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2181  Bitcoin / Bitcoin Discussion / Re: Post Gox - Is it time for a Bitcoin Code Authority and self-regulation? on: March 01, 2014, 08:57:16 PM
a Bitcoin Code Authority under the trusted auspices of say the Bitcoin Foundation.

If a common code that address the worst negative criticisms against Bitcoin could be put into play with a seal or badge that business display on their sites to indicate voluntary adherence to the code this may go a long way towards blunting the biggest arguments of Bitcoin's biggest critics and allow the community to retain control of the situation and avoid the risk of becoming over-regulated by government.

This is fine provided you cut the centralisation and authority crap out.

Let us have many different groups that offer to check Bitcoin sites and hand out seals of approval.  A group with no reputation will have to earn it by repeatedly making good calls on the reliability of Bitcoin sites.  A group with a strong reputation can charge sites that want to be checked and try to earn its approval.


I invite you to become a part of the cyptocurrency council advocates for a responsible cryptocurrency community
2182  Bitcoin / Bitcoin Discussion / Re: Post Gox - Is it time for a Bitcoin Code Authority and self-regulation? on: March 01, 2014, 08:51:47 PM
It's ridiculous to need to have 3 computers, cold and hot wallet storage, 2 level verification on every account, because they system is so corrupt.  The system itself needs more security, accountability, self-regulation, verification, validation, valuation, certification, assurances, insurances, guarantees, and integrity.
And it will get all those things.

No new organization will be required to do that, however. Just code.

2009 market cap $0
2013 market cap $10B

2009 users 0
2013 users 700K

there is absolutely no reasonable reason why it is not already in place, how much money needs to be "lost" in order to have put a lock on the front door?

it's precisely because there was no regulation, no security, and no lock on the door, that thieves on all levels saw it as an open invitation to come in and plunder.

Code is good, but it still can be manipulated, everything counts all hands on deck  


2183  Economy / Service Discussion / Re: [GOX] Crime Scene Investigation, Case #MG744 on: March 01, 2014, 08:31:24 PM
Have you looked at this analysis?

Devon Weller • 2 days ago

"I followed the 500,000 BTC for a bit beginning at https://blockchain.info/tx/b26....

The coins go through a sequence of events, where the majority is sent to a fresh address and a small bit is sent away from Mt.Gox. This repeats a few times until the majority is paid back to the main Mt.Gox address.

This happens several times, until this transaction:

https://blockchain.info/tx/478...

Here is where it starts to get interesting.

What's left of the 500,000 (429.9k) is split into roughly half and sent to 2 new address. And then each of those address splits the coins in half and sends to two new address.

The end result is that the 429k was split again to many address which each now contain less than 1,000 BTC each. I stopped following the transactions there.

Why take 429k and split it into many addresses each containing less than 1,000 BTC each?

I'd like to see someone trace all of these coins and see if they end up coming together somewhere."

End
-----------------------------------------------------------------------------------------------------

Wow My amateur 10 mins on blockchain might have been on the right track. Maybe tomorrow I should actually learn about this stuff then start following this.


That's good and it certainly counts.   As people examine various parts of the block chain many things will be discovered, most of which will be rather easy to explain some of which won't but all of it will be necessary to examine. 

The more we know the less we we need to blindly trust.
2184  Bitcoin / Bitcoin Discussion / Re: Post Gox - Is it time for a Bitcoin Code Authority and self-regulation? on: March 01, 2014, 08:22:44 PM
Perhaps we should let history be our guide and look at creating a similar institution - a Bitcoin Code Authority under the trusted auspices of say the Bitcoin Foundation.

Thoughts everyone?

Trusted third parties are the reason people are suffering from Gox to begin with.

There are already plenty of ways for Bitcoin users to protect themselves.

You are better off starting a Bitcoin school to teach people how to protect themselves and drill into their head the possible repercussions of failing to protect themselves.

that individualistic mentality isn't the key in a community driven industry and community

I agree that there needs to be a cryptocurrency school, and perhaps even a cryptocurrency university, complete with cc professors, providing cc degree, and certifications however an endeavor such as bitcoin which is just one part of a much larger system of coins will need specialization in order to maximize resources.

It's ridiculous to need to have 3 computers, cold and hot wallet storage, 2 level verification on every account, because they system is so corrupt.  The system itself needs more security, accountability, self-regulation, verification, validation, valuation, certification, assurances, insurances, guarantees, and integrity. 

2185  Bitcoin / Bitcoin Discussion / Re: Post Gox - Is it time for a Bitcoin Code Authority and self-regulation? on: March 01, 2014, 08:10:59 PM
This bank was regulated and still lost over 100 billion $:
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10664372/RBS-has-lost-all-the-46bn-pumped-in-by-the-taxpayer.html
Some people are stealing money regulated.

I don't know about the UK but US regulated banks are insured up to $100K+ per customer per bank, I think the rate has increased

if that was the case for the Mt Gox situation most users would have been covered.

2186  Bitcoin / Bitcoin Discussion / Re: Post Gox - Is it time for a Bitcoin Code Authority and self-regulation? on: March 01, 2014, 08:07:14 PM

Let me start by saying I find the idea of regulating Bitcoin a tenuous one at best, but the biggest argument that the pro regulation crowd has in their favor is that it will afford Bitcoin greater legitimacy and accountability as it moves towards mainstream adoption. This may be all well and good, but the biggest problem I have is just who would be providing this legitimacy and accountability.

Already we are seeing pro crowd individuals and companies reaching out to government almost begging for Bitcoin regulation. They are convinced that the legitimacy that would come from it would better allow Bitcoin to spread and support whatever business model they happen to believe in as well as other social benefits to prevent the abuse of Bitcoin.

And they have a point.

Thoughts everyone?

The CryptoCurrency Council, the council would design regulations that would be voluntarily adopted by those who seek certification from the CCC (cryptocurrency community council).

The council would essentially serve as an example and vehicle for integrity in the cryptocurrency industry.  

Yes it is centralized, however it would have a decentralized feel since it would be made up of people from all over the world, and the majority of decisions would be determined by vote

In this way the CCC can experience and recommend thought their certification process good businesses (and pros), so that all cc users can have easier and safer way do do cc business.




2187  Economy / Service Discussion / Re: [GOX] Crime Scene Investigation, Case #MG744 on: March 01, 2014, 07:00:56 PM
-snip-

I think the work you have been doing is invaluable and I would hope (but have no confidence!) that the Bitcoin Foundation has already put expertise into this to provide to investigators.

I strongly advise you to work with the other members of the community who have been putting so much effort into this and gather the information into a report, to send to the Japanese officials in charge of administering Mt Gox.


Yes, multiple efforts need to be mounted from many different directions for many different reasons. 

- the main reason is to make the Mt Gox users whole so that no one looses,
- but also to show the world that the cryptocurrency system in general and the bitcoin system specifically works, that it can protect itself and can be self governed
When a department store's security department finds a thief they turn them over to police, who in turn turn them over to prosecutors, who in turn turn them over to prisons.

This is an opportunity for btc to be taken seriously on a totally different level


2188  Bitcoin / Bitcoin Discussion / Re: Best Practices to Avoid Mt Gox Repeats on: March 01, 2014, 06:37:25 PM
The exchanges are critical for price discovery. And to have open orders and a functioning order book means funds must be left there. So the 'get in and get out' strategy is rational individually, but very limiting to bitcoin overall.

Nah, funds don't NEED to be left there, that's just 'inside the the old box' thinking,  in fact funds don't need to leave your wallet in order to pledge them for a current, or future transaction blockchain pros can explain the mechanics of it but it can be done

Even if you choose to do it the old fashioned way, in terms of having the funds in the exchange, any value that is not connected to an actual sale only has meaning if the position has no track record.  

The exchanges are have a role in the cryptocurrency economy they also have a responsibility as well.
  
2189  Bitcoin / Bitcoin Discussion / Re: Call for TBF to give a grant for indentifying Gox coins and goxing mechanism on: March 01, 2014, 05:54:17 PM
Come on guys, we have the dead body of Gox. This body is still warm. This is the best moment to start planning the scientific autopsy.

Noone has resources to fund the autopsy, but TBF. TBF should simply make a call for proposals on how to run such an autopsy and select 1 - 3 best research projects.

Some research can be started very quickly, without the need to fly to Tokyo, through blockchain analysis.

Sounds like you want a
Crime Scene Investigation, Case #MG744
https://bitcointalk.org/index.php?topic=492776.new#new
2190  Bitcoin / Bitcoin Discussion / Re: Call for TBF to give a grant to indentify and describe the last goxing mechanism on: March 01, 2014, 05:52:54 PM
yes the bitcoin foundation who is calling for regulation would be more than happy to find whatever they want to make that happen.

so glad we have TBF for our own protection  Roll Eyes



anyone dumb enough to trust mark with btc should not have btc.


And the outside majority community is saying pretty much the same thing about all of us, 'anyone dumb encough to invest in invisible currency with real money should not be trusted with real money


bashing the victim is only normal for bullies


2191  Economy / Service Discussion / Re: [GOX] Crime Scene Investigation, Case #MG744 on: March 01, 2014, 05:46:48 PM
http://www.hackingdaily.com/2014/02/mtgox-speculations.html

An IRC log posted on Pastebin on June 23rd 2011 there is an insight to some of the 'missing coins'. Here is an important snippet from the logs;

<go1dfish> MagicalTux: 432109.87654321 is that pattern random, or was it chosen deliberately?
<go1dfish> by patern I mean the fact that it looks like a countdown
<sharkasgo> probably deliberate so it would be easy to search for
<MagicalTux> go1dfish: it's deliberate
<MagicalTux> want me to do it again? Smiley
<go1dfish> MagicalTux: yes, if you could send like a tiny amount to an address someone throws out
<go1dfish> that would do a huge amount to restore confidence
<MagicalTux> I broke out the 432109.87654321 already
<MagicalTux> but I'll make a new one
<UberCookies> I wonder if I've reclaimed my account correctly...
<xelister> do .424242
<MagicalTux> xelister: 424242.42424242 ?
<xelister> yeap
<go1dfish> just need to see a transaction happen from an account with a huge balance with an amount listed here to an address listed here
<MagicalTux> connecting the offline storage and decrypting on a firewalled system~
<go1dfish> 1AbTRVrRYGri1sZvqHBadnXaCHkuXJtV5N
<MagicalTux> I'll make the transaction and push it manually
<notallhere> this would completely restore a lot of peoples faith
<go1dfish> MagicalTux: post an address and I'll send you an amount
<Ooofo> MagicalTux, to get the "free month of trading" thing, will that be automatically done based on rolled back trades or do we have to apply somehow?
<MagicalTux> Ooofo: it'll be automatic
<Ooofo> awesome
<MagicalTux> I got all the data of all the affected users here
<MagicalTux> go1dfish: no, not practical
<go1dfish> ok
<MagicalTux> go1dfish: I'll send 424242.42424242 bitcoins from a bunch of 50kBTC addresses (and maybe on 42kBTC) to one
<MagicalTux> well, two actually
<MagicalTux> one will get the 424k, the other one will get the change
<go1dfish> ok, yeah all transactions get split that way as I understand it
<MagicalTux> ready guys? Don't come after me claiming we have no coins after that
<MagicalTux> hopefully I'll be able to work without getting too much disturbed after that~
<go1dfish> yeah, ready
<nanotube> MagicalTux: wasn't your last tx 432K btc? lost 8k?
<geist_> no
<geist_> thats just the amount someone suggested
<geist_> (the 424242)
<nanotube> ah
<MagicalTux> 42 is the answer
<go1dfish> to everything
<sixEch0> 42 is my password!
<noagendamarket> lol
<nanotube> hehe ic
<go1dfish> 42 is the solution to every block to
<mabus> wait what's going on, is he proving he has our bitcoins still?
<go1dfish> shit I just ruined the economy
<mabus> what does this help
<geist_> theres a lot of people crying wolf saying gox doesnt have their btc anymore
<wumpus> don't send them to the bitcoin eater please Smiley
<go1dfish> mabus: tux is shuffling large numbers of bitcoins to show they are still under his control
<MagicalTux> anyway, going to send to 1eHhgW6vquBY... the 424242.42424242 btc


We can see from the above log the community were questioning Mark about the amount of Gox claim to have held in 2011 and wanted proof he owned a large amount. We can see that he agreed to send 424242.42424242 to an address beginning with 1eHhgW6vquBY. Funny enough, we've located said transaction and confirmed it happened. It can be seen in the following.

https://blockchain.info/tx/3a1b9e330d32fef1ee42f8e86420d2be978bbe0dc5862f17da9027cf9e11f8c4

The above transaction shows that Gox, at least at one point in time, had a large sum of Bitcoins.

Digging further into the transactions we can see that a few weeks later the large amount of Bitcoins are broken into a smaller amount and placed into two address as seen below;

https://blockchain.info/tx/7a2a6f66e87ed4e72d85ba7a82eda1572605c3330c461e171f58d7ff2763ac63


We can only assume as this point that this address also belongs to Gox.

A short time after this, a transaction occurred which broke the large amount of Bitcoins into wallets, each containing 50,000. We don't know the exact reasoning for this but we can presume they were possibly being moved into cold storage separately.

2 months after this, a transaction occurs from within the addresses that still are connected to Gox which transfer batches of 50,000 into a larger sum of 500,000 apart from 1 address which still contained 50,000 which can be seen below;

https://blockchain.info/tx/29a3efd3ef04f9153d47a990bd7b048a4b2d213daaa5fb8ed670fb85f13bdbcf


If we follow the 500,000 Bitcoin wallet, we can see that they make a large transaction of nearly all of the coins are made and sent to a wallet publicly belonging to Gox on the Blockchain as seen below. This can only prove our theory that Gox had been in control of the coins the whole time.

https://blockchain.info/tx/b269bf1b82dae8a61f7f91dbf7a9d807e30963c1ae00ddd95a8faebea6d0a007


The 50,000 address we mentioned earlier then split the coins into a batch of 40,000 and a batch of 10,000. This wallet also was under the control of Gox and the 40,000 Bitcoin address still remains there, untouched, since 2011.

https://blockchain.info/address/1cXNTyXj4xPGopfYZNY5xfSM1EPJJvBZV


When the wallets had combined to sent the 500,000 + 50,000, there was a wallet which wasn't included and this wallet, to this day, still has 50,000 Bitcoins in the wallet which are unspent.


https://blockchain.info/address/1P3S1grZYmcqYDuaEDVDYobJ5Fx85E9fE9


We can see that all of the mentioned addresses clearly belong to Gox and after slightly digging through them we can see they have 90,000 Bitcoins which have been there since 2011. I'm sure if we dug further and investigated more we would be able to find much more Bitcoins.

This raises the question, who is lying?

In the Gox leaked crisis plan, it stated they had 2,000 Bitcoins to their name. This means either the document was false, Mark or an employee had lied in the document in an attempt to hide the funds or the firm have lost the private keys for the wallets rendering them nothing more than eye candy.

We are not claiming they didn't lose some coins legitimately to the malleability bug but there is no way that 500,000 coins could have been stolen. Even the planets worst auditor wouldn't have missed such a large amount of Bitcoins disappearing from the companies reserve.

Could this be an attempt to walk away with stashed Bitcoins or has the company been running on lies after finding out their wallets were missing funds and/or they lost the private keys.
2192  Bitcoin / Bitcoin Discussion / Re: Best Practices to Avoid Mt Gox Repeats on: March 01, 2014, 05:15:44 PM

the best thing to do is to reinforce the cryptocurrency infrastructure, the block chain knows where the money is, now the cryptocurrency industry must create ways to scrub the block chain https://bitcointalk.org/index.php?topic=492776.0;topicseen  and identify where it is to then allow humans to turn the addresses into recognizable actions and recognizable people, at that point it's up to the humans to do with the info as they wish.

Nothing electronic is truly anonymous the FBI and many others have proven that, and they have far less resources than the cryptocurrency economy.  

The block chain serves many purposes one of which should be a policing tool to maintain multi-level security

I agree. Exchanges should prove their solvency with the blockchain. I mean, the blockchain is the single most effective tool in our time to provide transparency. Why not use it? We as a community must support only honest exchanges - those who are willing to subject themselves to audits by the public!

bingo - 

I'll take that and raise it by identified exchange transactions, so that although the customers may not be identified, the exchange is actually identified on the exchange for every transaction they do -- their name will be right there.
2193  Bitcoin / Bitcoin Discussion / Re: Best Practices to Avoid Mt Gox Repeats on: March 01, 2014, 05:05:34 PM
With blockchain.info wallets only you have the private key for your addresses, they do not have them. So that is safe, provided you don't lose the keys. Smiley


See that's the extent of the security of the cryptocurrency economy at this point you not only can't trust individuals, but you also can't trust MAJOR players. 

This is why the btc community must scrub the blockchain and find every satashoi of the so called missing btcs

using lawyers, feds, and courts do nothing to improve the cryptocurrency system, it needs self regulation with teeth.


I'm working on that project too:   www.CRYPTOCURRENCYREGULATIONS.COM
it will focus on industry standards, ways to police the system, alarms, and ways to check and balance improper behavior by market leaders 




 

2194  Bitcoin / Bitcoin Discussion / Re: Best Practices to Avoid Mt Gox Repeats on: March 01, 2014, 04:54:36 PM
I can only assume those people who lost money in MtGox were day traders. Otherwise why would you leave that quantity of Bitcoins on an unregulated exchange (especially one that has been struggling for so long)? Greed gets the better of most of us from time to time.

I only hope the lack of trust in exchanges limits the number of day traders.

There is one guy that posted in many of these MalMTGox threads about how he cashed out his btc and requested his funds at the end of 2013 but only received excuses as to why it was not done

Regardless of why the funds where there, they trusted Mt Gox to the full extend of the funds they allowed to be there until the point that they were frozen, then there were the ardent orthogoxiants who practiced mtgoxism to such a blinding degree that they bought frozen accounts with real money, and subsequent new converts who got sucked in by the $100 MTGOXbtc even though regular btc was $500 - $600 more.

2195  Bitcoin / Bitcoin Discussion / Re: Best Practices to Avoid Mt Gox Repeats on: March 01, 2014, 04:43:42 PM
Research, Research, Research! If an exchange scams 10% of all users 1% will probably spread the word what happened to them out of the 10% and the other %90-99 will think its competition just bashing the reviews of the exchange! It really sucks when anything can be a potential liability, especially third party wallets. Selective scamming is a BIG problem within the cryptocurrency realm!

That is one of very many projects that I'm working on and and currently seeing a web developer partner to work on it with me.

 www.CRYPTOCURRENCYCOMPLAINTS.COM

it will allow people to complain, allow both sides to be heard, allow the community to judge,

as such regardless of spam, spiteful competition, or companies trying to game the system over time a pattern will develop about everyone involved.

2196  Bitcoin / Bitcoin Discussion / Re: Best Practices to Avoid Mt Gox Repeats on: March 01, 2014, 12:51:55 PM
I can completely understand the nature of people to work with the biggest exchange, assuming it is good.  But a lot of innocent people lost coins they bought or mined.  Given what we know today, what would be your "best practices" to manage your bitcoin investment and protect it from the known issues with the exchanges and wallets?




the best thing to do is to reinforce the cryptocurrency infrastructure, the block chain knows where the money is, now the cryptocurrency industry must create ways to scrub the block chain https://bitcointalk.org/index.php?topic=492776.0;topicseen  and identify where it is to then allow humans to turn the addresses into recognizable actions and recognizable people, at that point it's up to the humans to do with the info as they wish.

Nothing electronic is truly anonymous the FBI and many others have proven that, and they have far less resources than the cryptocurrency economy.  

The block chain serves many purposes one of which should be a policing tool to maintain multi-level security


2197  Economy / Service Discussion / Re: [GOX] BRAKING NEWS: Karpeles admits he is "Working on" retrieving cold storage!! on: March 01, 2014, 12:34:36 PM
Can anyone explain:
Why would he NOT say they got stolen if they in fact did?

So far there is 1 place that says 'stolen' - that is a 'more or less legit' document.


a good reason to not say they were stolen is if he is the one that stole them. if no one finds them then he will be content to "find" them all by his self.


instead of speculating, a team of blockchain investigators should scrub the blockchain and find the funds, once the funds are found Mark will say: "oh, there they are, I forgot about that" the cryptocurrency economy is saved the, and  system will have protected itself.

https://bitcointalk.org/index.php?topic=492776.0
2198  Economy / Service Discussion / Re: [GOX] Crime Scene Investigation, Case #MG744 on: March 01, 2014, 12:13:19 PM
So who stole $300,000,0000 USD worth of Bitcoins and got away with it?

PRIME SUSPECTS:

All Mt. Gox staff:

Mark Karpeles
Gay Butchery Gonzales
+ the rest

ROUND EM UP, LIE DETECTOR THEM


you might be right, but what if you are wrong?

the block chain can help you find the truth, the block chain has the answer
2199  Economy / Service Discussion / Re: MtGox is lying... probably they stole all the bitcoins on: March 01, 2014, 02:37:18 AM
If I understand well, a poor protocol implementation could cause MtGox internal system to re-send more than once certain transactions due to the malleability issue.
If this happened, the bitcoins are not lost... somebody (that could be also MtGox BTW) who was "attacking" the protocol by creating the transactions with a different id is the owner of the bitcoins leaked by mtgox.

I guess that it should not be very hard to find duplicates in outgoing transactions with the same amount.

If my assumptions are right then this implies the following:

MtGox is lying when they say that the bitcoins are lost due to a flaw the bitcoin protocol. The bitcoins were stollen from the exchange due to a poor implementation.

On the other hand, it could happen that they had a faulty internal exchange software making disappear bitcoins (destroying the only copy of private keys containing bitcoins). I really cannot believe that this happened. And this will be impossible to prove. They could have stolen all the bitcoins and then say that they lost the private keys.

Too many mistakes/bugs are necessary to loose bitcoins for ever. My personal opinion is that they have stolen the bitcoins and they did shutdown the system to avoid users to recover their transaction ids. Without this is almost impossible to track all the bitcoins that went in/out from MtGox.


Which is more important:

1) making the injured parties whole
2) trying to determine if mark is more inept, a thief or both
or
3) prolonging this whole matter to drive down btc values


the cryptocurrency community is better served if it does it's own internal investigation with the perfect evidence and 100% truthful witness -- the blockchain


https://bitcointalk.org/index.php?topic=492776.0
2200  Economy / Service Discussion / Re: [GOX] Crime Scene Investigation, Case #MG744 on: March 01, 2014, 02:26:28 AM
Would it help to make a directory of every Btcoin address that has been used to send coins to Gox?

I have a few addresses they gave me.

Is it possible to follow the path like that?

Mt Gox was the first exchange, I'm told it started in 2009, at that time on the block chain there should be very few entries as compared to now, so although you can work backwards from now that out again, you can also pretty much start at the beginning. 

My guess is many people, over time, will give their mt gox address to help connect the dots

Given that MG was the first and the biggest exchange a lot of major activity pointing to any single direction will probably be them. 
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