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Author Topic: MtGox vs Other Exchanges  (Read 1715 times)
Dimsum
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June 21, 2011, 08:00:04 PM
 #21

In case you're too lazy to read MtGox's report, their site was NOT hacked. They were inspected by an auditor who had an infected machine, and the auditor had read-only access to the database.

So they say! Who's to say its the truth?

I like the idea of giving ratings based on certain criteria with wiki entries to keep tabs on things.
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MBH
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June 21, 2011, 08:01:26 PM
 #22

bbjansen,

I have explained in other threads that while MtGox has been breached, it wasn't due to lack of security on their site but from an auditor's infected machine.

Honestly, since now MtGox has been breached, they'd tighten their security even more and that's an extra reason for me to trust them & stick with them.
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June 21, 2011, 08:03:14 PM
 #23

Dimsum,
MtGox makes a lot of money per month from transactions and fees, and it's being audited, so they cannot make false claims without being prosecuted (by investors, customers and the Japanese government).
bbjansen
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June 21, 2011, 08:05:26 PM
 #24

bbjansen,

You are not alone.  This is why Bitcoin is in for an epic crash.  There is no confidence in the market nor an acceptable medium for exchange.  Prices will be wildly volatile as people will try to cash out while others try to cling on that BTC is only in for a minor correction (ie. buying opportunity).

Once they realize the inherent problems with the system are still broken, they will sell.  Luckily for you, you're only a week in.  Walk away now or trade the volatility if you feel like gambling.  Someone will be holding the bag at the end of all of this, the goal is to make yourself not that guy.
I agree but I don't think trading Bitcoins is the same as gambling. With gambling you have zero, nada control over the outcome. When I was studying the Bitcoin trade and exchange patterns and looked at the past 60 days of trading I see a lot of patterns that occur in the normal stock market and exchanges for silver, gold, and money too. The Bitcoin is defiantly not any different to any other exchange market.

The problem is trust. Nobody can trust the Bitcoin at the moment because it's still very young and has no stability what so ever. This is normal with any new currency although most new currencies get supported by their governments/country while the Bitcoin started from pure scratch and is now supported by a few ten thousands of people and no central organization aka a government or bank. You need to build up the trust and this has to be done by the Bitcoin community. At the moment it's epically failing *cough* Mt. Gox.
CurbsideProphet
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June 21, 2011, 08:06:06 PM
 #25

Dimsum,
MtGox makes a lot of money per month from transactions and fees, and it's being audited, so they cannot make false claims without being prosecuted (by investors, customers and the Japanese government).

Audited by whom?  Can you give me a name of the firm?  Or is it an internal audit?  

If you don't know the answer, I don't see how you can be confident in your response.

1ProphetnvP8ju2SxxRvVvyzCtTXDgLPJV
bbjansen
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June 21, 2011, 08:06:58 PM
 #26

bbjansen,

I have explained in other threads that while MtGox has been breached, it wasn't due to lack of security on their site but from an auditor's infected machine.

Honestly, since now MtGox has been breached, they'd tighten their security even more and that's an extra reason for me to trust them & stick with them.
Still a fail on their part. They should be much more secure and use a safe machine that should only be used for auditing and not for playing video games, watching porn, downloading files and other daily shit.
kodaz
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June 21, 2011, 08:08:40 PM
 #27

Actually, I find it a little un-nerving that they were being auditted.

By whom?  There own due diligence, or a force outside of them?

Bit Coin, Hurt Tooth!
MBH
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June 21, 2011, 08:10:20 PM
 #28

Actually, I find it a little un-nerving that they were being auditted.

By whom?  There own due diligence, or a force outside of them?

It's a standard procedure to be audited when you're making $1 million/month out of transaction fees. Keep in mind this is a legal company and it receives/sends funds through banks, so everything has to be audited and verified.
kodaz
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June 22, 2011, 07:34:25 AM
 #29

not disagreeing with you.

I am simply asking the question because I have seen other "legal" entities online taken down starting with an innocent audit.
One initiated by a bank or multiple banks who are already in contact with the SEC over what they consider to be suspicious activity.

Bit Coin, Hurt Tooth!
minor_miner
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June 22, 2011, 07:50:28 AM
 #30

Does anyone know if VirWox is going to support BTC again?

Or is it really just "temporarily suspended"?
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