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MtGox.com is offline

mtgox.com

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Re: MtGox.com is offline

#491

Post by lmm »

jafaku wrote: post #479
lmm wrote: post #402

Earlier quoted context omitted.

Nice, anyone who disagrees with you is a spammer? (And it's not "mine"; I'm not involved with or holding any cryptocoin) It's not about the number of coins, it's about how the number changes over time. I think bitcoin's regressive, pyramidal exponential decay is a very bad thing. I'm much more willing to support a currency that has e.g. a constant mining reward/year. Doge is the only one I'm aware of that departs fro…

> Doge is the only one I'm aware of that departs from the bitcoin model. It's not. Maybe you should try to get informed a bit before sharing your opinions based on whatever meme you saw on reddit.

Maybe you should try making a positive contribution rather than just throwing insults? If there are other altcoins offering better production models, what are they? (Not that it matters when none of them have the popularity of doge)

Re: MtGox.com is offline

#492

Post by metaphorm »

dragonwriter wrote: post #464
metaphorm wrote: post #436

Earlier quoted context omitted.

the Fed is not a third party w.r.t USD. its the first party. the Fed is the entity in direct control of the monetary supply. the Fed is also the entity politically mandated to protect the money supply against inflation and deflation.

> the Fed is not a third party w.r.t USD. its the first party. Its a trusted third party with regard to most use of USD as money -- that is, its use by market participants in exchange for goods and services. > the Fed is also the entity politically mandated to protect the money supply against inflation and deflation. Well, yeah, that official role (combined with its past history of performance in the role) is a big p…

consumers don't interact directly with the Fed. from their point of view I guess you could call it a third party.

banks interact directly with the Fed though. to them it is a first party.

Re: MtGox.com is offline

#493

Post by bpicolo »

dragonwriter wrote: post #465
jellicle wrote: post #443

Earlier quoted context omitted.

Sorry. I know the magnitude of Madoff's scam. I accidentally a word or two. What I wanted to write was something like, this would be the largest successful fraud (=no one goes to jail). Mt. Gox seems to have convinced everyone that "a hacker" took all the money, and now the insiders can retire to a non-extraditing country somewhere.

> What I wanted to write was something like, this would be the largest successful fraud (=no one goes to jail). Why would no one go to jail?

Unregulated industry.

Re: MtGox.com is offline

#494

Post by [deleted] »

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?

[deleted]

Re: MtGox.com is offline

#495

Post by hnnewguy »

ceol wrote: post #327
baddox wrote: post #175

Earlier quoted context omitted.

> 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] [0]: http://projects.propublica.org/bailout/list

No matter how many times this is pointed out, people will continue to demonstrate their complete lack of understanding behind the "bail outs"; essentially asset swaps that earned the US Treasury a small profit.

Re: MtGox.com is offline

#496

Post by ansible »

MrBuddyCasino wrote: post #399
wpietri wrote: post #264

Earlier quoted context omitted.

I clicked through and thought you were being too harsh. I mean, it can be fun to make toy implementations of things as an exercise. Doing an SSH server in PHP would be entertaining if you liked PHP. You'd learn something. And then I read that his hacked-together-in-3-days ssh server was for use in production. In a hosting service. Wow. Just wow.

Omg, I nearly missed that: What did I create a ssh server for? The same thing I created a DNS server for fun and for KalyHost. I'm not sure "disbelief" is sufficient to describe how I feel right now.

Yeah, I'm still trying to figure all that out myself.

There was some allusion to needing some kind of database backend for the SSH server, but there are multiple solutions for that now (like LDAP).

I'd love to have this guy work for me in a junior role (because he can really crank out the code), but all his work would need to be reviewed, and I wouldn't want him to be making architectural decisions on his own.

Re: MtGox.com is offline

#497

Post by mpyne »

BlackDeath3 wrote: post #483
haberman wrote: post #415

Earlier quoted context omitted.

People in 1989 didn't exhibit a nearly religious devotion to ARPANET as perfect in every way, going so far as to say things like "Bitcoin cannot fail, it can only be failed" (do people realize how absurd this sounds?) When every one of Bitcoin's characteristics (deflationary money supply, irreversibility of transactions, completely public record) is touted as an unmitigated advantage, it is irritating to those of us…

I understand a certain irritation with a lot of "Bitcoiners", but don't let contempt of Bitcoin extremists make you an anti-Bitcoin extremist.

Where did you get "anti-Bitcoin extremist" from any of what they wrote?

Re: MtGox.com is offline

#498

Post by mpyne »

techdragon wrote: post #366
mcv wrote: post #351

Earlier quoted context omitted.

But they will give it to the regulators.

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

If we can regulate them, so can the government. AFAIU Bitcoin is designed to prevent exactly that, at least in general.

Fully resolving their books would require knowing identities of those entitled to receive Bitcoin from an exchange, as only one example, as otherwise an exchange could simply transfer the right amount to an account under their control and use those Silk Road-style money laundering schemes to transfer it to some wallet they actually care about.

To make sure the outlays went to the customers it's required to know which Bitcoin wallets belong to said customers. Are you going to sign up for an exchange that maps wallet IDs to customer identities for public transparency purposes?

Re: MtGox.com is offline

#499

Post by mpyne »

crististm wrote: post #473
Lazare wrote: post #401

Earlier quoted context omitted.

If you're using gold as money , then you are certainly trusting many third parties. Consider; what does using gold as money mean? Are we trading notional gold? Certificates that claim to represent gold in some vault? Obviously you need to trust the issuer of the certificates. Are you using minted gold coins? Obviously you need to trust the mint and more generally the entire financial system that equates those coins w…

Gold as in Au does not need any third party. Certificates... that is another thing.

> Gold as in Au does not need any third party.

Even that generally needs a third party, unless you happen to be one of the world's experts in distinguishing counterfeit coin or bullion from gold of a certified purity.

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