are you think there is a possibility MT GOX version 2?

[monsanto]

I would make a run for my money on kraken, definitely looks like they self DDOS to keep their liquid funds high during the peak.

Could you explain more on your theory of "self DDOS"? I'm not following why they would do that.

[1713585178]

1713585178

[abonarea]

I think we can be sure of this to not happen again in future but there are going to be more legislation and recognition by many countries about Bitcoin and this will minimize the chances.In past situation was totally different and there was no law and fear what could prevent these things.

[bryant.coleman]

May be. But the big question is, even if someone create MtGox 2.0, who is going to use it? The Mt Gox scandal not only tarnished its own reputation as an exchange, but it also tarnished Bitcoin's public image as well. Getting back the customers will take a huge lot of effort. And it might require some crazy promotions and discounts.

[Jeremycoin]

They have lost a big amount of money, so it would be quite impossible for MT Gox to reopen.
And people wouldn't trust them like before, they'll be wary invest on them.

[RKing]

Most large exchanges are owned by partners. None of them have the exclusive rights to manipulate the data to enrich oneself. MtGox is owned by that French guy, had superpower to do anything in his exchange.

[Timeline]

No.

1. No single exchange dominates BTC like Gox did in its heyday.
2. The exchanges today have better security and are a great deal more professional than Gox.

#2 is not air-tight, but #1 is a solid reality.

This sums it up. Gox was so poorly managed that it was only a matter of time before it got hacked.

[Betwrong]

D-DOS attack everywhere

http://cointelegraph.com/news/115562/biggest-bitcoin-exchange-okcoin-suffers-cyber-attack-price-plummets
http://cointelegraph.com/news/115561/kraken-ddos-attack-leaves-traders-unable-to-sell-at-500-peak

are you think there is possiblity MT gox version 2 ?

I don't think so. Mt. Gox was the biggest  bitcoin currency exchange market at the time and was very trusted place. What happened to it was highly unexpected and customers lost their money because they were unable to withdraw them months before the collapse was officially reported.

As long as customers can withdraw their money from those exchanges, they are no Mt. Gox.

[onemd]

It is risky to leave our money in the exchange. Will a regulated exchange protect our money and bitcoin in them?

[xdrpx]

Anything could be possible, the scammers are always on the run, only a few of them are really caught. It's always better to be safe than sorry by instantly withdrawing your traded/exchanged funds from the exchange site wallets. It's better to work with decentralized exchanges like Bitshares.

[Amph]

nah, there are no more 860k at risk this time, you can't pretend to have the same thing again with the fact that bitcoin is limited

actually mtgox helped to have less coins, so if another thing will happen it can help the price in the long run

[Sugarape]

If you think there aren't going to be any more gox-type situations of massive thefts from others you're being quite naive. Any site or person who holds bitcoins no matter how small or large is going to be a target. The more coins you have the bigger target you'll become.

[n2004al]

D-DOS attack everywhere

http://cointelegraph.com/news/115562/biggest-bitcoin-exchange-okcoin-suffers-cyber-attack-price-plummets
http://cointelegraph.com/news/115561/kraken-ddos-attack-leaves-traders-unable-to-sell-at-500-peak

are you think there is possiblity MT gox version 2 ?

Sure that it will be possible. If it will be another Mark Karpeles (with him's abilities) but that cannot be an impostor. And gains with its work and its results the trust of the people which will believe their bitcoins to him.

If this will be true the actual price of bitcoin and the last bubble of it will be considered only children game.

[Nagle]

D-DOS attack everywhere

http://cointelegraph.com/news/115562/biggest-bitcoin-exchange-okcoin-suffers-cyber-attack-price-plummets
http://cointelegraph.com/news/115561/kraken-ddos-attack-leaves-traders-unable-to-sell-at-500-peak

Since this happened just as the price started to go down and people wanted to sell, it probably means that the exchanges involved didn't have enough cash to cover their positions. So they faked an "attack". It's just too conveniently timed.

[cjmoles]

It is risky to leave our money in the exchange. Will a regulated exchange protect our money and bitcoin in them?

Who or what would be the regulating agency?  That is the whole attraction of bitcoin....the decentralized, global adoption of the technology...By assigning a regulating agency you're devaluing the product significantly....bitcoin is of the people, for the people and by the people.  We need to regulate ourselves and accept our losses when we make bad decisions....that's how it works.

[Mickeyb]

I am afraid there is. Nothing is sure in this world. As long as you have people taking care of millions of dollars and those people are attacked by the others that want that money and these exchanges owners are also fighting with their greed, etc, you will have problems.

Remember why Bitcoin was created? A trustless system that excludes the weak link - humans!

[christycalhoun]

I thiink anything is possible. I am sure mt gox will not be that last exchange to commit any fraud.

[Arcteryx]

It is risky to leave our money in the exchange. Will a regulated exchange protect our money and bitcoin in them?

I don't know. Try and put something into Gemini and let us know what happens in 6 months if your bitcoin is still there.

[NorrisK]

I think some people want to see problems everywhere, even when there aren't any problems.

Faking volume not to have to pay top euro at peak.. I mean, the buyers must have sent to funds there one time or another.

Also, it is not like kraken is spending huge amounts on marketing or anything to cause massive cash drains.

[RKing]

It is risky to leave our money in the exchange. Will a regulated exchange protect our money and bitcoin in them?

I don't know. Try and put something into Gemini and let us know what happens in 6 months if your bitcoin is still there.

There is no need to put any money in Gemini just to test the possibility that it will lose your bitcoin. There are at least 3000 bitcoin there every day.

[Arcteryx]

It is risky to leave our money in the exchange. Will a regulated exchange protect our money and bitcoin in them?

I don't know. Try and put something into Gemini and let us know what happens in 6 months if your bitcoin is still there.

There is no need to put any money in Gemini just to test the possibility that it will lose your bitcoin. There are at least 3000 bitcoin there every day.

People are asking if exchanges are trustworthy or risky. Gemini seems to growing into being a big one according to that statistic you put into this discussion. The quote "To big to fail." come to mind? I told him to put some in and try them out. If you make some profit on their exchange then you have already answered your own question on if they are trustworthy or not.