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The Inside Story of Mt. Gox
Posted on 3/3/14 at 9:17 am
Posted on 3/3/14 at 9:17 am
Not a bad read. Answers a lot of questions I've wondered about the history. Also gives some insight as to how much the bitcoinistas do not understand business.
LINK
LINK
Posted on 3/3/14 at 9:40 am to htownjeep
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.
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.
Posted on 3/3/14 at 10:22 am to LSURussian
quote:
Bitcoin relies on trust among its users
quote:Sounds a lot like liberalism.
Yet bitcoin attracts a certain segment of the population who are probably the least trustworthy people on earth: no ethical standards, no moral compass.
Posted on 3/3/14 at 10:38 am to LSURussian
quote:
bitcoinistas
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.
Posted on 3/3/14 at 11:17 am to htownjeep
I feel like more and more every day, they had no idea what they were doing.
Posted on 3/3/14 at 11:58 am to htownjeep
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 $27.4 million is incomprehensible. Routine bank reconciliations would have discovered missing cash.
Posted on 3/3/14 at 12:10 pm to LSURussian
quote:
Yet bitcoin attracts a certain segment of the population who are probably the least trustworthy people on earth: no ethical standards, no moral compass.
How does all that comport with the "non-aggression principle"?
Posted on 3/3/14 at 12:12 pm to Y.A. Tittle
My brother sent me 100$ 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
Posted on 3/3/14 at 12:14 pm to Poodlebrain
quote:
So much for Josh's explanation that the missing Bitcoins likely weren't stolen
Don't lie.
I said their explanation of the funds being stolen through the "transaction malleability bug" didn't make sense because it would require a steady flow of stolen bitcoin over years that would be impossible to not notice.
Posted on 3/3/14 at 12:25 pm to joshnorris14
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
Posted on 3/3/14 at 1:14 pm to joshnorris14
You wrote the following on 2/28/2014:
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:LINK
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.
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.
Posted on 3/3/14 at 1:22 pm to Poodlebrain
quote:
You wrote the following on 2/28/2014:
quote:
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 3/3/14 at 1:41 pm to Poodlebrain
Quote the whole post liar.
Again, I didn't say:
I said:
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.
quote:
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).
Again, I didn't say:
quote:
missing Bitcoins likely weren't stolen
I said:
quote:
Their story of losing 850,000BTC through transaction malleability makes little to no sense.
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.
Posted on 3/3/14 at 1:53 pm to joshnorris14
That's all very nice. Except according to insiders the missing Bitcoins were stolen. And you said them being stolen was less likely than MtGOX just losing the private keys to the Bitcoin addresses. And that was my original point.
Posted on 3/3/14 at 2:14 pm to Poodlebrain
quote:
And you said them being stolen was less likely than MtGOX just losing the private keys to the Bitcoin addresses
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?
Posted on 3/3/14 at 2:55 pm to joshnorris14
quote:
And you continue to lie, why am I not surprised.
First off, this statement coming from you is just...well, mindblowing. You lie at every turn and neglect to listen to what others say. Maybe your little college has a class on listening?
To his main point, he is saying pretty much what you said. He stated that you said it was LESS LIKELY that it was stolen (when a lot of others are saying it was stolen).
And your rebuttal is that you said it is MORE LIKELY that Mt Gox lost the keys.
It's the same thing.
Posted on 3/3/14 at 3:03 pm to htownjeep
quote:
It's the same thing.
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?
Posted on 3/3/14 at 3:08 pm to joshnorris14
Did you ever use Mt Gox?
Posted on 3/3/14 at 3:12 pm to LSURussian
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.
LINK
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.
LINK
Posted on 3/3/14 at 3:12 pm to LSURussian
quote:
Did you ever use Mt Gox?
Stop it.
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