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I don't understand the vitriol and shadenfreuden going on over this.
Auroracoin had the potential to really help the Icelandic economy, and is a public shop window for the potential crypto currency as a whole. This undermines the prospects for every cryptocurrency.
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Thanks, great answer.
Is there a bitcoin function list online somewhere that expalins how these things work?
Andy
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IMO, since there were takeovers using more than 140,000BTC we will see 150-250K btc takeover by Blockchain in the next few weeks, and since the biggest company that seems to be in troubles and needs a takeover is MTGox, I think there's high probabilty its MTGox they are buying. Furthermore, blockchain helped MTGox with the fixing of TXID and they know the business well, and they have/had good/friendly relationships.
Every time I've heard AA interviewed he is spitting blood about how bad Gox was and how it's good Gox is dead. I don't think MK is on friendly terms with anyone any more. Everyone trying to help Gox with TM (and I don't remember BC being part of that but...) got exasperated by MK's response and left him to it in the end. Gox isn't worth 140,000BTC. It produces $2m profit a year. At 5% ROI that makes them worth $40m, but if it was my money, at that risk level I'd want at least 10% ROI making them worth half that. |
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I'm not even a newby yet. I've never seen the blockchain client:
But I'm curious to know if I send coins between two addresses using nLockTime set to say 1 month in the future, if that would make my coins impossible to steal for a month. Could this be used the basis for a cold storage system? Like a time-lock vault? Where would the coins sent be housed during that month: In the sending or receiving address, or neither?
Thanks for your comments.
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Get ready for a "refund and release" document that you will have to sign to have that 25% back.
Posted from Bitcointa.lk - #Fpp887iUwI8WA2d2
I don't think they can threaten to withhold what they owe on pain of signing a release to write off the rest of the debt. But the court could decide that's all we get. |
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insurance would be paid by.....whom?
the users?
the exchanges?
how much, what rates.....if the risk of loss is to zero, and that risk is high....then insurance becomes impractical
Ultimately it will be paid by the users. All business expenses are ultimately paid by their customers. |
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Certianly it does, but does Andreas need the Bitcoin Foundation. It seems he's doing a grand old job without it.
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I felt it too. I think there's some anger about Gox, but Gox has highlighted flaws and wider issues in the bitcoin ecosystem. Not just security, but regulation, mining, privacy, the reliability of exchanges, wall street money....
And I think there's more critical thinking than there was when we were riding the escalator to $1200, blinded by the easy money, thinking we were god's gift to trading.
Everyone is starting to think about how to manage those issues and as a diverse community there's different perspectives. Ironically despite the ardent opinions, it's not members of the community that will shape many of the answers. it's in the hands of outside players like Wall St, and national governments. That fear and feeling of helplessness too is causing tension and frustration.
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There's an embarrassing irony, watching libertarian bitcoiners, passionate about a currency that doesn't depend on the government, screaming for the protection of the SEC.
If Mt Gox has a small team working on solving this, and they are as incompetent as everyone says, holding them up in a law suit isn't going to make them fix the problem any faster. If they were insolvent then I would hope they would have had the good sense to tap into this ongoing arbitrage opportunity which they have exclusive access to, in order to balance their books by now, and there's plenty of cash for everyone.
As far as I can tell, Bitcoin's fiat withdrawal hasn't ever been halted. Didn't I read that in a MT Gox press release? One of the tiny bits of information they have given out. It's still as painfully slow (over a month) as it's always been. All you have to do is ask for your cash. Has anyone read through the terms and conditions we signed up for when we opened our MT Gox accounts? Does it say anything about timely access to fiat and BTC?
These guys (at mt gox) are clearly not the sharpest tools in the box, under resourced, badly managed, indifferent to the balling of their customers, but right now, letting them get on with their IT fix is the best we can do.
Disclosure: I have a good few BTC in MT Gox and would very much like to get it out to Bitstamp asap. I have no doubts that MTGox has enough cash and BTC to cover my investment. My only doubt is if they have the wherewithal to develop their software solution this side of March.
This is the most sober view about what's happening with MtGox and and our community's attitude to this situation Yeah, well I'm eating those words now.  |
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JED IS INNOCENT.
Really? How do you know? I'm not saying he isn't, but I'm saying we have no idea what's really happened there. McCaleb has a new start up that he's pouring development money into. Maybe he raided the Gox piggy bank for some start up capital figuring he could have it all back before it would be needed. That's not as crazy a theory as some stuff I've heard here an on Reddit. I'm not saying he did. I'm just saying we have no way of knowing cos no one is telling us anything. |
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The problem biggest problem I have with the theory that the US governement took the coins is motive. There are numerous other issues with this theory, but motive is the one that sticks in the throat most.
Why would they do that? If they allowed the exchange to carry on as a fractional reserve they've achieved nothing. So why do it. Makes no sense to me. But I'm open to explanations.
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Oh, and, today, about an hour ago: "<MagicalTux> we are working on resuming service, can't say how soon it'll be"
Be good to know more about this comment. I've seen the post on Reddit, but any other light you can shed on this? Thanks |
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I'm so happy for your entirely believable story. Hey, do you suppose Victor would do the same for me? I'd give him 10%. What's that? He wants it up front? Oh, sure, no problem. Let me send the money to Russia right now. You want me to hurry, cos he's leaving Tokyo soon, and otherwise it will be more expensive? Ok. I'll do it right now. And then I just wait here for my BTC to turn up? OK Victor, thanks.
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According to a Japanese English-Language newspaper, one of Gox's lawyers is saying that the coins disappeared during the ddos attacks that took place in the days just prior to the shut down.
If that's the case and the coins were moved, there'd be a significant spike in the BTC days destroyed. The only spike is on the 8th of March. This was attributed to a movement of just 200k coins. (I think thats what I remember reading - please correct me if I'm wrong). That would be a good place to start looking, if I could make any sense of the unintuative blockchain.info
But an alternative theory which is more supported by the blockchain data (insofar as I understand it) is that the keys are some how lost/stolen and the coins are still in place. (or MK stole them, or the Feds/NSA took them, depending on how pointy you fold your tin hats).
Edit: P.S. Hats off to all of you contributing a reward. Really good things to you all.
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How many BTC in these wallets in total?
Is this related to the 111k or 160/180/200k splitting transactions that have been seen this weekend?
I got the impression the consensus on that splitting was it was preparation of hot wallets, ready for withdrawal. Could this be more of the same?
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Clearly nothing to do with the state of Texas, but I felt there was a tension that reflects the limbo state Bitcoin is in as everyone watches to see what the fuck the story is with Gox. More plot twists and cliff hangers than a Mexican soap opera, without ever getting close to a conclusion.
Gox has only posed questions for Bitcoin, about regulation, trust, security, liability, criminality, the BF, insider trading, Bitcoin's public reputation, adoption, government confiscations, law suits, coin traceability, anonymity, laundering... the list goes on and on, and on. But so far there hasn't been a single answer.
(apart from Andreas vaguely confirming that Coinbase is probably solvent, ish, but he's not liable if they aren't.)
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Rookie question: Am I reading this right? The accounts with a BTC balance total up to a liability of 950k BTC
Whereas what's at the bottom is a transaction balance sheet of actual transactions in and out of Gox wallets, which implies an actual balance of 500k BTC. That's if there were no btc in the wallets at the start of the relevant time period. Is that total referring to year zero?
Currency: BTC Balance: 951,116.21905382 <--- What they owe to their 80k+ customers
Total BTC Deposits: 19,065,241.307202 <--- since what date?
Total BTC Withdrawl: 18,563,466.149383 <--- since what date?
------------------------------------
BTC Difference: 501,775.157819 <--- So is this what they have in their wallets? Or is this based on their off-blockchain accounting system. (in which case they knew they were running a fractional reserve!)
Gox also claimed in it's bankruptcy protection that it has about half the fiat it owes. So if it went to liquidation we'd all get roughly half our corn back?
I'm unable to download the zip as I'm on a 3rd world internet connection.
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The one hurdle that will kill Bitcoin: Public perception as an insecure currency. You know a nice thing about regulated banks is that I give them my money and I don't have to worry about never getting it back. I don't have to worry about an inept/crooked/anonymous CEO robbing it, losing a paper wallet, or a virus stealing my savings. It takes more than a protocol to make a secure currency. It takes human systems too. P.S. "Federal Reserve notes have not been redeemable in gold since January 30, 1934" - http://www.federalreserve.gov/faqs/currency_12770.htm. Keep up. |
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Every time this guy writes a blog post he goes down in my estimation. Which is a pity cos (a) he writes them often, and (b) he gets fed some interesting information which should be in the public domain. If only he learnt to present it more objectively, it could be a really useful resource and he could actually become the Woodward and Bernstien he so longingly wishes to be thought of as.
For all our sakes Ryan, do some reading on editorial impartiality. Reach out and partner with an experienced journalist. Lots would willingly help to share your sources. Separate your revelation of facts from your opinion pieces. It will do your credibility a world of good.
And if you want to threaten someone with "resign or I publish", you do it privately. - You can't polish a turd Ryan. No offence, but that rookie error has made you look like a right toothless Muppet, much to the satisfaction of your numerous detractors. Pity.
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You can join Selachii's class action against Mt Gox for 2 BTC.
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