Gox server down

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Joint Statement Regarding the Insolvency of MtGox
Feb 24th, 2014
The purpose of this document is to summarize a joint statement to the Bitcoin community regarding the insolvency of Mt.Gox.
This tragic violation of the trust of users of Mt.Gox was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants.  As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today.  
We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.
In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following services will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China.
We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.
Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers.  Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.  It does not appear to any of us that MtGox followed any these essential requirements as a financial services provider.

The following industry leaders stand by this statement:

Fred Ehrsam — Co-founder of Coinbase
Jesse Powell — CEO of Kraken
Nejc Kodrič — CEO of Bitstamp.net
Bobby Lee — CEO of BTC China
Nicolas Cary — CEO of Blockchain.info
Jeremy Allaire — CEO of Circle

How the fuck...

:-O

...can the blockchain be down?

FUD doesn't have to be accurate. It just has to be effective. On the positive side, I hear taht sometimes you can go six months without making a mortgage payment before they kick you out.  schwweeeet

naw Adam Imma full hodler, there is nothing that can break my resolve. not even the Persian army

new fud dropped same guy.

http://two-bit-idiot.tumblr.com/post/77760399932/update-on-mt-gox-this-document-appears-to-be i don't want to click the link and see the document

Is the 10K dump from yesterday done now? Or are there still coins left?

You know that the 300 died in the end?

serious? @ MtGox?

anybody have the number of a reputable loan shark?

Love your description lol.

Years of unnoticed theft and a leak in the wallet? Looolll fududududududud

Bitcoin’s Apocalyptic Moment: Mt. Gox may have lost 750,000 bitcoins


I have received an ***unverified*** report from an otherwise reliable source, which is purportedly from Mt. Gox.  The document, which is titled “Crisis Strategy Draft” outlines the current situation at the exchange.  

I trust the authenticity, but have work to do to verify the document myself 100%.  I will work to do so feverishly.

Here is what it says in the introduction:

"For several weeks MtGox customers have been affected by bitcoin withdrawal issues that compounded on themselves. Publicly, MtGox declared that “transaction malleability” caused the system to be subject to theft, and that something needed to be done by the core devs to fix it.

Gox’s own workaround solution was criticized, and eventually a fix was provided by Blockchain.info. The truth, it turns out, is that the damage had already been done. At this point 744,408 BTC are missing due to malleability-related theft which went unnoticed for several years.

The cold storage has been wiped out due to a leak in the hot wallet. The reality is that MtGox can go bankrupt at any moment, and certainly deserves to as a company. However, with Bitcoin/crypto just recently gaining acceptance in the public eye, the likely damage in public perception to this class of technology could put it back 5~10 years, and cause governments to react swiftly and harshly.

At the risk of appearing hyperbolic, this could be the end of Bitcoin, at least for most of the public. We believe in the value of Bitcoin, its potential to change the world, and its principles of transparency. Most importantly we care about the customers of MtGox and other bitcoin-based businesses who will be affected. The likely consequences will be larger than this localized financial damage, and we believe that the benefits of keeping MtGox stable and running outweigh the risks. This isn’t about saving MtGox anymore.”

This is catastrophic, and I am sorry to share this.  I do believe that this is one of the existential threats to bitcoin that many have feared and have personally sold all of my bitcoin holdings through Coinbase.  

To do so, and not give you the same information, would be dishonest and immoral.  I am a risk tolerant investor, but I believe this will be catastrophic for Bitcoin, both as a currency and as a fledgling industry.

If this is a hoax, it is one that I am fully blindsided by.  I fear, however, that it is not.