Bitcoin Forum

http://blog.coinbase.com/post/77766809700/joint-statement-regarding-the-insolvency-of-mtgox

(edit coinbase removed "insolvency" from title)

"[–]SarahCoinBit 1 point 3 minutes ago
It was a pleasure serving this community..marion and myself just got laid off."

This is Support @ Gox...

Finally...

It was so obvious.

dude who leaked that Gox info a couple hours ago is gonna have so many new followers.  Money

Well that is game, set, and now just waiting for official Gox statement.  So sorry for users of Gox and the broader BTC community.

Kinda surprising that the joint statement responding to the MtGox insolvency statement came out before the actual MtGox insolvency statement.  I have no reason to doubt it, just pointing out how MtGox even screwed up a press release about their own death.

so where is everyone to spam the thread with "FUD this is bullshit" ...? can we please now finally accept that gox is insolvent?

Failing to announce their insolvency to the world themselves was probably the last straw of their incommensurable incompetence.


Yes we can

If they really are insolvent...then they probably don't have the funds to do a PR, or should legally allocate those funds for distribution among their creditors.  I'd guess their CEO or lawyer would just make a statement to the press.

Somehow this seems exactly right (not) coming from them. Looks like we're all finally sick of waiting on incompetence.

fake?

I've known that they were going to die and I've wished for their demise but this is a bitter moment.

Rest in peace, mtgox!

What do you guys make from this part ?

Considering the avalanche of supporting evidence, I think it's likely true.

Good riddance.

Thats a pretty big deal, bigger than all the theories and unconfirmed articles floating around.

So, if there is proof they were laid off, that would be nice!

Sure, I understand...

I just quoted her directly from Reddit. I don't have any additional information.

Link..?

What more can u expect from these ass fucking hats !

People, people, stop. Get it through your skull: MtGox is done, it's over, the fat lady's done singing.

Where did you hear Mark sing?

Putting the blame on Bitcoin and TX malleability for their insolvency was pretty lame.

The self-proclaimed "world's largest bitcoin exchange" is basically saying it was too hard to take a collection of their own addresses, count the amount of BTC contained in all unspent outputs sent to these addresses, and compare it with the expected balance.

Did they have any accounting checks in the first place? I'm starting to doubt it, as their incompetence is notoriously off limits.

Even I have a local copy of the blockchain in a (big) SQL database. SELECT SUM(...) FROM ... JOIN ... ON ... WHERE ... ::)

The question is - how many other exchanges have been robbed blind and aren't aware of it?  This exchange has lost 750,000 BTC.  My God, you'd think that would be like trying to drive a dumptruck full of nitroglycerin through an obstacle course.  Yet somehow, this was pulled off.  Gox 'n' company might be unusually idiotic, but don't bet on it.  Perhaps there is more to this story than meets the eye.  What if TX malleability wasn't really to blame?  Another vulnerability perhaps?  Are other exchanges being milked dry before our very eyes?  Who knows.

With bitcoin an exchange can run and independent check with every new block every 10 minutes to verify that their total balance equal what they think they should have, and issue warnings and stop outbound transfers if there is the slightest mismatch.

If I ran a Bitcoin exchange, I would create several independent automated audit functions like this.

Mark is either the dumbest person alive, or a thief who just stole your money.

Just checked (well that is a lie it is an automatic check every midnight) and BitSimple has every single satoshi it is expected to have.  Of course that doesn't really matter to anyone except the company and investors because BitSimple never holds any user bitcoins.  We believe they are safest IN YOUR WALLET.   So we will buy them with no confirmations right from any wallet you might be using.  If you want to buy bitcoins we will send them directly to your wallet.   If BitSimple was robbed blind tomorrow the only one who would lose anything is investors.  Then again they are the ones who profit so that is only fair right?

good

Good to know.  I like your site, I may start using it.

'Considering the avalanche of supporting evidence, I think it's likely true.'

WHAT GODDAM EVIDENCE????!!!!

- Deleted entire twitter feed
- No announcement and halted trading
- Removed website
- Huge financial losses from the past.

What would it take to make you happy? Do they need to set themselves on fire in a busy intersection?

Yes, a ridiculous amount of circumstantial evidence. All of the above plus

- the move to a virtual office
- Board resignation
- fact that every other exchange has confirmed the insolvency
- leaked third-party consulting and turnaround assessment

And can you imagine any company that would not counter all of the above with a press release stating the opposite if that was the case? I don't think there is additional debate needed on 'if' but on 'how' and 'how much'.

Isn't it ironic when they write about credibility and use 'insolvency' in the title and later remove it?

If  anyone wants to commit suicide by now... you could find my address below..
I'll accept your remaining coins... hahaha :D

This exchange lost 750 000btc ??? How can you know?

Gox is still trading and went not below 100$.

Edit: Like I see now gox trading is halted since 2am. ok...

It has not been confirmed and they wouldn't want to prejudice anything on the small chance that someone may buy them out.

Sorry to say but Gox is not trading - it is completely out.

That said the recent document purporting to be a "crisis plan", which tells of the 750,000 BTC loss, is very clearly fake (which doesn't leave us any the wiser unfortunately).

it is "ponzi' in the sense that due to NO oversight of exchanges GOX like the big banks who we're unregulated...'dipped into the customer $$$" or borrowed money towards
so called future gains....that 6% gox says was lost to theft very likely was gox using that 6% at least at the beginning of its start as an exchange....and now they don't have enough bitcoins to refund and no way could they refund in $$$....thus Gox saying it was 'theft" (most likely insider from them)

But imho the reason they pulled the plug now rather then drag this out further (which imho they could have) they got confirmation according to some articles I read that the Japanese do not consider bitcoin legit $$$ thus there will be no investigation (go ahead google search it) .ie they don't want to get into this the japanase regulators

so ...with no enforcement on the horizon ...ie no theft....Gox folds up the tent and walks ..with probably all the coin

imho he will give SOME percentage back or never be able to walk in public again ....but he will take out what is needed to pay his debts...pad his nest and partial out some of the rest...and walk away ahead

well played gox ..well played

if no way to go to jail because the regulators won't pursue you it is a clean get away!

my 2c worth

Searing (again speculation on my part..but from what I see he could probably take it all w/o any consequences at this point)

The next day, Autumn Radtke committed suicide(?), of which afterward Steve Beauregard called Autumn's sister in Wisconsin and asked her if there was a will because he was concerned(?) about 10,000 GoCoins.

It was first reported that Autumn was found in her apartment cum office, but later changed to her trying to fly off a 25-story building two blocks away, probably influenced by the CEO of First Meta that used to work for the Singapore Police Department.

"Autumn’s death comes on the heels of the collapse of the Tokyo-based bitcoin exchange Mt Gox last week, after $400m went missing, as well as the March 4 closure of the Flexcoin bank in Canada after hackers stole $600,000, according to the UK’s Daily Mail."

Damn you karpeles! Now I know why I didn't receive any bitcoins  ;D ;D ;D

Sounds like we should crowd finance some top tier oral for the unpleasant one.

I got a nice postcard from Japan today.

Last time I checked they owed me less than $10 but I'm glad to keep their mail to add to my collector items :D

Me too, was surprised by the seamless opening technology.

yeah, received that here today, too, in Europe.

kinda cool postcard/letter combination, looked strange at first, until you open it ;)