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Author Topic: If MtGox can ident the Bitcoins, why not fix it?  (Read 11601 times)
soy (OP)
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February 28, 2014, 04:43:08 AM
 #121

Rebuttal was already posted:

The Feds recently subpoened Mt.Gox to force them to retain trading records, so the chain of ownership will be known to law enforcement.

You think it's a given that MtGox has detailed, accurate and long term trading records? From a company that managed to lose all but 2000BTC out of 750,000BTC (if the story is true) before they noticed and pulled the plug?

Transaction records they probably have.  Posing as upholding an ideal of secrecy they may be less than helpful to investigators though with that much money gone they probably should, help that is.

Agreed it's odd it took so long to interrupt the outflow/loss.  They must have been out of the office.  I wonder how long it took to empty SR2 using the same technique.

The theft aside, I wonder how many complaints they had about double-spending/double-sending due to lousy website software.  I can see how that could be costly.  Maybe they tried to placate some users by reimbursing loss due to a double-send that resulted from the lousy website software but that would not have been any kind of an automatic refund and perhaps they hoped to cajole the recipients of the double-sends to return the Bitcoins.

Interesting article earlier today comparing early Paypal experiences/ripoffs to MtGox difficulties.  

And my first use of mid-1990's banking software which somehow managed to wipe out my hard drive.  I note the banks got better at it.  Why didn't MtGox effectively spend more money on software/hardware?  Hundreds of millions of dollars entrusted to them and they didn't keep up the infrastructure?  Bet money was readily spent on best travel, best hotels and the like.
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February 28, 2014, 03:39:00 PM
 #122

No offer of any kind of reward or finders fee for information that results in the return of the stolen Bitcoins?  That and the delay on disclosure kind of hints at an inside job.
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February 28, 2014, 05:11:13 PM
 #123

Perhaps in retrospect he found that attempted pose as an innocent playful geek, the sitting on a blue ball photo, was seriously embarrassing. His inner Walter Mitty then took him to dark places at which point he started imagining himself as engaging in a theft that would rank among history's greatest.
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February 28, 2014, 05:16:20 PM
 #124

Perhaps in retrospect he found that attempted pose as an innocent playful geek, the sitting on a blue ball photo, was seriously embarrassing. His inner Walter Mitty then took him to dark places at which point he started imagining himself as engaging in a theft that would rank among history's greatest.

Never attribute to malice that which can be explained by [gross] incompetence.
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February 28, 2014, 08:38:26 PM
 #125

Malice or not, when/if subponas/appearance tickets arrive from  Medellín, Bangkok and Shanghi, they might not allow power of attorney representation. 
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February 28, 2014, 09:44:28 PM
 #126

How would one reply to a message that goes something like this:  You lost a million of my dollars.  Come here.

It probably wouldn't help much to tell the guy "My accounting department tells me those bitcoins are only valued at $160." while the market says between $500 & $600.
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March 01, 2014, 12:24:54 AM
 #127

duties of the US government:  establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and our posterity

Making money 'trackable' is good business and makes sense and would probably come under the first three of the above.  If it didn't make sense Las Vegas would have left their casino chips untraceable but no, they realize the RFID identification and tracking of casino chips makes good sense for them and offers a level of protection they need.

If you are concerned with that simply use USD. Or pokers chips lol

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March 01, 2014, 02:40:21 AM
 #128

duties of the US government:  establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and our posterity

Making money 'trackable' is good business and makes sense and would probably come under the first three of the above.  If it didn't make sense Las Vegas would have left their casino chips untraceable but no, they realize the RFID identification and tracking of casino chips makes good sense for them and offers a level of protection they need.

If you are concerned with that simply use USD. Or pokers chips lol


Not poker chips... couple weekends ago when I went to play poker, one of the players ended up getting upset when he realized that the casino stopped redeeming the old chips they were using until last year, a week earlier, and he still had ~800 USD worth of the old chips at home.

=squeak=

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March 01, 2014, 03:33:29 PM
 #129

So, Karpeles took depositors' money and bought www.gox.com before he declared bankruptcy.  Wouldn't that be owned by www.mtgox.com and be inaccessible since the bankruptcy?  Or would he expect to open a Bitcoin exchange claiming the best security money can buy.  But what happens to the accounts with btc balances on www.mtgox.com?  Are we to be asked with fanfare to come join the new enterprise while uncompensated for the money/assets we put in trust to him at www.mtgox.com?  He must be delusional.  Perhaps haldol is necessary.
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