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Author Topic: Is Mt Gox just like the HYIPs out there?  (Read 2055 times)
bitrebel
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June 19, 2011, 08:20:49 PM
 #1

A few years back, HYIPs were all the rage across the online gambling world. Most turned out to be scams, even though, on the surface they appeared to be legitimate investment opportunities.

Is it possible that Mt Gox was started for this very purpose by someone who would run a HYIP?

I'm no expert on computer security, or anything involving cryptography, really, so I can't follow everything that happens with technical proficiency like i would like to. But hasn't Mt Gox been caught lying or being deceptive?

Is it possible or probable that someone would have that much bitcoins in an account, to then be liquidated in the middle of the night?

Is it possible for Mt Gox to be the ones benefiting from the selloff, and "hack", even though they will restore the values to $17, $1000 worth of bitcoins were supposed to have been stolen. Would that be $1000 worth at .01 each? Or just $1000 worth total, at $17? What value is the 1000 at?

Would it be worthwhile for them to do this?
The HYIPs in the past would get people's confidence, then when they paid out for a while, and more people jumped in, they claim DDOS attacks, shut down, and disappear. This was an everyday occurrence for a while, sometimes 2 or 3 a day would fold, but every time, the money would be stolen, never to be heard from again. They always used E-gold because you could not get a refund from the deposits.

Does it make any sense for them to do this to themselves?
Could it be an inside job to destroy bitcoin and run off with the money?

Or are these just more paranoid ramblings?

Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
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Durr
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June 19, 2011, 08:23:23 PM
 #2

Yes if it's $1000 worth of Bitcoin stolen at 0.01 price then it's goodbye for sure

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June 19, 2011, 08:31:05 PM
 #3

A few years back, HYIPs were all the rage across the online gambling world. Most turned out to be scams, even though, on the surface they appeared to be legitimate investment opportunities.

Is it possible that Mt Gox was started for this very purpose by someone who would run a HYIP?

I'm no expert on computer security, or anything involving cryptography, really, so I can't follow everything that happens with technical proficiency like i would like to. But hasn't Mt Gox been caught lying or being deceptive?

Is it possible or probable that someone would have that much bitcoins in an account, to then be liquidated in the middle of the night?

Is it possible for Mt Gox to be the ones benefiting from the selloff, and "hack", even though they will restore the values to $17, $1000 worth of bitcoins were supposed to have been stolen. Would that be $1000 worth at .01 each? Or just $1000 worth total, at $17? What value is the 1000 at?

Would it be worthwhile for them to do this?
The HYIPs in the past would get people's confidence, then when they paid out for a while, and more people jumped in, they claim DDOS attacks, shut down, and disappear. This was an everyday occurrence for a while, sometimes 2 or 3 a day would fold, but every time, the money would be stolen, never to be heard from again. They always used E-gold because you could not get a refund from the deposits.

Does it make any sense for them to do this to themselves?
Could it be an inside job to destroy bitcoin and run off with the money?

Or are these just more paranoid ramblings?


Paranoid rambling. Please don't post talk about those HYIP programs here, the last thing we need is for people to start using Bitcoin for such purposes and then we have another e-gold case.

Of course Mt. Gox could do this, but they make 100x more money than any of those pathetic HYIP programs ever did (with a few exceptions). It wouldn't be worth the trouble to scam everyone, unless he was super greedy. He already banks around 30k/day I believe in profit, I could be wrong.

Either way it would be stupid.
bitrebel
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June 19, 2011, 08:33:01 PM
 #4

A few years back, HYIPs were all the rage across the online gambling world. Most turned out to be scams, even though, on the surface they appeared to be legitimate investment opportunities.

Is it possible that Mt Gox was started for this very purpose by someone who would run a HYIP?

I'm no expert on computer security, or anything involving cryptography, really, so I can't follow everything that happens with technical proficiency like i would like to. But hasn't Mt Gox been caught lying or being deceptive?

Is it possible or probable that someone would have that much bitcoins in an account, to then be liquidated in the middle of the night?

Is it possible for Mt Gox to be the ones benefiting from the selloff, and "hack", even though they will restore the values to $17, $1000 worth of bitcoins were supposed to have been stolen. Would that be $1000 worth at .01 each? Or just $1000 worth total, at $17? What value is the 1000 at?

Would it be worthwhile for them to do this?
The HYIPs in the past would get people's confidence, then when they paid out for a while, and more people jumped in, they claim DDOS attacks, shut down, and disappear. This was an everyday occurrence for a while, sometimes 2 or 3 a day would fold, but every time, the money would be stolen, never to be heard from again. They always used E-gold because you could not get a refund from the deposits.

Does it make any sense for them to do this to themselves?
Could it be an inside job to destroy bitcoin and run off with the money?

Or are these just more paranoid ramblings?


Paranoid rambling. Please don't post talk about those HYIP programs here, the last thing we need is for people to start using Bitcoin for such purposes and then we have another e-gold case.

Of course Mt. Gox could do this, but they make 100x more money than any of those pathetic HYIP programs ever did (with a few exceptions). It wouldn't be worth the trouble to scam everyone, unless he was super greedy. He already banks around 30k/day I believe in profit, I could be wrong.

Either way it would be stupid.

$30,000 was from one day of super heavy trading. It's more like $3,000 per day.

Now $1000 bitcoins valued at .01 each is 100,000 bitcoins stolen potentially.
100,000 bitcoins at $17 each is 1.7 million dollars stolen with NO EVIDENCE!

Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
bitrebel
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June 19, 2011, 08:39:51 PM
 #5

Mt Gox also had the power to move 250,000 bitcoins from one account to another.
Mt Gox could be behind the sudden upswing in prices, then the decline.
Mt Gox could be working undercover as AllinVain.
Mt Gox can pretty much do whatever it wants with a thousand accounts and hundreds of thousands of bitcoins at their disposal.

Sorry, but I just do not trust anything at all, especially where something this important and powerful is concerned.

Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
Shinobi
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June 19, 2011, 08:48:59 PM
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But i thought the "power of Bitcoin" lies in its decentralization?  Roll Eyes

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Durr
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June 19, 2011, 08:50:56 PM
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In my opinion the MtGox owner(s) have to be put to jail for this. This is against the law.

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paulie_w
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June 19, 2011, 08:52:42 PM
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Quote
$30,000 was from one day of super heavy trading. It's more like $3,000 per day.

Now $1000 bitcoins valued at .01 each is 100,000 bitcoins stolen potentially.
100,000 bitcoins at $17 each is 1.7 million dollars stolen with NO EVIDENCE!

oh i see. brilliant.
flug
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June 19, 2011, 09:05:19 PM
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Sorry, but I just do not trust anything at all, especially where something this important and powerful is concerned.

I don't trust anyone especially either.

If I was trading a lot of bitcoins I would have them spread over as many exchanges as possible, always have them on the move whilst they're not in my own secured wallet, and never leave bitcoins or money laying around on the exchanges. I really don't understand why anyone would leave 250KBTC on an exchange, not this early in the game anyhow. That's kinda common sense really, isn't it? Trust builds over time, and as the Bitcoin ecosystem matures.

(But I'm not trading. I'm buying and holding.)

Seriously, is this news to anyone?
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