“Gox is the worst-run business in the history of the world,” said Roger Ver, in an instant message interview. Ver is a bitcoin advocate who lives across the street from Mt. Gox’s Tokyo offices and tried to help out the troubled exchange the last time it was hacked, back in 2011. http://www.wired.com/wiredenterprise/2014/02/bitcoins-mt-gox-implodes/Thanks for making me laugh. I can visualize a frustrated Roger typing that out. That is it folks, I am going to bed. Gox is dead, long live Bitcoin!
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How would anyone other than MtGox know that? Hell how would anyone other than MtGox even know if that is true?
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I agree, I don't think people realize just how bad this is. The main thing is people will not trust money on the exchanges. I am highly considering pulling off the money I have on campbx, as I just don't trust any of these exchanges anymore.
Then why not use an exchange which doesn't hold any user Bitcoins? Keep your coins in YOUR wallet and instantly sell them when. Security and liquidity without compromising.
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I just made a payment using the bitcoin network an hour ago, and yup it seems to work just fine without MtGox. I didn't buy bitcoins because I thought Magic the gathering was cool. Bitcoin was a powerful concept, a game changing concept, before MtGox and it still is.
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Thanks for the heads up. I thought they were going up but then I realized I had the monitor upside down. You probably saved me a fortune.
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I highly doubt malleability transactions caused all of this...
The stock market crash didn't cause Madoff scam, it did however prove to the the pivot event which caused the scheme to unravel.
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Whatever happens in the short-term dealing with this mess, I'm happy this phase is concluding. Gox was a holdover from early bitcoin, where clearly incompetent people/operations handled massive amounts of customer funds, and we've been needing to get sharply over that phase for a while now. This does so rather dramatically. I look forward to bitcoin moving into the next phase of adoption driven by far more professional entities. Good, but please let's remember that the actual solution will be "Phase 3," which can't arrive too soon: high-volume Decentralized Exchanges and practical Multisignature Transactions. As long as we're in Phase 2 (Competent professional people/operations HANDLING massive amounts of customer funds) the true promise of cryptocurrencies is still unrealized, and massive losses/thefts/freezes can still occur. "Phase 3" companies, however, can arise to provide rich capabilities for bitcoin storage & exchange, BUT would be unable to abscond with significant funds because users could choose to retain full control of their transactions. Bulletproof multisignature capabilities can make that possible. Or just do business with a company which never holds customer bitcoins and offers same day wires so any late payments become obviously rather quickly.
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Assuming your goal is $120/day (and lets call it 5 days a week), you're talking about moving around 6k every week back and forth.
Luckily your bank will shut you down before the government does, but probably not before you end up on every watch list there is. You might be able to pull it off longer with multiple accounts, that will likely raise flags when 1) the credit bureau (not exactly, its a separate not quite like FICO and shit that banks use for accounts) reports back that you opened a bunch of accounts 2) when all these banks report 1099-INT's to the IRS.
Add on top the traditional risk (reversals, freezes, assorted other unforeseen losses), it seems like a shitty way to make a buck.
You could sell gluten free cookies at farmers market for fucks sake and make more than $600 a week, don't get drawn into shit arbitrage because it doesn't sound like work.
This. The number of personal bank account which have $6K per week (>$300K annually) in cash deposits is essentially 0%. I don't care if you are banking with NorthWest Incompetence they are going to notice $300K in cash deposits.
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The worst part is if they are insolvent they just spend god knows how much of depositors money on that domain name.
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why would you buy a domain name in the same few days you apparently become insolvent?
They still think they can come back, rebranded and customers are stupid enough to get goxxed a fourth (or is it fifth or sixth) time. They won't be MtGox .... they will be Gox the new Bitcoin super exchange. Ready to sign up?
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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.
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So they decide to not suspend trading when they suspend withdraws, then wait until the GoxCoin to GoxBuxs exchange rate crashes 90% and then they halt trading. Thus ensuring that the frozen low Goxxed exchange rate will be part of all the media stories tomorrow.
Nobody can be that incompetent can they?
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Thank you everyone who voted. We have decided on the finalists and are working with those artists now. Final logo should be completed by the end of the week.
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The crimes take place in the physical world anyway, and that is where law enforcement has to be. Standard law enforcement methods are not hampered by bitcoin. If you order drugs there is a box at the postal office getting picked up. If there is a hit , there is a person with a gun and a person with a motive. If somebody buys plutonium there is a supplier, transport and lots of people involved. and you forgot If there is a thread from three years ago, some noob will ncero it for absolutely no reason.
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Only joined this site today, tell you what I ain't half seen some funny things. This being one of them.
Curious as to whats funny about people seeking help with addiction, depression and other things anonymously. I'm gonna go out on a limb here. Just because you don't have a need for help doesn't mean others don't. But not that you would know that because apparently it's all funny. I mean really, what a selfish thing to say. The "funny" wasn't funny "haha" but funny "that is sad". Psychologist is a regulated term. There is no state where an undergraduate certificate makes you a psychologist. I mean it is like saying your are a surgeon and you got your surgeon certification from the local community college. What state are you licensed in again?
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Were the wallets password protected?
They were supposed to be, but judging by the lack of difficulty the attacker had (total attack time was about two hours from first connections to last), I'd guess not. Wait you had 100 BTC on a server with public access and you didn't even know if the wallet was encrypted or not?
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Your posts are used to solve blocks. It shows how many bitcoins you have earned so far just by posting.
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No sadly Bitcoin is pretty poorly documented outside of the codebase itself. So if you need more detail then the wiki you probably need to take a look at the code (and know some C++).
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What Danny said. If you had control of all 21 M BTC you could send them in a single transaction.
Depending on the number address that 21 M is located on, you would need to account for a transaction fee, looking at the total number of address and the average block size it wouldn't be the full 21 M. True and there will never be 21M BTC either. Though if you want to split some hairs, at the protocol level, the fee doesn't reduce the amount sent, only the amount received. Maybe the OP's transaction size was too large for the default fee. I think it is something like that. The "default fee" can be set by the user and can be as low as 0 BTC. The reference client will require low priority txs to pay the min mandatory fee of 0.1 mBTC. The message for that does not use the clearest language (especially older versions which were even more cryptic). The OP may have interpreted that to indicate there is a max tx value which is not the case.
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