If gox really is insolvent you will honestly probably hear of some suicides in the coming weeksSome people had life savings in there.
If gox really is insolvent you will honestly probably hear of some suicides in the coming weeks
Coinbase and the rest of the exchanges already writing MtGox's eulogy:
http://blog.coinbase.com/post/777668...egarding-mtgox
Gox stopped trading about 3 hours ago, and now the whole site is down.Joint Statement Regarding MtGox
Feb 24th, 2014
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 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 services 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.
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
Apparently the crisis document was leaked just BEFORE Gox stopped trading, making it look pretty damn authentic given it predicted the halting of trading and the site shutting down.
has micon ever disclosed on what exchange the swc coins are stored on?
Originally Posted by WillieMcFML
has micon ever disclosed on what exchange the swc coins are stored on?
oh dear god
"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
I'd would laugh my ass off if that's the case....I could even see Micon doing something as stupid as pulling money off another site and loading up on shit at mtgox with the hopes of it turning itself around.has micon ever disclosed on what exchange the swc coins are stored on?
Should be at the Orleans playing 1-3 any day now
that would be epic if micon went from dead broke to multi-millionaire on paper to dead broke again within a year
Seriously. You kind of expect it to be a sophisticated Russian mob operation. But I really hope that it's just one pimply faced genius kid who lives with his parents. He spends all night staring at his millions of dollars on a screen, hands against the sides of his face, thinking "Holy shit...I can't believe that worked." The big question is if someone was, or will be able to spend the money. It's a lot less cool if they didn't actually profit from it. The fact that this went undetected for months and months leads me to think that they would be able to launder it. But if it actually is one hacker kid, he may not have any of the knowledge or contacts needed to do that.
Assuming that they were able to convert at least half of their take into spendable cash, would this be the most lucrative computer crime in history? I don't know of any 9 figure scores.
For context, 744k BTC is 6% of the total bitcoins in existence.
I went to reddit's /r/bitcoin to see what those guys were saying (mix of gallows humor and naive optimism).
In other bitcoin news- in an attempt to seem young and hip, Playboy Enterprises announced that they will accept bitcoin for their online products....one hour before Gox's announcement.
Even he wouldn't be stupid enough to keep coins on Gox. He probably has them on a thumb drive laying on his kitchen counter.
I just asked someone at Coinbase about their statement regarding MtGox.
Me: i saw the coinbase blog about mtgox. is it confirmed by coinbase that mtgox is broke?
Ken: We don't know about that, they just took their trading offline a few hours ago so it seemed worth making a statement.
From Anonymous on Twitter:
DISASTER! 744,408 BTC missing—Theft went "unnoticed for years"—Leaked #MtGox insolvency document: http://bit.ly/1dro9nc h/t @twobitidiot
Do you believe it?
They used a vulnerability that has been known about for nearly two years, and Gox just gave them the coins without noticing? (over an extended period of time)
I don't believe anyone could be that incompetent.
Thing I'm noticing about Bitcoins, if you're holding large amounts of other peoples coins... it's really easy to have them stolen without taking the blame.
Quick, someone name the last place that got hacked for tons of bitcoins...
You probably cant. Everyone forgets. There is no repercussions for having your bank get hacked and all your clients bitcoins disappearing.
Start a bitcoin storage site, siphon off bitcoins from people, claim you got hacked, apologize, move to Borneo with everyone's money.
Tydecoin Exchange blowing up in 2014
Im not 100 % sure but I dont think seals used gox
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.
Who would have thought a currency used to buy guns, drugs, and stolen credit card info could be so much fail....seemed like a solid investment
source?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.
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