Is DEA Agent Force Responsible For MtGox Collapse?

[Raystonn]

http://www.reddit.com/r/Bitcoin/comments/30xb6s/courtesy_of_mark_karpeles/

I smell a class action lawsuit from all MtGox customers coming soon.

[abyrnes81]

http://www.reddit.com/r/Bitcoin/comments/30xb6s/courtesy_of_mark_karpeles/

I smell a class action lawsuit from all MtGox customers coming soon.

I think it is only a 1st april fool (the joke) but a little bit previously....

[gentlemand]

The whole saga, in fact everything to do with Bitcoin, is so goddamn far out that nothing would surprise me.

Judging by the way Mr Karpeles has communicated on occasion, it seems there's a lot more he'd like to share but is somehow forced not to. I think plenty of minds will be blown before Gox is ever put to bed.

[AtheistAKASaneBrain]

The whole saga, in fact everything to do with Bitcoin, is so goddamn far out that nothing would surprise me.

Judging by the way Mr Karpeles has communicated on occasion, it seems there's a lot more he'd like to share but is somehow forced not to. I think plenty of minds will be blown before Gox is ever put to bed.

The whole thing would make for a fascinating movie. So much drama in the way things are developing that could make for a great story, going deeper than the rise and rise of Bitcoin. Even an action-drama type of movie would do, not necessary a documentary format.

[Raystonn]

Hard evidence that his buddy Shaun Bridges signed the warrant seizing millions from MtGox in 2013:
http://www.scribd.com/doc/162503556/Mt-Gox-Wells-Fargo-Seizure-Warrants

[ElectricMucus]

The whole saga, in fact everything to do with Bitcoin, is so goddamn far out that nothing would surprise me.

Judging by the way Mr Karpeles has communicated on occasion, it seems there's a lot more he'd like to share but is somehow forced not to. I think plenty of minds will be blown before Gox is ever put to bed.

The whole thing would make for a fascinating movie. So much drama in the way things are developing that could make for a great story, going deeper than the rise and rise of Bitcoin. Even an action-drama type of movie would do, not necessary a documentary format.

Trailer Bit Boys

[SirChiko]

Hard evidence that his buddy Shaun Bridges signed the warrant seizing millions from MtGox in 2013:
http://www.scribd.com/mobile/doc/162503556?width=360

I wanted to check it but it wants me to get some app, that sucks.
Also i have to belive this as in bitcoin world everything is possible lol.

[uki]

http://www.reddit.com/r/Bitcoin/comments/30xb6s/courtesy_of_mark_karpeles/

I smell a class action lawsuit from all MtGox customers coming soon.

I think it is only a 1st april fool (the joke) but a little bit previously....

It is already April 1st in some time zones, so it is all timely!

[samson]

Mark Karpeles from MtGox posted some linkedin messages from this guy on reddit today :

Reddit link : http://www.reddit.com/r/Bitcoin/comments/30xb6s/courtesy_of_mark_karpeles/

Images of the messages : http://imgur.com/a/ecQ5T

I suspect there's a lot more to this than we know.

Come on Mark, they stitched you up here - tell us what you know

[Raystonn]

Hard evidence that his buddy Shaun Bridges signed the warrant seizing millions from MtGox in 2013:
http://www.scribd.com/mobile/doc/162503556?width=360

I wanted to check it but it wants me to get some app, that sucks.
Also i have to belive this as in bitcoin world everything is possible lol.

I updated the link.  Tell me if it works better now.

[Raystonn]

I came across an interesting comment elsewhere by someone named ozlanthos and thought I would share.

I've been saying this for a while now. That the "exchange hackings" are being done by federal agents, or proxies for federal agencies. See unlike FRNs, the government can't ask the Federal Reserve to "print" more Bitcoin. Because of that, they can't keep devaluing the FRN at the rate they were, because the inflation would show in the price of Bitcoin and other cryptos. As a matter of fact, I am pretty sure that is why the Fed stopped QE to begin with, they couldn't hide the rate of release of new FRNs anymore. It's one thing when the FRN is falling in value at the same rate as the other fiat currencies, it's an entirely different matter when there are currencies like Bitcoin whose rate of production is not only fixed but deterministic, and orders of magnitude slower.

In attempts to dissuade people from investing in Bitcoin, the Fed has to distort the value of Bitcoin in contrast to Federal Reserve Notes. They can let the FRN strengthen by cutting back on QE, and increasing interest rates. Either of which will make the FRN a better store of value over the short-term. The problem is that many industries (oil specifically) have become DEPENDENT on cheap money flowing to the banks from the fed. Without the awesome rates the banks were getting (more or less FREE) exploration for sites to frack seems like a lame investment because of the cheapening prices of gas, and relatively low returns by comparison to conventional oil drilling. This negative feed-back loop has already gotten to the point where oil workers are being laid off by the thousands in the US and Canada.

All of this puts the fed in a bad spot. It could buy enough BTC to sell it at a loss, and cause major chaos on our exchanges, but, doing so would lose them money, and the market would correct too quickly for doing it to be worth it. In addition it would make everyone that sold them BTC richer. They could invest in networks to pull a 51% attack, but it would only work for 10 minutes. If they tried to mine, it would put the difficulty through the roof, make miners richer, and cost them as much to mine as it does everyone else. Everyone would know the fed got into mining, and the price would follow the difficulty. They have to steal it, or have someone else do it for them. It is the only way to get Bitcoin other than mining it, buying it (or trading for it...either of which makes traders richer), or selling something for it. Last I heard, they don't take BTC for Treasury Notes.....The markets behave the way they do because "someone" is selling Bitcoin in a way that seems to indicate that they didn't buy it, trade something of equivalent value, or mine it (meaning like they have no regard or concern for how much BTC is worth/costs)....you do the math...

-Oz

[coinableS]

I came across an interesting comment elsewhere by someone named ozlanthos and thought I would share.

I've been saying this for a while now. That the "exchange hackings" are being done by federal agents, or proxies for federal agencies. See unlike FRNs, the government can't ask the Federal Reserve to "print" more Bitcoin. Because of that, they can't keep devaluing the FRN at the rate they were, because the inflation would show in the price of Bitcoin and other cryptos. As a matter of fact, I am pretty sure that is why the Fed stopped QE to begin with, they couldn't hide the rate of release of new FRNs anymore. It's one thing when the FRN is falling in value at the same rate as the other fiat currencies, it's an entirely different matter when there are currencies like Bitcoin whose rate of production is not only fixed but deterministic, and orders of magnitude slower.

In attempts to dissuade people from investing in Bitcoin, the Fed has to distort the value of Bitcoin in contrast to Federal Reserve Notes. They can let the FRN strengthen by cutting back on QE, and increasing interest rates. Either of which will make the FRN a better store of value over the short-term. The problem is that many industries (oil specifically) have become DEPENDENT on cheap money flowing to the banks from the fed. Without the awesome rates the banks were getting (more or less FREE) exploration for sites to frack seems like a lame investment because of the cheapening prices of gas, and relatively low returns by comparison to conventional oil drilling. This negative feed-back loop has already gotten to the point where oil workers are being laid off by the thousands in the US and Canada.

All of this puts the fed in a bad spot. It could buy enough BTC to sell it at a loss, and cause major chaos on our exchanges, but, doing so would lose them money, and the market would correct too quickly for doing it to be worth it. In addition it would make everyone that sold them BTC richer. They could invest in networks to pull a 51% attack, but it would only work for 10 minutes. If they tried to mine, it would put the difficulty through the roof, make miners richer, and cost them as much to mine as it does everyone else. Everyone would know the fed got into mining, and the price would follow the difficulty. They have to steal it, or have someone else do it for them. It is the only way to get Bitcoin other than mining it, buying it (or trading for it...either of which makes traders richer), or selling something for it. Last I heard, they don't take BTC for Treasury Notes.....The markets behave the way they do because "someone" is selling Bitcoin in a way that seems to indicate that they didn't buy it, trade something of equivalent value, or mine it (meaning like they have no regard or concern for how much BTC is worth/costs)....you do the math...

-Oz

Wow, I bet there's so much going on that we have no clue about. How deep does this go?

[JimboToronto]

Trailer Bit Boys

With John Dunsworth and Patrick Roach playing the parts of Carl Mark Force IV and Shaun Bridges.

And of course Mike Smith as Mark Karpeles.

[Bejkn]

Wish it.

I miss my money terribly.

[--Encrypted--]

Wish it.

I miss my money terribly.

what, you think they're going to return it?
that kind of thing never happened before and never will.

[stonerider]

Somebody should make a movie, a comedy about this. I will go and watch it. I need some good, real laughter about btc.

[SirChiko]

Wish it.

I miss my money terribly.

what, you think they're going to return it?
that kind of thing never happened before and never will.

Of course they never will..many people lost ammounts that made them rich...
May i ask how mutch did you loose? I'm just curious.

[manselr]

The whole saga, in fact everything to do with Bitcoin, is so goddamn far out that nothing would surprise me.

Judging by the way Mr Karpeles has communicated on occasion, it seems there's a lot more he'd like to share but is somehow forced not to. I think plenty of minds will be blown before Gox is ever put to bed.

The whole thing would make for a fascinating movie. So much drama in the way things are developing that could make for a great story, going deeper than the rise and rise of Bitcoin. Even an action-drama type of movie would do, not necessary a documentary format.

Trailer Bit Boys

It would be great, directed by Tarantino and someone like like dj qualls playing Karpeles (after a lot of dieting tho).

[Bit_Happy]

http://www.reddit.com/r/Bitcoin/comments/30xb6s/courtesy_of_mark_karpeles/

I smell a class action lawsuit from all MtGox customers coming soon.

I read a large section of the comments and it was very entertaining, thanks. 

[chmod755]

what, you think they're going to return it?

Both agents are being investigated so it's likely that the funds will be returned.

It would only be fair if the U.S. government pays* for the damage too - the total damage of the Mt.Gox seizures likely exceeds one billion USD (-> reputation damage, lost profits, legal costs, etc.)

*Taking as much as possible from the agents involved.