post #112

First time I visited mtgox.com was a few hours ago. Still have it open in my browser. For the nostalgic: http://imgur.com/a/qok0O

"Trade with confidence"

... yeah, right.

Re: MtGox.com is offline

#357

Post by mcv » Tue, Feb 25, 2014, 11:06 AM UTC

baddox wrote: post #252

djur wrote: post #216

Earlier quoted context omitted.

That mechanism is called "liberal democracy". It's been fairly effective so far.

I don't think it has been that great.

Well, look at the alternatives.

Re: MtGox.com is offline

#358

Post by Crito » Tue, Feb 25, 2014, 11:09 AM UTC

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.

Don't be so melodramatic, nobody is literally being lynched.

Re: MtGox.com is offline

#359

Post by Fliegengott » Tue, Feb 25, 2014, 11:13 AM UTC

parasight wrote: post #224

jellicle wrote: post #134

Earlier quoted context omitted.

> The loss of coins was unintentional on the behalf of MtGox. Your evidence of that is...

In dubio pro reo.

only in a court of law.

Re: MtGox.com is offline

#360

Post by Crito » Tue, Feb 25, 2014, 11:16 AM UTC

bunderbunder wrote: post #155

Klinky wrote: post #95

Earlier quoted context omitted.

An exchange that manipulates it's market to hide away losses and try to shore up it's balances starts to look a lot like a ponzi scheme after awhile.

It does. . . but I think there's still plenty of room for Hanlon's Razor to remain in effect here.

Sufficiently advanced incompetence is indistinguishable from malice.

That is to say, at the end of the day, does it really matter if this happened because Karpeles is an idiot or because Karpeles was malicious? No, the end result is the same, and possessing and wielding that shear amount of idiocy is no more excusable than just being malicious.