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Mt. Gox Files for Bankruptcy Protection

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Re: Mt. Gox Files for Bankruptcy Protection

#21

Post by panacea »

buro9 wrote: post #11
ck2 wrote: post #9

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…

The word you are looking for is negligence.

Negligence is when I forget to set my alarm.

Re: Mt. Gox Files for Bankruptcy Protection

#22

Post by JumpCrisscross »

sillysaurus3 wrote: post #15

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…

At least in the United States, an officer or director's right to stupidity is enshrined in law. But fraud isn't. If Karpeles knew and understood that there was a problem, there should be criminal charges. Further, there may be grounds for Mt. Gox and its investors to pursue Karpeles on civil grounds.

But this is philosophical. The operation of an unlicensed, dollar-based financial institution will attract the sharks. "Move fast and break [laws]" sometimes works, but only if you win.

Re: Mt. Gox Files for Bankruptcy Protection

#24

Post by Tenoke »

hanswesterbeek wrote: post #18
sillysaurus3 wrote: post #15

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"?

Personally, this fiasco hasn't affected in the slightest my beliefs about the protocol. Hell, if anything it might've been a small point in favour of decentralization.

Re: Mt. Gox Files for Bankruptcy Protection

#25

Post by ck2 »

mertd wrote: post #16
ck2 wrote: post #9

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…

Isn't it more like walking down the same bad street every night with other people's cash in their hands, getting mugged repeatedly, not telling anyone and still taking more money?

This is a very good point.

But they were also dumb enough not to realize they were getting mugged, or so they claim.

Maybe I should have used "pick-pocketed" instead of mugged as an example.

I am not trying to give them an excuse but we don't seem to have enough anger against the criminals that caused this.

Re: Mt. Gox Files for Bankruptcy Protection

#26

Post by ivanca »

Yuioup wrote: post #10
broolstoryco wrote: post #4

Earlier quoted context omitted.

> 63 million in debt it is still not clear if it is 63 million + 750k BTC in debt, or in total. If in total it is not clear how btc are valued.

Zero. Bitcoins are worthless.

TIL: $565 are worthless (http://www.bitcoinexchangerate.org/)

Re: Mt. Gox Files for Bankruptcy Protection

#28

Post by laichzeit0 »

Yuioup wrote: post #10
broolstoryco wrote: post #4

Earlier quoted context omitted.

> 63 million in debt it is still not clear if it is 63 million + 750k BTC in debt, or in total. If in total it is not clear how btc are valued.

Zero. Bitcoins are worthless.

You forgot to add "just as Fiat money is worthless".

Re: Mt. Gox Files for Bankruptcy Protection

#29

Post by gambiting »

Yuioup wrote: post #10
broolstoryco wrote: post #4

Earlier quoted context omitted.

> 63 million in debt it is still not clear if it is 63 million + 750k BTC in debt, or in total. If in total it is not clear how btc are valued.

Zero. Bitcoins are worthless.

Just like everything, until we decide to give it value. Gold is completely and absolutely worthless to us humans, we don't need it to function and it serves no biological function in our organisms whatsoever. But because we like it and there is a scarcity of it, we will trade goods for it. Just like with bitcoins.

Re: Mt. Gox Files for Bankruptcy Protection

#30

Post by [deleted] »

ck2 wrote: post #9

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…

[deleted]
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