Apparent Theft at Mt. Gox Shakes Bitcoin World
1–10 of 84 posts
Re: Apparent Theft at Mt. Gox Shakes Bitcoin World
#2Re: Apparent Theft at Mt. Gox Shakes Bitcoin World
#3Existing discussions about this news: https://news.ycombinator.com/item?id=7295190 https://news.ycombinator.com/item?id=7295084 https://news.ycombinator.com/item?id=7294762 https://news.ycombinator.com/item?id=7295331
We know that. It's notable that the NYT has picked up on it, and is presenting it this way, though.
Re: Apparent Theft at Mt. Gox Shakes Bitcoin World
#4Wow. Check out the people who lost serious money on MtGox: http://www.reddit.com/r/Bitcoin/comments/1yv26o/gox_horror_s...
One person lost 1998 btc. That was anywhere from $500,000 to a million bucks.
Re: Apparent Theft at Mt. Gox Shakes Bitcoin World
#5Wow. Check out the people who lost serious money on MtGox: http://www.reddit.com/r/Bitcoin/comments/1yv26o/gox_horror_s... One person lost 1998 btc. That was anywhere from $500,000 to a million bucks.
From that same thread: "I'm still hopeful that something good will happen. If not, I would not be unhappy if someone ordered a hit."
Wow.
Re: Apparent Theft at Mt. Gox Shakes Bitcoin World
#6[deleted]
Re: Apparent Theft at Mt. Gox Shakes Bitcoin World
#7This is a really sad moment but let's hope it teaches everybody lessons. One very nice thing about cryptocurrencies is that they can be kept safe in cold storage without too much trouble. Some people kept all their coins there. It's a shame, but too bad.
Otherwise, I really hope Gox dies, in a darwinian business sense. Forest fires destroy big trees but makes way for new shoots.
Re: Apparent Theft at Mt. Gox Shakes Bitcoin World
#8Wow. Check out the people who lost serious money on MtGox: http://www.reddit.com/r/Bitcoin/comments/1yv26o/gox_horror_s... One person lost 1998 btc. That was anywhere from $500,000 to a million bucks.
Watching the bitcoin ticker (http://bitcointicker.co/#) you can see the tug-of-war bgoing on between people who are trying to pull the price lower and those who are trying to maintain it. Over the last few hours it's been a complete trainwreck, millions of dollars disappearing every few minutes and so on.
OK, you could watch the currency markets do this for real money all day but most of the time they trade on fundamentals. Watching a currency crisis unfold is a lot more interesting.
Unrelated: I see redditors are handing out 1:1 sympathy tips in DogeCoin.
Re: Apparent Theft at Mt. Gox Shakes Bitcoin World
#9Wow. Check out the people who lost serious money on MtGox: http://www.reddit.com/r/Bitcoin/comments/1yv26o/gox_horror_s... One person lost 1998 btc. That was anywhere from $500,000 to a million bucks.
On one hand I feel really bad for a lot of these people, but there were so many flashing lights and warning signs around MtGox that these people had to see putting money into this company was a bad idea right?
The exchange was a cobbled-together technical-mess that was originally supposed to be used for trading cards. They made a quick pivot and tried to wing it as a financial institution.
Hopefully the BTC and finance community learn from this disaster. There is going to be a huge market for a highly-regulated exchange run by banks and investment houses in the near future.
Re: Apparent Theft at Mt. Gox Shakes Bitcoin World
#10hypothetical question for someone who is knowledgeable about bitcoin: since bitcoin is an experiment, what happens if it completely fails? what does a total failure scenario even look like, in terms of symptoms?
where does all the 'real' money go?
i don't understand how 6% of bitcoin can disappear when one of the supposed selling points is that you can verify all the transactions.