This is still better than a government bailout.
Hmm? We got all the money back from government bailout. Here, you lose all the money.
MtGox.com is offline
321–330 of 553 posts
Re: MtGox.com is offline
#322Earlier quoted context omitted.
Yes, I think my schadenfreude is for you.
Were you that guy in 1989? "My schadenfreude is for all of the people who smugly told us for years that ARPANET is superior to our 'legacy' post office and ham radio in every way"
That would be a good analogy if we couldn't transfer money online. But, you know, we can.
The whole point of Bitcoin that's been touted in pretty much every thread, hoisted up by Libertarians like a giant flag, is that it's unregulated. And now, they're all discovering why we regulated in the first place.
Re: MtGox.com is offline
#323So Mt. Gox has defrauded its users of half a BILLION dollars in value. And, they've put out enough misinformation that those users believe "it wuz a hax0r that did it". So no cops, no jail sentences. I believe this will go down in history as the largest fraud ever committed. If you've been following this closely and you aren't writing the book already, you're missing out.
Please. That's not even the biggest fraud in my country (Portugal). In 1925 we had a group who printed 1% of our PIB in fake notes. Just in the 21th century, the state spent 12 billion dollars to bail out the creditors of a bank that was essentially a fraud machine.
Mt.Gox is peanuts.
Re: MtGox.com is offline
#324Earlier quoted context omitted.
And even now, that is not a valid criticism. There are many successful businesses who have started in fields only tangentially related to their final form. There will undoubtedly be many postmortems on what happened, but card trading will have very little impact on what happened.
Please read this (written by the owner): http://blog.magicaltux.net/2010/06/27/php-can-do-anything-wh...
There doesn't seem to be any information about trading cards at that link. If you are making the claim that they lacked the technical foundations to generate a major currency exchange, then I daresay you are correct. That does not necessarily follow from formerly being a trading card business.
Is it Magic the Gathering specifically that you object to? If they were in the Hanafuda card business would they have had a better chance in a more technical field.
Re: MtGox.com is offline
#325Earlier quoted context omitted.
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.
"Transacting under the auspices of a neutral, trusted third party is what money means." Can you explain this a little more? How do I need to trust a 3rd party when I use, say, gold as money?
Gold isn't money, it's an asset you can barter with.
Re: MtGox.com is offline
#326Earlier 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. And still, even 2 weeks ago, tons of people defended MtGox in HN threads, and said how it's a temporary glitch and they are very good exchange and such. Even when it was pointed to them that it's a service build by a guy with no actual knowledge of exchanges and no p…
Does this mean we shouldn't trust "coldtea" to develop anything? I'm the last person to defend Karpeles' competency, but his internet alias has nothing to do with it.
>Does this mean we shouldn't trust "coldtea" to develop anything?
Of course you shouldn't.
If you were to here him (well, me) you'd ask for my CV -- if not an interview also.
And if it was like "developed some random toy stuff" you wouldn't hire me to develop a money exchange playing with other people's millions of dollars.
And if you were to assess if you will put $10,000 in a financial online service made by me, my past work in the area, my general competence would be quite important.
Else, don't be surprised if you lost it all. The chances were way higher than if you had put that money in Citibank, you just ignored the signs.
And for me, not giving the impression I'm a 20-something script kiddie with a fancy handle would also be quite important. I mean, it might be prejudice, but "Ives, Rockefeller and Berstein" as a financial service just feels more secure than "$uper7eetMoneyMakah", "LuvFlamingoes" or "MagicalTux".
Re: MtGox.com is offline
#327Earlier 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?
You mean like how we made a profit from them?[0]
Re: MtGox.com is offline
#328Earlier quoted context omitted.
Does this mean we shouldn't trust "coldtea" to develop anything? I'm the last person to defend Karpeles' competency, but his internet alias has nothing to do with it.
> Does this mean we shouldn't trust "coldtea" to develop anything? Of course you shouldn't. If you were to here him (well, me) you'd ask for my CV -- if not an interview also. And if it was like "developed some random toy stuff" you wouldn't hire me to develop a money exchange playing with other people's millions of dollars. And if you were to assess if you will put $10,000 in a financial online service made by me, m…
Oi!
Re: MtGox.com is offline
#329Earlier quoted context omitted.
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.
"Transacting under the auspices of a neutral, trusted third party is what money means." Can you explain this a little more? How do I need to trust a 3rd party when I use, say, gold as money?
Are you a qualified assayer? You trust the other person is giving you gold, or you trust the individual who tests it.
You trust the system that provides you with an understanding of the relative value of the gold you're holding so that you aren't massively overpaying.
There's a reason Jesus through the money changers out of the temple - they were abusing that 3rd party trust.
Re: MtGox.com is offline
#330so, in time, bitcoin exchanges will become regulated. and in some more time, the irony might dawn on the libertarians.
but on a serious note, growing pains, i guess. i am sorry for people who lost their money.