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BITCOIN TOP STORY DAILY SHOW RIGHT NOW 11PM EST
Show with re-air 1AM est nad will be on the Comedy central website.
Comedy Central
2/27/2014
Edit. Story is just a jumping off point of how the banks are allowed to do much worse than MT. GOX.
PS I had lunch with my sister and she asked me if I had ever heard of this thing called "BitCon." I corrected her but she said it the con way a few more times. Seemed appropriate.
PPS Quick Bitcoin Joke at the end in the Moment of Zen
Quote:
Originally Posted by Sanlmar
Sonatine, apparently you have done some heavy lifting slogging through tl;dr class stuff that any non aspergers adult would find difficult.Quote:
Originally Posted by sonatine
Question:
Due to ICE pursuing Silk Road and the clear link between SR & largest exchange Gox...
Do you believe ICE/Homeland Security's seizure or the cold wallet killed Gox? Not Transaction Malleability - red herring.
03:12 <@ne0futur> when I were insisting , telling mark to disclose stuff
03:12 <@ne0futur> saying things like "fuck the lawyers, disclose"
03:12 <@ne0futur> he answered me once
03:13 < shadylog> ne0futur: with...
03:13 <@ne0futur> 2014-02-20 10:40<MagicalTux> le gouv. US veut pas qu'on disclose hein
03:13 <@ne0futur>US gov doesnt want us to disclose
[10:58] <JonWickedFire> Is that Crisis Strategy Draft even legit?
[11:04] <MagicalTux> more or less
[11:05] <MagicalTux> as the name suggests it’s a draft, and it’s a bunch of proposals to
deal with the issue at hand, not things that are actually planned and/or done
[12:02] <JonWickedFire> How much did you lose yourself?
[12:04] <MagicalTux>Well, technically speaking it’s not “lost” just yet, just temporarily unavailable
Transaction Malleability did steal a portion of bitcoins, but not the insane 99.7% amount. Gox is now unable to refill their hot wallet due to the seizure.
Gox likely had a tiered system of "hot wallet", "cold wallet" and "coldest wallet". It's possible the US Gov took control of the "coldest wallet", which would contain the largest amount.
American state intervention? Maybe but honestly wtf so little of this makes sense.
Like the more I look at it in sensible terms, none of it falls into place.
How does the transaction bug allow access to cold storage? Wouldn't the duplicate transactions come out of the hot wallet? What exactly is the role of cold storage in this equation if its subject to arbitrary read/write from the transaction API, and how does the 'no one had the ability to audit it' line make sense in the face of that?
To determine the likelyhood of this being state intervention, I would audit the outbound transactions for the last 180 days looking for amounts in the 500 BTC or greater volume. If I saw say, 1000 transactions of 500BTC or greater each, or some variation on that theme, I would rule out a state intervention and say ok, someone decided they had enough fun sheering the sheep for 10 or 20m USD, not its time to skin it and break for the hills.
That, combined with the Karpeles = Wizard of Oz theme being pitched, I can understand that. Sorta.
State intervention tho...? No I dont buy it. A state sanction would be fast and public or totally invisible. Why make such a mess of it if it were a state matter?
I also dont believe Karpeles engineered this. Because hes absolutely going to jail or getting killed. 100%. Maybe someone compromised him, offered him 5% of the take to sweeten the deal?
Im thinking time will tell.
A friend of a friend ran some sort of bitcoin fund (I dont have details) out of Singapore. Took a dive off a skyscraper Tuesday.
Guys It's HappeningQuote:
Originally Posted by sonatine
You run with an interesting crowd....
Like most conspiracy theories, it requires the government to be extremely competent. It requires nobody to get caught and nobody to talk- in the real world someone always gets caught and someone always talks. And at the same time it requires the government to be extremely incompetent, to do utterly stupid and pointless things.Quote:
Originally Posted by sonatine
The fact that these /r/bitcoin nerds fail to realize is that the US government as a whole never really gave much of a shit about bitcoins. The total amount of money involved, even at the peak, was barely worthy of their attention.
Mercifully the declared bankruptcy. The remaining cash may be gone though!! http://my.chicagotribune.com/#sectio.../p2p-79472551/
When they checkled Monday 30m USD was missing. Time to bring some forensic auditors in. The crisis document mentioned the 30m of fiat on hand so that may have walked out the door.
So is all the bad news baked in to the price here?
Oops, may have missed. We will see
Fuck, snooze ya lose.
85 x $20 = $1700 for 2 min gamble
Quote:
Originally Posted by DirtyBLike most conspiracy theories, it requires the government to be extremely competent. It requires nobody to get caught and nobody to talk- in the real world someone always gets caught and someone always talks. And at the same time it requires the government to be extremely incompetent, to do utterly stupid and pointless things.Quote:
Originally Posted by sonatine
The fact that these /r/bitcoin nerds fail to realize is that the US government as a whole never really gave much of a shit about bitcoins. The total amount of money involved, even at the peak, was barely worthy of their attention.
Agreed, of course. The devils advocate response is that this would somehow be fruits from the silk road investigation tree, but again why be cloak and dagger about it? Most of all, why be cloak and dagger about it when $400,000,000+ of citizens funds are involved? That never happens.
Quote:
Originally Posted by Charham
"It also said there was a discrepancy of 2.8 billion yen ($27.4 million) in its bank accounts when it checked on Monday. Junko Suetomi, a lawyer with Baker & MacKenzie, said she could not comment on the balances of foreign bank accounts held by the company."
popcorn.gif
I still have some hunch ICE did grab the cold wallet during the SR raid. No sympathy for US citizens buying herbal remedies and AK's
Of course the number is outrageously large. That doesn't square with me.
Further balance sheet shenanigans morphed from that point forward.
The romantic in me would love to see the demise of SR more closely tied to Gox's passing - both tioppled by a GS11 state university grad with a badge.
Leonardo DiCaprio is reading script ideas.
The next incarnation of virtual currency needs to be tied to a hard commodity. Gold, silver, light sweet crude oil.
Winkelvoss frat brothers finance fund.
All the joys of speculating the underlying commodity
All the satisfaction of bypassing state currency
Salty can still mine. Shovels cheaper than graphics cards.
I have been thinking about something along the lines of filling up a vault with gold, and then slap a cyrpo currency on top as well to allow transactions but tie the value in part to gold.Quote:
Originally Posted by Sanlmar
We will escrow with Druff and get this rolling. First to marketQuote:
Originally Posted by CharhamI have been thinking about something along the lines of filling up a vault with gold, and then slap a cyrpo currency on top as well to allow transactions but tie the value in part to gold.Quote:
Originally Posted by Sanlmar
The beautiful irony of course is that one of the financial superpowers used to back their currency with hard commodity. I will google the country's name.
https://twitter.com/BitInvest/status...22668769472512
http://i.imgur.com/zE2yFFa.png
I bet the offer is about 750k in bitcoins.
https://www.youtube.com/watch?v=8pQAWOCofXo
Prolly that Pokemon card trader.Quote:
Originally Posted by sonatine
All the benefits of an underlying commodity but with a big lump of added risk that your coins will likely get stolen.Quote:
Originally Posted by Sanlmar
There needs to be a 3 day waiting/clearing period or 2 step process on non retail transactions or some similar safety. But you're right. Experience is proving that flawless security is still the holy grail.Quote:
Originally Posted by Belly BusterAll the benefits of an underlying commodity but with a big lump of added risk that your coins will likely get stolen.Quote:
Originally Posted by Sanlmar