- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Bitcoin Exchange Mt. Gox lost $350 million worth of bitcoin?
Posted on 2/25/14 at 8:03 am
Posted on 2/25/14 at 8:03 am
quote:
The hacking attack is detailed in a leaked “crisis strategy draft” plan, apparently created by Gox and published Monday by Ryan Selkis, a bitcoin entrepreneur and blogger (see below). According to the document, the exchange is insolvent after losing 744,408 bitcoins — worth about $350 million at Monday’s trading prices. The plan paints a bleak picture of the exchange’s finances and outlines an arbitrage scheme to restore the exchange to solvency. “The reality is that Mt. Gox can go bankrupt at any moment, and certainly deserves to as a company,” the document states.
So what does this mean for the future of Bitcoin?
LINK
This post was edited on 2/25/14 at 8:18 am
16
Posted on 2/25/14 at 8:04 am to EarthwormJim
quote:
Bitcoin
Dumbest shite ever.
Posted on 2/25/14 at 8:07 am to EarthwormJim
Posted on 2/25/14 at 8:07 am to EarthwormJim
quote:
So what does this mean for the future of Bitcoin?
DERP
Posted on 2/25/14 at 8:10 am to EarthwormJim
does this mean that bitcoin isn't going to be worth $5k next year?
Posted on 2/25/14 at 8:12 am to Salmon
shite just hit the fan
Posted on 2/25/14 at 8:13 am to EarthwormJim
Well... well... well... perhaps now we have a better understanding of the sudden resignation (not to mention the fact he's all but gone into hiding) of the Mt.Cox CEO
Hmmmm
Hmmmm
Posted on 2/25/14 at 8:13 am to EarthwormJim
Link?
Posted on 2/25/14 at 8:15 am to EarthwormJim
Someone should stop by Wiki's place.
Posted on 2/25/14 at 8:17 am to TigerFred
My bad, edited.
Posted on 2/25/14 at 8:19 am to hashtag
Posted on 2/25/14 at 8:20 am to EarthwormJim
REMAIN CALM
ALL IS WELL
ALL IS WELL
Posted on 2/25/14 at 8:20 am to xXLSUXx
quote:
Someone should stop by Wiki's place.
don't worry:
Posted on 2/25/14 at 8:21 am to EarthwormJim
The comments section on your link is pure gold.....
But there is also at least one nugget of wisdom....
quote:
Well hell.
I wouldn't be surprised if the US Gov is involved in this. They're not going to easily let something compete for its currency control. Wars have been fought for this. A little NSA caliber hacking is child's play for them.
quote:
Yeah, the US Gov needs a lot of cash to fund its ongoing conspiracy projects. You think that 9/11 coverup was cheap? Not by a longshot mister! Hell, they're still making installments on that lunar landing facade; Kubric didn't come cheap and now his estate is demanding full payment. Don't even get me started on Bengazi ... sheesh
But there is also at least one nugget of wisdom....
quote:
young people running financial operations with no financial experience and no regulation. What could go wrong?
Posted on 2/25/14 at 8:22 am to EarthwormJim
where is wiki...and TH
Posted on 2/25/14 at 8:25 am to Topwater Trout
TH will be here soon, once his mom kicks him and tells him to get his lazy arse up, and when he does show, expect the typical response... "bunch of people talking about bitcoin that know nothing about it."
Posted on 2/25/14 at 8:25 am to Topwater Trout
quote:
where is wiki...and TH
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."
Posted on 2/25/14 at 8:27 am to cubsfan5150
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.
From what I have read, these warning signs of losing 350 million were not there.
Posted on 2/25/14 at 8:28 am to Darth_Vader
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.
FWIW all of the trading sites like Mt Gox that are based in the USA haven't had any issues yet, but that gets overlooked for hyperbole purposes. There are still very safe ways to buy, trade, sell, store, and cash out Bitcoins but you won't see that being reported.
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.
FWIW all of the trading sites like Mt Gox that are based in the USA haven't had any issues yet, but that gets overlooked for hyperbole purposes. There are still very safe ways to buy, trade, sell, store, and cash out Bitcoins but you won't see that being reported.
Posted on 2/25/14 at 8:29 am to EarthwormJim
quote:
According to the document, the exchange is insolvent after losing 744,408 bitcoins — worth about $350 million at Monday’s trading prices.
It's not that Bitcoins are dumb, it's that the idea of Bitcoins was to have money that was not centralized. Well, if everyone is putting their Bitcoins at Mt. Gox, Coinbase, Bit Wallet, Bit Safe, Bit Whatever; the people are in effect, CENTRALIZING the currency. They are not keeping the coins on their own computer/PDA. 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.
Page 1 of 5
Popular
Back to top
Follow TigerDroppings for LSU Football News