Good observation. Who would have guessed that a currency who's initial purpose was to facilitate illegal transactions for drugs/guns etc. would be a target for criminals to find a way to exploit. Going after the exchange is definitely the weak link in the bitcoin economy.Originally Posted by sonatine
Is there hard proof that any of the circumstances of the rise and fall in value and the problems with the exchange can be attributed to anything more dubious than pure incompetence?
Ive seen nothing conclusive except a lot of people screaming into the ether about thousands of dollars vanishing out of their accounts. And oddly, on Mt Gox, a number of people reported seeing thousands of dollars miraculously appear in their otherwise idle accounts. So I dont think Mt Gox is a criminal enterprise as much as a criminally negligent enterprise.Good observation. Who would have guessed that a currency who's initial purpose was to facilitate illegal transactions for drugs/guns etc. would be a target for criminals to find a way to exploit. Going after the exchange is definitely the weak link in the bitcoin economy.
Is there hard proof that any of the circumstances of the rise and fall in value and the problems with the exchange can be attributed to anything more dubious than pure incompetence?
Another tidbit about Mt Gox; it was started, like Barry said, as a Magic: The Gathering site (M.T.G.O.X. = Magic: The Gathering Online eXchange) by an American. That American started to get real queasy about his role in the new and totally illegal shadow currency taking his site over and sold it to its current owners in 2011.
Who the new owners are, no one is really sure. Apparently they are Japanese, which makes any successful lawsuit from America almost impossible, conveniently. But beyond that, who they are and how they got the money and resources to take over in 2011... who knows?
But yeah I havent heard anything about any specific people or organizations manipulating the exchanges outside of the bitcoin forums, and no one there is offering any proof beyond circumstantial evidence of predatory/criminal behavior on the part of specific exchanges.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
Shady Russians are involved? Who knew?BTC-E, a major bitcoin currency exchange site, is facing accusations from hundreds of its own users and the bitcoin community in general that they have simply started clearing out and folding up accounts and hijacking buy/sell requests, ostensibly in an effort to wipe out records of sales/purchases that took place during the boom and to avoid the debts they could not possibly cover from the grossly inflated BC value.
People are speculating that the (internally?) orchestrated collapse of BTC-E may have instigated the collapse/sell-off across all currency changes.
Oh and:
Domain name: BTC-E.COM
Name Server: brad.ns.cloudflare.com
Name Server: gail.ns.cloudflare.com
Creation Date: 2011.06.17
Updated Date: 2013.02.14
Expiration Date: 2013.06.17
Status: DELEGATED
Registrant ID: YLNB25U-RU
Registrant Name: Svetleichi Dmitri
Registrant Organization: Svetleichi Dmitri
Registrant Street1: 13a, Sobachkina str.
Registrant City: Pushkino
Registrant Postal Code: 854785
Registrant Country: RU
Contact Phone: +7 495 1234567
Contact E-mail: paxumbt@gmail.com
Administrative, Technical Contact
Contact ID: TQ48P0A-RU
Contact Name: Semenov, Igor
Contact Organization: BTC-E.com
Contact Street1: 13a, Sobachkina str.
Contact City: Pushkino
Contact State: Moscow region
Contact Postal Code: 123456
Contact Country: RU
Contact Phone: +7 495 1234560
Contact E-mail: support@btc-e.com
Registrar: Regional Network Information Center, JSC dba RU-CENTER
But Im sure thats just a coincidence.
SOBCHAK SECURITY 213-799-7798
PRESIDENT JOSEPH R. BIDEN JR., THE GREAT AND POWERFUL
This just shouts "legit"
Contact Phone: +7 495 1234567
fypMore importantly, cliffs on Martha's titties? Pussy? Screen caps to share?
SOBCHAK SECURITY 213-799-7798
PRESIDENT JOSEPH R. BIDEN JR., THE GREAT AND POWERFUL
Bitcoins are legit, this is all just a big misunderstanding.
I have had Issues with credit cards in Europe
Why does Tiger use a driver when he does not have to?
wrong thread obviously
wrong thread obviously
SOBCHAK SECURITY 213-799-7798
PRESIDENT JOSEPH R. BIDEN JR., THE GREAT AND POWERFUL
lmfao
It just went down below 90 again.
Has been in that 90-110 range for a long time, wondering which way its gonna go. No way it settles at around 100, I just dont believe that.
LOL. Not laughing at you but gotta admit its funny that bitcoin community considers bitcoin to be "stable" when it fluctuates only 10-20% over a two day period.
unless you can think of a single valid reason why a computational hash is worth $90 or more, you have your answer.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
Sitting on day low of 64.20.
brb there's a BTC pumper troll in the BTC thread on mma.tv...he needs to be mocked.
within seconds of posting this, new low of 64.11
FTFY
did you see that 2k BTC bid get sold thru like warm butter? wowowowow.
FTFY
It was lower than that the other day.
1 Bitcoin = $57.50000
Wish I had even a tiny roll of BTC. Some nice bounce action there once the sellers dried up. Now the BTC that were bought when those big bids got eaten up are up for offer near $70 it seems.
Pretty sure I could double 5 BTC pretty fast if I was patient and picked good spots, reading the LVL2.
ship steak OBV rofl
If these things drop to $20 I might buy like $300-500 worth and sell at $50-60 range just as a short term play. I don't think they will ever hit $250+ again.
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