I think Gox will survive this - but they have definitely lost their front-runner status which is not necessarily a bad thing.
Its undeniably awful for them! They should be ashamed. Such an easy position to hold but incredible levels of incompetence destroyed them. Late last year when I first learned about MtGox I quickly assumed that they would be the next Google or Facebook, a mega-company to ride the Bitcoin revolution. They are sure crashing and burning instead. Very sad, but largely due to their own incompetence (failed merger, regulatory failures). |
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Gox proclaimed dead. Funeral to be arranged shortly:  Invitations going out soon...  |
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All you hold is a simple set of numbers and letters that give you the ability to move some numbers around on a global ledger.
Very similar to the simple set of numbers which have controlled secret bank accounts in Switzerland for so many years. This will be good for Bitcoin as it will generate publicity and then discussion between people who might not have heard about Bitcoin until Mr Schwab decided to do a PR job for it. Keep up the good work Schwab! |
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Well done for taking this step! Not an easy decision, but the right one. |
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I would think that a pool should get licensed.
So a pool in Kazakhstan gets licensed under the non-existent MSB laws there? |
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This is a myth. Governments will always be able to levy asset taxes on land and buildings, also excise taxes on petroleum products, and sales taxes on utility services like electricity and water. $1,000 to renew your passport or drivers licence? Easy government revenue! Income tax may disappear but governments won't. Hopefully they will shrink to fit balanced budgets. |
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The late 19th Century was a period of economic and personal freedom where capitalism worked properly. Despite the economic panics living standards improved fast. Capitalism is Darwinian, survival of the fittest, which is perfect for corporations where bankruptcy is a cleansing process. The Fed in 1913 began the process of exempting banks from the effects of competition by backstopping them with printed money, although this policy aim could not be fully acheived until the gold standard was abolished in 1971. Nevertheless the first wave of Fed interventions caused the 1920s boom which caused the 1930s bust. What has happened since 1971 shows that 100 years of the Federal Reserve has been a 100% disaster. Instead of small booms and busts the Fed creates booms and defers busts until they are so large they are effectively systemic failures.  |
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ummm, the same thing is going on at bitstamp. slow and steady stream of 1 btc sells.
This is a steady stream of buys. These trades aren't originated by sellers because the seller's orders are being hit all the time. Someone is accumulating a large holding and does not want to do the usual whale splash of ripping up the ask wall. |
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SHA-256 HAS BACKDOORS.
References? Papers? Links? Actor_Tom_Truong say-so? Anything?  |
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If any BF member has not voted yet - then vote for Trace Mayer. He rocks!!
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Seems this guy didn't enable 2FA until after the attack.
Right now, both he and Mark Karpeles could be telling the truth if the attacker disabled 2fa, then reenabled it after he was done. 2FA on withdrawal is pointless if it can be disabled after login. My understanding is that once Yubikey is enabled on MtGox for withdrawals it can't be disabled (by the user), hence the multi-week delay for lost/broken Yubikeys while account ownerwhip is re-verified and MtGox enables a replacement Yubikey. It can be disabled with the OTP code. But only by using the Yubikey... |
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ah, you missed something: Yet the concept of digital currency, based on cryptographic tools, is here to stay. If Bitcoin fails, similar alternatives are bound to be born. ( Already cryptocurrencies like Litecoin are trying to get a foothold in this new space.) One thing is certain – money will never be the same again.  Good spot. Yes, I deliberately trimmed that because I just wanted to capture the gist of the article as briefly as possible. Personally, I consider that all the people who think that cryptocurrency is the future but some other coin will come steaming out of the shadows and take over is missing a very important point. The point is that because Bitcoin is wholly software it can evolve very fast, and because it has already a $1.6bn valuation there is a huge amount of vested interest in its success. So if supercoin comes along with a particular feature that is grabbing market share, then the bitcoin user-base will not sit back, they will clone this change and neutralize supercoin's advantage. Even if it means a hard-fork is needed the consensus will be there because there will always be consensus to prevent $1.6bn from evaporating. The article writer has not considered that far ahead. |
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Seems this guy didn't enable 2FA until after the attack.
Right now, both he and Mark Karpeles could be telling the truth if the attacker disabled 2fa, then reenabled it after he was done. 2FA on withdrawal is pointless if it can be disabled after login. My understanding is that once Yubikey is enabled on MtGox for withdrawals it can't be disabled (by the user), hence the multi-week delay for lost/broken Yubikeys while account ownerwhip is re-verified and MtGox enables a replacement Yubikey. |
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Which is deeper?
And how can I get deeper still, I wish to explore.
Altered Stateshttp://www.imdb.com/title/tt0080360/33 years ago this film was revolutionary for being "out there" and deep! |
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OP, can you ask MtGox to check and confirm:
a) that funds can only be withdrawn from your account when the yubikey is used.
b) that their logs show a 3-sec (long-press) was actually performed on this withdrawal.
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Canada
Under 1k.
Waiting one month.
1 week of that is rush 5% fee.
still waiting.
Wow, that's outrageous. The next thing MtGox could offer is instantaneous fiat transfer to anywhere in the world: for 100% fee. |
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