MyBitcoin Back Up! (with a press release)

[Bitcoin Swami]

Maybe once he saw the posts about a bounty on his head, he got a little antsy.  These geeks are some great detectives.

If you are going to posit that theory you might as well also float somewhat the opposite:

Upon seeing that Luigi, Kneecapper, Throatcut, Sniper, and DaBossMan had all lost huge numbers of bitcoins by using his shopping interface on their MurderIncorporated.i2p site he seriously considered trying to vanish, until after days of valium and perusing the forum he woke up to the idea that maybe somehow the geek squad maybe even with or without the aid of Agent Andersen of the - oops I mean *not* of the - CIA might somehow be able to keep DaBossMan and his goons at bay...

-MarkM- (What, that could be fiction? Gosh, really? However do you come up with that idea?)

I've been up way to long and can't make sense of this post, I will sleep and try again in the morning.

[adamstgBit]

I've been up way to long and can't make sense of this post, I will sleep and try again in the morning.

good night
maybe bitcoin go "Up Up Up" as you sleep sound in your bed

[N12]

I've been up way to long and can't make sense of this post, I will sleep and try again in the morning.

Don’t worry, I’ve given up on making sense of any of his posts for a long time myself.

Regarding MyBitcoin, this is at least better than the owner being a fraudster. Either way, a criminal made a killing, and all of us are encouraging that.

[adamstgBit]

I've been up way to long and can't make sense of this post, I will sleep and try again in the morning.

Don’t worry, I’ve given up on making sense of any of his posts for a long time myself.

Regarding MyBitcoin, this is at least better than the owner being a fraudster. Either way, a criminal made a killing, and all of us are encouraging that.

who are we encouraging that?

[Kermee]

Regarding MyBitcoin, this is at least better than the owner being a fraudster.

That's still not determined and at either rate the damage is already done.

Cheers,
Kermee

[N12]

Regarding MyBitcoin, this is at least better than the owner being a fraudster.

That's still not determined and at either rate the damage is already done.

Cheers,
Kermee

If it really is the case, then the reputation damage for Bitcoin (fraudster early adopters, everywhere scam services etc.) will be less.

Though it could also encourage less vigilance in the future …

DO NOT STORE YOUR DAMN SAVINGS WITH SITES WHERE YOU DON’T EVEN KNOW WHO THE OWNER IS.

[BioMike]

Wow, best thing for Tom to do now is step in the open (list all used addresses on MyBitcoin, so that things can be traced (if someone sells stolen bitcoins MtGoox/Tradehill or other exchanges might track the thief down)) and start communicating with people, that will give him some credit.

Second, he stated once that most of the bitcoins were stored off-site. How can they be gone as well?

It is all up to Tom to get his credit back and I think that there are enough people who would be willing to help him with that. If he was a real scammer we wouldn't hear anything from him back.

I see a lot of similarities with the MtGox hack, they got out of it stronger. This should be possible for MyBitcoin as well.

[geek-trader]

I see a lot of similarities with the MtGox hack, they got out of it stronger. This should be possible for MyBitcoin as well.

It's going to be harder for him, since he was MIA for a week.  He should have said something right away. 

[Departure]

www.mybitcoin.com doesn't work for me, What URL are you guys using to view this press release?

Sorry I just have to see it for myself before believing it.

[repentance]

www.mybitcoin.com doesn't work for me, What URL are you guys using to view this press release?

Sorry I just have to see it for myself before believing it.

It's still working for me.  Maybe they've moved the site and it hasn't propogated yet.

[elements]

+1

[BioMike]

I see a lot of similarities with the MtGox hack, they got out of it stronger. This should be possible for MyBitcoin as well.

It's going to be harder for him, since he was MIA for a week.  He should have said something right away. 

Sure, it will be harder and should have said something right away, but there are a lot of things he can do. Most people have nothing more to loose, only to gain (even if it is just a small amount of what they had stored). Starting with good communication and updates is just a start. There are some highly trusted members in this community (Bruce for example). If he can get their trust, things will get more easy.

www.mybitcoin.com doesn't work for me, What URL are you guys using to view this press release?

Sorry I just have to see it for myself before believing it.

Just works here. Did MyBitcoin change the DNS record? Might take time for you to get the update.

[BioMike]

If MyBitcoin wants to come back online and stay in business, they should prevent a bank run. Which is quite likely to happen and would worsen the situation.

[repentance]

If MyBitcoin wants to come back online and stay in business, they should prevent a bank run. Which is quite likely to happen and would worsen the situation.

If they're going into receivership then they can't move any assets at all - everything will be under the control of the receiver and there'll be a look-back period as well.  Assuming that they really do go that route, it's going to be one very interesting and complicated case for the receiver managing it and trying to verify claims.

[Binford 6100]

If MyBitcoin wants to come back online and stay in business, they should prevent a bank run. Which is quite likely to happen and would worsen the situation.

imo there 'll be a haircut when it comes to enabling the service.
(speculation: let's assume he had 3/4 of the bitcoins offsite, 1/4 is gone; he'll not enable withdrawing 1:1 but rather get the offloaded bitcoins from backup online and enables the appropriate share of coins to be returned, with an equal loss to every account)

[repentance]

If MyBitcoin wants to come back online and stay in business, they should prevent a bank run. Which is quite likely to happen and would worsen the situation.

imo there 'll be a haircut when it comes to enabling the service.
(speculation: let's assume he had 3/4 of the bitcoins offsite, 1/4 is gone; he'll not enable withdrawing 1:1 but rather get the offloaded bitcoins from backup online and enables the appropriate share of coins to be returned, with an equal loss to every account)

I wouldn't expect it to be a rapid process either.  The receiver will have to ensure that Bitcoins are being sent to valid depositors and not to false claimants or other wallets owned by the operators.  That's going to take time.

[molecular]

it's an index page on the domain name mybitcoin.com ...  that means whoever wrote that has full access to his server...   It's him.

uhm, how does that follow? server might be owned.

[molecular]

www.mybitcoin.com doesn't work for me, What URL are you guys using to view this press release?

Sorry I just have to see it for myself before believing it.

https://www.mybitcoin.com/

[ribuck]

It would be best for Tom to distribute all the Bitcoins as best he can, THEN to call in the receivers. Otherwise, I predict that the Receiver's fees will be about equal to the value of the coins, and depositors will get nothing. That's how it tends to work when a small business is wound up.

[repentance]

It would be best for Tom to distribute all the Bitcoins as best he can, THEN to call in the receivers. Otherwise, I predict that the Receiver's fees will be about equal to the value of the coins, and depositors will get nothing. That's how it tends to work when a small business is wound up.

Because of the look-back period, this would be unwise.  And how could he prove to a receiver that he wasn't sending Bitcoins to himself or his family and friends?  If he's legit, he'll do it by the book and the receiver will be the one who decides who gets what and when.  I doubt that many people would be willing to take Tom's word on what's available for distribution anyway.