Should the foundation apologize to GOX?!

[Holliday]

Me: Hey, let me show you this revolutionary new currency where you no longer need to trust banks to store and send your funds!

You: Oh cool, I love it! Which bank should I use to store my coins?

Me: Uhh... err... wut?

Reminder: If you aren't the sole controller of your private keys, you don't have any bitcoins.

[1715426011]

1715426011

[1715426011]

1715426011

[1715426011]

1715426011

[1715426011]

1715426011

[gambit1]

"Don't you know that if you count all the bitcoins that people on this forum have it sums up to around 40 millions ? =))))"

Given that the supply is capped at 21 million that is a good trick.

[un_ordinateur]

It only takes 1 miner and 1 user to fork the blockchain and create an alternative Bitcoin.  It does not require 51% of the miners.

On the other hand, it requires 100% of all users (not 51% of the miners) to change anything in the fundamental nature of bitcoin.

You clearly have misunderstood what a 51% attack is.

Indeed, one can at anypoint fort the blockchain and create an altcoin with it's own transaction history diverging for the "real" bitcoin from that point on. However nobody would put much trust nor value in such alt chain.

If someday, more than half of the miners/hashpower agreed to change something fundamental about bitcoins, (say, remove the 21 million bitcoins cap). Of course, it would require an hard fork. Users who agree with the change will use the new blockchain, while those who dissagree will continue tu use (and mine on) the old block chain. But since both will diverge from that point on, new transactions valid on one wont on the other. Sooner or later, people will have to make a choice, wether to use the new or the old. And then, the "losing" chain's coins will be worthless. Don't forget that bitcoin's value is purely based on thrust that it can be exchanged for something. They have no inherent value.

So changing anything fundamental "only" requires a broad concensus. (if only half of people wanted the change, I guess both may exist side by side, but it would be extremely confusing.)

[iPaulito]

Yep, I am coming out of the closet, just bought 40 more from 528 - 540   I will just buy, buy and buy.  That does not include cash I have with them as well.  Hehehe.  These dooms day sayers kill me everytime.

How do you think I have 6000 coins.  I do not do this for fun my friend.  I understand risk and this will be another example of where that has come in valuable.

Wesand: you have over 5000 coins in gox??

You can not be sane keeping cca 5M USD on an exchange known to have issues for a long time unless it is just a splash in your overall wealth. Those coins are only yours if it sits on your paper wallet with encrypted private key with a solid password. Even if there is 5% or 10% probability that you will lose your coins due to Mt.Gox why the heck would you risk it? 5M USD is enough for several people´s lifetime to spend. You should have withdrawn the money and enjoyed your life.

[stompix]

"Don't you know that if you count all the bitcoins that people on this forum have it sums up to around 40 millions ? =))))"

Given that the supply is capped at 21 million that is a good trick.

And thinking that 12 millions only have been mined , it's even more funny.

[hilariousandco]

Gox should apologise to the Bitcoin community for its continue shitty service and causing the panic yesterday.

[turtoro]

Yep, I am coming out of the closet, just bought 40 more from 528 - 540   I will just buy, buy and buy.  That does not include cash I have with them as well.  Hehehe.  These dooms day sayers kill me everytime.

How do you think I have 6000 coins.  I do not do this for fun my friend.  I understand risk and this will be another example of where that has come in valuable.

Wesand: you have over 5000 coins in gox??

You can not be sane keeping cca 5M USD on an exchange known to have issues for a long time unless it is just a splash in your overall wealth. Those coins are only yours if it sits on your paper wallet with encrypted private key with a solid password. Even if there is 5% or 10% probability that you will lose your coins due to Mt.Gox why the heck would you risk it? 5M USD is enough for several people´s lifetime to spend. You should have withdrawn the money and enjoyed your life.

yea, for someone who is trying to portray himself as business savvy that is one amateur move

[WesandEAC]

Hehe, guys I will humour you.  You will read the story soon enough.  I dumped in over $500,000 early last year when the size of the network was 600 Petaflops.  I sold everything around $1142 on GOX at the highest point.  I have bought back in marginally on every single dip since then.  It is not a mystery what happened and now I will ride the push this year to over $8000 per coin.  I planned to only buy back in at about $1.3M and was in the middle of doing so when I got gox'ed, so if all my money was lost I decided to start buying more if not everything I have back into coins and have almost done so hehe.  Again I have recognized the situation.  If everything I had was gone - there was no risk to put it all on the table at this point.  I understood the $500k may go to zero, I do not see it as X million.  I have probably pulled about $150k out.  I see no reason to take anything out right now.

I am so frustrated that I know a few miners that had a lot more coins than me and he dumped them all at $10 long before I knew what a Bitcoin was.  Now he works for me.  Managing risk is what I excel at.  Sorry that is hard for you to understand.  Best of luck to you.  Maybe you will get lucky with EarthCoin - it is a project I felt worthy of my attention.  You never know...

[EvilPanda]

I am sure there are many things I do not understand.  That is why I pay people.  I am also certain there are things you do not.  What GOX did was genius for Bitcoin - you all have it backwards like usual.  In the REAL WORLD calling  a problem out provides credibility.  As opposed to burying it in the shadows for 2.5 years like the foundation who were too busy being popular.  I understand it, it gave me time to load the gatlin up and now they stand little chance.  I enjoy competition.  To cheer the genius of an infant technology like cryptographic currencies such as the Bitcoin Foundation is irresponsible.  With real corporate governance and best practices and procedures that will soon be put forth through an institution with a back bone and some credibility you will see real changes my friends.  Not techies in the valley haha.  Real World professionals.

GOX gets my vote and that is why my funds and coins are there.  Was there a moment I was concerned - sure.  Do I have concern now - not much.  They are more pro-active than most corporations and ALL institutions in my opinion and this is all just my opinion.  NEVER forget this is an experiment people.  Be a big boy and manage your own risk, do not expect a customer support ticket to assuage your fears - too funny!

I'm not a programer, so I'm not going to argue about the achievements of the Gox team in this matter. I'm more of a PR guy and a customer and their management here is nonexistent. People don't have to be assured about the safety of their money, but they need honesty and transparency. If you have problems with managing funds, just say it, yes you will lose money, more people will withdraw investments, but that's life, you can't handle it -reduce the number of custommers until you can. What Gox did was what every scammer does, take it slow, don't announce anything, don't admit to anything, if caught blame others.

[stompix]

Gox should apologise to the Bitcoin community for its continue shitty service and causing the panic yesterday.

Hihi , wasn't that two days ago ? Time is flying faster in the crypto world .

[hilariousandco]

Gox should apologise to the Bitcoin community for its continue shitty service and causing the panic yesterday.

Hihi , wasn't that two days ago ? Time is flying faster in the crypto world .

Haha, I don't know. Seems like only yesterday, but time does indeed move faster here  .

[FandangledGizmo]

No.

I've never seen a statement more specifically designed to shift blame, cause panic and drive down the price in my life.

They say a picture paints a thousands words, but in this case a thousand words painted a picture that will shape my view of Gox for a long time to come.

[farlack]

Yep, I am coming out of the closet, just bought 40 more from 528 - 540   I will just buy, buy and buy.  That does not include cash I have with them as well.  Hehehe.  These dooms day sayers kill me everytime.

How do you think I have 6000 coins.  I do not do this for fun my friend.  I understand risk and this will be another example of where that has come in valuable.

Wesand: you have over 5000 coins in gox??

Yeah wait until you try to cash out, widthdrawl, or your coins happen to be stolen with your 2 factor enabled and no other ISP logged into your account. I bet you will still love box then. Oh and your supposed 5000 coins you own dropped by almost half their value because of your beloved exchange in the past week.

[WesandEAC]

I am not in the game for $500 or $1000 per coin my friend.  I am willing to lose all of it.  My time horizons are much different.  I plan to sell from $6500 all the way up to $8500.  Thanks for the advice though.

[farlack]

I am not in the game for $500 or $1000 per coin my friend.  I am willing to lose all of it.  My time horizons are much different.  I plan to sell from $6500 all the way up to $8500.  Thanks for the advice though.

Oh ok that makes more sense good luck widthdrawling your funds if they're 500 or 5000000000 it doesn't matter gox will hold your money either way.

[DieJohnny]

Hehe, guys I will humour you.  You will read the story soon enough.  I dumped in over $500,000 early last year when the size of the network was 600 Petaflops.  I sold everything around $1142 on GOX at the highest point.  I have bought back in marginally on every single dip since then.  It is not a mystery what happened and now I will ride the push this year to over $8000 per coin.  I planned to only buy back in at about $1.3M and was in the middle of doing so when I got gox'ed, so if all my money was lost I decided to start buying more if not everything I have back into coins and have almost done so hehe.  Again I have recognized the situation.  If everything I had was gone - there was no risk to put it all on the table at this point.  I understood the $500k may go to zero, I do not see it as X million.  I have probably pulled about $150k out.  I see no reason to take anything out right now.

I am so frustrated that I know a few miners that had a lot more coins than me and he dumped them all at $10 long before I knew what a Bitcoin was.  Now he works for me.  Managing risk is what I excel at.  Sorry that is hard for you to understand.  Best of luck to you.  Maybe you will get lucky with EarthCoin - it is a project I felt worthy of my attention.  You never know...

You are awesome!!! I am a retard with so much less

[BTCisthefuture]

Gox has had so many problems over the last year or two and every time they try to shift the blame onto something else instead of admitting that maybe something on their end wasn't up to par.  Enough is enough,  just the simple fact that they still can't even hire enough customer support reps to actually RESPOND to people is really bad and not a company anyone would likely do business with in other industries. Imagine if you called or emailed your bank and they never responded, like literally never responded,  that's gox in many cases and thats just the customer support side of things.


In short,  no one needs to apologize to Gox. Gox has hurt their reputation on their own.

[BTCisthefuture]

Who keeps over $3million USD in an online bitcoin exchange's wallet.... let alone one with a history of problems and failure to respond. 

I call shenanigans.

[DooMAD]

GOX gets my vote and that is why my funds and coins are there.  

You hope your funds are there.  As gox completely cocked up their software and issued the same withdrawals multiple times, it's entirely possible that they don't have enough BTC to cover everyone's investments.  I don't think anyone here is issuing an apology to gox anytime soon, you'll probably see more people calling for a boycott than an apology.  I'd suggest getting as much of your money out of Gox as possible and putting it somewhere safer.  It's best not to keep large sums on any exchanges.

[TPN]

Gox open for withdrawals again?