61–70 of 319 posts
What on earth is all this talk about "attacks" and "rolling back the market"? This is how currency works; we've just been witness to one of the darker parts. Just because you don't like it doesn't mean it's not legitimate. Even if it's illegal to manipulate the US Dollar, it is most certainly legal to manipulate the BitCoin, whose express purpose was to be wholly unregulated!!!
Earlier quoted context omitted.
This ( http://news.ycombinator.com/item?id=2676336 ) is why it happened. > Then trying to withdraw $5 million USD from Mt. Gox? He was stating that he could have withdrawn the entire amount, but didn't want to appear shady (especially since doing so would have made him seem even more like a hacker that initiated the sell order).
Yeah, reading the story that is what he says, but the fact that the also doesn't want to give back the 600BTC or so that he ended up getting out to me suggests that he isn't quite that honest. If the limit had been $10,000 -- I'm sure he would have gone for that.
This reminds me of a conversation I was having with a friend a couple of days ago about network affects. Once a system gets too big, the nice people that started it start getting screwed by the people who don't understand (or care about) the founding ideals. The problem with a trading house like Mt. Gox is that some people assume that all of the players are altruistic (these "some people" being "me", somebody with a…
Quite frankly, Mt. Gox never struck me as particularly secure. I'm very surprised anyone would keep a large amount of money in it, instead of transferring it out to their accounts.
What on earth is all this talk about "attacks" and "rolling back the market"? This is how currency works; we've just been witness to one of the darker parts. Just because you don't like it doesn't mean it's not legitimate. Even if it's illegal to manipulate the US Dollar, it is most certainly legal to manipulate the BitCoin, whose express purpose was to be wholly unregulated!!!
It's not illegal to manipulate the US Dollar as long as your name is the Federal Reserve.
Earlier quoted context omitted.
The exception to this rule is a "bona fide purchaser for value without notice". If someone has no reason to believe that property is stolen and buys it, then it's their property now. So sorry. I'm still confused about whether or not bitcoin transactions are traceable. If they have deniability, it might be impossible to prove/disprove that you knew the goods were stolen. Of course, I am neither a lawyer nor a crypto s…
Uh, is that really so? So I can steal whatever I want, as long as I can sell it off fast enough? Say I am 99 years old and have only one week left to live. What if I go on a car stealing spree and steal Porsche cars for my extended family. Then I sell it to them for a symbolic 1 cent each, claiming that I have collected them over my lifetime and now want my family to benefit.
You, the thief, are still on the hook for your crime.
The buyer, if they really are a bona fide purchaser for value without notice, is not.
Your family would probably not meet the test, as this would be the first time they've heard of the Porsches.
(IANAL, TINLA)
This is largely irrelevant. As long as Mt. Gox has the capacity to do option 1, the impacts of option 1 exist or should exist already.
The poster makes some good points about the inconsistencies in Mt. Gox's handling of things, but it seems to me that he's ascribing to malice what is well explained by incompetence on the part of the person or people running the site. The security practices are appalling, and their lack of clarity on the counter-party issue is damning. If I were Kevin---or, indeed, any customer of that exchange---I'd take my money an…
you see, majority of bitcoin forum audience are traders themselves. they are in for money and they are jealous.
I also find it interesting that the person who supposedly initiated the trade has yet to be heard from. Their story would really help clarify things, not to mention that they have not been heard from yet makes it seem as if there is no such single user...