I find it really funny that use the number 6%.

Because why?  Did you know that the Federal Reserve, they make 6% profit for every magic US dollar they print up from thin air?

Pretty good deal eh. Print the global #1 fiat currency that every other currency is pegged to and make more than $1 profit for every $20 you print up.

http://wallstreetonparade.com/2012/12/kill-this-entitlement-program-the-6-risk-free-dividend-the-fed-has-been-paying-wall-street-banks-for-almost-a-century/

Sorry do not want to derail just thought it was at least somewhat relevant.

I'd be really happy if you sued him and hope you do. It'd be nice if there were any reprecussions for him stealing all our money, and at the very least, we'd finally hear the truth, whether it was his scam to steal the money or he gambled away everyone's deposits on risky investments or whatever the case may be.

That being said, I think the chances are pretty slight.  Jon Montrol purposefully seemed to set up his company so that it has to do so, with one part of being registered in Bali, one part registered in Australia etc.  This is also shown in his IRC chats how he says that WeExchange and Bitfunder are totally separate companies and how he can't talk about what happened to our stolen millions 'for legal reasons' (which seem to be basically 'I did something illegal and you lost all your money so the less I say the better off I am').

I don't even know if you could find a lawyer who would be up for taking this on and it would cost you a really exorbitant amount of money to do so and best case would likely be that he goes bankrupt and you don't get any of your money back (which he also said he'd do, in IRC chats, if he got sued).

Probably the only people who got their stolen BTC back where the people that did enough stuff 'in real life' to warrant them being scary enough to Jon that he'd pay them off.

I'm amazed that still some people have their head stuck in the sand. Ya, ya, just hold on guys, Jon Montroll is going to just come back one day and give you your stolen money back lol. Keep on waiting !

Oh that is it. Sorry my bad. Apparently I'm not fully aware how the trust system works and will now read up on it.

Bad trust ratings for Danny sure....but not for Ukyo?

It does me laugh a bit. Steals millions, hardly anyone cares, Jon Montroll doesn't even have a negative trust rating.  I gave him a negative trust rating a few months ago, and I think, one other guy. Isn't that weird.

Again I wonder if he paid off a lot of users because I just can't fathom why so few people seem to be upset that this thief took their money.

Are they protected? Are you sure? I haven't read much up on it, but I'd presume they are insured. And if the company is bankrupt who are you thinking will cover your losses for this Japanese company?

Thanks Tranz, exactly what I was looking for.

I have question , wondering if anyone could help me out with.

I encrypted some of my wallets.  I have a few than I would like to unlock so they can generate pos blocks. I tried to do so with the 'walletpassphrase' command.  However, it says that I can't do this because my wallet is not encrypted (my first wallet is not encrypted). 

So is their a command I can use to switch to the 'active' wallet so I can use the walletpassphrase command to unlock it.  Like in the debug command options, how to unlock certain wallets , or how does it select which wallet I'm talking about when I use that command?  Thanks for any assistance!

I find it a bit funny that people went back to Gox even though they caused more crashes than anyone.

All the bad signs were there but people did not pay attention.

It wasn't the WeExchange/ Jon Montrol / Ukyo scam, where everything was fine than all of a sudden 'nope, you can't take out your money'.  Things were looking bad for Gox for a long time, that Kappeles guy or whatever his name is was not that competent.

But my heart does go out to folks who lost money. If it wasn't for all them I'd be REALLY celebrating Gox having left the building, it really is for the best.

'08 bail outs was a big scam.

They are banks. They have to do some really catastrophic fuck-up in order to actually lose money.  And they did.

For decades now, banking interests have been indistinguishable from  the governments' interests. Bankers set much of the gov' monetary policy now a days. Banking heads also have more say on economic policy that most of the democratically elected officials. Your so called 'representatives'. It wasn't always like this. But it is so ingrained today that most people can not imagine any other way.

I know I couldn't imagine any other way out of it, until bitcoin came along.

FIAT money is also based on fear, and debt to masters you can't see or communicate with.

Our fiat monetary system is very much based on not asking questions about it, and just following it blindly.

Our fiat monetary system has ordained that most people live their entire life in debt to another entity, from birth, because 'that's just the way it works'.

Actually sounds more and more like a religion the more I think about it.

Good for them.  They'll be left behind in the new economy, and that's great.

About time they withered and died already.  

The problem I have with it is that regulation by the government would in itself not bother me.

But the fact is, the banking industries (wealth management companies etc etc, all the same 2/3 companies in reality) have effectively taken over public government's policy making ability.  This is most notorious in the United States (which sets most of the world's financial policies) where Goldman Sachs employees basically set economic policy.

In contemporary times much economic policy is not set by government to benefit citizenry, but instead, to enlarge the power of the banks.

So where does that leave us? The banking industry is against bitcoin naturally, because it is the first and only realistic hope people have escaping out of their greedy fingers in your pocket.  So it goes to figure that most regulation made will just in a effect be a penalty against bitcoin primarily before anything else.

We don't ever want to get the place where we are with fiat, where companies are leveraged 100x+ to 1 for every dollar they have, take massive systemic risks on the regular to increase quarterly profits, charge you exorbitant fees to take out your own money, are able to freeze you out of you the monetary system if you have a non-corporate opinion or tell the truth (ie wikileaks), have the power to repeal saftey guards in the economy that prevent Great Collapse ( http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Legislation ) , print money magically from nothing, controlled by a private company run by a handful of people profiting 6% for every dollar they create ( google federal reserve 6% dividend) ,  and so powerful that they even if they fail they can be bailed out by taxpayer debt when they fail.

The banking industry heads have more say on policy making than most elected officials -- it's a bad situation, bitcoin is the only hope that I see, and does not need regulation to prosper (just look at its history already).

Regulation = control

Control = limiting others' power to increase your own

http://prof77.wordpress.com/politics/an-updated-list-of-goldman-sachs-ties-to-the-obama-government-including-elena-kagan/

I try to follow this but it is tough -- if you want to participate in the bitcoin economy anyways.

Last time I got scammed:   transferred btc to weexchange to purchase asicminer shares. Zoinks, owner of exchange, Jon Montrol, accepted deposits for over a month while not allowing any withdrawals. Basically just stole everyone's money, but I didn't hear about it until it was too late. Got away with millions with no repercussions. Now I am too paranoid to put my btc anywhere for any time.

It is well and good to keep your btc on your home wallet but sure doesn't help the bitcoin economy at all.

We need decentralized exchanges.

Pretty similar to what happened with weexchange.

Why be a douchebag?

You should chose, instead, not to be a douchebag.

I don't know about a rally, but a party could be in order for the downfall of Gox. I really, really, really hope it is the last time they cause a crash. I'll be stoked if they never recover and close up shop.

It's not a 'waste'.

The work of PoW is work to create a currency that can not be counterfeit,  fungible,fast, and can not be created out of thin air like fiat.

And there are alternatives. Both in the PoS coins , like Hobonickels which make me 6% interest, and many others. Such as coins that ontribue computing resources to projects, like CureCoin.

If you want to talk about waste, how about the money and energy involved in building America's latest supercarrier. Or the Olympics.  Bitcoin has a lot of value and is useful.

Well this is time of great rejoicing for me. Gox  -- the largest contributor to the largest number of crashes in bitcoin -- is just about completely finished.

This is great!

I would strongly recommend against this. You probably have better odds playing blackjack at a casino at this point.

Unfortunately your money has been stolen by the owner of the exchange Jon Montrol.  

He accepted bitcoin deposits for a while knowing he wasn't able to pay back. He also took out some big loans and defaulted and hasn't been heard from in a few weeks.  It appears likely (to me anyways) he was using users' deposits to his exchange as his own personal wallet and took off with funds.

About half of the users whose funds were stolen are in denial he's going to show up one day 'in the future' and give them all their deposits back.

Their are about 5-8 threads on this topic.