The Inside Story of Mt. Gox

Interesting. Nothing surprising though. It confirms my opinion about bitcoinistas.

Bitcoin relies on trust among its users. Even wiki has posted that.

Yet bitcoin attracts a certain segment of the population who are probably the least trustworthy people on earth: no ethical standards, no moral compass.

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bitcoinistas

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Lord of the Flies comes to mind. They don't want to play by standard, conventional rules but don't understand how to do what they want.

So much for Josh's explanation that the missing Bitcoins likely weren't stolen, but that the private keys were lost by MtGOX. The fact that their bank account was ripped off of $27.4 million is incomprehensible. Routine bank reconciliations would have discovered missing cash.

My brother sent me 100$ worth of bitcoin the other day and the price is going up. I think bitcoin is stupid but I want to make me some money

To me, it looks like Mt Gox cashed out, as people at the top of the pyramid always do. You guys keep digging, check behind the grassy knoll, might find bitcoins there

You wrote the following on 2/28/2014:

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I think what is more likely than that kind of managerial incompetence (Not to say that Mark doesn't have an immeasurable amount of that) is that they lost the access to their wallets that contained the missing bitcoin.

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Why do you deny writing things that are easily verified?

Here is a chance to redeem yourself. How did the thieves get control of the private keys to reflect their ownership of the Bitcoins on the blockchain? Was it as simple as hacking into MtGOX (due to MtGOX security weaknesses) and resetting the private keys such that the public address never changed but the rightful owners were replaced? If so, then the theft was really clever. The Bitcoins were stolen, but left in plain sight with no apparent activity having taken place.

Quote the whole post liar.

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Their story of losing 850,000BTC through transaction malleability makes little to no sense. Charlie Shrem went over the math the night it happened and it breaks down to tens of thousands of dollars worth of bitcoin being stolen per day (if you use the average price of bitcoin since the beginning of Mt. Gox).

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Again, I didn't say:

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missing Bitcoins likely weren't stolen

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I said:

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Their story of losing 850,000BTC through transaction malleability makes little to no sense.

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And then I said it was more likely that they lost the private keys than they had 850,000BTC stolen incrementally over a period of a few years.

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And you said them being stolen was less likely than MtGOX just losing the private keys to the Bitcoin addresses

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And you continue to lie, why am I not surprised.

I said that it was more likely for Mt. Gox to have lost the keys than it was for them to have had the funds stolen through an exploit of transaction malleability.

What is so hard to understand about that?

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It's the same thing.

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No it's not. I was referring explicitly to Gox's story of the funds being stolen through an exploit of transaction malleability (Which would require the funds to be stolen slowly over a long period of time). Stealing thousands of bitcoins a day for years would eventually be noticed.

That is different than stealing 400,000BTC at a time.

Again, how hard is that to understand?

Poor josh...wiki needs to get back in these threads ASAP.

It's not like wiki had a much better grasp of the subject and its nuances but he more than made up for it with pure aggressiveness.

wiki, on behalf of the MT bitcoin sub board, I'm sending out this long distance dedication.

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