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Author Topic: Is Mt Gox the front for a attack on bitcoin stability?  (Read 1129 times)
McDonaldTrump
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February 21, 2014, 12:23:00 AM
 #1

The depth of "incompetence" that Mt Gox has perpetrated is disturbing.
They had an extremely profitable business model, with expert consultants.
Why would they allow it to fall apart?

Is it possible that they are functioning as a front for a covert attack on the bitcoin economy?
Any organized attack would most likely focus on the exchanges and would by nature have to be covert.
It's hard to imagine a planned attack being any more damaging.

How can the bitcoin community decouple it's reliance on centralized exchanges and associated vulnerabilities?
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Holliday
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February 21, 2014, 12:28:00 AM
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How can the bitcoin community decouple it's reliance on centralized exchanges and associated vulnerabilities?

It's going to take time.

If you aren't the sole controller of your private keys, you don't have any bitcoins.
bananas
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February 21, 2014, 12:51:11 AM
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i don't see centralized as a problem by itself, if we had at least one trustable exchange in a bureaucracy-free country it would be enough. But we don't have any really trustable one. BTC has a trust problem that will not allow it to grow.
balanghai
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February 21, 2014, 12:59:33 AM
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Well one of alleviation is to try to deal locally. Like the Chinese people exchanging BTCs in their locals. If we could somehow use localbitcoins.com with no limit or arbitration/espionage then BTC would flourish more. \
Somehow it's just hard to move 1BTC or higher in local setting. So maybe do it in small and daily chunks? Well I don't know.

Just a thought on exchanges, they could be doing some maneuver but they cannot grab all the BTCs. It would be foolish to buy the majority of the coins and not move it. Somehow this reminds me of a movie "The taking of Pelham 123" They seized a train in the subway and made the stock market and $ plunge with the scenario they made. And it was shown in the latter part of the movie that the perpetrator had owned Gold shares and thus very happy of the outcome.

Just a random rumbling.  Grin
drrussellshane
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February 21, 2014, 01:04:25 AM
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i don't see centralized as a problem by itself, if we had at least one trustable exchange in a bureaucracy-free country it would be enough. But we don't have any really trustable one. BTC has a trust problem that will not allow it to grow.

Where is this "bureaucracy-free country"?

Perhaps more than a few members here would consider making a move...


Buy a TREZOR! Premier BTC hardware wallet. If you're reading this, you should probably buy one if you don't already have one. You'll thank me later.
DynamicDK
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February 21, 2014, 01:46:44 AM
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i don't see centralized as a problem by itself, if we had at least one trustable exchange in a bureaucracy-free country it would be enough. But we don't have any really trustable one. BTC has a trust problem that will not allow it to grow.

Where is this "bureaucracy-free country"?

Perhaps more than a few members here would consider making a move...



A lot of countries that would be 3rd world countries, but are not because of tourism \ expatriates living there.

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Anon136
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February 21, 2014, 01:48:15 AM
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How can the bitcoin community decouple it's reliance on centralized exchanges and associated vulnerabilities?

https://bitcointalk.org/index.php?topic=460343

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
gentlemand
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February 21, 2014, 01:53:16 AM
 #8

They have an impressive track record for making huge balls ups.

If they had been handed the reins for a total destruction of Bitcoin it would now be around $75,000.
Holliday
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February 21, 2014, 01:55:08 AM
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If they had been handed the reins for a total destruction of Bitcoin it would now be around $75,000.

This is the funniest thing I've heard all day! Wow.

Wow! LOL.

If you aren't the sole controller of your private keys, you don't have any bitcoins.
bananas
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February 21, 2014, 02:14:55 AM
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i don't see centralized as a problem by itself, if we had at least one trustable exchange in a bureaucracy-free country it would be enough. But we don't have any really trustable one. BTC has a trust problem that will not allow it to grow.

Where is this "bureaucracy-free country"?

Perhaps more than a few members here would consider making a move...



http://www.heritage.org/index/ranking

Banking is just part of the equation, those small countries known as fiscal paradises would be best suited for a bitcoin exchange.
ZooKeeper74
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February 21, 2014, 06:17:14 AM
 #11

A ponzi can be a profitable business model. Do ponzis last forever?  No goxxin way.

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