Interesting stuff <tinfoil hat> I wonder if the funds stolen in the first point weren't actually stolen by hackers (or Mark), like everyone assumes - but instead were either seized or tied up in some way as part of the investigation into SR? </tinfoil hat>
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Hi im new here. yesterday i put short on 520$. I still hope we will see retest at arround 500$.
Obligatory "I had a freind who shorted Bitcoin once, haven't heard from him since." Reminds me of this clip from the show Freaks and Geeks
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Thanks for posting this, I think he sums up exactly what everyone should be learning from this whole debacle - trust in crypto, not (repeatedly shown to be incompetent) people or centralised organisations.
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The comments on CNN's front page story really shows how the public is rooting for bitcoin to fail. Urgh, featuring such idiocy as this, in response to the question "why is bitcoin worth less than real estate, gold or bullets": Because it is easier to flood the market with bitcoin. AND it is easier to counterfeit. You're welcome.
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Statement from BTC-e just went live: https://btc-e.com/news/199Dear BTC-e.com participants,
We are concerned by MtGox shutdown and would like to assure you that:
1. MtGox losses do not affect account balances or the operation of BTC-e in any way.
2. We confirm the Bitcoin system operation and its exciting prospects, and MtGox bankruptcy has not been caused by any underlying technical problems of Bitcoin. Bitcoin international peer-to-peer network and cryptocurrency are independent of actions of a single market participant. Bitcoin protocol continues to function exactly as it should. The cryptocurrency maintains its stability and the network will continue to develop and exist as long as required by its users.
3. At BTC-e we are constantly monitoring Bitcoin accounts and FIAT reserves. At BTC-e we continue to maintain all clients’ assets in full – both Bitcoin and FIAT.
4. BTC-е has no vulnerabilities during client transactions as we use safe and proven transaction protocols. All transaction issues reported by our clients undergo a thorough check.
The safety of client funds and transactions is of ultimate importance for the company, and this is the reason why we have been an industry leader for the last three years.
1. BTC-е is at its peak of financial strength with the record levels of clients and capital adequacy. The company plans to start publishing financial statements, verified by an external audit, on a regular basis.
2. The highest levels of security are already in place at BTC-e, and the company regularly uses external professional advice to further increase the security of our clients.
3. BTC-e is the only exchange to offer a modern trading platform, MetaTrader 4, to its clients, and many other exciting projects and further upgrades are in the pipeline.
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Hey Adam, can we get an updated poll now?
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Dear MtGox Customers,
In the event of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.
Best regards, MtGox TeamLike so? www.mtgox.com Wow.....they didn't even confirm if the leaked pdf was real or not
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This is amazing. Like you literally couldnt make this shit up.
entertainment value just shot up to 10K +1 The only downside of today (for me at least, sorry to all those who lost funds with Gox), is having to deal with comments like this: "Did you not hear Bitcoin is dead, aren't you a fool for promoting it" "How much money did you lose" "All those pedophiles and terrorists must be upset" It's painful to try and explain the difference between Bitcoin the technology/currency, and Mt Gox the (criminally) incompetent exchange with all the herping and derping..
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so what's a bad news for Charlie Shrem ? WWIII ?
BTW I am still not buying the whole Gox situation, it is hard to lose 10K bitcoin and even harder to lose 50K Bitcoin without noticing but losing all the just cant be sold to the public, something really big is happening, and I would say for long time now, this didn't happen in just few weeks. I am really waiting to see the real story behind all of this. +1
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Blockchain.info just posted a new statement on their blog: Blockchain’s fundamental design is based upon us having no access to customer funds or keys. This is achieved by making all transactions occur in the end-user’s browser, “client-side” with open-source and auditable software. We at Blockchain never store unencrypted keys, passwords, bitcoins or the have the ability to create transactions. This ensures that users’ bitcoins are not only secure from a broad-based attack on Blockchain, but are even secure from Blockchain and that’s deliberate. We don’t control your bitcoins; you do.
Blockchain has always recommended that users store their bitcoins in such a way as to maintain control and ownership of their keys. Custodial accounts, like those used by Mt. Gox, where other people hold the keys to your bitcoins are risky. Instead, customers should use services like Blockchain.info, where keys are decrypted in the browser, not held on the servers. Alternatively, use a desktop client such as Armory, Bitcoin-Qt, Multibit or Electrum. All of these store the keys in a local, encrypted file that is not shared with any servers or held by anyone else.
Last night, we were shocked to find out about Mt. Gox’s insolvency, as they appear to have committed a grievous breach of trust against their customers.
The Blockchain staff will continue to collaborate with other industry leaders to establish better controls to ensure that events like this are not repeated. We are hopeful that together we can create a more trustworthy industry for the benefit of all existing and future Bitcoin holders.
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Not sure if this has been posted already, but Erik Voorhees has put a statement out on Reddit: http://www.reddit.com/r/Bitcoin/comments/1yv6ph/some_words_for_my_friends/Hello friends, MtGox is gone. So let's prepare ourselves. On Tuesday, and for the rest of the week, all hell will break lose in the media. It will be blamed on MtGox, it will be blamed on Bitcoin, it will be blamed on the "bug," and it will, more than anything, be blamed on the "lack of regulation." Pundits and "experts" of all types will weigh in on the calamity. It will be world news in a matter of hours. Get ready, because it will be an ugly week. For all of you who lost money, my heart goes out to you. Some people lost a little, some lost a fortune. It will make people sick, and depressed, and full of grief. Personally, I had over 550 BTC in Gox. I will never get any of that back. If misery loves company, then we'll be enjoying a grand feast today. I should have known better, of course. I take responsibility for leaving those funds with an entity that had proven incompetence repeatedly. I chose to ignore even my own warnings, for nothing more than the sake of convenience. Gox is still at fault, to be sure, but I have learned the lesson. I hope it is not such an expensive lesson for others. And for all you observers, please take a moment to consider it as well. Be mindful, however, that the wrong lessons are not learned, for that would be the true tragedy, indeed. Let me suggest that the lesson is not that Bitcoin is broken. Bitcoin is fine. Similarly, the lesson is not that security is impossible. Those who know what they are doing, can achieve it and help others to do so. The lesson is not that nobody can be trusted. There are countless good men and women in this community who are worthy of trust, and some of the very best people I've ever met. And finally, the lesson is not that we ought to seek out "regulation" to save us from the evils and incompetence of man. For the regulators are men too, and wield the very same evil and incompetence, only enshrined in an authority from which it can wreck amplified and far more insidious destruction. Let us not retreat from our rising platform only to cower back underneath the deranged machinations of Leviathan. The proper lesson, if I may suggest, is this: We are building a new financial order, and those of us building it, investing in it, and growing it, will pay the price of bringing it to the world. This is the harsh truth. We are building the channels, the bridges, and the towers of tomorrow's finance, and we put ourselves at risk in doing so. We are at risk from accidents. We are at risk from fraud, from corruption, and from evil. We are at risk from journalists seeking headlines and from politicians seeking power and glory. We are at risk from the very market we are trying to build - a market which cares not about our portfolio, our ambitions, or our delicate sympathies. For all these risks, devastation will befall us repeatedly. Some of us will be discouraged. Some will be ridiculed and insulted. Some will be tricked, or swindled. Some of us will be crushed or caged. We will be set upon by all manner of antagonists, repeatedly, for a long time. So why do we do it? Why do we build these towers that fall down upon us? Why do we toil and strain and risk our precious time, which is the only real wealth we possess? Because the world needs what we're building. It needs it desperately. If that matters to you, as it does to me, then hold to that thought. You will see through the smoke, and your wounds will heal. So shake it off, brothers, for this won't be the last calamity endured before the win. Tonight, my heart is with you all. Tomorrow, my head is down. My eyes are open. And I am building. Toward peace and freedom, -Erik Voorhees
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I just want Gox to be removed out of the bitcointalk dictionary.
Rise BTC, rise. We shall hence forward, to the moon and beyond.
"The Exchange Who Must Not Be Named"
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First implementation of gmaxwell's "solvency proof" has been created: https://github.com/ConceptPending/proveitOriginal comment from gmaxwell here: http://www.reddit.com/r/Bitcoin/comments/1yj5b5/unverified_pastebin_gmaxwell_irc_log_mtgox_was/cfkze3pI think that as a community we should start demanding these services continually prove that they are not fractional reserve. We cannot effectively eliminate the need for trust in these sorts of services, but we can certainly confine the exposure and eliminate a lot of this drama. With Bitcoin it's technically possible to prove an entity controls enough coin to cover its obligations— and even to do so in ways that don't leak other business information, and so we should. But this isn't something specific about MTGox, it's something we should demand from all services holding large amounts of third party Bitcoins. I wouldn't even suggest MTGox should do it first, rather— it sounds like a great move for their competition to differentiate themselves.
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Choo choo? Stamp @491 and climbing
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Anyone ever go back and read the beginning of this thread? How about adams first post? Posting guild lines: Please lets keep this thread clean. ( I will be removing any off topic posts ) Do not post random comments on this thread, unless it is directly related to the last wall update (ex. The 20K ask was was NOT sold into, it was removed after being tested) How is that working out? Hah, that makes me laugh every time I see it
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Thanks for posting this, I didn't realise they were so close to launch already!
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There are now about 6.7 million btc buy orders placed at less than $1 on Gox!!! I wonder where this is going to hit the floor... Is it even possible to get down that low? If so, that would significantly decrease Gox's liability...since all they would owe the users is the equivalent in fiat...
scratch that, there are now over 8mill btc buy orders under $1 It was 21 million about half an hour ago, the orders keep shifting around
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