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Fraud, Not Hackers, Took Most of Mt. Gox's Missing Bitcoins
itwbennett writes Nearly all of the roughly $370 million in bitcoin that disappeared in the February 2014 collapse of Mt. Gox probably vanished due to fraudulent transactions, with only 1 percent taken by yet-to-be-identified hackers, according to a report in Japan's Yomiuri Shimbun newspaper, citing sources close to a Tokyo police probe. The disclosure follows months of investigations by police and others into the tangled mess surrounding the disappearance of the 650,000 bit coins.
What do you think those funny little rectangles of material we all carry around with us all the time to exchange for goods and services are inherently worth?
There's nothing subjective about the fact that you could, as some particular time not specified by the summary, exchange those 650,000 bitcoins (not "bit coins" as the summary would have it) for $370m.
Nobody should have lost any money unless you were dumb enough to buy Bitcoins.
Yeah, yeah, we're all bitter about not getting in on the ground floor too. Let it go.
systemd is Roko's Basilisk.
With bitcoin, the only thing you are trading is the knowledge that somebody wasted a shitload of electricity.
Yeah, yeah, we're all bitter about not getting in on the ground floor too. Let it go.
The most common comment on stock trading forums discussing speculative stocks. And bitcoin has so far behaved very similar to speculative and gamed stock trading.
What do you think those funny little rectangles of material we all carry around with us all the time to exchange for goods and services are inherently worth?
They are worth the face value because they ARE money. If I had gold in my pocket you may feel its wroth more however its useless if nobody want it and people stop caring about its rarity and scientific values. Cash IS money because my government has decreed it to be so. Unless you are a libertarian that you should realise what the government says goes, we are not savage beasts living in the wild trading sticks are rocks for goods and services.
it's not hacking if you're on the inside and you own the playing field. It's still theft albeit of digital bits.
Harrison's Postulate - "For every action there is an equal and opposite criticism"
There's nothing subjective about the fact that you could, as some particular time not specified by the summary, exchange those 650,000 bitcoins (not "bit coins" as the summary would have it) for $370m.
No, there was never such a time. When MtGox collapsed there was less than 13 million bitcoins total, most of which is being hoarded. Looking at the exchange trade volume there's maybe $5-10 million dollar daily liquidity. In order to sell out without the market crashing you probably couldn't sell more than 10% of that so it'd take years to cash out. And that's assuming you don't overdo it and spook the herd so they all cash out too.
Live today, because you never know what tomorrow brings
Yeah, yeah, we're all bitter about not getting in on the ground floor too. Let it go.
The most common comment on stock trading forums discussing speculative stocks. And bitcoin has so far behaved very similar to speculative and gamed stock trading.
Wish I could mod the parent up. Exactly right.