- 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
re: Mt. Gox has filed for bankruptcy protection; $63mm in debt
Posted on 2/28/14 at 10:11 am to southernelite
Posted on 2/28/14 at 10:11 am to southernelite
This thread makes me 
0
Posted on 2/28/14 at 10:19 am to Lsut81
quote:
Additionally, how easily could they swing the market holding that many?
I think there's only about 12.4 million in circulation now. So 850,000 would make quite an impact I would imagine.
Posted on 2/28/14 at 10:22 am to htownjeep
Hackers are typically a few steps ahead of current security matters, so a digital currency is only as safe as the latest hacking countermeasures.
Posted on 2/28/14 at 10:25 am to Lsut81
quote:Last weeks over $300 drop in 24 hours was a result of less than 200,000 btc trading volume.
850,000 coins
Additionally, how easily could they swing the market holding that many?
Posted on 2/28/14 at 10:36 am to LSURussian
quote:
Last weeks over $300 drop in 24 hours was a result of less than 200,000 btc trading volume.
Holy shite... So if these hackers sold all 800k in one swoop, it would likely crash the "currency"
Posted on 2/28/14 at 10:49 am to southernelite
Apparently you should actually be a grown-up to manage a bunch of other people's money.
Posted on 2/28/14 at 11:00 am to Tigah in the ATL
quote:
Apparently you should actually be a grown-up to manage a bunch of other people's mo
Posted on 2/28/14 at 11:06 am to LSURussian
As much fun as we make of the Bitcoinistas, the concept of Bitcoins is pretty good. It is in essence an accounting system for Bitcoins. Like all accounting systems it is only as good as the people using it. One aspect that people have not yet comprehended is that every transaction recorded on the blockchain can be analyzed and information extracted regarding the parties involved. To derive any value from the Bitcoins stolen from MtGOX the thieves will have to have entered transactions recorded on the blockchain. They have left behind identifying information. It is only a matter of time and effort before that identifying information is matched to real people.
How do you hide hundreds of million dollars of cash from the sale of Bitcoins? It's not likely you could avoid using a bank, or even several banks, to stash the proceeds. You have to be perfect in covering your tracks. All it takes is one false step, and your identity will be discovered.
The only issue is if anyone is willing to invest the time and effort to identify the thieves. How would the thieves be held accountable if identified? Criminal prosecution may not be enough motivation given the likelihood of foreign persons being involved, and requirement for international cooperation.
How do you hide hundreds of million dollars of cash from the sale of Bitcoins? It's not likely you could avoid using a bank, or even several banks, to stash the proceeds. You have to be perfect in covering your tracks. All it takes is one false step, and your identity will be discovered.
The only issue is if anyone is willing to invest the time and effort to identify the thieves. How would the thieves be held accountable if identified? Criminal prosecution may not be enough motivation given the likelihood of foreign persons being involved, and requirement for international cooperation.
Posted on 2/28/14 at 11:24 am to Poodlebrain
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).
How could you run a business without recognizing that tens of thousands of dollars are missing PER DAY.
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.
How could you run a business without recognizing that tens of thousands of dollars are missing PER DAY.
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.
Posted on 2/28/14 at 11:28 am to joshnorris14
quote:Are you still under the impression that the Magic Gathering was a valid business???
How could you run a business without recognizing that tens of thousands of dollars are missing PER DAY.
Posted on 2/28/14 at 11:36 am to LSURussian
quote:
Are you still under the impression that the Magic Gathering was a valid business???
I want to clarify that it never actually traded Magic the Gathering cards, Mark bought the site from his friend who had planned on using it for that purpose. Why he didn't re-brand it is is perplexing, but so are a lot of his decisions.
Posted on 2/28/14 at 11:38 am to joshnorris14
What is bitcoin currently at on the other exchanges?
Posted on 2/28/14 at 11:41 am to Lsut81
$576 on Bitstamp.
Posted on 2/28/14 at 11:43 am to joshnorris14
quote:And the relevance and need for clarification is WHAT??? Was that the name of the company or not?
I want to clarify that it never actually traded Magic the Gathering cards,
You persist in correcting statements that were never made, I suppose in the hope that you make yourself appear to be knowledgeable.
Posted on 2/28/14 at 11:47 am to LSURussian
quote:
And the relevance and need for clarification is WHAT??? Was that the name of the company or not?
No, the company name has been "MT Gox" and "Mt Gox" since Karpales took over.
quote:
You persist in correcting statements that were never made
This statement has been made quite a lot, not by you, but it is meant to denigrate them. There are more than plenty of legitimate criticism against this shitty company other than the working title before Karpales bought it.
Posted on 2/28/14 at 11:51 am to joshnorris14
quote:
Mark bought the site from his friend who had planned on using it for that purpose. Why he didn't re-brand it is is perplexing
quote:*sigh*
the company name has been "MT Gox" and "Mt Gox" since Karpales took over.
quote:Am I denigrating you when I refer to you as josh?
but it is meant to denigrate them.
BTW, shouldn't a company who has stolen multi-millions of dollars from their customers BE denigrated??? Why are you defending those crooks?
This post was edited on 2/28/14 at 11:53 am
Posted on 2/28/14 at 11:54 am to LSURussian
Considering my name is Josh, your comparison doesn't hold water.
Their name isn't, and never was, Magic the Gathering Online Exchange.
Their name isn't, and never was, Magic the Gathering Online Exchange.
Posted on 2/28/14 at 11:56 am to LSURussian
quote:
BTW, shouldn't a company who has stolen multi-millions of dollars from their customers BE denigrated??? Why are you defending those crooks?
Do you know what "denigrated" means?
Like I said, there are plenty of things to criticize Mark for. He's a dishonorable, lying twat who has cost people their livelihoods and he constantly blames others for his own incompetence. So criticize him for that instead of something as silly as the working title of the business before he bought it.
Posted on 2/28/14 at 11:58 am to joshnorris14
quote:
who has cost people their livelihoods
If only bitcoins had the backing of some sort of govt entity...
Posted on 2/28/14 at 11:59 am to joshnorris14
quote:
Their name isn't, and never was, Magic the Gathering Online Exchange
LINK /
Not saying you are right or wrong but you're likely wrong. What are you basing this on?
quote:
In 2011, Karpeles bought a fledgling website called Mt. Gox. Founded a few years earlier by an unemployed software hacker named Jed McCaleb, the site was originally an online marketplace where people could buy and sell cards for Magic: The Gathering, a weirdly addictive trading card game. Mt. Gox was short for “Magic: The Gathering Online Exchange.” But then McCaleb turned it into a website where people could exchange cash for bitcoins, a digital currency that had only just found its way onto the internet, and just as the exchange started to take off, he sold it to Karpeles.
Page 3 of 5
Popular
Back to top
Follow TigerDroppings for LSU Football News