11–20 of 305 posts
It's easy to be angry at them and/or see how stupid they were about accounting, security, etc. But I guess on the other hand we do have to realize they are victims of massive theft, as far as we know this massive loss was not due to their own profiteering or internal theft, it was an organized outside force targeting them. It occurs to me it is like blaming someone for getting mugged, although they were stupid enough…
It's easy to be angry at them and/or see how stupid they were about accounting, security, etc. But I guess on the other hand we do have to realize they are victims of massive theft, as far as we know this massive loss was not due to their own profiteering or internal theft, it was an organized outside force targeting them. It occurs to me it is like blaming someone for getting mugged, although they were stupid enough…
http://falkvinge.net/2014/02/28/the-gox-crater-crowd-detecti...
http://letstalkbitcoin.com/the-ghost-in-the-machine-at-mtgox...
> The company's lawyer also said at a news conference at the Tokyo District Court that Mt. Gox had outstanding debt of about ¥6.5 billion ($63.6 million) with assets worth ¥3.84 billion. This implies a debt ratio of 170%. Assume: (1) no outside debt (only customer deposits) and (2) only 100% liquid assets (only currency). Even in that case, a depositor would recover no more than 59 cents to the dollar (the maximum re…
It would not be out of character for the NTA to say "You had $50 million in incoming wires? In the absence of a timely return accompanied by an income statement and balance sheet prepared in accordance with Japanese GAAP, we are forced to impute $50 million in income. Your bill comes to $20 million. Thank you for banking in Tokyo; we do so love not having to call the international desk to do collections."
It's easy to be angry at them and/or see how stupid they were about accounting, security, etc. But I guess on the other hand we do have to realize they are victims of massive theft, as far as we know this massive loss was not due to their own profiteering or internal theft, it was an organized outside force targeting them. It occurs to me it is like blaming someone for getting mugged, although they were stupid enough…
On one hand, there may be a chilling effect if Karpeles is sent to jail, because fewer companies may be willing to participate in an area where the penalty for failure is time behind bars.
On the other hand, it feels very inequitable and unjust that Karpeles made millions off of MtGox, lost our money and then is free to enjoy life. But that's a vengeful mindset, and it seems counterproductive. Is it really just a bad situation with no recourse? Karpeles walks, MtGox shuts down, and everyone's money is gone. Poof.
The most persuasive argument for jailtime seems to be that if he's not penalized, then others may attempt to orchestrate similar disasters. Bitcoin has a very, very small chance at becoming the next gold standard, but it's a chance nonetheless. Therefore whoever is willing to flaunt the law and steal >5% of all bitcoins that will ever be created has a very, very small chance at becoming extremely powerful in the future, and wealthy in the short term.
I don't know. There's probably nothing to be done, and taking away years of a person's life out of a sense of retribution probably isn't the best answer.
What does everyone think?
It's easy to be angry at them and/or see how stupid they were about accounting, security, etc. But I guess on the other hand we do have to realize they are victims of massive theft, as far as we know this massive loss was not due to their own profiteering or internal theft, it was an organized outside force targeting them. It occurs to me it is like blaming someone for getting mugged, although they were stupid enough…
On a serious note: who benefits?
Should the owner Mark Karpeles go to jail? On one hand, there may be a chilling effect if Karpeles is sent to jail, because fewer companies may be willing to participate in an area where the penalty for failure is time behind bars. On the other hand, it feels very inequitable and unjust that Karpeles made millions off of MtGox, lost our money and then is free to enjoy life. But that's a vengeful mindset, and it seems…
Hilarious. Can't wait to hear from the choir of libertarian crypto-currency-zealots, who will sing the praises of the Ponzi scheme that is Bitcoin. On a serious note: who benefits?
Should the owner Mark Karpeles go to jail? On one hand, there may be a chilling effect if Karpeles is sent to jail, because fewer companies may be willing to participate in an area where the penalty for failure is time behind bars. On the other hand, it feels very inequitable and unjust that Karpeles made millions off of MtGox, lost our money and then is free to enjoy life. But that's a vengeful mindset, and it seems…
After this, you still say "Bitcoin may be the next gold standard"?