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Started By
Message
re: Bitcoin Exchange Mt. Gox lost $350 million worth of bitcoin?
Posted on 2/25/14 at 8:29 am to cubsfan5150
Posted on 2/25/14 at 8:29 am to cubsfan5150
Just to be clear, I didn't start this thread as some sort of "I told ya so." I'm generally curious what guys like TH03 and Wiki, who are actually very knowledgable on this whole thing, think this means for the future of Bitcoin and cryptocurrency.
2
Posted on 2/25/14 at 8:31 am to cubsfan5150
quote:
"bunch of people talking about bitcoin that know nothing about it."
Reading the comments in this thread it's sort of true actually.
Coinbase is still going strong. This was one exchange that has been having issues. If you were stupid enough to leave your coins there you sort of deserve it at this point. I dumped Mt Gox long ago as did anyone with sense.
Read my earlier posts why this isn't actually a Bitcoin issue.
Posted on 2/25/14 at 8:31 am to JMnola
quote:
I told myself immediately after BTC jumped from nothing to 1000 overnight, I would invest if it was ever below $500. Well now it is and I'm more skeptical than ever.
From what I have read, these warning signs of losing 350 million were not there.
I remember we had a Bitcoin thread a few weeks ago where someone was arguing in favor of Bitcoin because it's value was not backed up by any government or anything rather, it's value was based on.... get this..... "math".
Posted on 2/25/14 at 8:31 am to EarthwormJim
quote:
think this means for the future of Bitcoin and cryptocurrency.
bitcoin probably isn't going to make it long term
but I do believe that cryptocurrency is the future
Posted on 2/25/14 at 8:33 am to Fast_Eddie
quote:
This problem will plague Bitcoint until the currency can easily be used by the masses to buy goods without having to go to a CENTRALIZED location to exchange for dollars/pounds/euros/yen.
Yep. It is really what hurts Bitcoin or any of the alt coins the most at this point. It's best not to rely on any of those sites but at least the ones located in the USA have to abide by US laws and I trust those more than other countries. Mt Gox didn't have to since they are based in Japan.
Posted on 2/25/14 at 8:34 am to stout
quote:
I'll predict their response:
"LOL I got out of Mt. Gox weeks ago. I'm in [insert other bitcoin exchange] and it is much more secure. Nothing to worry about here."
quote:
If you were stupid enough to leave your coins there you sort of deserve it at this point. I dumped Mt Gox long ago as did anyone with sense.
Spot on Salmon.
Posted on 2/25/14 at 8:34 am to stout
quote:
I think Bitcoin will die off slowly but there will eventually be one crypto currency that will figure it all out and it will be a force to deal with.
Posted on 2/25/14 at 8:35 am to stout
quote:I don't think you meant it that way, but there's more truth to how you expressed it than you know.
with it being the first there were oblivious limitations
Posted on 2/25/14 at 8:36 am to Salmon
quote:
bitcoin probably isn't going to make it long term
but I do believe that cryptocurrency is the future
There may be some sort of niche market for cryptocurrency in the future but the world powers will never allow something like this to become a real threat to their own currencies. If one does look to be growing to where it can become a threat to one (or more) of the world's reserve currencies it will be squashed with little trouble.
Posted on 2/25/14 at 8:38 am to Salmon
quote:I believe there is a current market for some form of cryptocurrency that will definitely grow exponentially. I'm not sure that the gold standard cryptocurrency that eventually makes it will have all of the anti government, zero regulation, anarchist utopia that some fans of bitcoin are so big on.
but I do believe that cryptocurrency is the future
Posted on 2/25/14 at 8:40 am to LNCHBOX
quote:
Spot on Salmon.
What? I did.
Others didn't obviously and they were stupid to stay after all the issues Mt Gox has had. The writing was on the wall.
Want me to link my post I made here a few weeks back about where my Mt Gox account was hacked and I was laughing about it because I had like $5 left in it since I dumped Mt Gox?
Here you go
This post was edited on 2/25/14 at 8:41 am
Posted on 2/25/14 at 8:44 am to EarthwormJim
I want to believe that a decentralized crypto currency is the future but I have serious doubts. Too many to list here. But I see the upside. The entire subject has reignited my interest in economics.
A related reply:
A related reply:
quote:
Hello friends,
MtGox is gone. So let's prepare ourselves.
On Tuesday, and for the rest of the week, all hell will break lose in the media. It will be blamed on MtGox, it will be blamed on Bitcoin, it will be blamed on the "bug," and it will, more than anything, be blamed on the "lack of regulation." Pundits and "experts" of all types will weigh in on the calamity. It will be world news in a matter of hours.
Get ready, because it will be an ugly week.
For all of you who lost money, my heart goes out to you. Some people lost a little, some lost a fortune. It will make people sick, and depressed, and full of grief. Personally, I had over 550 BTC in Gox. I will never get any of that back. If misery loves company, then we'll be enjoying a grand feast today.
I should have known better, of course. I take responsibility for leaving those funds with an entity that had proven incompetence repeatedly. I chose to ignore even my own warnings, for nothing more than the sake of convenience.
Gox is still at fault, to be sure, but I have learned the lesson. I hope it is not such an expensive lesson for others. And for all you observers, please take a moment to consider it as well.
Be mindful, however, that the wrong lessons are not learned, for that would be the true tragedy, indeed.
Let me suggest that the lesson is not that Bitcoin is broken. Bitcoin is fine.
Similarly, the lesson is not that security is impossible. Those who know what they are doing, can achieve it and help others to do so.
The lesson is not that nobody can be trusted. There are countless good men and women in this community who are worthy of trust, and some of the very best people I've ever met.
And finally, the lesson is not that we ought to seek out "regulation" to save us from the evils and incompetence of man. For the regulators are men too, and wield the very same evil and incompetence, only enshrined in an authority from which it can wreck amplified and far more insidious destruction. Let us not retreat from our rising platform only to cower back underneath the deranged machinations of Leviathan.
The proper lesson, if I may suggest, is this: We are building a new financial order, and those of us building it, investing in it, and growing it, will pay the price of bringing it to the world. This is the harsh truth. We are building the channels, the bridges, and the towers of tomorrow's finance, and we put ourselves at risk in doing so.
We are at risk from accidents. We are at risk from fraud, from corruption, and from evil. We are at risk from journalists seeking headlines and from politicians seeking power and glory. We are at risk from the very market we are trying to build - a market which cares not about our portfolio, our ambitions, or our delicate sympathies.
For all these risks, devastation will befall us repeatedly. Some of us will be discouraged. Some will be ridiculed and insulted. Some will be tricked, or swindled. Some of us will be crushed or caged. We will be set upon by all manner of antagonists, repeatedly, for a long time.
So why do we do it? Why do we build these towers that fall down upon us? Why do we toil and strain and risk our precious time, which is the only real wealth we possess?
Because the world needs what we're building. It needs it desperately. If that matters to you, as it does to me, then hold to that thought. You will see through the smoke, and your wounds will heal.
So shake it off, brothers, for this won't be the last calamity endured before the win.
Tonight, my heart is with you all.
Tomorrow, my head is down. My eyes are open. And I am building.
Toward peace and freedom,
-Erik Voorhees
This post was edited on 2/25/14 at 8:49 am
Posted on 2/25/14 at 8:44 am to LSURussian
quote:
I don't think you meant it that way, but there's more truth to how you expressed it than you know.
Oops yea. Auto correct but as you said that can be true too
Posted on 2/25/14 at 8:44 am to stout
quote:
Want me to link my post I made here a few weeks back about where my Mt Gox account was hacked and I was laughing about it because I had like $5 left in it since I dumped Mt Gox?
You touch on something there. Your Mt Gox account was hacked. Let's say you had not got out of that exchange and instead were still fully invested, like you had thousands in it.
1. What would be your recourse to recover your investment after it was stolen?
2. What regulating body is policing this (and other) bitcoin exchanges to help prevent such things from happening again?
Posted on 2/25/14 at 8:45 am to stout
quote:
I think Bitcoin will die off slowly but there will eventually be one crypto currency that will figure it all out and it will be a force to deal with.
Bitcoin was a good test to see what needs to happen for crypto currencies to stay but with it being the first there were oblivious limitations it was going to meet and problems that would arise. The code of Bitcoin itself is fine and solid as it was intended to be. The issues arise from a shady community around it like Mt Gox.
100% agreed. currency is going to be like anything else in the market: there will be competition
currencies, exchanges, etc will only improve
Posted on 2/25/14 at 8:49 am to Darth_Vader
quote:
1. What would be your recourse to recover your investment after it was stolen?
2. What regulating body is policing this (and other) bitcoin exchanges to help prevent such things from happening again?
If he had moved it to his wallet it could have been easily tracked due to the nature of how Bitcoins are exchanged. As far as regulating bodies to ensure I get it back that would have been up to Mt Gox which obviously would have been a huge issue at this point. Without regulation that is a risk people take is to trust the exchanges where they store their coins.
A smart person will also hold their coins offline on a USB drive or something.
Unlike some here I don't have any romantic ideas about Bitcoin and think I am going to get rich off of it. I treat it like any other investment whether that is the market or real estate. It's strictly business but unlike a lot of people here I am not naive enough to ignore it either and I understand how it works better than most. I was one of the first people on TD talking about it and mining it when it was like $18 per coin. I don't ever plan on holding onto Bitcoin as anything long term and I couldn't care less about using Bitcoin to buy a movie ticket or some McDonalds. It's just to flip and profit off of.
Posted on 2/25/14 at 8:49 am to Darth_Vader
quote:
1. What would be your recourse to recover your investment after it was stolen?
2. What regulating body is policing this (and other) bitcoin exchanges to help prevent such things from happening again?
well to be fair, if you leave a wad of cash in a secret place that is supposed to be secure, but you find out later isn't, you run into the same problems if your cash gets stolen
Posted on 2/25/14 at 8:51 am to stout
quote:A fine short term strategy if you got in early or get lucky with timing. Unfortunately, it is one of the primary reasons it doesn't really look and act like a real currency and maybe never will.
I couldn't care less about using Bitcoin to buy a movie ticket or some McDonalds. It's just to flip and profit off of.
Posted on 2/25/14 at 8:52 am to SlowFlowPro
quote:Not if that wad of cash is left in a bank that is insured by the government.
well to be fair, if you leave a wad of cash in a secret place that is supposed to be secure, but you find out later isn't, you run into the same problems if your cash gets stolen
Posted on 2/25/14 at 8:54 am to stout
quote:
FWIW all of the trading sites like Mt Gox that are based in the USA haven't had any issues yet
quote:
Coinbase is still going strong.
Coinbase has been hacked several times with their btc customers losing some or all of their bitcoins with them.
February
January
December
There were other articles going back to last October about Coinbase being hacked or where customer's btc mysteriously disappeared from their wallet at Coinbase. I didn't feel like linking all of them.
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