[2014-02-27]: Leaked: Just before Bitcoin catastrophe, MtGox dreamed of riches

[yogi]

At some point in recent weeks, MtGox appears to have pitched investors, arguing that it was poised to increase its profits 20-fold in just two years on the back of “no debt nor outside financing.”

http://arstechnica.com/business/2014/02/leaked-just-before-bitcoin-catastrophe-mtgox-dreamed-of-riches/

[Bit_Happy]

Popcorn ready....


“For the next 3 to 5 years, the objectives of MtGox are to establish and promote cryptocurrencies as a trusted payment ecosystem, to acquire and connect 2 million customers by 2015 and to provide the best Bitcoin [point-of-sale] systems in the world,” the document states. “At the same time we will strive to promote Bitcoin as a trusted currency for everyone in order to increase the usage and to innovate the payment ecosystem.”

[patricktim]

So, he started off saving two bucks, then investors thought it was a good idea to give him millions of their dollars to hang onto.

[Skoupi]

I 've already lost track of the possible scenarios...
I think i 'll stick with the one that says that for any reason, MK can't access his private keys.

[cyrpi4]

I am really interesting to know who are that MtGox executives who made this Business Plan ?
And pardon me but who is Ryan Selkis? why he was named "Two-Bit Idiot"?

[aigeezer]

It is even harder than usual to guess who is doing what to whom. We are inundated in spin from various sources. Within this article, for example:

"According to Bloomberg, the Bitcoin Foundation reached out to American federal prosecutors in New York immediately after the shutdown, providing information that may lead to formal charges." - suggesting that the foundation tried to take down Gox using the US government as a pointy stick. Is that credible? Who knows?

Regulatory sabre rattling is increasing. Is this the banksters making their move or just the normal ebb and flow of politics/commerce/media? Who knows?

Anyway, no need for a tinfoil hat, but I think this is a time to take nothing at face value and to give every bit of breaking news the smell test - especially leaked stories, and especially stories that discredit BTC-world.

Let the games begin.



 

[yogi]

The thing I'm finding really hard to believe, is that MtGox lost >700k btc from a malleability bug. This could only happen if they didn't even do the most basic form of accounting.

[hmmmstrange]

And pardon me but who is Ryan Selkis? why he was named "Two-Bit Idiot"?

double negative/entendre, it's actually quite clever

[aigeezer]

I am really interesting to know who are that MtGox executives who made this Business Plan ?
And pardon me but who is Ryan Selkis? why he was named "Two-Bit Idiot"?

I had never heard of him so I had to look.

Wowsers! Is it really this easy?

"Former Analyst at JPMorgan Investment Bank"

https://angel.co/ryan-selkis