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Author Topic: Mt.Gox SCAM? $38million disappeared. Large sums affected.  (Read 37705 times)
disclaimer201
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February 08, 2014, 03:00:55 AM
 #181

what a great scam though... to run off with all those BTC and be essentially untraceable.

Yep, the money may be untraceable. Mark Karpeles is not. I hope he will face some judicial consequences.
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February 08, 2014, 03:01:07 AM
 #182

I propose we ignore their "Mt.Gox" rebranding efforts and insist on calling them "Magic: The Gathering Online eXchange" in full.

This will reinforce to potential customers that they're really just a video game trading card circle jerk.
Hahahahaha. Quoted because this is just to funny to let get lost in the thread!
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February 08, 2014, 03:16:03 AM
 #183

So I'm guessing we're not getting litecoin integration?   Grin
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February 08, 2014, 03:22:55 AM
 #184

Mt Gox in a nutshell:

-You can deposit BTC or fiat
-You can trade BTC vs Fiat
-You CANT withdraw BTC or fiat

so you are basically trading with playomoney and the real BTC and fiat is going to some other account?

Feels like kind of ponzi scheme to me...
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February 08, 2014, 03:30:53 AM
 #185

so when they are bankrupting officialy?Huh
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February 08, 2014, 03:58:24 AM
 #186

I wrote a whole article about this.

http://www.thedailycrypto.com/2014/02/mt-gox-halting-all-withdrawls-bitcoin.html

I really think we need to start up some new exchanges....
seriouscoin
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February 08, 2014, 04:01:19 AM
 #187

I wrote a whole article about this.

http://www.thedailycrypto.com/2014/02/mt-gox-halting-all-withdrawls-bitcoin.html

I really think we need to start up some new exchanges....

Step 1. Move out of US
Step 2. Discard your US citizenship
Step 3. ...
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February 08, 2014, 04:07:41 AM
 #188

LOL for the first time ever 1 BTC is more expensive at BTC-E than MtGox!

MtGox: 665 USD
BTC-e:  700 USD

It could mean that people are selling their bitcoins at mtgox to withdraw their fiat money, if they are lucky.
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February 08, 2014, 04:11:16 AM
 #189

LOL for the first time ever 1 BTC is more expensive at BTC-E than MtGox!

MtGox: 665 USD
BTC-e:  700 USD

It could mean that people are selling their bitcoins at mtgox to withdraw their fiat money, if they are lucky.

This "crash" brings a good cause.... GOX is DONE for good.
I say, fck them. And if Mark is smart, he better have facial surgery and change his name.
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February 08, 2014, 10:06:54 AM
 #190

Just looked at BitcoinAverage, MtGox still holds 33% of the BTC/USD and 55% of the BTC/EUR market volume. Either people are really dumb or just trading like crazy because they know they won't see their money back anyway. Hopefully this will be less soon.
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February 08, 2014, 11:33:38 AM
 #191

Anybody was able to withdraw from Mt.Gox
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February 08, 2014, 12:00:04 PM
 #192

Here's a possible explanation as to the "technical" issues that MtGox has been suffering.

http://www.reddit.com/r/Bitcoin/comments/1x93tf/some_irc_chatter_about_what_is_going_on_at_mtgox/

In short, Mt Gox wrote their own custom wallet software, which only worked because of a bug in early versions of bitcoin. The bug was fixed in a recent release. This would cause transactions sent from Gox to fail.

A group of people, thinking that they were being helpful set up relay servers that would take the transactions from Gox, fix them to work around the bug, and then rebroadcast the fixed transactions. The transactions could reuse the same signature (as they were the same transaction), but would be allocated a new TxID.

A second bug in Gox's wallet meant that their wallet client only checked it's own TxIDs, and never scanned the blockchain for other TxIDs on its coins. As a result, it is possible that the wallet ran dry, but the actual wallet client didn't notice, and transactions would block because of attempted double-spend.



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February 08, 2014, 12:54:37 PM
 #193

Here's a possible explanation as to the "technical" issues that MtGox has been suffering.

http://www.reddit.com/r/Bitcoin/comments/1x93tf/some_irc_chatter_about_what_is_going_on_at_mtgox/

In short, Mt Gox wrote their own custom wallet software, which only worked because of a bug in early versions of bitcoin. The bug was fixed in a recent release. This would cause transactions sent from Gox to fail.

A group of people, thinking that they were being helpful set up relay servers that would take the transactions from Gox, fix them to work around the bug, and then rebroadcast the fixed transactions. The transactions could reuse the same signature (as they were the same transaction), but would be allocated a new TxID.

A second bug in Gox's wallet meant that their wallet client only checked it's own TxIDs, and never scanned the blockchain for other TxIDs on its coins. As a result, it is possible that the wallet ran dry, but the actual wallet client didn't notice, and transactions would block because of attempted double-spend.


Yeah, even though Gox will have a hard time regaining the trust lost over the past months, I'm at 70-80% that this issue is indeed mostly a technical one. It seems plausible - though the resulting chaos might turn a stumble into a fall.

Also the "simple" explanation seems to be that transactions with multiple inputs are more likely to run into a double-spend and not being relayed to the blockchain. It's kinda obvious if this is what's going on - when a 1BTC withdrawal from Gox draws from 50 addresses it is much more likely that the withdrawal will fail due to one of the inputs already used on the blockchain. This doesn't mean Gox doesn't have 1BTC - it just means Gox doesn't have 1BTC on the address it thought it did.
I just don't get why they haven't unforked their crappy spinoff yet. It'll cost them millions in bad PR.

When under pressure it's always better to use something tested as the core and build on top of that. In IS development it is ALWAYS better and cheaper to do it right the first time around.
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February 08, 2014, 03:12:29 PM
 #194

The only good thing about this situation is that now Mtgox is the most secure wallet in the world, in fact it is 100%impossible for an hacker to take your money from your gox wallet.

I think I am going to put all of my btc on gox right now, I love such a level of security.
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February 08, 2014, 03:39:56 PM
 #195

The only good thing about this situation is that now Mtgox is the most secure wallet in the world, in fact it is 100%impossible for an hacker to take your money from your gox wallet.

I think I am going to put all of my btc on gox right now, I love such a level of security.

Not that secure if they already stole the coins   Undecided
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February 08, 2014, 03:50:50 PM
 #196

mtgox is dead. NO withdrawals for both fiat and bitcoins.

I would gladly sell my bitcoins on mtgox for 85% its current value if anyone is interested.
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February 08, 2014, 03:55:31 PM
 #197

mtgox is dead. NO withdrawals for both fiat and bitcoins.

I would gladly sell my bitcoins on mtgox for 70% its current value if anyone is interested.

^^And that's why the price is dropping like crazy.

I wonder if people have started selling off their Gox accounts for 50% to people who still trust them. Personally I think that'd be a good gamble. Not interested in actually doing it though Smiley
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February 08, 2014, 03:58:30 PM
 #198

mtgox is dead. NO withdrawals for both fiat and bitcoins.

I would gladly sell my bitcoins on mtgox for 85% its current value if anyone is interested.
i offer 10%
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February 08, 2014, 04:42:33 PM
 #199

Damn this is why BTC value is dropping...
Why now??? I know I'm just starting a big invest in mining material...

I really have no luck with timing.
It will go back up. The problem is not bitcoin itself but one of the exchanges. People selling now are mostly those running away from gox. They want to switch to fiat so in case Gox goes to hell they can at least sue them for currency theft. Whatever happens to Gox the price will recover eventually, the investors will just move to other exchanges.

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February 08, 2014, 07:49:20 PM
 #200

Please have some common sense.  These fraudsters plain out robbed people of $38 million because they knew they could get away with it.  The only theft that occurred was an internal theft at their own hands.  All the $$$ they were getting from the transaction fees and artificially manipulating the price of Bitcoin wasn't enough.  Greed will be the downfall of this movement not the regulators.


Thankfully, as soon as I saw the $100 discrepancy between MT GOX and the rest of the exchanges back in December, I knew something was off and stayed the hell away from GOX.  
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