Kevin Day, New Bitcoin Multimillionaire worth 5 Million dollars

[bitrebel]

This is very interesting. He claims he bought 250,000 bitcoins for .01 each, and he is not a hacker.
Someone sold 500,000 bitcoins at once, from one account that may have been hacked.

Problems are arising with mt gox story.

Mt Gox wants to rollback, but of course Kevin is against it.
Mt gox claims someone hacked into account A, then sold off coins, then tried to buy them back. Apparently Kevin beat them to it.

But Mt Gox claims different. ??

[Synaptic]

This is very interesting. He claims he bought 250,000 bitcoins for .01 each, and he is not a hacker.
Someone sold 500,000 bitcoins at once, from one account that may have been hacked.

Problems are arising with mt gox story.

Mt Gox wants to rollback, but of course Kevin is against it.
Mt gox claims someone hacked into account A, then sold off coins, then tried to buy them back. Apparently Kevin beat them to it.

But Mt Gox claims different. ??

Hold on to your butts. 

[WesleyK]

Shouldnt the price rise as he buys more BTC?

[bitrebel]

Shouldnt the price rise as he buys more BTC?

He bought them at the lowest point,. and he had $3000 to invest already in mt gox. If the sells outweight the buys, he get's to buy as many as he likes until they are all bought up.

[speeder]

Someone sold 550k coins.

Kevin Day had a very old bid of a unknown (But very high amount) of coins at 0.01

about 250k of the coins being sold cleared the bid book.

Then 261k went to Kevin Day (or whoever is the "lucky" guy)

The guy that sold 550k coins, threw a buy order back, bought at 10 USD, and withdrew those coins (1000 USD in BTC was stolen, thus 100 BTC).

MtGox will roll back the fraudulent transaction, because it is fraudulent.


So, no, Kevin Day is not millionaire. But he will have some story to tell his grandchildren one day.



So, neither of them are lying.

And Kevin Day must return the stuff, or he is liable of receiving several million USD of stolen goods, that will throw him squarely into felony in several countries, and I am sure is better to be millionaire for a day and then poor, than to be a arrested millionaire for several years that will have to pay a millionaire fine. (and thus will be poor again anyway)

[Synaptic]

Shouldnt the price rise as he buys more BTC?

He bought them at the lowest point,. and he had $3000 to invest already in mt gox. If the sells outweight the buys, he get's to buy as many as he likes until they are all bought up.

Damn I hope he got out with them before the market closed..

[relative]

does it matter?
even if "Kevin" sues he has no chance.

we already knew that there was mass selling and the price fell to 0.01. I fail to see the news.
news would be if there was a large BTC withdrawal.
given that "Kevin" is against the rollback, I assume he did not withdraw anything.

[Cusipzzz]

Of course they are being rolled back. Every exchange has and will continue to break trades like this..they all have rules about 'clearly erroneous' trades.

NYSE, Nasdaq - all of them have broken trades and will do so again. This is super standard, but I guess people not used to trading other assets on exchanges would not understand this.

[Synaptic]

Someone sold 550k coins.

Kevin Day had a very old bid of a unknown (But very high amount) of coins at 0.01

about 250k of the coins being sold cleared the bid book.

Then 261k went to Kevin Day (or whoever is the "lucky" guy)

The guy that sold 550k coins, threw a buy order back, bought at 10 USD, and withdrew those coins (1000 USD in BTC was stolen, thus 100 BTC).

MtGox will roll back the fraudulent transaction, because it is fraudulent.


So, no, Kevin Day is not millionaire. But he will have some story to tell his grandchildren one day.



So, neither of them are lying.

And Kevin Day must return the stuff, or he is liable of receiving several million USD of stolen goods, that will throw him squarely into felony in several countries, and I am sure is better to be millionaire for a day and then poor, than to be a arrested millionaire for several years that will have to pay a millionaire fine. (and thus will be poor again anyway)

HAHA, a FELONY!

LOL...

Oh god my heart is aflutter with joy at how fun this forum has been today.

Priceless. I love you all.

[GeniuSxBoY]

cool story bro.


screenshots or it didn't happen?

[Bit_Happy]

I was a strong rollback supporter, but with a question.
Why does MtGox really want to rollback? What does MtGox actually gain from helping the one big fat cat?
Less chance of one serious lawsuit?
Can some help answer/speculate?

[kjj]

Awesome.  What this place has been in dire need of for the last day or so is more conspiracy theory threads.

Kevin sounds more or less reasonable.  He wishes he could keep the coins, but I think he knows he shouldn't, and can't.

My opinion of Bruce has dipped even lower than it was yesterday when he started spamming all of the threads.  His latest spam was very poorly worded, largely to get people to watch the show.  Screaming $5 million when talking about a $2500 purchase is the type of slimy self promotion that makes my skin crawl.

But the show is interesting.  I hate to say it, but he could someday become a good interviewer.

[Phil21]

HAHA, a FELONY!

LOL...

Oh god my heart is aflutter with joy at how fun this forum has been today.

Priceless. I love you all.

Certainly is entertaining

The fact people can't put 2+2 together continues to amaze me, likely will forever.  Sigh.

[speeder]

I was a strong rollback supporter, but with a question.
Why does MtGox really want to rollback? What does MtGox actually gain from helping the one big fat cat?
Less chance of one serious lawsuit?
Can some help answer/speculate?

MtGox has to return the stolen money (since now we know it was sorta their fault... at least, the auditor guy fault).

They can:

a) rollback everything and cover the few withdrawn BTCs by random people.
b) Pull 550k BTC from nowhere to return to the guy.



What of these 2 you think is easier to do?

[Anonymous]

I would prefer MtGox to honor its contracts and pay the dues for its own errors or hold whoever caused this accountable for the loss.

Some company needs to be liable and fail. Failure is essential for the future at large.

[kjj]

I was a strong rollback supporter, but with a question.
Why does MtGox really want to rollback? What does MtGox actually gain from helping the one big fat cat?
Less chance of one serious lawsuit?
Can some help answer/speculate?

Which one big fat cat are you referring to?  Rule of Law?  Or the entire bitcoin community?

Or do you really think that the only person (or people) hurt by this was the one guy (or several guys) that had their accounts liquidated?

[Phil21]

Has the actual existence of said "fat cat" actually have been confirmed?

If not.. why do you assume this to be a truth?

[lemonginger]

I would prefer MtGox to honor its contracts and pay the dues for its own errors or hold whoever caused this accountable for the loss.

Some company needs to be liable and fail. Failure is essential for the future at large.

Can you specify what those contracts state please?

[airdata]

it's a misdemeanor class A to even log into somebodies account that does not belong to you.  Once you pass the $1500 mark of financial damage, you get into felony territory.

source : personal experience.

[bitrebel]

cool story bro.


screenshots or it didn't happen?

Kevin was just interviewed by Bruce on the bitcoin show a few minutes ago.