What's the biggest scam that's ever been in Bitcoin?

[pilscoop]

Any information about this?

[n2004al]

For sure the scam of Mt Gox. According to Wikipedia: https://en.wikipedia.org/wiki/Mt._Gox

"On 24 February 2014, Mt. Gox suspended all trading, and hours later its website went offline, returning a blank page. An alleged leaked internal crisis management document claimed that the company was insolvent, after losing 744,408 bitcoins in a theft which went undetected for years."

[Amph]

that amount was probably part of the reason why the price tanked afterward, mtgox was also a heavy centralized exchange, too many coins there, there should be more decentralized exchange, everything around bitcoin should be decentralized to avoid this troubles

[kolloh]

Yep, Mt Gox for sure

[franky1]

MTGox
Trendon shavers
Bitcoinica

the thing about all scams is that people keep putting all their funds into uninsured third parties hands, people they have never met but weirdly trust with thousands of dollars of value.

if you want to avoid a scam never put all your eggs into one  basket. and if you cannot find enough info about who is 'managing' your deposits, to be able to slap them with a wet fish and a court order.. then dont put any in.

[shorena]

Any information about this?

Yep, a dedicated thread to collect them all -> https://bitcointalk.org/index.php?topic=576337.0

[sempak]

MT. GOX is the most major events and ltcgearstore. although we hired LTC however associated with bitcoin. very big lie because I invested heavily here. indeed that day is a day that is not profitable

[leex1528]

I don't even think this is a question, Mt Gox without a doubt.  How many coins were lost in that whole fiasco?  Over 700,000 I believe?  There hasn't been anything close to that since then.

[Hazir]

that amount was probably part of the reason why the price tanked afterward, mtgox was also a heavy centralized exchange, too many coins there, there should be more decentralized exchange, everything around bitcoin should be decentralized to avoid this troubles

Centralization is not the flaw and decentralization is not the answer. If system if corrupted it doesn't matter.
If management of MtGox was good it could still be the biggest, active and prominent exchange to this day.
All we need is right people on the right place, not idiots, scammers and thieves running things.

[LFC_Bitcoin]

For sure the scam of Mt Gox. According to Wikipedia: https://en.wikipedia.org/wiki/Mt._Gox

"On 24 February 2014, Mt. Gox suspended all trading, and hours later its website went offline, returning a blank page. An alleged leaked internal crisis management document claimed that the company was insolvent, after losing 744,408 bitcoins in a theft which went undetected for years."

Agree with this, Mark Karpeles what an awful man, so many people lost so much money. Such a bad mark in bitcoijs history.

[Mickeyb]

There was pretty much exactly the same thread about 2 weeks ago, but let's answer it all over again.

Mt. Gox without a doubt! The scam that has left a large dent in our reputation and the scam that will hunt us for many more years I am afraid. They even want to record a movie about Mt. Gox scam, I hope they don't though.

[LFC_Bitcoin]

There was pretty much exactly the same thread about 2 weeks ago, but let's answer it all over again.

Mt. Gox without a doubt! The scam that has left a large dent in our reputation and the scam that will hunt us for many more years I am afraid. They even want to record a movie about Mt. Gox scam, I hope they don't though.

That'd probably be a good thing especially if it was a good film with big actors. Imagine the publicity & exposure bitcoin would get with average joe public.

[Kprawn]

I would suggest that you browse the forum a bit, before you start a new thread. We have discussed this here --> https://bitcointalk.org/index.php?topic=1194784.0

If you go through that thread, you will quickly see the worst scams/scandals we have seen was a> MtGox and b> Silkroad c> Jennifer Lawrence Naked Photo linked to Bitcoin

We are not proud and happy about those, but there are thousands of examples with other payment methods ....Why single out Bitcoin?

[Amph]

that amount was probably part of the reason why the price tanked afterward, mtgox was also a heavy centralized exchange, too many coins there, there should be more decentralized exchange, everything around bitcoin should be decentralized to avoid this troubles

Centralization is not the flaw and decentralization is not the answer. If system if corrupted it doesn't matter.
If management of MtGox was good it could still be the biggest, active and prominent exchange to this day.
All we need is right people on the right place, not idiots, scammers and thieves running things.

with decentralization, you can avoid completely the odds to have one malicious guy running everything, and since money make 99% of people malicious is better to have a decentralization system

why having a decentralized payment system when everything that turn around it is centralized, it almost kill the point...

[Mickeyb]

There was pretty much exactly the same thread about 2 weeks ago, but let's answer it all over again.

Mt. Gox without a doubt! The scam that has left a large dent in our reputation and the scam that will hunt us for many more years I am afraid. They even want to record a movie about Mt. Gox scam, I hope they don't though.

That'd probably be a good thing especially if it was a good film with big actors. Imagine the publicity & exposure bitcoin would get with average joe public.

It would be a good thing if the ending message of the movie would be something like Bitcoin is an amazing technology full of potential and Mt. Gox wasn't really the fault of the Bitcoin but the fault is rather human factor related.

If the message would be screw the technology that allows the Mt. Gox to happen, then this would be quite disastrous!

[ashour]

that amount was probably part of the reason why the price tanked afterward, mtgox was also a heavy centralized exchange, too many coins there, there should be more decentralized exchange, everything around bitcoin should be decentralized to avoid this troubles

Centralization is not the flaw and decentralization is not the answer. If system if corrupted it doesn't matter.
If management of MtGox was good it could still be the biggest, active and prominent exchange to this day.
All we need is right people on the right place, not idiots, scammers and thieves running things.

with decentralization, you can avoid completely the odds to have one malicious guy running everything, and since money make 99% of people malicious is better to have a decentralization system

why having a decentralized payment system when everything that turn around it is centralized, it almost kill the point...

Yes, but the problem of decentralization is, who would take care of the exchange ? What if it has a bug ? Who is going to fix ? How do we know that the one who is going to fix isn't going to steal the coins ?

[Zombier0]

Mtgox
Butterfly labs then mintpal/mookah

[bb2ebb]

the appearance cryptodouble.com

cryptodouble have gained confidence as the site of certain model investment ponzi. pretty much bitcoin stored there. and when web cryptodouble has been inactive/scam, consequently bitcoin price decreases dramatically 

[BitcoinEXpress]

Let's not forget about our friend and very own VIP Tradefortress.


Officially 4100 BTC lost on Inputs.io



~BCX~

[Quickseller]

Probably the seizure of SR1's BTC when Ross was arrested, as this amounted to hundreds of thousands of BTC, which was worth millions at the time.