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MtGox.com is offline

mtgox.com

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Re: MtGox.com is offline

#451

Post by imperialdrive »

345723 wrote: post #128
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…

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…

Ditto - it's a lesson to be learned for many young/youth that are deep in tech that sip the kool aid that all is fine in the land of 1's and 0's

Re: MtGox.com is offline

#452

Post by rtpg »

mcv wrote: post #368
techdragon wrote: post #366

Earlier quoted context omitted.

And that is the point. Bitcoin as an open system means we are ALL the regulators. Issue is we cant see their FIAT.

How are we regulators? How can we demand anything from any enxchange? How can we punish them if they violate the rules, or our trust?

If Mt Gox has a single deposit wallet for example, we could easily audit how many coins it has.

We couldn't enforce rules, but if some people decided to set up a sort of "best practices" website saying it's "SAFE compliant or something (Sure Against Forged Equalities), in which case beginners guide would be "ALWAYS GO FOR SAFE COMPLIANT EXCHANGES!"

We couldn't punish them but it would allow some sort of feeling of safety(if minimal).

Re: MtGox.com is offline

#453

Post by davidw »

anigbrowl wrote: post #269
wpietri wrote: post #267

Earlier quoted context omitted.

So if we can raise $7m we can kill you? Seriously, the accounting fictions used for various economic analyses don't directly apply in the real world.

Actually, they do - courts award damages for loss of life all the time, and calculating such economic loss is a basic skill of practicing tort law. A person's life is almost always infinitely valuable to the individual in question, but for everyone else it's surprisingly calculable. A gloomy business, but a necessary one all the same -life still goes on for the survivors, and at some point accountings are made and pe…

One thing that's important to note is that it's not a reversible calculation. You can't pay 7 million to buy someone or have them killed legally or something like that because that's the "going rate".

Re: MtGox.com is offline

#454

Post by BlackDeath3 »

Crito wrote: post #358
smellelderberry wrote: post #208

Earlier quoted context omitted.

> He deserves much worse than nasty internet comments. Yeah, thanks for fanning the flames of a vigilante lynching in the making.

Don't be so melodramatic, nobody is literally being lynched.

Not yet (and because some people around here seem to be softer than melted butter, that's not a threat).

Now I'm usually a pretty cold-hearted bastard, and I'll admit that I had very little stake in MtGox (I never conducted any business there), but I sort of agree with the above. Yes, he probably deserves some Internet hate. The problem is that this Internet hate is not likely to be the full extent of the hate he'll get over this thing.

I, for one, hope that the dude hasn't fucked over the entire rest of his life.

Re: MtGox.com is offline

#455

Post by BlackDeath3 »

haberman wrote: post #96
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…

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.

It's a good thing that nobody has ever been massively fucked over by a regulated fiat system.

Re: MtGox.com is offline

#456

Post by mindstab »

foxhill wrote: post #361
ceol wrote: post #322

Earlier quoted context omitted.

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.

yes, and regulated banks/exchanges have never been the centre of financial disasters.

actually the latest banking disaster was largely due to a decade prior of deregulation, and the economies of other counties who came through it best had retained a lot of their regulation (Canada).

Re: MtGox.com is offline

#457

Post by number_six »

efuquen wrote: post #132
nradov wrote: post #106

Earlier quoted context omitted.

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

Well, considering the price has been pretty stably above the current point (not stable in general but definitely above this point for months), I think it's safe to say if you had that Bitcoin you lost a potential opportunity to have made a lot more money. The worth is simply what people have been willing to buy at, and that price has recently been quite high.

I think it is safe to say people lost "a potential opportunity to have made a lot more money?" in 1000s of cases. Things are only ever worth what people are willing to pay for them. Just because that price has been high recently doesn't mean it's stable. Someone paid $4,500 for a Beanie Baby once.

Re: MtGox.com is offline

#459

Post by captainchaos »

Ok, at the risk of sounding completely naive...

I've been following this story for a while, and it seems that no one can say for sure if this is embezzlement or gross incompetence. Based on leaked memos it seems to be most people are learning towards the latter, but I'm curious if there's any evidence either way.

Based on the claimed transparency of Bitcoin, I would have expected embezzlement on this scale to have been noticed earlier, or at the very least have people be able to follow the Bitcoin trail to determine what is actually happening.

Am I wrong or just missing something?

Re: MtGox.com is offline

#460

Post by nemo »

icebraining wrote: post #369
decode wrote: post #347

Earlier quoted context omitted.

> You're confusing money with legal tender. I don't think I am. Something can be generally accepted as payment for goods and services without it being legal tender. > But in any case, you can just travel to the Utah That article is about coins produced by the US mint, not lumps of gold. And even so, the article says, "so far, it is hard to find anyone who is using gold or silver to buy anything."

Isn't your argument equivalent to saying that Latin isn't a language, because it's hard to find anyone who uses it to chat? Gold is money, it just has been superseded for most uses. And even so, when dollars are harder to use, gold is still used for some large transactions: http://online.wsj.com/news/articles/SB1000142412788732435200...

You can read many Latin works, and find the language taught in many schools. Since it isn't spoken except in a handful of limited contexts, it gets the special qualifier "dead language." Gold is basically a "dead money." Hung onto by various people for historical and religious legacies, but not really suited for modern use.
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