This month. There's no date. Let's not relate it to recent events. Actually this kind of insinuates what's happening.
Mt. Gox Receives Subpoena From Federal Prosecutor: Source
71–80 of 107 posts
Re: Mt. Gox Receives Subpoena From Federal Prosecutor: Source
#72Wouldn't it be funny if malleability has confused MtGox about its own hot->cold->hot wallet transactions, and it really has way more coins than it knows? Then, when MtGox finally has someone with half a clue patch things & rescan, 700K BTC reappear, and they post on their homepage, "Nevvvvvermind – it was all a bad dream."
have you seen the irc chat log with Mark Karpeles? it almost seems possible that that is exactly what has happened: [12:02] How much did you lose yourself? [12:04] Well, technically speaking it's not "lost" just yet, just temporarily unavailable [12:05] Well, how much is unavail for you? [12:06] I'm not even sure http://www.wickedfire.com/shooting-shit/179038-my-conversati...
[deleted]
Re: Mt. Gox Receives Subpoena From Federal Prosecutor: Source
#73Earlier quoted context omitted.
have you seen the irc chat log with Mark Karpeles? it almost seems possible that that is exactly what has happened: [12:02] How much did you lose yourself? [12:04] Well, technically speaking it's not "lost" just yet, just temporarily unavailable [12:05] Well, how much is unavail for you? [12:06] I'm not even sure http://www.wickedfire.com/shooting-shit/179038-my-conversati...
If you read the context, it's quite clear that he's only referencing his own bitcoins. [12:02] How much did you lose yourself? [12:04] Well, technically speaking it's not "lost" just yet, just temporarily unavailable [12:05] Well, how much is unavail for you? [12:06] I'm not even sure [12:06] didn't check my wallet before pushing the site offline That final line makes it very clear that he meant he didn't know how ma…
[deleted]
Re: Mt. Gox Receives Subpoena From Federal Prosecutor: Source
#74Bitcoin as a concept would be attacked by governments under even the best of circumstances. I don't know why the major players in it have to be so dumb and/or unscrupulous as to draw this level of negative attention to it. As for Mt. Gox itself, its principle(s) will be aggressively prosecuted and sentenced. The New York US attorney behind the subpoena is Preet Bharara. Preet is responsible for shutting down online p…
[deleted]
Re: Mt. Gox Receives Subpoena From Federal Prosecutor: Source
#75Earlier quoted context omitted.
I find his accomplishments dubious because a) I believe that there are substantially more effective ways to deter crime and punish offenders than the lengthy prison sentences that his office pushes for in most cases, and b) he uses every major case he brings elected office, and is unnecessarily destroying many lives in that pursuit. In my opinion, that negates any positive things he may have done and renders all of h…
> I believe that there are substantially more effective ways to deter crime and punish offenders than the lengthy prison sentences that his office pushes for in most cases ... like fines? The fines we end up seeing are paltry compared to the profits of the activity, effectively incentivizing illicit practices
this is parroted so often but is usually quantifiably false. Usually the fines are small compared to overall profit of a company because the actions are relatively small compared to total operations, but most fines defintely cost the company more than not doing the actions would have in financial cases.
Re: Mt. Gox Receives Subpoena From Federal Prosecutor: Source
#76Where were these zealous prosecutors during the global financial meltdown in 2008? It would be nice if people went to jail for fraudelently representing mortgages. I'm fine with Gox getting investigated, too, but justice shouldn't depend on who you are.
There's not a whole lot of political will to prosecute the consumers who lied on their mortgage forms, so I doubt it'll ever be acted upon.
Re: Mt. Gox Receives Subpoena From Federal Prosecutor: Source
#77Earlier quoted context omitted.
> I believe that there are substantially more effective ways to deter crime and punish offenders than the lengthy prison sentences that his office pushes for in most cases ... like fines? The fines we end up seeing are paltry compared to the profits of the activity, effectively incentivizing illicit practices
this is parroted so often but is usually quantifiably false. Usually the fines are small compared to overall profit of a company because the actions are relatively small compared to total operations, but most fines defintely cost the company more than not doing the actions would have in financial cases.
HSBC paid 1.9B fine for money laundering related to Mexican drug cartels.
To understand this number, lets look at the DOJ claims:
> Between 2006 and 2009, according to DOJ, HSBC failed to monitor $670 billion in wire transfers and $9.4 billion in cash transactions from its Mexico bank operations.
We don't know exactly how much HSBC profited from these specific alleged activities, but even a 1% rate (pretty low if they turned a blind eye, especially on the cash side) would net more than triple the fine. (and yes, profiting 7B and paying 2B in fines is a net profit of 5B)
I do, however, agree that quotes like "X days profit" generally refer to the entire bank's profit and not to the actual activity in question
Re: Mt. Gox Receives Subpoena From Federal Prosecutor: Source
#78Stop linking to paywall sites, please.
Re: Mt. Gox Receives Subpoena From Federal Prosecutor: Source
#79Bitcoin as a concept would be attacked by governments under even the best of circumstances. I don't know why the major players in it have to be so dumb and/or unscrupulous as to draw this level of negative attention to it. As for Mt. Gox itself, its principle(s) will be aggressively prosecuted and sentenced. The New York US attorney behind the subpoena is Preet Bharara. Preet is responsible for shutting down online p…
Why are they dumb and/or unscrupulous? I would hazard that the bright, somewhat-more-scrupulous minds are busy making it big elsewhere. Perhaps traditional finance.
>I would hazard that the bright, somewhat-more-scrupulous minds are busy making it big elsewhere. Perhaps traditional finance.
Yes, because we all know how scrupulous traditional finance is.
Re: Mt. Gox Receives Subpoena From Federal Prosecutor: Source
#80Earlier quoted context omitted.
I was talking about what was seized from their accounts with Dowalla. Who seized that?
Yes, that is the same as the Dwolla seizure. They had a Wells Fargo Business bank account linked to their Dwolla account. That is the 5 Million that was seized purportedly in connection to the investigation into Silk Road.
After looking it up, the seizure wasn't related to the Silk Road case. It was because MtGox wasn't properly registered as a money transmitter and was operating their accounts in the US under false pretenses [1].
I don't think it's necessarily possible to link the Dowalla event to Silk Road directly (which was the FBI, not DHS).
[1] http://techcrunch.com/2013/05/16/mt-gox-dwolla-account-money...