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Author Topic: [Reality Check!] MtGox Is Doing Their Best and Will Remain The #1 Exchange!  (Read 6314 times)
Bit_Happy
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June 21, 2011, 09:01:59 PM
 #1

Final Edit:

I told everyone from the start that this is the main point of the thread:

<Spoiler Code>
Both you and the Bitcoin project might be better off if you ignore all MtGox threads and help build projects for the Bitcoin economy....
</Spoiler Code>

Thank you for participating.

If you posted prior to page #4, and want to know exactly what happened, see this post.






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First, I am a huge MtGox fan and supporter, this can be easily shown if you are motivated to review my posting history.
2nd, Until ~2 hours ago, I was certain trading would resume within a couple of days.



!!!
<Spoiler Code>
Both you and the Bitcoin project might be better off if you ignore all MtGox threads and help build projects for the Bitcoin economy. If you want to know why they may be preparing to run please continue now.  Cheesy
</Spoiler Code>




!!!!!!!!!!!
Major Edit to the main topic:
  • I better understand now why we cannot view the contents of our accounts, but they are still causing a huge amount of needless work and delays with today's set-up.


!!!!!!!!!
***EDIT: I admit being wrong on an important detail:
Here:
Why, are we still waiting for more verification after today's verification? that doesn't match what was supposed to happen.
!!!!!!!!!


Reality Check: Strong Indication MtGox Is Packing Up to Run w/ Money and BTC?

The current set-up which we waited for, should be a huge let-down for all the supporters and believers?
Why?
Secure Code to check the strength of passwords is very common.

Like this: Add a current password field to the current form >> Use a script similar to a login to verify password is accurate >> Add simple code to stop more than _ attempts (brute force protection)  >> If password matches, then finish current script w/ email verification and account activation (minus actual tading) NOW, not later. *EDIT: Also force password change...
^^^

A small 2 man show w/ ~1 or 2 employees holding millions of dollars intentionally set-up a system that will keep us waiting, worrying, fighting, and debating for at least 3 more days.
^^^
Why?
Why did they intentionally set-up a system that will keep us waiting, worrying, fighting, and debating for at least 3 more days?

This is a  Reality Check: Strong Indication MtGox Is Packing Up to Run w/ Money and BTC?

What do you think?

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Insuremeplz
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June 21, 2011, 09:06:10 PM
 #2

Quote
What do you think?

I think you're nuts
piuk
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June 21, 2011, 09:08:34 PM
 #3

I think you have absolutely no evidence, but i'm on board anyway.

finack
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June 21, 2011, 09:09:58 PM
 #4

Never attribute to malice that which is adequately explained by stupidity.
GeniuSxBoY
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June 21, 2011, 09:11:47 PM
 #5

It's pointless to boost security when hackers can go in through holes in the foundation.

also,

If you can enter and leave a secure room, intruders can get in and out simultaneously while walking through the gateway.





It's almost pointless to think mt gox can secure the site from every hacker in the world until we get a bitcoin-like impenetrable security system in place.
Tasty Champa
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June 21, 2011, 09:13:17 PM
 #6

That would be the most hilarious thing to have happened yet to BTC.

I'm sure it has crossed their mind, but you can't hide long enough from 60000 people with the level of intellect displayed here to spend the kind of money they have stashed.
TonyHoyle
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June 21, 2011, 09:15:31 PM
 #7

Running off with that much BTC and USD would attract the immediate interest of law enforcement.  In short, he not only wouldnt get away with it he'd be cooling his heels with bubba for the next 20 years.

MagicalTux isn't stupid.  Nor does he come across as dishonest enough to want to try it in the first place.

Recovering from this kind of breach is a long and complex operation - just ask Sony.
NO_SLAVE
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June 21, 2011, 09:16:44 PM
 #8

why would they make a claims page, if they were hitting the road.

 They could have just disappeared by now.  If they did skip out, Yes they would be hunted for the rest of their lives by anarcho sadisdo capitalist athiest murderer pornographer hackers, they know this, and know that their lives would be lost or ruined and tortured.   Thats the reality check!

So. Looks to me like MtGox is fighting the good fight, and a difficult one at that. They have 61,000 accounts to deal with and a legion of seething geeks / opportunists / selfish bastards.  They have no choice but to perform. This is daunting at best.

When youre going through hell keep on going mtgox.
Bit_Happy
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June 21, 2011, 09:18:42 PM
 #9

Good reminder, thanks.

Never attribute to malice that which is adequately explained by stupidity.

finack is correct the "indicator" might be poor design, not intent to run.
I will add Customer service is King, and the current set-up is horrible for most of us. My OP shows how we could all have been checking our account balances right this moment.  (Except for those w/ weak passwords)


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dinker
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June 21, 2011, 09:18:56 PM
 #10

Gox has not been very open about what they're doing, it's just delay after delay, claim site goes up for 20min then goes down indefinitely.

If they're indeed fleeing, they obviously do need a few days, if not weeks to deplete their(our) accounts because of the withdraw limit of banks, etc. But they needed to post every few hours to calm us down.

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Bit_Happy
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June 21, 2011, 09:20:26 PM
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why would they make a claims page, if they were hitting the road.

 They could have just disappeared by now.  If they did skip out, Yes they would be hunted for the rest of their lives by anarcho sadisdo capitalist athiest murderer pornographer hackers, they know this, and know that their lives would be lost or ruined and tortured.   Thats the reality check!

So. Looks to me like MtGox is fighting the good fight, and a difficult one at that. They have 61,000 accounts to deal with and a legion of seething geeks / opportunists / selfish bastards.  They have no choice but to perform. This is daunting at best.

When youre going through hell keep on going mtgox.

Great, remember I'm a strong supporter.
Why did they intentionally set-up a system that will keep us waiting, worrying, fighting, and debating for at least 3 more days?

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andyb
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June 21, 2011, 09:21:14 PM
 #12

the only way they could do it is if they get emergency plastic surgery, make them self look Asian, because all Asians look the same, and we won't be able to distinguish them.
vrotaru
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June 21, 2011, 09:22:52 PM
 #13

If they're indeed fleeing, they obviously do need a few days, if not weeks to deplete their(our) accounts because of the withdraw limit of banks, etc. But they needed to post every few hours to calm us down.

That's Hollywood territory.
TonyHoyle
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June 21, 2011, 09:26:04 PM
 #14

Not sure really what choice they had.

1. Their entire user database is public knowledge.
2. Many of those users had positive BTC/UTC balances
3. They *need* to change their password.

But - problem - the bad guys probably know their password too.

I can't imagine a way to handle that quickly - the primary means of identity - the username/password pair - is compromised.  The only way to verify is out of band.. things you know about the account, recognised ID, etc.  This is slow - it could take weeks - and until everyone who has requested access gets it they can't open without being accused of favoritism.
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June 21, 2011, 09:26:54 PM
 #15

If this is correct "Never attribute to malice that which is adequately explained by stupidity." Then our #1 exchange is run by people who are not improving their decision making when they most need to come through for their customers, IMO.

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June 21, 2011, 09:29:02 PM
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If they're indeed fleeing, they obviously do need a few days, if not weeks to deplete their(our) accounts because of the withdraw limit of banks, etc. But they needed to post every few hours to calm us down.

That's Hollywood territory.

The recent BitCoin territory is way crazier than Hollywoods.

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Bit_Happy
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June 21, 2011, 09:29:21 PM
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Not sure really what choice they had.

1. Their entire user database is public knowledge.
2. Many of those users had positive BTC/UTC balances
3. They *need* to change their password.

But - problem - the bad guys probably know their password too.

I can't imagine a way to handle that quickly - the primary means of identity - the username/password pair - is compromised.  The only way to verify is out of band.. things you know about the account, recognised ID, etc.  This is slow - it could take weeks - and until everyone who has requested access gets it they can't open without being accused of favoritism.


They *need* to change their password.

Addressed and automated in my OP.
Starting with their public statements about the process, a huge number of the checks could have been 100% automated.

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DamienBlack
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June 21, 2011, 09:29:35 PM
 #18

Great, remember I'm a strong supporter.
Why did they intentionally set-up a system that will keep us waiting, worrying, fighting, and debating for at least 3 more days?

Because they are having a hard time setting up a system that doesn't.

Seriously, you were one of the few voices of reason on the forum, what happened. Don't go crazy on me.

I trade bitcoin options at https://bitoption.org/ ... Join me.
I play poker at https://betco.in/ ... Join me.
Support the bitcoin economy, what do you do?
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June 21, 2011, 09:31:40 PM
 #19

So you think they have more to gain by just running off with whatever amount of money they currently have and hiding from law enforcement for the rest of their lives, vs just putting the nose to the grind and implementing a better, more secure system that if they manage to get it right this time, has the potentiall to be very profitable?

I keep hearing people say as if they know it to be fact that there are no more then 1 or 2 people at Mt Gox, with no other resources what so ever?  I am truely amazed how many people seemingly have direct knowledge of, and are experts in, the goings on behind the scenes at Mt Gox.
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June 21, 2011, 09:32:49 PM
 #20

Great, remember I'm a strong supporter.
Why did they intentionally set-up a system that will keep us waiting, worrying, fighting, and debating for at least 3 more days?

Because they are having a hard time setting up a system that doesn't.

Seriously, you were one of the few voices of reason on the forum, what happened. Don't go crazy on me.

OK, thanks DamienBlack, I can do that.
Long Live MtGox!


ps. If anyone wants to ever start a viable alternative to my favorite exchange please include awesome real-time charts exactly like MtGox has, thank you.

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