|
Title: Gox summary please Post by: spooderman on April 20, 2014, 09:15:33 AM Were the coins:
a. Lost. As in "These coins no longer exist." "The private key is unknown/unknowable." b. Stolen, and therefore still in circulation. Title: Re: Gox summary please Post by: BitCoinNutJob on April 20, 2014, 12:15:11 PM good question, if they are lost and not in system then everyones bitcoin gained 7% value Title: Re: Gox summary please Post by: alfabitcoin on April 20, 2014, 03:44:54 PM good question, if they are lost and not in system then everyones bitcoin gained 7% value Title: Re: Gox summary please Post by: Tzupy on April 20, 2014, 05:11:55 PM The missing coins are probably stolen (not lost), but the question is by whom:
Karpeles and friends, or hackers that exploited some vulnerability of Swiss-cheese MtGox servers? Title: Re: Gox summary please Post by: Littleshop on April 20, 2014, 06:52:03 PM Were the coins: a. Lost. As in "These coins no longer exist." "The private key is unknown/unknowable." b. Stolen, and therefore still in circulation. 1/4 to 1/3 of the coins still are accessible by Gox and could potentially be refunded to customers. Very few of the missing coins were stolen via the method that Gox (Mark) publicly stated. Reference: http://techcrunch.com/2014/03/27/experts-found-that-mt-gox-lost-a-mere-386-bitcoin-due-to-transaction-malleability/ One theory is that the missing coins were spent by Gox on daily operations though I find problems with that. Gox was quite profitable earning some months in the millions of dollars. Their spending was lavish but not that lavish. They did not apparently go through hundreds of millions of dollars worth of coin with just business expenses. Another more likely (in my opinion) theory is that a large chunk of coins were simply 'lost' in an effort to enrich an insider. Many people think they know who that is, but it really could be a number of people. One clue, part of the initially 'lost' 200K coins were moving while Gox claimed they were lost. It is VERY unlikely that a server was just doing that on its own. Someone in my opinion was trying to take those coins and were caught by astute blockchain watchers. Title: Re: Gox summary please Post by: BitCoinNutJob on April 20, 2014, 06:54:16 PM good question, if they are lost and not in system then everyones bitcoin gained 7% value if they are lost and not useable ever again we have less total bitcoins in the economy and same demand = everyones bitcoins are worth more Title: Re: Gox summary please Post by: Imerman2 on April 21, 2014, 01:49:10 AM good question, if they are lost and not in system then everyones bitcoin gained 7% value if they are lost and not useable ever again we have less total bitcoins in the economy and same demand = everyones bitcoins are worth more Demand will change with regard to whatever the outcome is, it is a big event. Title: Re: Gox summary please Post by: spooderman on April 21, 2014, 08:36:53 AM Were the coins: a. Lost. As in "These coins no longer exist." "The private key is unknown/unknowable." b. Stolen, and therefore still in circulation. 1/4 to 1/3 of the coins still are accessible by Gox and could potentially be refunded to customers. Very few of the missing coins were stolen via the method that Gox (Mark) publicly stated. Reference: http://techcrunch.com/2014/03/27/experts-found-that-mt-gox-lost-a-mere-386-bitcoin-due-to-transaction-malleability/ One theory is that the missing coins were spent by Gox on daily operations though I find problems with that. Gox was quite profitable earning some months in the millions of dollars. Their spending was lavish but not that lavish. They did not apparently go through hundreds of millions of dollars worth of coin with just business expenses. Another more likely (in my opinion) theory is that a large chunk of coins were simply 'lost' in an effort to enrich an insider. Many people think they know who that is, but it really could be a number of people. One clue, part of the initially 'lost' 200K coins were moving while Gox claimed they were lost. It is VERY unlikely that a server was just doing that on its own. Someone in my opinion was trying to take those coins and were caught by astute blockchain watchers. Thanks. Title: Re: Gox summary please Post by: alfabitcoin on April 21, 2014, 01:02:09 PM good question, if they are lost and not in system then everyones bitcoin gained 7% value if they are lost and not useable ever again we have less total bitcoins in the economy and same demand = everyones bitcoins are worth more Demand will change with regard to whatever the outcome is, it is a big event. There are enough btc in circulation to be enough for any demand - it won't create ''shortage'' of btc. Supply demand dictate the price, with later more important. And ''news'' also has big influance on the price. So I disagree, if btc are lost, it won't worth more. Title: Re: Gox summary please Post by: Slingshot on April 21, 2014, 07:00:01 PM Re: Gox summary please
---------------------------- Stupid says, Stupid does. Hence... Caveat emptor Title: Re: Gox summary please Post by: BITCOIN-PIZZA-DAY on April 22, 2014, 04:21:56 AM Were the coins: Another more likely (in my opinion) theory is that a large chunk of coins were simply 'lost' in an effort to enrich an insider. Many people think they know who that is, but it really could be a number of people. One clue, part of the initially 'lost' 200K coins were moving while Gox claimed they were lost. It is VERY unlikely that a server was just doing that on its own. Someone in my opinion was trying to take those coins and were caught by astute blockchain watchers. a. Lost. As in "These coins no longer exist." "The private key is unknown/unknowable." b. Stolen, and therefore still in circulation. If he did - he used Bitcoins valued at $10 and less do to that in 2011/2012. Coinbase got 25m funding for example. If Mtgox needed 10m for the first two years, then this explains why 650k coins are missing. Even 650k coins are only 6.5m at $10 coins. |