Largest Bitcoin loss to date.

[MPOE-PR]

The MPOE/MPEx March 2013 statement shows a 27,794.62815427 BTC nominal loss. At current USD/BTC rates that comes to a whopping 2.5 million dollars. Let that sink in for a minute.

This is probably more than whatever Bitcoin Savings & Trust lost (USD/BTC was ~7 at that time, so unless it was over 350,000 BTC or so...) .

This is certainly more than what Bitcoinica lost, independently through Zhou Tong's theft and jointly with the help of Amir Taaki and the rest of the Bitcoinica Consultancy "experts" in their own mind. Convert it all to fiat, add it all together, it doesn't get high enough to compete.

This is also more than pretty much all the other historical declared losses combined. You know all the countless endless cases of "our exchange got hacked"? How many so far? Well...convert them to fiat at the rate then prevailing, add them all together, it will come to less than MPOE's March loss.

Unlike the Pirate incident, unlike the Bitcoinica incidents, unlike each and every other "hack" and failure in Bitcoin history to date, S.MPOE is solvent, pays out normally, is requiring no "community support", is not "looking for options" and bla bla the future. Business as normal, when you trade 45 million notional you will occasionally show a few million in the red.

This, incidentally, is why CoinBlaBla isn't "bringing Wall Street to Bitcoin". Wall Street is already here, and has been, for a while.

Have a great day.

[empoweoqwj]

How can you lose money in this market?

Me smells a fish.

[MPOE-PR]

How can you lose money in this market?

Me smells a fish.

So wash.

[simonk83]

Ok.  Well done for being shitty at your job I guess.

[🏰 TradeFortress 🏰]

Ok.  Well done for being shitty at your job I guess.

MPOE bondholders made a loss while people who bought calls for BTCUSD profited.

Still ridiculous to brag about losing 27.8k btc.

[koin]

This is probably more than whatever Bitcoin Savings & Trust lost (USD/BTC was ~7 at that time, so unless it was over 350,000 BTC or so...) .

but the post-pirate ponzi collapse took a bigger bite out of each bondholder:

Loss per BTC : 0.48646087.

[wachtwoord]

Ok.  Well done for being shitty at your job I guess.

MPOE bondholders made a loss while people who bought calls for BTCUSD profited.

Still ridiculous to brag about losing 27.8k btc.

This. You want a medal?

[MPOE-PR]

Ok.  Well done for being shitty at your job I guess.

MPOE bondholders made a loss while people who bought calls for BTCUSD profited.

Still ridiculous to brag about losing 27.8k btc.

What else could you do with it?

It is good news for the community, in general. There's a proven, functioning backstop for BTC, and it's pretty huge.

This is probably more than whatever Bitcoin Savings & Trust lost (USD/BTC was ~7 at that time, so unless it was over 350,000 BTC or so...) .

but the post-pirate ponzi collapse took a bigger bite out of each bondholder:

Loss per BTC : 0.48646087.

Yup. On the strength of empirical evidence so far the conclusion would be "Insider trading empowered by general market irresponsibility" > "Crazy directionality in the market, 400% gains in 30 days".

[ciuciu]

The MPOE/MPEx March 2013 statement shows a 27,794.62815427 BTC nominal loss. At current USD/BTC rates that comes to a whopping 2.5 million dollars. Let that sink in for a minute.

This is probably more than whatever Bitcoin Savings & Trust lost (USD/BTC was ~7 at that time, so unless it was over 350,000 BTC or so...) .

This is certainly more than what Bitcoinica lost, independently through Zhou Tong's theft and jointly with the help of Amir Taaki and the rest of the Bitcoinica Consultancy "experts" in their own mind. Convert it all to fiat, add it all together, it doesn't get high enough to compete.

This is also more than pretty much all the other historical declared losses combined. You know all the countless endless cases of "our exchange got hacked"? How many so far? Well...convert them to fiat at the rate then prevailing, add them all together, it will come to less than MPOE's March loss.

Unlike the Pirate incident, unlike the Bitcoinica incidents, unlike each and every other "hack" and failure in Bitcoin history to date, S.MPOE is solvent, pays out normally, is requiring no "community support", is not "looking for options" and bla bla the future. Business as normal, when you trade 45 million notional you will occasionally show a few million in the red.

This, incidentally, is why CoinBlaBla isn't "bringing Wall Street to Bitcoin". Wall Street is already here, and has been, for a while.

Have a great day.

I'm sure that 90% of the loss is in his pocket now. The crazy guy is robbing you blind under the excuse of free market. Go on, you will lose your shirt soon.

[MPOE-PR]

This. You want a medal?

Yes, actually. Think more, you might figure out why there's exactly one BTC business deserving of a medal.

The MPOE/MPEx March 2013 statement shows a 27,794.62815427 BTC nominal loss. At current USD/BTC rates that comes to a whopping 2.5 million dollars. Let that sink in for a minute.

This is probably more than whatever Bitcoin Savings & Trust lost (USD/BTC was ~7 at that time, so unless it was over 350,000 BTC or so...) .

This is certainly more than what Bitcoinica lost, independently through Zhou Tong's theft and jointly with the help of Amir Taaki and the rest of the Bitcoinica Consultancy "experts" in their own mind. Convert it all to fiat, add it all together, it doesn't get high enough to compete.

This is also more than pretty much all the other historical declared losses combined. You know all the countless endless cases of "our exchange got hacked"? How many so far? Well...convert them to fiat at the rate then prevailing, add them all together, it will come to less than MPOE's March loss.

Unlike the Pirate incident, unlike the Bitcoinica incidents, unlike each and every other "hack" and failure in Bitcoin history to date, S.MPOE is solvent, pays out normally, is requiring no "community support", is not "looking for options" and bla bla the future. Business as normal, when you trade 45 million notional you will occasionally show a few million in the red.

This, incidentally, is why CoinBlaBla isn't "bringing Wall Street to Bitcoin". Wall Street is already here, and has been, for a while.

Have a great day.

I'm sure that 90% of the loss is in his pocket now. The crazy guy is robbing you blind under the excuse of free market. Go on, you will lose your shirt soon.

How cute, proven scammer following the script. Bugger off.

[ciuciu]

This. You want a medal?

Yes, actually. Think more, you might figure out why there's exactly one BTC business deserving of a medal.

The MPOE/MPEx March 2013 statement shows a 27,794.62815427 BTC nominal loss. At current USD/BTC rates that comes to a whopping 2.5 million dollars. Let that sink in for a minute.

This is probably more than whatever Bitcoin Savings & Trust lost (USD/BTC was ~7 at that time, so unless it was over 350,000 BTC or so...) .

This is certainly more than what Bitcoinica lost, independently through Zhou Tong's theft and jointly with the help of Amir Taaki and the rest of the Bitcoinica Consultancy "experts" in their own mind. Convert it all to fiat, add it all together, it doesn't get high enough to compete.

This is also more than pretty much all the other historical declared losses combined. You know all the countless endless cases of "our exchange got hacked"? How many so far? Well...convert them to fiat at the rate then prevailing, add them all together, it will come to less than MPOE's March loss.

Unlike the Pirate incident, unlike the Bitcoinica incidents, unlike each and every other "hack" and failure in Bitcoin history to date, S.MPOE is solvent, pays out normally, is requiring no "community support", is not "looking for options" and bla bla the future. Business as normal, when you trade 45 million notional you will occasionally show a few million in the red.

This, incidentally, is why CoinBlaBla isn't "bringing Wall Street to Bitcoin". Wall Street is already here, and has been, for a while.

Have a great day.

I'm sure that 90% of the loss is in his pocket now. The crazy guy is robbing you blind under the excuse of free market. Go on, you will lose your shirt soon.

How cute, proven scammer following the script. Bugger off.

You will say anything without any proof, you little piece of shit. Not proud of it, but I bought back almost all confirmed shareholders.

Now get back to selling guaranteed losing shares and stealing BTC, you crazy Wall Street wannabe.

[MPOE-PR]

This. You want a medal?

Yes, actually. Think more, you might figure out why there's exactly one BTC business deserving of a medal.

The MPOE/MPEx March 2013 statement shows a 27,794.62815427 BTC nominal loss. At current USD/BTC rates that comes to a whopping 2.5 million dollars. Let that sink in for a minute.

This is probably more than whatever Bitcoin Savings & Trust lost (USD/BTC was ~7 at that time, so unless it was over 350,000 BTC or so...) .

This is certainly more than what Bitcoinica lost, independently through Zhou Tong's theft and jointly with the help of Amir Taaki and the rest of the Bitcoinica Consultancy "experts" in their own mind. Convert it all to fiat, add it all together, it doesn't get high enough to compete.

This is also more than pretty much all the other historical declared losses combined. You know all the countless endless cases of "our exchange got hacked"? How many so far? Well...convert them to fiat at the rate then prevailing, add them all together, it will come to less than MPOE's March loss.

Unlike the Pirate incident, unlike the Bitcoinica incidents, unlike each and every other "hack" and failure in Bitcoin history to date, S.MPOE is solvent, pays out normally, is requiring no "community support", is not "looking for options" and bla bla the future. Business as normal, when you trade 45 million notional you will occasionally show a few million in the red.

This, incidentally, is why CoinBlaBla isn't "bringing Wall Street to Bitcoin". Wall Street is already here, and has been, for a while.

Have a great day.

I'm sure that 90% of the loss is in his pocket now. The crazy guy is robbing you blind under the excuse of free market. Go on, you will lose your shirt soon.

How cute, proven scammer following the script. Bugger off.

You will say anything without any proof, you little piece of shit. Not proud of it, but I bought back almost all confirmed shareholders.

Now get back to selling guaranteed losing shares and stealing BTC, you crazy Wall Street wannabe.

Except S.MPOE are pretty much the only shares in BTC history trading higher today than a year ago. And by higher I mean something like 50x or w/e. The only other example is S.DICE and perhaps ASICMINER. Out of the rest of what, 1,000 give or take "issues", including your own, everything is in distress, trading around 0% of issuance "value". Sucks huh.

[evoorhees]

Ok.  Well done for being shitty at your job I guess.

MPOE bondholders made a loss while people who bought calls for BTCUSD profited.

Still ridiculous to brag about losing 27.8k btc.

This. You want a medal?

I think the fact that MPOE lost that much money in a month and is solvent and paying all parties as contractually agreed is hugely relevant and hugely impressive.

Sorry for the month of losses, MPOE, but thank you for doing it properly. It deserves respect.

[wachtwoord]

Ok.  Well done for being shitty at your job I guess.

MPOE bondholders made a loss while people who bought calls for BTCUSD profited.

Still ridiculous to brag about losing 27.8k btc.

This. You want a medal?

I think the fact that MPOE lost that much money in a month and is solvent and paying all parties as contractually agreed is hugely relevant and hugely impressive.

Sorry for the month of losses, MPOE, but thank you for doing it properly. It deserves respect.

I am under the impression MPOE has moved the entire risk on the bonds to the bond holders with their auctioning system, shielding themselves (and equity holders) from any and all losses. If this is inaccurate I retract my statement.

[ciuciu]

This. You want a medal?

Yes, actually. Think more, you might figure out why there's exactly one BTC business deserving of a medal.

The MPOE/MPEx March 2013 statement shows a 27,794.62815427 BTC nominal loss. At current USD/BTC rates that comes to a whopping 2.5 million dollars. Let that sink in for a minute.

This is probably more than whatever Bitcoin Savings & Trust lost (USD/BTC was ~7 at that time, so unless it was over 350,000 BTC or so...) .

This is certainly more than what Bitcoinica lost, independently through Zhou Tong's theft and jointly with the help of Amir Taaki and the rest of the Bitcoinica Consultancy "experts" in their own mind. Convert it all to fiat, add it all together, it doesn't get high enough to compete.

This is also more than pretty much all the other historical declared losses combined. You know all the countless endless cases of "our exchange got hacked"? How many so far? Well...convert them to fiat at the rate then prevailing, add them all together, it will come to less than MPOE's March loss.

Unlike the Pirate incident, unlike the Bitcoinica incidents, unlike each and every other "hack" and failure in Bitcoin history to date, S.MPOE is solvent, pays out normally, is requiring no "community support", is not "looking for options" and bla bla the future. Business as normal, when you trade 45 million notional you will occasionally show a few million in the red.

This, incidentally, is why CoinBlaBla isn't "bringing Wall Street to Bitcoin". Wall Street is already here, and has been, for a while.

Have a great day.

I'm sure that 90% of the loss is in his pocket now. The crazy guy is robbing you blind under the excuse of free market. Go on, you will lose your shirt soon.

How cute, proven scammer following the script. Bugger off.

You will say anything without any proof, you little piece of shit. Not proud of it, but I bought back almost all confirmed shareholders.

Now get back to selling guaranteed losing shares and stealing BTC, you crazy Wall Street wannabe.

Except S.MPOE are pretty much the only shares in BTC history trading higher today than a year ago. And by higher I mean something like 50x or w/e. The only other example is S.DICE and perhaps ASICMINER. Out of the rest of what, 1,000 give or take "issues", including your own, everything is in distress, trading around 0% of issuance "value". Sucks huh.

Don't worry, the market will see the truth sooner or later. Look at the value of S.DICE.

[ciuciu]

Ok.  Well done for being shitty at your job I guess.

MPOE bondholders made a loss while people who bought calls for BTCUSD profited.

Still ridiculous to brag about losing 27.8k btc.

This. You want a medal?

I think the fact that MPOE lost that much money in a month and is solvent and paying all parties as contractually agreed is hugely relevant and hugely impressive.

Sorry for the month of losses, MPOE, but thank you for doing it properly. It deserves respect.

I am under the impression MPOE has moved the entire risk on the bonds to the bond holders with their auctioning system, shielding themselves (and equity holders) from any and all losses. If this is inaccurate I retract my statement.

This is exactly what he did. I can bet he is the biggest winner on the other side. Next 2 months there will be small winnings again followed by a bigger loss. Then rinse and repeat.

[Garr255]

I recall BS&T being just about BTC500k. (Although that's coming purely from memory and I wouldn't be able to cite a source )

[PsychoticBoy]

Now shit really hits the fan!



Look at the new trailer he bought. 

[Bugpowder]

Congrats to the MPEx team for providing such an incredible level of liquidity in the options market.  The MPOE bot provides such an important service to the bitcoin finance community.  I'm happy to see that despite the steep losses this month, all contracts were honored without even the whiff of a 'glitch', 'hiccup', or 'hack'.

[ciuciu]

Congrats to the MPEx team for providing such an incredible level of liquidity in the options market.  The MPOE bot provides such an important service to the bitcoin finance community.  I'm happy to see that despite the steep losses this month, all contracts were honored without even the whiff of a 'glitch', 'hiccup', or 'hack'.

Sure, take a seat near the carriage.

[MPOE-PR]

I think the fact that MPOE lost that much money in a month and is solvent and paying all parties as contractually agreed is hugely relevant and hugely impressive.

Sorry for the month of losses, MPOE, but thank you for doing it properly. It deserves respect.

Just the way the cookie crumbles.

I am under the impression MPOE has moved the entire risk on the bonds to the bond holders with their auctioning system, shielding themselves (and equity holders) from any and all losses. If this is inaccurate I retract my statement.

But read the March statement, have you?

I recall BS&T being just about BTC500k. (Although that's coming purely from memory and I wouldn't be able to cite a source )

That's the maximal estimate, but we don't know exactly how much of that was really it. Anyone's guess by this point.

Congrats to the MPEx team for providing such an incredible level of liquidity in the options market.  The MPOE bot provides such an important service to the bitcoin finance community.  I'm happy to see that despite the steep losses this month, all contracts were honored without even the whiff of a 'glitch', 'hiccup', or 'hack'.

mircea_popescu> $mpexlag
<mpexbot> 0.110319137573 seconds

I guess it's time to add "Buy 1 million" buttons.

[deadweasel]

Congrats to the MPEx team for providing such an incredible level of liquidity in the options market.  The MPOE bot provides such an important service to the bitcoin finance community.  I'm happy to see that despite the steep losses this month, all contracts were honored without even the whiff of a 'glitch', 'hiccup', or 'hack'.

Not enough can be said about this.  I have seen no other BTC business take a loss this size without boarding up shop and ignoring bondholders. 

This is barely even a bump in the road.

[AnonyMint]

I don't have time to analyze this options system deeply, but the apparent (due to email trading system) lack of real-time feed means to me lack of transparency. So maybe the "100% security" is a loss leader.

No accusations, just no time to find out if what I am worried about above is true or not.

Yeah liquidity is important. Yeah capital formation is important. Yeah math is important.

But involving with people who write on their website that they want to kill all idiots, is dangerous for me. Sorry.

(not to mention it is mathematically myopic, how can their be higher IQ if there is not lower IQ, i.e. how can you see black without white. Contrast is required for perception and being smart on one issue doesn't make one smart on all issues, we need diversity)

If anyone finds themselves being ignored by me, they should refer to this post as to a possible reason why.

[Bugpowder]

I don't have time to analyze this options system deeply, but the apparent (due to email trading system) lack of real-time feed means to me lack of transparency. So maybe the "100% security" is a loss leader.

No accusations, just no time to find out if what I am worried about above is true or not.

Yeah liquidity is important. Yeah capital formation is important. Yeah math is important.

But involving with people who write on their website that they want to kill all idiots, is dangerous for me. Sorry.

(not to mention it is mathematically myopic, how can their be higher IQ if there is not lower IQ, i.e. how can you see black without white. Contrast is required for perception and being smart on one issue doesn't make one smart on all issues, we need diversity)

If anyone finds themselves being ignored by me, they should refer to this post as to a possible reason why.

The options trades stream on #bitcoin-assets and on twitter dude.

Also are you aware that there is a website called MPEx and a functioning liquid market on it?  The email based system was last relevant over a year ago.

I dont think anyone will notice nor care about you ignoring them.

[MPOE-PR]

I don't have time to analyze this options system deeply, but the apparent (due to email trading system) lack of real-time feed means to me lack of transparency. So maybe the "100% security" is a loss leader.

No accusations, just no time to find out if what I am worried about above is true or not.

Yeah liquidity is important. Yeah capital formation is important. Yeah math is important.

But involving with people who write on their website that they want to kill all idiots, is dangerous for me. Sorry.

(not to mention it is mathematically myopic, how can their be higher IQ if there is not lower IQ, i.e. how can you see black without white. Contrast is required for perception and being smart on one issue doesn't make one smart on all issues, we need diversity)

If anyone finds themselves being ignored by me, they should refer to this post as to a possible reason why.

Always good to proceed superficially if you don't have the time to do anything else. At the very least it will keep you occupied.

[AnonyMint]

The options trades stream on #bitcoin-assets and on twitter dude.

Also are you aware that there is a website called MPEx and a functioning liquid market on it?  The email based system was last relevant over a year ago.

Like anyone could figure this out easily. Simply didn't have time to dig for more than 30 minutes.

A FAQ that was more direct to the point on the key aspects, with less reverse psychology preaching would be a nice start.

Always good to proceed superficially if you don't have the time to do anything else. At the very least it will keep you occupied.

Always good to use reverse psychology.

There is such a thing as skimming on the chance it might be 80/20 and then bailing once it is vaguely clear it is probably not.

[MPOE-PR]

A FAQ that was more direct to the point on the key aspects, with less reverse psychology preaching would be a nice start.

Let me cut you a deal: if you can find the time to sprout bs like the above quoted, you HAVE to also take the time to make the case for it.

Conversely, if you limit yourself to making the case you don't even have to sprout the bullshit. So, what preaching and what key aspects are you on about?

More importantly: once you've done something stupid (like you have, above), the solution is never to pretend like what you did wasn't really stupid if only people took in more of some particular context, like for instance the fact that you're a nice guy or whatever. The solution always is to admit (publicly, preferably) that what you did was stupid and (this is the important part) take palliative measures immediately. I know that traditionally the failed approach receives no punishment and so the consumer mindset has become to take that way out as if it were acceptable. It is not acceptable and it won't work.

[Peter Lambert]

I recall BS&T being just about BTC500k. (Although that's coming purely from memory and I wouldn't be able to cite a source )

I think it was estimated at 500k btc of account balances after compounding at 7% for several weeks, not that he actually had that much. Not that I would know, I never invested in that (or any of the things invested in it).

[CharlesPonzi]

 There is no way to tell if it wasnt a massive case of insider trading using a fake account to bleed the profits from bondholders 

[CharlesPonzi]

I recall BS&T being just about BTC500k. (Although that's coming purely from memory and I wouldn't be able to cite a source )

I think it was estimated at 500k btc of account balances after compounding at 7% for several weeks, not that he actually had that much. Not that I would know, I never invested in that (or any of the things invested in it).

No you are usually the one running the ponzi.

[MPOE-PR]

There is no way to tell if it wasnt a massive case of insider trading using a fake account to bleed the profits from bondholders 

Actually there is, seeing how the trades ticker.

[Atruk]

Congrats to the MPEx team for providing such an incredible level of liquidity in the options market.  The MPOE bot provides such an important service to the bitcoin finance community.  I'm happy to see that despite the steep losses this month, all contracts were honored without even the whiff of a 'glitch', 'hiccup', or 'hack'.

Sure, take a seat near the carriage.

Amazing how Mircea managed to keep the traders whole on thier options without resorting to "insurance"