Bitcoin Forum

In this video the way they say Bitcoin lost 80% of its value in seconds, which is much harder now

should give you an indication of the way the abuse of power was used to try to stop something

that sooner or later was going to become unstoppable,

https://www.youtube.com/watch?v=2UC_8NdR1To

OP, you have to agree that the damage that Mt. Gox did was much larger than the amount of money that was lost. It was still early days, and Bitcoin was on the rise. The timing of this was nearly catastrophic for new Bitcoin users. At the time, Mt. Gox was one of the biggest exchanges around, and a lot of people used it. It was launched in July 2010 and up until 2013 it handled almost 70% of all bitcoin transactions. If you wanted to take down Bitcoin, then Mt. Gox was your best target.

Mark Karpeles almost sunk Bitcoin on his own, luckily some people still saw the value and they kept on going. ^smile^

Another conspiracy theory but it doesn't sound very realistic to me. Why such stories so long time after this whole thing with Mt. Gox happened?  And I could agree that the the damage caused was much bigger then the amount of lost money. But the future will tell the true story what actualy has happened.

MtGOX didint happen quick or in seconds. It was process that was visible to most of BTC users who cared enough to inform themselves. We had enough time to pull away from there, which many of us did. Many who didint gambled that they will survive and that they will earm a lot of money from buying underprices BTC that was sold on MTGox far under the real price.
So all i can say it's just another conspiracy theory.

to clarify

when mtgox prices went down below the other exchanges.. no one could arbitrage it because mtgox locked withdrawals.

thats why the price went down. what happened was people recognised mtgox was failing and stopped 'sheepfollowing' mtgox.. thus while mtgox dropped to $100 other exchanges remained at $250~

anyone playing with the $100 mtgoxcoin was playing with vapour. those doing it knew it, but still had hope if they can game it by doubling their mtgoxcoin. they could hopefully have a vapour balance larger that the lockin and hope to recover something at a later date if mtgox reopened later or was taken to insolvency court.

they knew thy couldnt just withdraw, but thought if they could double their balance it could possibly mean double the pennies on the dollar return at any debt recovery plan later.

as for the OP's conspiracy.. sorry, that just does not play out

I think we are at that point now, it is unstoppable in my opinion.  Although governments will try as we move forward.  ;D

It is definitely possible to stop or slow it down, if the governments of the world work collectively with targeted legislation to do it, but we have

seen what happens when these governments get together.... they will never work together to stop a technology that might create wealth or

even re-distribute the current wealth. The 3rd world countries should stick together, and stop any kind of measures to stop Crypto currencies.

China is part of the BRICS countries, and they should collectively work together to make Bitcoin work. { Brazil, Russia, India, China and

South Africa } because they need it the most.  ::)

Mark Karpeles tried to kill the Bitcoin and he was unsuccessful. Still, he received enormous amount of money and protection from the banking cartels for doing so. Despite stealing some $650 million, he is living a life of luxury in Japan, and no one has been successful in trying to prosecute him.

“Never ascribe to malice that which is adequately explained by incompetence.”


― Robert J. Hanlon

I agree that MagicalTux has a large share of responsibility in the collapse of the company and the fraud otf the people had their coins in MTGOX. What I am surprised is because the trial (I don't know if the court has set the date the trial will start) which will probably last for a long time. Surely will be a significant case for bitcoin community

Wasn't there a bot pumping the price of bitcoins? I remember reading that at one point.

Ah yes, Willy bot. I don't know how much of it is truth though. It's another theory anyways.

Pretty much any big collapse (even the incoming one) is made up by the governments around the world. The prices are being manipulated. I read yesterday that the silver price should be over 500x the amount it is right now, but I still haven't heard of Bitcoin. However, the price is way under valued and I hope we'll see the real one in the next year. Big so-called "failures" have been known for a long time already as being created by govs.

Narrator seems to be another conspiracy theorist with a lack of understanding of what really happened.

The value was lost on the Mt.Gox exchange, but, like other said, Mt.Gox had locked withdrawals so no-one could move their Bitcoin, and at that point people just wanted to keep their money safe. Looking at the markets, Bitcoin didn't go down to $200 throughout the entire market, and only reach low values like that close to a year later.

Wasn't organized, just bots inflating the value rapidly.

2/10 imo.

When Mt. Gox fell on it's face it was not a surprise to everyone. We are talking about a site that was set up to trade magic the gathering cards, hence the name. When bitcoin exploded they found themselves trying to protect millions in assets. Something beyond their capability. It was not pressure from a government or a big bank. It was wild speculation, sometimes with bots, combined with low security.  It was just a matter of time.

Of course this has nothing to so with bitcoin. If your bank were robbed you would not blame the money that was taken.

huh?

he got out of prison on bail a short time back. was it a special banker jail that's only in your mind so you can carry on with everyday life?

I didn't know about bitcoins back in 2013 so I can't really say much about MtGox but what do governments around the world stand to gain by initiating a hack?
They also want crypto, they are just waiting for a mass adoption.

Exactly!!! Thank you!! I hate when you read on these huge websites or you hear from idiots on the street that the bitcoin bank got hacked. You know that's an oxymoron right moron!? Bitcoins don't need banks. Be your own bank. If an EXCHANGE is hacked, that's like a money exchanger getting hacked or robbed. It's not the currency's issue.