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Author Topic: What I think of MtGox's disappearance and the media  (Read 1911 times)
northranger79510
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February 25, 2014, 05:03:28 PM
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I say good riddance to MtGox. My condolences go out to those who lost their money and I do feel sorry for them. However, MtGox has been a blotch in Bitcoin and cryptocurrencies altogether. Sure, they might have been the biggest bitcoin exchange in the world, but because they let fame get to their head and violated their customers, they are now (in my opinion) nothing but scam artists. Good riddance to them. They've gained too much power over control of Bitcoin price. Bad news on MtGox = price go down. Good news = price goes up or remain stable. We can't let one exchange have semi-power over bitcoin or any cryptocurrencies if we are to actually believe in a decentralized economy. Good riddance to Bitcoin's Mt.Gox. Prices are down, sure. So? It was like 20$ at this time last year. Don't let one rotten apple ruin the whole basket.

And the media.....they are really something aren't they. Focus only on the bad news. They care either only for the exponential increase in prices or the bad of cryptos (specifically bitcoin). Silk Road, Silk Road 2, Mt.Gox's dissapearance, etc. They never focus on the good news like yesterday when a bank-like company called Neobee opened up in Cyprus. It is the first of its kind in Cyprus and I think the world that offers these services. But barely any news on them. None on major sites like Yahoo! but rather on Bitcoin-related news websites. Makes me think the media giants wants to make people think Bitcoin and cryptos are for drug dealers (because when I look on the comment sections on Bitcoin-related articles, first/second comment is "well because Silk Road got shut down..no real use for it".

That is my opinion and nothing more. Take it for what it is.

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g27wr
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February 25, 2014, 05:05:29 PM
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MtGox isn't gone, and they're more than likely coming back. Everyone who thinks they're just going to up and leave needs to reassess the situation.

northranger79510
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February 25, 2014, 05:06:27 PM
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MtGox isn't gone, and they're more than likely coming back. Everyone who thinks they're just going to up and leave needs to reassess the situation.

I agree. But with their answers to just packing up without a response and shutting down their site, it is better for them and the entire bitcoin community to leave and not come back.

And I apologize for the asshole question and it isn't (just want to know your thoughts) but what proof do you have that they will come back? Empty offices, no reply to calls/emails, no answers at Mark's home, no website.

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February 25, 2014, 05:31:20 PM
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MtGox isn't gone, and they're more than likely coming back. Everyone who thinks they're just going to up and leave needs to reassess the situation.

I agree. But with their answers to just packing up without a response and shutting down their site, it is better for them and the entire bitcoin community to leave and not come back.

And I apologize for the asshole question and it isn't (just want to know your thoughts) but what proof do you have that they will come back? Empty offices, no reply to calls/emails, no answers at Mark's home, no website.

I just feel that if they wanted to disappear, they would have. Instead, they released a message on their website and have kept in contact with the public (regardless of how vague it may be at times). They need time to sort things out. I'm just hoping people are able to get their BTC and $$ back.

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February 25, 2014, 08:43:17 PM
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<spit take>

So people are STILL attempting to defend MtGox.  Roll Eyes

1 - This is not the first major theft they have had.

2 - The have been guilty of manipulating the market on several occasions.

3 - There is no legitimate justification for why their exchange, and only their exchange averaged a 15-20% higher exchange rate than actual value.

4 - They have been having financial and legal troubles for over a year.

5 - Caught up in legal issue with the US for not being registered to do money transfers.

6 - USD withdrawals have not been working for 9 months, despite finally clearing up their US legal issues 8 months ago.

7 - Problems with other FIAT withdrawals started several months ago too.

8 - They have never been fourth coming about anything that has ever happened so far.

9 - Gox has been processing transactions after only 1 confirm. The single biggest failure of following protocol there is.

10 - The blamed a false issue for missing coins and halting BTC withdrawls going on nearly a month ago. They never should have been looking at TXID's for anything. They are not a receipt. Transaction Malleability can NOT propagate the network, those transaction will never confirm. TM can only be successful when a live person who does things incorrectly is conned into sending duplicate payments. If people at Gox weren't brain dead, and not ignoring all bitcoin network protocol, they could have verified that every so called TM had in fact been paid out the first time, and locked the accounts of people attempting to pull the scam on them.

11 - They got a so called fix from a 3rd party that would prevent the so called TM issue and allow them to continue to misuse the bitcoin protocol a while ago, yet still never turned on withdrawals, instead blaming other issues like relocating to another building over night because of security issues (that never stopped deposits or trading).

12 - Site is down without warning. BS leaked documents of starting anew without Mark. Nearly 750,000 BTC missing. This is floating on top of ALL the other problems.


It is obvious they have been a ponzi scam since at least last year. Anyone who is willing to continue to defend them are really quite blind to the truth.

Even on the off chance that they throw Mark out, start all over with new CEO, new staff, new system, new website, new image, the real point is that they SHOULDN'T. Gox is a stain on bitcoin. It has been for years. It has done nothing but hurt bitcoin's perception and value, and anything that is related to Gox in any way, shape or form, no matter how small will do nothing but continue to cast a cloud of doubt over the exchange and bitcoin.

Gox simply needs to die, totally and completely.
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February 25, 2014, 08:44:44 PM
 #6

^^^ That right there.

Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
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