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MtGox.com is offline

mtgox.com

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Re: MtGox.com is offline

#521

Post by deciplex »

MrBuddyCasino wrote: post #513
ultramancool wrote: post #489

Earlier quoted context omitted.

This is so very true, OpenSSH is probably one of the most secure pieces of software around. It has extremely high value to attackers, yet has had extremely few remote security holes in its lifetime. They've invested years and many talented people in developing such a piece of software. If you want to write your own ssh server in php, you should probably consider your motivation and how you can re-use their code or op…

Yeah, thats what I thought too, until I read this little gem, suggesting that OpenSSL was written by monkeys: http://www.peereboom.us/assl/assl/html/openssl.html Its kinda hard to disagree with that conclusion.

OpenSSH is not OpenSSL.

Re: MtGox.com is offline

#522

Post by The_Sponge »

SilasX wrote: post #476
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.

I got mugged. Obviously the US Dollar is a failure.

Wouldn't a better analogy be "my bank got robbed, and now I'm broke"?

Re: MtGox.com is offline

#523

Post by chii »

esemiss wrote: post #403
chii wrote: post #379

Earlier quoted context omitted.

well, is it better to have a hacked MVP released in production, or spend forever making it and never actually releasing it and then missing the window?

Would you want to fly in a hacked together MVP plane released to production? A similarly made bike in a park? Maybe.

I wouldn't today, but the wright brothers did, because if they hadn't, someone else would've done it instead. If you wanted to be trail blazers like the wright brothers were, you might have to put up with a hacked together MVP. I m just saying that anyone who lost their money did so knowing the risks (or should have known the risks).

Re: MtGox.com is offline

#524

Post by gnaritas »

Klinky wrote: post #515
gnaritas wrote: post #486

Earlier quoted context omitted.

That's not a slight difference, that's a fundamental difference. Lacking a promise of a positive return and lacking a fake investment opportunity, no fraud can be classified as a Ponzi; it's simply fraud or theft. There's absolutely nothing Ponzi like about this Gox situation; nothing. Ponzi's require both of those elements, they are the definition of what a Ponzi is. From Google: Ponzi Scheme: a form of fraud in whi…

MtGox was usually advertising the highest exchange value for Bitcoins, and it most recently was advertising fire sale level exchange rates on Bitcoins. Once they severely restricted/shut off withdrawals, they were no longer an "exchange". People were no longer investing in Bitcoins facilitated through an exchange, they were investing in the exchange allowing withdrawals and making good on the promised high Bitcoin to…

Yes, fraud is likely, no one is disputing that. Fraud != Ponzi scheme.

Re: MtGox.com is offline

#525

Post by dragonwriter »

bpicolo wrote: post #493
dragonwriter wrote: post #465

Earlier quoted context omitted.

> 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.

There is pretty much no place on the planet where any "industry" is so unregulated that depriving people of their property without consent, or by false pretenses, without special legal privilege, is not illegal.

The applicable laws aren't industry-specific regulations.

Re: MtGox.com is offline

#527

Post by The_Sponge »

SilasX wrote: post #526
The_Sponge wrote: post #522

Earlier quoted context omitted.

Wouldn't a better analogy be "my bank got robbed, and now I'm broke"?

For the effect on a person, yes. For the implications for the platform, no.

Well you said "I" so that's what I assumed you meant. For the effect on you.

Re: MtGox.com is offline

#528

Post by dragonwriter »

mcv wrote: post #363
ryanobjc wrote: post #161

Earlier quoted context omitted.

Bitcoin exchanges will have a run - they resemble fractional reserve banking, because all exchanges dont have enough USD (or other currency) to cover every bitcoin that people might want to trade thru the exchanges (that could be every single bitcoin in existence). This obviously results in the crash of the exchange rates, and probably a reduction in the usage of the currency as well. Getting paid in something that h…

Bitcoin and USD are not the same thing. Bitcoin exchanges need to have enough BTC to cover any accounts in BTC. They only need to have USD if they also have accounts in USD, which I suspect they don't. If nobody wants to exchange your BTC for USD, then the value of the coin collapses, but not the exchange.

> Bitcoin and USD are not the same thing. Bitcoin exchanges need to have enough BTC to cover any accounts in BTC. They only need to have USD if they also have accounts in USD, which I suspect they don't.

If they are going to function effectively as exchanges where BTC can be traded for dollars (which necessarily implies trading dollars for bitcoins), they have to maintain both BTC and USD denominated accounts (which is why, indepedently of the treatment of BTC under applicable laws, they generally are subject to whatever the local equivalent of money service/trasnmitter laws are, because they have to maintain and distribute funds from fiat currency accounts.)

Re: MtGox.com is offline

#530

Post by tlrobinson »

mpyne wrote: post #499
crististm wrote: post #473

Earlier quoted context omitted.

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.

Ok, but Bitcoin doesn't need an expert to do that, just widely available open source software that's already been vetted by thousands of developers.
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