51–60 of 305 posts
Serious question - is now a good time to buy Bitcoin?
I wouldn't want to own that many Bitcoin and be the only one who has access also because someone could profit considerably from your death.
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?
In this incident I lost a bit more than $500,000 USD that was in my MtGox account. I sold my Bitcoins a few months back, but the USD have been sitting in my account waiting to be withdrawn. This was a massive fuck up by MtGox, but I really do feel sorry for Mark Karpeles. He seemed really enthusiastic about Bitcoin. Right by MtGox's offices in Japan was a Bitcoin Cafe being built. You can [see here]( http://si.wsj.ne…
> I lost a bit more than $500,000 USD that was in my MtGox account Sorry for your loss. Why didn't you move it to an interest-bearing bank account?
Withdrawals have been massively delayed for at least 6 months.
The smart thing to do was to withdraw bitcoins to another exchange while you still could
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…
Would this be just negligence?
In this incident I lost a bit more than $500,000 USD that was in my MtGox account. I sold my Bitcoins a few months back, but the USD have been sitting in my account waiting to be withdrawn. This was a massive fuck up by MtGox, but I really do feel sorry for Mark Karpeles. He seemed really enthusiastic about Bitcoin. Right by MtGox's offices in Japan was a Bitcoin Cafe being built. You can [see here]( http://si.wsj.ne…
> I lost a bit more than $500,000 USD that was in my MtGox account Sorry for your loss. Why didn't you move it to an interest-bearing bank account?
he should have transferred the bitcoins to bitstamp when transfers worked and cashed out.
In this incident I lost a bit more than $500,000 USD that was in my MtGox account. I sold my Bitcoins a few months back, but the USD have been sitting in my account waiting to be withdrawn. This was a massive fuck up by MtGox, but I really do feel sorry for Mark Karpeles. He seemed really enthusiastic about Bitcoin. Right by MtGox's offices in Japan was a Bitcoin Cafe being built. You can [see here]( http://si.wsj.ne…
> I lost a bit more than $500,000 USD that was in my MtGox account Sorry for your loss. Why didn't you move it to an interest-bearing bank account?
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?
Unfortunately I get the feeling more and more everyday that this really is just a ponzi scheme built on really cool new technology. I mean honestly most people who buy bitcoin aren't looking to spend it or use it because of convenience, they are looking to hold it in the hopes that the price continues to go up and on the way encouraging everyone they know to buy in to drive up the price.
It's said that the real-world economics of it make no sense at all. The technology will survive though, the ideas will make their way into other pieces of software.
What I wonder, is if Mark was actually the only one internally who had access to the cold storage wallets, what would happen if he got hit by a car and died? Have other exchanges got plans for this sort of thing? Some corps don't let their programmers fly on the same aeroplane. I wouldn't want to own that many Bitcoin and be the only one who has access also because someone could profit considerably from your death.
For example, you can have 2-of-4 wallets, where 4 people hold the keys, and you need only 2 of them to move funds.
Earlier quoted context omitted.
> I lost a bit more than $500,000 USD that was in my MtGox account Sorry for your loss. Why didn't you move it to an interest-bearing bank account?
probably because the withdrawals to bank havent worked for months, the writing was on the wall for a long time, people who lost money in it took a huge gamble he should have transferred the bitcoins to bitstamp when transfers worked and cashed out.
I wish I had hindsight like you.
It was only up until these few months that Bitstamp became of any competition to MtGox. Its liquidity sucked, which was why many early adopters like me stayed.