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MtGox.com is offline

mtgox.com

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Re: MtGox.com is offline

#191

Post by pwnguin »

Shank wrote: post #67

At this point, the timeline of events greatly suggests that Mt. Gox's initial announcement of withdrawal freezing was the point at which they were officially dead. If the insolvency document is true, over 700,000 bitcoin was stolen, due to a bug in their cold storage (likely, it wasn't truly cold, but automated filling a hot wallet). In the last two weeks, they were probably attempting to see if there was any way to…

> Edit: http://support.mtgox.com/ now shows that their Zendesk account has been terminated (a new account can be registered at that address).

Reregistering that Zendesk account alone has to be worth something amusing =)

Re: MtGox.com is offline

#192

Post by pikachu_is_cool »

aegiso wrote: post #99
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…

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.…

Karpeles is as much at fault as his customers. I remember back in March 2013 there was some serious DDoSing happening to Mt. Gox (which they couldn't handle). I decided right then and there to take all of my funds out because I knew that if they were not competent enough to successfully stop a DDoS with the resources they had, then they clearly would fuck up at a later time. And the time has come.

Seriously... all of you people are acting like Bitcoin is the world reserve currency or something. This thing didn't even exist 4 years ago.

If you're gonna invest in something like Bitcoin, then you better know your shit; cause shit happens.

Re: MtGox.com is offline

#193

Post by pmorici »

baddox wrote: post #175
345723 wrote: post #128

Earlier quoted context omitted.

Today it's transaction malleability. Tomorrow it's something else. Bitcoin is an experiment. Those seeking to turn it into a ponzi scheme are pretending as if it's a reliable currency or investment. Their is no accountability in the Bitcoin ecosystem. If you transfer your coins anywhere you should consider them gone. The only "safe" coin is a cold storage coin. The second it goes hot it's at risk. The second you send…

> This happens with dollars all the time too. But we hold people accountable. You mean like the bank bailouts, and all the money that "went missing" from that?

My thought exactly, why don't we call up Jon Corzine and ask him what kind of accountability he was held to after losing all MF Global's customers money.

Re: MtGox.com is offline

#194

Post by gnerd »

songgao wrote: post #123
lazyloop wrote: post #102

Earlier quoted context omitted.

There's Bitcoin laundering. https://en.bitcoin.it/wiki/Mixing_service

Interesting. Is it mathematically impossible to trace back to source (and intermediate nodes) or is it just harder?

Not mathematically impossible just computationally infeasible, that is assuming a good implementation.

Re: MtGox.com is offline

#195

Post by pistle »

nradov wrote: post #106
bdc wrote: post #77

Earlier quoted context omitted.

No, at some point between $0 and $400,000,000[1], negligence is no longer an acceptable excuse. [1] The current market value of the claimed 700k BTC loss in USD.

Oh please. Saying that bitcoins are worth $400MM is like saying that a collection of "limited edition" Beanie Babies is worth $400MM.

My offer for your mint condition bears stands. You know how to reach me.

Re: MtGox.com is offline

#196

Post by djur »

drcode wrote: post #151
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.

Yes, trusting a third party with your money, whether MtGox or the US Fed, is a bad idea.

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.

Re: MtGox.com is offline

#197

Post by landryraccoon »

smellelderberry wrote: post #178
untog wrote: post #44

Earlier quoted context omitted.

Startups tend not to hold vast sums of money on behalf of their customers.

Yeeaaahh regulated companies that handle vast amounts of money for their customers never get into any trouble.

If you're talking about banks, they're insured and if the bank fails you still get your money back though.

Re: MtGox.com is offline

#198

Post by Aqueous »

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 sympathize with him and sincerely hope that he comes through this and he finds some redemption.

This was a combination of criminal theft and not merely neglect. We must remember that the loss of these BitCoins themselves (quite possibly) wasn't malicious, while the theft of these coins is most certainly malicious. If you leave your house door open is it morally or legally right for someone to take the opportunity to raid your house and rob it blind? In such a situation both parties are at fault, one for neglect but the other for immoral (and illegal) home invasion and thievery.

But since in this case Mark Karpeles is the only visible figure in this saga, and the thieves will almost certainly never be known, the majority of the vitriol is going to be directed at him. I've criticized him too, and I think this amounts to criminal neglect, but I think that there is a way forward for both Karpeles and BitCoin. I think we (myself included) should tone down our vitriol.

Re: MtGox.com is offline

#199

Post by smellelderberry »

baddox wrote: post #182
untog wrote: post #5

Hello, downsides of unregulated currency. Some of the rules are there for a reason.

How would any existing regulated system handle a similar situation to this? Or are you suggesting that bad things like this never happen in regulated systems?

Bailouts.

Re: MtGox.com is offline

#200

Post by djur »

panarky wrote: post #143
citricsquid wrote: post #90

Earlier quoted context omitted.

A couple of years ago a server management application called HyperVM had a 0day due to some questionable programming, hundreds of thousands of websites were lost along with a lot of money... the next day the creator took his own life. A lot of people are going to be in a very bad position right now (both customers and people inside mtgox), let's hope it doesn't come to that.

October 19, 1987 was "Black Monday" as US equity markets crashed. A number of Wall Street bankers defenestrated themselves because they lost so much money. I hope that customers of MtGox don't do the same thing when they realize how much they've lost. I also hope Karpeles doesn't harm himself, though we should have at least as much concern for the customers as we have for the proprietor.

There were no suicides associated with the 1987 Black Monday crash. You're thinking of Black Tuesday in 1929, a much bigger event. Even so, nobody jumped out any windows on Black Tuesday -- it was an urban legend. There were a handful of suicides but nothing statistically significant.
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