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[The Verge] Bitcoin exchange Mt. Gox files for bankruptcy protection with $64 million in liabilities - Page 3

post #21 of 31
Quote:
Originally Posted by slipstream808 View Post

I'm sorry. You made your own currency based off of NOTHING. You should NOT be allowed to claim bankrupcy of any sort. If you invested time/money/effort in bitcoins you should lose. Just like any other investment.

People lose money on potential investments all the time, that doesn't mean it's ok to steal their assets as a broker or be completely negligent in safekeeping them. I don't know which of the two happened at MtGox, but it's in a different ballpark than simply investing in an asset and that asset losing value.

Exchanges will definitely need some regulation, otherwise I can't see how cryptos will enjoy more widespread use, even if there are workarounds (like always having your account balance on the exchange(s) at zero and just depositing cryptos to trade them for fiat and then immediately withdrawing).
post #22 of 31
Quote:
Originally Posted by slipstream808 View Post

Wait wait... are saying - I mean TELLING ME - that people with money in an unregulated market let their greed get the best of them so they can maybe get richer?!

My God. I need to go outside and see if snow is still cold. tongue.gif


I'd still like to think there was really a theft but I would not be surprised if someone used this to their own benefit. No regulations I'm mean who didn't see this coming from a mile away.

Nice! I don't think I could have been so creative about it
 
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post #23 of 31
Quote:
Originally Posted by Frankzro View Post

If they have not gotten rid of those coins what does that mean?

Let's say another 2 exchanges do this? How does difficulty account for 100s of thousands of coins that are not in circulation, BTC difficulty is so insanely out of control that its unthinkable that it could actually go low.

I feel so bad for the little people that lost money, I don't care for the rich people that were just trying to get richer. Still this makes me not trust exchanges and this makes me wish all trading was peer 2 peer only... Something like EBay where they host your post but they don't actually sell your item.

Difficulty has nothing to do with lose coins. Difficulty is just designed to adjust the reward every 10 days to align with the amount of people mining in the next day period.

Coins lost and never to be found (I think these where all stolen and someone knows where they are) but lets just say they where gone for ever. It would just make everyone else's coin's more valuable. If half of all coins where gone then price per coin would just be more and those remaining coins would be divided up into more parts, currently the parts can go done to 0.00000001. But this is likely to change soon and divide even further. This can be changed.

What won't be changed is number of bitcoins in existence. And all coins will always be accounted for on the blockchain. The only thing that is actually possible to loose is the privatekey to spend those coins.
 
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post #24 of 31
Quote:
Originally Posted by Exidous View Post

The biggest scam in history.

I can think of about a dozen larger scams that have happened in my relatively short life, off the top of my head.

Have you forgotten the likes of Enron or Madoff?
Quote:
Originally Posted by slipstream808 View Post

Wait wait... are saying - I mean TELLING ME - that people with money in an unregulated market let their greed get the best of them so they can maybe get richer?!

My God. I need to go outside and see if snow is still cold. tongue.gif


I'd still like to think there was really a theft but I would not be surprised if someone used this to their own benefit. No regulations I'm mean who didn't see this coming from a mile away.

Have you also forgotten the countless scams of greater magnitude that have occurred, are occurring, and will continue to occur...that involve sovereign national currencies?

Bitcoin is about as responsible for this as the United States Dollar is responsible for Bernie Madoff.
Quote:
Originally Posted by computerparts View Post

Karpeles probably did this to avoid the lawsuits that he knew were coming.

This much is obvious.
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post #25 of 31
Quote:
Originally Posted by ZaknafeinGR View Post

People lose money on potential investments all the time, that doesn't mean it's ok to steal their assets as a broker or be completely negligent in safekeeping them. I don't know which of the two happened at MtGox, but it's in a different ballpark than simply investing in an asset and that asset losing value.

You are right. They did not invest in an "asset" They invested in a faux gold rush that did not have any physical tangible... anything other than computers used to mine data. But here is my REAL problem with bailing out anyone who lost money on bitcoins.

It isn't like you invested in oil, or a company, or even porkbellies. No you made up a currency and when your made up currency disappeared ONE WAY OR ANOTHER (theft tanked investment whatever...) you made me pay for it. That is right me. And everyone else on this thread. Taxpayer money is what is used to bail someone or a company out. What is boils down to is them coming to my door and saying "hey I lost my electric Monopoly money... now bail me out".

There is no other way of looking at it. None. It is a no BS brutal point but cryptocurrency is no BS brutally dumb... unless you are the guy rippin' everyone else off. In which case you're the smartest guy on the room. You walked on water and convinced everyone it was solid ground, turned around and laughed.
Edited by slipstream808 - 3/2/14 at 5:32pm
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post #26 of 31
Quote:
Originally Posted by Blameless View Post

I can think of about a dozen larger scams that have happened in my relatively short life, off the top of my head.

Have you forgotten the likes of Enron or Madoff?
Have you also forgotten the countless scams of greater magnitude that have occurred, are occurring, and will continue to occur...that involve sovereign national currencies?

In that case exactly. Now lets try to no ADD to that list with purely made up money.
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post #27 of 31
Quote:
Originally Posted by slipstream808 View Post

You are right. They did not invest in an "asset" They invested in a faux gold rush that did not have any physical tangible... anything other than computers used to mine data. But here is my REAL problem with bailing out anyone who lost money on bitcoins.

For starters, Bitcoin is an asset, or at least officially recognized as such in quite a few countries (mostly for tax purposes tongue.gif ). Not being a physical asset has nothing to do with this. Also I'm not sure I follow you on the whole bailout argument, MtGox filling for bankruptcy doesn't mean people will recover their lost bitcoins or that MtGox will get bailed out, but it's at least worthy of an investigation and my argument was that the MtGox failure(s) are a clear signal that exchanges need to be properly regulated so similar situations are avoided in the future, especially if cryptos become more popular.
Edited by ZaknafeinGR - 3/2/14 at 6:38pm
post #28 of 31
Quote:
Originally Posted by slipstream808 View Post

You are right. They did not invest in an "asset" They invested in a faux gold rush that did not have any physical tangible... anything other than computers used to mine data. But here is my REAL problem with bailing out anyone who lost money on bitcoins.

It isn't like you invested in oil, or a company, or even porkbellies. No you made up a currency and when your made up currency disappeared ONE WAY OR ANOTHER (theft tanked investment whatever...) you made me pay for it. That is right me. And everyone else on this thread. Taxpayer money is what is used to bail someone or a company out. What is boils down to is them coming to my door and saying "hey I lost my electric Monopoly money... now bail me out".

There is no other way of looking at it. None. It is a no BS brutal point but cryptocurrency is no BS brutally dumb... unless you are the guy rippin' everyone else off. In which case you're the smartest guy on the room. You walked on water and convinced everyone it was solid ground, turned around and laughed.

Whoa wait WHAT? Who the heck made you pay for anything?
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post #29 of 31
Quote:
Originally Posted by Deuce65 View Post

Whoa wait WHAT? Who the heck made you pay for anything?

Thankfully, no one. This is happening in another country. This is protection from people collecting on debts and lawsuits... in another country. I recognize that. I speak hypothetically. Again. Thankfully.
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post #30 of 31
and now the owner is being sued
should read this article, the guy was hiding the fact that he has hacked before, this could have been stopped what an idiot

http://www.reddit.com/r/Bitcoin/comments/1zdnop/peter_rs_theory_on_the_collapse_of_mt_gox/
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