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.
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.
"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
Launch of Gox April 1 2014
Just read this for the first time, looks fake to me.
Is this document confirmed genuine?
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-2013-12source?
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.
TRUMP 2024!
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 bust
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.
So you think gox is above the law ?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.
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.
Last edited by donkdowndonedied; 02-25-2014 at 12:02 AM.
Japan’s Top Regulators Suggest Mt. Gox Intervention UnlikelySo you think gox is above the law ?
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
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/101444108CNBC @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.
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?
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