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Author Topic: Gox crashing the bitcoin price Why not delete their wallet from the blockchain?  (Read 118 times)
buysolar
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March 09, 2018, 09:50:44 AM
 #1

Gox is crashing the bitcoin price again! Why not just delete their wallet from the blockchain? Or create a forked new bitcoin without them in it?

According to this article the people who had their coins stolen aren't getting back their coins or the current value of the coins and the owners of mt. gox might get the coins instead

https://www.trustnodes.com/2018/03/07/mt-gox-crashed-bitcoin-trustee-sold-bottom-blockchain-data-reveals
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March 09, 2018, 09:59:12 PM
Merited by Vod (2)
 #2

Why? There is no reason to do this. These are legal bitcoins, like everyone else. And the next question is, who should decide that? With such an action Bitcoin would be at the end. When you start to block some Bitcoins with a fork from the network, who can still trust the system? Which coins should still be blocked? The coins of satoshi, me or yours? I hope you understand why this is not possible.  Cool
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March 09, 2018, 10:29:59 PM
Merited by Vod (2)
 #3

Let's just hope that this is nearing the last we'll hear of Mt. Gox. The sell-off method in which they approached is very selfish, greedy and irresponsible, but it goes to show how volatile the BTC industry is. I'm okay with it, though. It just means that we're having yet another firesale on Bitcoin at the moment Cheesy

At the end of the day, as much as Mt. Gox is at blame for all the stolen bitcoin, it was a valuable lesson for users not to store their coins in exchanges. While I'm not justifying the actions of MG, we need incidents like this in order to help shape the security and safety of bitcoin in the future.

Regarding the volatility of the coin anytime a big sell-off like this happens? This may be a one-off. Most huge bitcoin hodlers aren't going to irresponsibly flood the market with massive amounts of bitcoins. I'm assuming that if they want to move a large amount of bitcoin, they would do it off-exchange, meaning they'd conduct a private sale, in order to protect the market from sudden plunges.

But nigh is the day that we will not have to hear about Mt. Gox again. *fingers crossed*

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March 09, 2018, 10:31:27 PM
 #4

You cant just fork bitcoin because you or a group of people disagree with whats happening or because it was affecting your wallet negatively.  Bitcoin is a decentralized currency that no one person or group of people can control which goes against everything your proposing.  With all the being said if bitcoin forks everytime a disagreement over something is made then it will eventually die out bringing down the crypto market with it.

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vit05
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March 09, 2018, 11:20:21 PM
 #5

One of the beauties of decentralization is precise to prevent decisions like the ones you want, cannot be taken quickly, or by a decision of a small group. That is why so many people criticize projects that emerge and are extremely centralized. With an organization or a small group of people being able to decide how the whole project should behave.

The Mt Gox Trust could have made the decision to convert their currencies into fiat using instruments such as OTC. That do not influence the market price so much. This suggestion was even offered by the CEO of Kraken.

But they chose to dump in the retail. And get the best price possible at that time. It was a stupid decision, but not illegal.

Both justice and those who believe in the true spirit of cryptographic accept the freedom to do whatever they want with the wallets they own the private key.
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March 09, 2018, 11:23:52 PM
 #6

That would crash the price more than any actions fox could do. When you start doing anything like black listing coins or wallets you set a terrible option for future use.

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March 09, 2018, 11:27:35 PM
 #7

Gox is crashing the bitcoin price again! Why not just delete their wallet from the blockchain? Or create a forked new bitcoin without them in it?

According to this article the people who had their coins stolen aren't getting back their coins or the current value of the coins and the owners of mt. gox might get the coins instead

https://www.trustnodes.com/2018/03/07/mt-gox-crashed-bitcoin-trustee-sold-bottom-blockchain-data-reveals

The MtGox trustee is apparently not very savvy with cryptocurrency, as the job of a bankruptcy trustee is to return maximum value to the creditors.  Trading patterns suggest that they should have brought in an expert advisor and/or listened to an advisor if they have one.  But that is not a valid reason to fork the world's leading cryptocurrency.  In fact, I don't believe there is any valid reason to do that.

It is my view that Bitcoin will never "fork". People might fork AWAY from Bitcoin, but the real Bitcoin, the one you access with the Bitcoin Core client, isn't going anywhere.  I'm sure the Bitcoin of version 0.50.0 of the client will be VERY different from the Bitcoin of 0.16.0, but it will still be Bitcoin.  It will adapt to changes in technology and usage, as it should.

That's what makes it so powerful, over and above every other cryptocurrency.  It's reliable, even when the market is in the toilet because of this or that reason.  The people that work on the project are super talented, the very best in the world at what they do.  And, just as importantly, they approach Bitcoin with the highest integrity.

If Bitcoin were to fork at every impulse to do so, or maybe throw in a little bit of Ethereum "roll back the clock" mutability, it would not be the leading cryptocurrency.  If Bitcoin fell, it would not be good for the wider cryptoasset landscape.  The whole field is still so very new, so much more to conquer.

Best regards,
Ben

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March 09, 2018, 11:35:37 PM
 #8

For the stolen coin it seems impossible if the coin is back again, and that is very much in the fear of many people in this cryptocurrency world.
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March 09, 2018, 11:41:58 PM
 #9

Gox is crashing the bitcoin price again! Why not just delete their wallet from the blockchain? Or create a forked new bitcoin without them in it?

According to this article the people who had their coins stolen aren't getting back their coins or the current value of the coins and the owners of mt. gox might get the coins instead

https://www.trustnodes.com/2018/03/07/mt-gox-crashed-bitcoin-trustee-sold-bottom-blockchain-data-reveals


So we thought that there is ultimate corrections that are happening during the latest dip but the truth is maybe MT Gox is probably one of the Big whales of Bitcoin or one of the group of conspirators in which they are doing this of course for the money. They just making a scenario that it looks like corrections but who knows it just pump and dump scenarios for their own selfish agenda.

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March 09, 2018, 11:48:00 PM
 #10

That would crash the price more than any actions fox could do. When you start doing anything like black listing coins or wallets you set a terrible option for future use.
You are right since it would only prove that bitcoin is not decentralized if community decides to do that.
So we thought that there is ultimate corrections that are happening during the latest dip but the truth is maybe MT Gox is probably one of the Big whales of Bitcoin.
Using maybe in your sentence might not be appropriate since it is a well known fact that Mt Gox held a lot of bitcoin when compared to other whales. I wonder though, how much btc from Mt Gox is left after the current dump?
For the stolen coin it seems impossible if the coin is back again, and that is very much in the fear of many people in this cryptocurrency world.

Stolen coins can come back in the circulation so long as the one who stole it remembers the private key of the btc address he used to store the stolen bitcoins.
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March 09, 2018, 11:52:04 PM
 #11

I would like to know their endgame in dumping the bitcoin and making the currency take a tumble in the first place.Because what they are currently doing seems very suspicious.

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March 09, 2018, 11:55:59 PM
 #12

I would like to know their endgame in dumping the bitcoin and making the currency take a tumble in the first place.Because what they are currently doing seems very suspicious.
For now, what I can see as their goal in dumping bitcoins is to bring price down(the most common reason) but the question is for what? What I can say for now is that it is logical that it will be dumped, after all there is a lot of profit already in just holding it from 2014 up to now but there is probably a hidden agenda to what they are doing right now because they could have had dumped it when it was in the ATH when they are just doing some profit taking.
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March 10, 2018, 12:14:28 AM
 #13

Why make something that's decentralized, centralized.
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March 10, 2018, 12:18:48 AM
 #14

Gox is crashing the bitcoin price again! Why not just delete their wallet from the blockchain? Or create a forked new bitcoin without them in it?

According to this article the people who had their coins stolen aren't getting back their coins or the current value of the coins and the owners of mt. gox might get the coins instead

https://www.trustnodes.com/2018/03/07/mt-gox-crashed-bitcoin-trustee-sold-bottom-blockchain-data-reveals

almost 1 week I did not monitor BTC prices,
and just today I got a notification about my buy order
it turns out BTC price dropped in cause by GOX
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March 11, 2018, 01:08:02 PM
 #15

Good Morning. im a ELE admirer and yesterday, purchaser of ELE. Im not techy, rarely ever used a computer. Woodworker for 45 years.
This crypto phenom is becoming a (near) retirement fascination which Im introducing to my kids and others.
Anyway, i downloaded the wallet, which took 6 hours, but the instuctions to transfer ELE from Cryptopia were unclear to me, so Ive left them on the exchange for now. Im nervous. Are you willing to walk me thru the steps to download them?
I managed the Ethereum wallet and felt pretty proud of myself but the language of this one is different, and there appears to be cutting and pasting involved?? Or maybe Ive done something wrong?
Thanks  Greg
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March 11, 2018, 01:12:33 PM
 #16

Somebody said to me how can Bitcoin be decentralized when only a handful of people control the market and hold the largest percent of the coins.  It's the very opposite of decentralized.  I'm not investing anything till things are more clear about what's going on.
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March 11, 2018, 02:42:14 PM
 #17

Somebody said to me how can Bitcoin be decentralized when only a handful of people control the market and hold the largest percent of the coins.  It's the very opposite of decentralized.  I'm not investing anything till things are more clear about what's going on.

Instead of relating your decisions to "Somebody, that said something to you", you should try to understand Bitcoin for yourself.

Bitcoin is not a bubble, it's the pin!
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