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Quote:
Originally Posted by DirtyB
There are no legal repercussions. I assume that the owner of Sheep Marketplace (the Silk Road clone) was tortured for quite a while and then murdered. Actually, a whole bunch of people probably got murdered from that one.Quote:
Originally Posted by DRK Star
This Gox incident is so big and so high profile that the Japanese authorities have to be looking in to it.
I would not be so sure, for reasons so superficially outrageous that I'd rather not mention them.
Launch of Gox April 1 2014Quote:
Originally Posted by sonatine
Just read this for the first time, looks fake to me.
Is this document confirmed genuine?
Quote:
Originally Posted by lvpkr1009
:facepalm
Bitcoin: It’s the platform, not the currency, stupid!
http://thenextweb.com/insider/2014/0...rm-currency/1/
http://www.businessinsider.com/a-thi...ht-now-2013-12Quote:
Originally Posted by WillieMcFMLsource?Quote:
Originally Posted by DirtyB
http://www.businessinsider.com/220-m...-chase-2013-12
This happened at the absolute peak of BTC prices, over $1100. The guy on reddit who was leading the investigation originally said 96,000 coins, but I believe that was revised in half upon later review.
The people that really got fucked are the retailers who were fronted drugs by wholesalers, sold the drugs online, and then lost all of the resulting revenue.
Waiting for coinbase to increase my limit. Right now I own 0.2 BTC purchased today @ $480. I have friends who can purchase BTC on my behalf. I plan on jumping in if we get to 250. Plan is to buy 4 @ $250, 5 @ 200, and 6 @ 150. If I lose it all, it would suck but wouldn't be the end of the world. If it goes back to $1k+, it will basically be a head shot. Of course we may never get to those levels, but I think if MTG goes busto, the value of BTC across exchanges will drop quite a bit, before rising again. There are still some things that have the potential to happen that could cause BTC to go sky high. Pokerstars accepting Bitcoin deposits, for instance, would be a game changer.
This is the first "platform" to fall but the currency itself is the real fucking problem....when your main source of being able to use it is illegal activity it's a huge fail and it's only a matter of time before it's goes bustQuote:
Originally Posted by HeadshotQuote:
Originally Posted by lvpkr1009
:facepalm
Bitcoin: It’s the platform, not the currency, stupid!
http://thenextweb.com/insider/2014/0...rm-currency/1/
Well this sucks. No way micon had a need for gox unless he's a supertard.
This might very well hurt legit businesses relying on gox more than anything.
I suspect after this cryptocurrencys are going to find a solution to the easily stealable "feature". Even though one can steal cash in the same manner, one can't hide it so easy. Although not an area I have directly explored, rules can be enforced in the blockchains. I can come up with at least partial solutions off the top of my head. I'm sure the sharper ones in this thread could do even better.
Yeah. But you are deterred from stealing cash by the knowledge that if you do, a bunch of cops armed with serious resources and authority will try to catch you and lock you up.Quote:
Originally Posted by donkdowndonedied
So you think gox is above the law ?Quote:
Originally Posted by DirtyBYeah. But you are deterred from stealing cash by the knowledge that if you do, a bunch of cops armed with serious resources and authority will try to catch you and lock you up.Quote:
Originally Posted by donkdowndonedied
I disagree. I believe the problem is the traceability of the funds. There are plenty of laws (trust me) that cover this stuff. The problem is with the proof of what happened.
I also disagree with the idea of hoards of people killed by high level drug dealers on sheep market. Drug dealers are not as unreasonable as movies portray and usually understand risks of doing business. Losing money being greedy/sneaky/stupid is not the same as a legit reason shit happened. Only way such fronting occurs is if supplier would be made known of business plan. Just like other businesses.
Japan’s Top Regulators Suggest Mt. Gox Intervention UnlikelyQuote:
Originally Posted by donkdowndonediedSo you think gox is above the law ?Quote:
Originally Posted by DirtyB
I disagree. I believe the problem is the traceability of the funds. There are plenty of laws (trust me) that cover this stuff. The problem is with the proof of what happened.
With no timeline issued yet from Mt. Gox as to when it will once again allow the transfer of funds to third-party services – and signs of communication from the notoriously tight-lipped Japan-based company appearing less likely, the exchange’s global customers began to turn to Japanese financial authorities on Monday for potential recourse.
However, the country’s financial authorities are reportedly distancing themselves from any potential responsibility, should the troubled exchange default on its service obligations.
The Wall Street Journal reported 24th February that Japan’s Financial Services Agency (FSA), which oversees the country’s banking, insurance, securities and exchange sectors, does not view the supervision of digital currency exchanges as part of its obligations.
Speaking to the Journal, representatives from the FSA said:
“Bitcoin isn’t a currency; it works as an alternative to currencies, like gold. The FSA is in charge of currency-based services. Therefore, bitcoin exchanges are not a subject to our regulatory oversight.”
The news comes just hours after CEO Mark Karpeles resigned from the board of directors at Bitcoin Foundation, a move that caused a modest price recovery occurring on the network to stutter, and amid increasingly vocal protests from users.
Major financial agencies follow
While the news from the FSA is undoubtedly disheartening for exchange users, other government and private entities could still step in to provided relief if and when it’s needed. Though, many of these organisations are currently taking a similar position as the FSA.
The Journal revealed that Bank of Japan, Japan’s central bank, has stated it is “not in a position” to regulate bitcoin exchanges. Likewise, Japan’s Ministry of Finance, a cabinet-level government financial entity, adopted a similar sentiment in correspondences with the media outlet.
The Ministry of Internal Affairs and Communications, which has jurisdiction over IT issues, was less clear in its stance, saying.
“We are not in a position to make any judgments on this matter.”
The future of Mt. Gox
Despite the fact that Mt. Gox had previously suggested a relationship with the FSA, the agency told the report it has not issued the troubled exchange any operational advice in recent weeks, suggesting that intervention in the event of its potential failure is unlikely.
Still, despite the fact that fear of a Mt. Gox default is spreading, sources close to Mt. Gox suggest that the exchange may be near a solution.
Former BitInstant CEO Charlie Shrem indicated on reddit today that “good news [is] on the horizon for people who have funds stuck in MtGox”, though he did not elaborate on the announcement.
http://www.coindesk.com/japan-regula...tion-unlikely/
Yes, it seems possible in japan, but in the US someone would 100% break a law to get where gox is. Dirtyb seems to suggest otherwise. The US has so many laws to prosecute with. The problem is that you can find where the btc went in the blockchain, but you can't find out who controls it. So even when there are laws, all one needs to do us play dumb. No traceability at the right level means lack of evidence. Things can be enforced with crypto and code. That is what is needed more than laws. At least in the US.
Perhaps this was the endgame for gox from the start and they chose Japan intentionally. Shrug
http://i.imgur.com/wZR37Ri.jpg
http://i.imgur.com/cVJaqcj.jpg
On Huffington Post -- you are fucked Micon.
http://www.huffingtonpost.com/2014/0...n_4851344.html
How is micon fuckeD ? I'm missing something .... again
Dear MtGox Customers,
In the event of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.
Best regards,
MtGox Team
These fuckers can't even word things correctly
"In the event of recent news reports"
Sounds Nigerian to me
Also decisions aren't taken they are made....so fuck them too
MtGox is either giant thieves or the most incompetent business of all time.
We're supposed to believe that they had an entire staff and nobody noticed that Bitcoins + Cash didn't equal Deposits over the course of two years?
My guess is Mark Karpeles will be dead by April 1st.
The only thing that would save him at this point is if the other major exchanges stepped up, bought Gox and ate the cost to keep the market afloat.
http://www.cnbc.com/id/101444108Quote:
CNBC @CNBC 5m
Mt Gox: Decision was made to close transactions for the time being, closely monitoring the situation: http://cnb.cx/1cLBCJI #bitcoin
Mt.Gox: Decision was made to close transactions for the time being
Everything is fine here! We are killing the Americans, defeating the infidels and stopping them in their tracks.
Decisions being "taken" is proper British English... but, to your point, it might as well be Nigerian.Quote:
Originally Posted by lvpkr1009
Quote:
Originally Posted by abrown83
Who is this kid? Like nationality, background, age,etc.? Hard to find a comprehensive bio of him. Never heard of him until I was reading through the calls for his public stoning yesterday. I assumed he was American because I think that MtGox had something to do with that Magic game, which I think is American as it seems all the poker players I've seen associated with it are Americans, but I'm just guessing.
Why isn't Obama writing a big check to cover this?
One of the recent news articles (CNN I think) has a video of him being interviewed from a year ago... He speaks English with a heavy accent and doesn't sound American... french? south african?Quote:
Originally Posted by BCR
Mark Karpeles appears at 1:19 to the end of this video: http://www.coindesk.com/ceo-of-mt-go...tcoins-future/
Fat French computer nerd, imo.
Quote:
Originally Posted by Sandwich
I agree, sounds French. I thought we had the market cornered on fat, badly dressed financial miscreants. Glad he isn't one of ours.
Well that's the problem there, shiftiest fuckers on the planet.Quote:
Originally Posted by BCRQuote:
Originally Posted by Sandwich
I agree, sounds French. I thought we had the market cornered on fat, badly dressed financial miscreants. Glad he isn't one of ours.
I thought it was common knowledge he was French. I bought some BTC, DOGE and LTC last night (just a bit) when the market was panic selling.
SecondMarket knew about Mount Gox troubles
FORTUNE -- Not everyone was surprised last night when documents leaked about a pending collapse at Bitcoin exchange Mount Gox.
Last week, I got a tip that SecondMarket was planning to launch what would be the first-ever New York Bitcoin exchange. SecondMarket CEO Barry Silbert declined to comment, except to say that he would be ready to talk after the company's March board meeting. It seemed that plans still needed to be formally approved by the company's board of directors.
Then, on Sunday night, Silbert emailed to suggest we talk on Monday. When we connected at 2pm yesterday afternoon, he told me that the announcement was being accelerated due to some events outside of his control. He declined to provide further information, except about his own company's plans (which we detailed here). Our only restriction on publishing the story was that the outside event first had to become public (he expected it to happen within 48 hours) and that the NY Times also had to hit publish on their own piece (seems they had learned about SecondMarket's plans shortly before I had, and had made a similar arrangement).
News of the Mount Gox troubles broke at around 10pm last night, courtesy of confidential documents posted by Bitcoin blogger and entrepreneur Ryan Selkis. The NY Times would publish shortly after midnight -- in a piece that refers to Selkis by his Randian pseudonym, Ryan Galt -- and we were up a few hours later.
What all of this means, of course, is the SecondMarket was aware of something amiss at Mount Gox by Sunday evening. It's unclear if the company only suspected trouble, or if it already had a copy of (and had authenticated) the "crisis strategy" documents Selkis published.
In a subsequent interview this morning, Silbert declined to discuss when he first heard about the Gox issues or his original source of information. What he did say, however, was that he immediately told all SecondMarket employees that they were prohibited from buying or selling any Bitcoin until further say-so. He also put a hold on any incoming participation in the company's Bitcoin Investment Trust, which effectively works as a currency ETF for the cryptocurrency.
To be clear, I am not suggesting that SecondMarket did anything untoward here. But I am illustrating how word of the Mount Gox collapse had already begun to circulate nearly an entire day before it became public, and that it's entirely possible that certain people did, indeed, trade on that information.
Not if they speak British English. Where are they from?Quote:
Originally Posted by lvpkr1009
I'm trading In my 2 iphone for some btc via Glyde. I'm looking forward to getting some action on seals.
http://blog.blockchain.info/2014/02/25/joint-statement/Quote:
Joint Statement Regarding Mt. Gox
Posted on February 25, 2014 by Blockchain Team
For immediate distribution: February 24th, 2014 — 10:00 PM ET
The purpose of this document is to summarize a joint statement to the Bitcoin community regarding Mt.Gox.
This tragic violation of the trust of users of Mt.Gox was the result of one company’s abhorrent actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today.
We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.
In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following exchanges will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China.
We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.
Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading. It does not appear to any of us that MtGox followed any these essential requirements as a financial services provider.
The following industry leaders stand by this statement:
Fred Ehrsam — Co-founder of Coinbase
Jesse Powell — CEO of Kraken
Nejc Kodrič — CEO of Bitstamp.net
Bobby Lee — CEO of BTC China
Nicolas Cary — CEO of Blockchain.info
Jeremy Allaire — CEO of Circle
FYPQuote:
Originally Posted by simpdog
Just got back from skiing. Looks like Bitcoin fell harder on the downward slope than I did.
However, it looks like it's gonna paint a dragonfly doji on the daily chart. This is usually a very positive reversal pattern.
there is gonna be a whole lot of "just get me the fuck out, I am even" resistance starting at $650 or so. I think people will let it run to there.
i am in on a break over $520. So let's say Stop @ $475 and target $620. Good EV
A nice cleansing of the weak and infirm sellers ought to have occurred here.
Edit: $520'ish definitely right number. Rainmain. Gotta plow through that to trigger buy.
I feel like I've seen this somewhere before, but I can't put my finger on it.Quote:
Originally Posted by Mark Karpeles
Quote:
Originally Posted by Sanlmar
I checked my charts, I am a huge buyer around 504.513, if it breaks through that resistance level, I am a seller until it hits around 461. I checked the intersection between the EMA50 day and 200 day SMA, and that's when the shit really hits the fan around 445.12. I'd sell it down to the next resistance level which hasn't been tested in a while at 290, which I'd dip my toe in, but only depending on the candlesticks. If the Bollinger bands are wide, I'd be a huge buyer $$$ all the way back to 500, unless of course it bounces off resistance again, in which case I'd be a seller. Then I'd buy or sell, depending on absolutely nothing besides me making shit up.
The life cycle of a bubble.
It was entertaining for all and profitable for some.
They don't happen very often but when they do - so cool to behold.
The unbridled optimism on the way up. Absolutely no fear of a loss. No fundamental reason for a ceiling. $10k anyone?
Inevitably the steam condenses. The buyers and optimism attenuate. Has to at some point. It was just too superheated for its on long term success.
As it unwinds people get all caught up in the news events and forget the bigger picture.
Wether it was Silk Road, Gox, the Fed, Russian legislation, hacks/thefts ... interesting but kinda just catalysts that contribute to the inevitable unwinding. Just noise in the bigger picture of speculation.
So I am amused by the parallels with Gox & Lox but it is hard too get too worked up by it. Magic the Gathering, that's just too pure. Social Darwinism.
What is gonna drive a spike through the heart of Bitcoin speculation is the do-gooder rabbi's, priests, democrats & dictators that will cry out for legislation and regulation.
Still gonna try to scalp some cash but it's gonna be at my own peril.
We're in. This will not win any awards. $540 obv resistance.Quote:
Originally Posted by Sanlmar
Looking at the Bitstamp chart, if we close over today's open - that'll be a pretty cool reversal candle.
http://i.imgur.com/zQVCmyk.gifQuote:
Originally Posted by Baron Von Strucker
I have been thinking about the Japanese regulators distancing themselves from this. Seems very strange to me. This has been a fraud for a long time and clearly in the last few weeks to,pretty much anyone. Mtgox was saying things were safe and reliable, presumably taking new customers, while clearly things were not well. This is a fraud plain and simple. Forget bit coins, this is a plain scam with crypto currency thrown on top to try and cover it up. For the Japanese to walk away seems crazy to me. Just apply plain criminal laws. Irritating. I doubt any retires we're fleeced but they should close it down, seize everything and follow the money. Yakuza involved or something else must be going on.
Quote:
Originally Posted by Charham
Japan has insanely insular litigation laws, which are compounded by the fact that bitcoins are nothing but silly numbers generated by silly math with no intrinsic value whatsoever.
The yakuza involvement is a given really, as anyone with a cursory understanding of how Japanese politics works would understand, and also guarantees that Gox was able to grease the right palms ages ago to address this end game.
Regarding fraud, I dont believe this was a case of fraud at all. Banks are banks because there are laws regarding audit controls, among other things. Gox was no bank. They simply failed the correctly establish controls for inventory audits. Perhaps that was simply a blind spot for them, perhaps someone deliberately subverted that control. Either way, calling it a fraud is not entirely accurate, providing the narrative presented to date is accurate.