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Started By
Message
re: Mt. Gox has filed for bankruptcy protection; $63mm in debt
Posted on 2/28/14 at 12:00 pm to joshnorris14
Posted on 2/28/14 at 12:00 pm to joshnorris14
quote:
is that they lost the access to their wallets that contained the missing bitcoin.
I think things like this will continue to happen. BTC overall market price is actually going to decrease over time IMO due to lost wallets.
0
Posted on 2/28/14 at 12:01 pm to joshnorris14
quote:
Do you know what "denigrated" means?
Yes....do you?
quote:
to disparage, belittle, deprecate, decry, cast aspersions on, criticize, attack;
quote:No thanks, Sally.
So criticize him for that instead of something as silly as the working title of the business before he bought it.
This post was edited on 2/28/14 at 12:02 pm
Posted on 2/28/14 at 12:08 pm to C
That isn't correct at all. It was founded in 2009 and became a bitcoin exchange in 2010. Again the name was MT Gox at the time. I believe it was Karpeles who changed the name to Mt Gox (Pronounced Mount Gox) but it might have been Jed.
Posted on 2/28/14 at 12:09 pm to LSURussian
quote:
Yes....do you?
Apparently not:
LINK
quote:
to say very critical and often unfair things about (someone)
Posted on 2/28/14 at 12:15 pm to joshnorris14
quote:
MT Gox
what does this stand for?
Posted on 2/28/14 at 12:19 pm to joshnorris14
Who gives a shite what it was, or what it was called.
The fact is that it was a grossly mismanaged "business" that has driven itself to bankruptcy, and essentially lost people a sum, at the time it withheld deposits, of $700mm+
The fact is that it was a grossly mismanaged "business" that has driven itself to bankruptcy, and essentially lost people a sum, at the time it withheld deposits, of $700mm+
Posted on 2/28/14 at 12:22 pm to joshnorris14
quote:I agree. You don't.
Yes....do you?
Apparently not:
Posted on 2/28/14 at 12:25 pm to southernelite
quote:
Who gives a shite what it was, or what it was called.
Apparently the name determines the importance of bitcoin. If the company was the Magic Gathering, bitcoin is unimportant but if it was "Mt Gox" then btc is revolutionary and will change the world.
Posted on 2/28/14 at 12:30 pm to LSURussian
I do, think that's its a very valid point of what Mt Gox was before it adapted to bitcoin. I believe that shows the amateurism, and that the infrastructure of the business wasn't built to handle and grow to meet the demands that are required of a business with transactions of such large amounts. It could have had the coolest name in the world, but that still doesn't mean it would have succeeded.
Posted on 2/28/14 at 12:38 pm to southernelite
quote:Agreed.
I do, think that's its a very valid point of what Mt Gox was before it adapted to bitcoin. I believe that shows the amateurism, and that the infrastructure of the business wasn't built to handle and grow to meet the demands that are required of a business with transactions of such large amounts.
I don't know how much revising of the software they did to change from game trading cards to btc, but those are entirely different "products."
Hackers would not have had much incentive to go after trading cards, but something worth millions of dollars?? That's another thing.
Posted on 2/28/14 at 1:01 pm to southernelite
quote:
It could have had the coolest name in the world, but that still doesn't mean it would have succeeded.
Exactly, the name didn't matter, it didn't matter what Mark Karpeles took over, he would've ran it in to the ground.
Their are other actors in the bitcoin sphere who would've ran Mt Gox a lot better, but unfortunately Mark was the visionary.
Posted on 2/28/14 at 1:05 pm to joshnorris14
quote:
That isn't correct at all. It was founded in 2009 and became a bitcoin exchange in 2010.
What is incorrect? Reuters agrees with C's article as well.
LINK
Posted on 2/28/14 at 1:11 pm to htownjeep
quote:
That isn't correct at all. It was founded in 2009 and became a bitcoin exchange in 2010.
quote:
What is incorrect? Reuters agrees with C's article as well. LINK
quote:
Founded in 2009 by American software hacker Jed McCaleb, Mt. Gox was originally a site for people to trade cards for a game called "Magic: The Gathering." (Mt. Gox is short for "Magic: The Gathering Online Exchange") McCaleb turned the site into a bitcoin exchange and sold the fledgling business in 2011 to Mark Karpeles. Under the Frenchman, Mt. Gox became the face of bitcoin - where investors regularly checked the price of the digital currency and where the largest volume of trades occurred.
Wait for it....
Wait.......
Posted on 2/28/14 at 1:20 pm to joshnorris14
quote:
but unfortunately Mark was the visionary.
We certainly have different definitions of visionary.
It seems the only visionary associated with Mt Gox was the guy who sold it years ago. It seems Jed McCaleb is looking to reclaim it to a certain degree.
Ripple and eDonkey were his
His new secret project
He's looking for alphas. Send him an email
Posted on 2/28/14 at 1:22 pm to LSURussian
quote:
Wait for it....
Damn, MT board is booming like a damn mine field as of late
Posted on 2/28/14 at 1:55 pm to joshnorris14
quote:But Wiki told us that it is a simple matter for merchants to create separate addresses with separate private keys for each sale they make with Bitcoins as payment. Those merchants will have to securely manage the private keys for however many Bitcoin addresses it uses. I guess this shows how not to do what Wiki said was a simple process.
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.
I have a question, which would be a better business venture, mining Bitcoins or trying to find the private keys to unlock 850,000 Bitcoins?
Posted on 2/28/14 at 3:19 pm to Poodlebrain
Not relevant to the discussion but I thought it was funny.
Posted on 2/28/14 at 3:23 pm to htownjeep
Posted on 2/28/14 at 3:24 pm to htownjeep
quote:
htownjeep
Posted on 2/28/14 at 3:47 pm to LSURussian
nothing personal against wiki but its hilarious to watch something that someone believes in and advocates for so much go up in flames. kind of like watching a car crash
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