Hackers stole the whole bank, that's the worst situation in BTC

[kronos1980]

Mt.gox's situation hurts. It hurts btc community.
Hacker is stilling entire bank, which is far more serious than individuals.
Sadly enough, there are always smarter guys here in the community laughing at those people who stored their money and BTC in the mt.gox or without using a private key.
What banks mean to a whole community? btc's price is just depending on those banks like mt.gox and how btc is important during the reak economy. These are basic properties of btc. But banks mean more than simply trading btc.
What does a bank means to a country, which is a traditional system of currency? it might be the easiest and fastest and safest way that normal citizen(not those smarter guys I mentioned)'s money could contribute the whole system of currency. Once the banks failed, almost the system of currency is in huge danger. We know what Argentina just happened in the last several days. The final solution, is that people there could freely exchange US dollars, another currency to keep some of their assets. But who paid for Argentina? Japan and some emerging market, their real economy.
But BTC, and its banks, like mt.gox, they failed. All of the BTC are gone. There will be not any agency which might compensate people suffered in the system. This is a overwhelming force to destroy all the confidence of victims and potential capital.
It is a logic problem. All the banks, like stamp, btcc etc is not safe. Anyone who buy btc should store in their private wallet. So, those banks, lost their most important property, a two-way entry. They are lowering to trading places.
But, without bank, "Stupid people"(they don't know what is bitcointalk.org, they don't know how to search here, and they just read the total wiki page of BTC), will never enter this system. BTC becomes Commodity not currency. The whole BTC will be just something between miners and traders without the importance of bank.   
I saw no hope that the community would overcome this. If foundation and other banks already knew mt.gox will final be insolvent for quite some time, as those smart guys predict several weeks ago, BTC community becomes a joke. Who contributes to them, are just those people trade and store their money or BTC in the banks. But foundation and other banks don't give a fuck of the huge loss. However, It is understandable, for they cannot insure their safety from stolen either. They are under the same shadow. Such statement is just a joke.
This is always a logic problem, which could not be solved by simple techniques.

[Meuh6879]

bitcoin in not mtgox.

[SebastianJu]

Was mtgox really that stupid to not have a cold wallet? And they didnt realize that their wallet was cleared? Thats somewhat unbelieveable to me.

[Lauda]

Was mtgox really that stupid to not have a cold wallet? And they didnt realize that their wallet was cleared? Thats somewhat unbelieveable to me.

One must be really stupid to hold $350M in 1 (one) cold wallet?
Even if one would get compromised, holding that much in a single place is ridiculous.

[kronos1980]

Was mtgox really that stupid to not have a cold wallet? And they didnt realize that their wallet was cleared? Thats somewhat unbelieveable to me.

It is not just simply a tech problem. They have already caused problems, but these problems lies in one of the processes of development of btc. Now almost the only force to push btc is those banks, but those banks are without any support from real economy, if they disappear, they do disappear. That's why any tech problem of btc will cause horrible influence. Mt.gox has much further impact. And no one or no organize could ever audit what those banks. Companies could do whatever they could with those btc and dollars stored. Mt.gox was just one horrible case emphasizes btc holder's mistrust.
Without banks, btc could never reach a high enough value to be accepted by real economy.
Just one company did wrong, it will extinguish btc's confidence for a long time.

[whtchocla7e]

bitcoin in not mtgox.

Who owns the Bitcoin trademark?

[bitcoinminer]

I'm beginning to lose faith in Mt. Gox ;-)

[BITCOIN-PIZZA-DAY]

Was mtgox really that stupid to not have a cold wallet? And they didnt realize that their wallet was cleared? Thats somewhat unbelieveable to me.

One must be really stupid to hold $350M in 1 (one) cold wallet?
Even if one would get compromised, holding that much in a single place is ridiculous.

They had more than one according to old posts by MacigalTux. But if you brainlessly fill the hot wallet it doesn't matter how many you have.

[Test User]

Was mtgox really that stupid to not have a cold wallet? And they didnt realize that their wallet was cleared? Thats somewhat unbelieveable to me.

MtGox have previously stated that they kept many separate "cold" wallets.

However, they did not monitor transferring of coins from cold wallets to the "hot" wallet, until the cold wallets were all empty. I don't really understand how this could happen.

Perhaps, the "cold" wallets weren't actually "cold". They were kept online but on a restricted network, and only activated when the hot wallet needed topping up, and this would happen automatically without anyone checking.
Perhaps the cold wallets were kept off-line or on paper, but the admin staff who were handling them, just got used to topping-up the hot-wallet every day and no senior management ever checked whether the BTC balance was correct.

[bitcoinminer]

Was mtgox really that stupid to not have a cold wallet? And they didnt realize that their wallet was cleared? Thats somewhat unbelieveable to me.

MtGox have previously stated that they kept many separate "cold" wallets.

However, they did not monitor transferring of coins from cold wallets to the "hot" wallet, until the cold wallets were all empty. I don't really understand how this could happen.

Perhaps, the "cold" wallets weren't actually "cold". They were kept online but on a restricted network, and only activated when the hot wallet needed topping up, and this would happen automatically without anyone checking.
Perhaps the cold wallets were kept off-line or on paper, but the admin staff who were handling them, just got used to topping-up the hot-wallet every day and no senior management ever checked whether the BTC balance was correct.

Perhaps it was just a fuckin' heist.

[SebastianJu]

Was mtgox really that stupid to not have a cold wallet? And they didnt realize that their wallet was cleared? Thats somewhat unbelieveable to me.

One must be really stupid to hold $350M in 1 (one) cold wallet?
Even if one would get compromised, holding that much in a single place is ridiculous.

Most probably. But at least one single cold wallet would have meant that the majority of the bitcoins would be out of reach of the hacker. Only 5-10% could have been stolen that way. Its unbelieveable to me that the biggest exchange was this stupid...

Was mtgox really that stupid to not have a cold wallet? And they didnt realize that their wallet was cleared? Thats somewhat unbelieveable to me.

One must be really stupid to hold $350M in 1 (one) cold wallet?
Even if one would get compromised, holding that much in a single place is ridiculous.

They had more than one according to old posts by MacigalTux. But if you brainlessly fill the hot wallet it doesn't matter how many you have.

oO They saw the wallet clearing and filled it up until its gone? The level of incompetence is really great then. Maybe its like Test User writes... no real cold wallet. Which would negate the purpose of a cold wallet and make it a marketing gag only.

What im asking myself is if they really were so stupid or if they did this on purpose to steal. Maybe it was only one person at mtgox only. The best and easiest bank robbery with greatest imaginable return possible. Normal bank robbers gets a couple thousand euro only...

I guess they now wish they would be silk road 2 instead. They wont be sued for reasons.

[itsunderstood]

bitcoin in not mtgox.

Who owns the Bitcoin trademark?

Who cares?  They are not technical, just managers and whatever.

Cryptocoin is a concept, freely given.  It canot be owned.  A "Trademark" like (tm) means this is my mark, it is mine, in this trade, so, "MtGox" would for example, have a case against anyone who tried to use the mark of Gox (total incompetence) in the trade of being incompetent as if it was theirs.

If you want to be professionally and technically incompetent and call yourself "Gox", you wold then be violating the rules of trade-markling, since Gox is clearly the leader in being incompetent, that would perhaps infringe.  But, bitcoin and cryptocoin is freely given, cannot be "owned"

[erre]

Just spread that damned 700k bitcoins over people!!!!

Mass adoption in no-time

 

[itsunderstood]

[...]

Maybe it was only one person at mtgox only. The best and easiest bank robbery with greatest imaginable return possible. Normal bank robbers gets a couple thousand euro only...

I guess they now wish they would be silk road 2 instead. They wont be sued for reasons.

Well of course as soon as the arb situation went ballistic, the only question is, who had a secret backdoor out of Gox?  Everyone watching this thing knows that, or is uninformed.

I mean DERP for reals.  We're like "Let's buy back cheap coins to out-do the 'thieves' and let's not tell anyone"   ...Yeah, that is one awesome plan.  Wow.  I almost imagine someone sees themselves as The Joker running some robbery where all he has to do is kill the last guy.  I am not joking either, that's a normal progression:

1: Hey other btc excanges we are geting screwed, help us pls??
2: [other exchanges think..  hmmm]
3: [all exchanges silent as this proceeds]
4: one exchange gets 'robbed'
5: [  ...what do you think happens next?]

You have to handle the bag so many times, it's like 60 seconds to disaster.  BTC got double booked here, but as everyone knows, the very trade of Accountancy has been totally destroyed, KPMG surely cooks their books, so, it's kinda like the cryptocoiners are a little too innocent yet, but, they will get smarter I bet.

[T.Stuart]

Don't know about the state of funds in Gox but the purported info comes from a clearly fake document being released by a blogger with what looks like questionable motives. He says he has confirmed all the figures with multiple sources close to Gox. Well then how come for weeks no-one has known anything about what's going on in Gox?

The document is bullshit. And it was pushed by Coindesk in a flash.

[bitcoinminer]

Don't know about the state of funds in Gox but the purported info comes from a clearly fake document being released by a blogger with what looks like questionable motives. He says he has confirmed all the figures with multiple sources close to Gox. Well then how come for weeks no-one has known anything about what's going on in Gox?

The document is bullshit. And it was pushed by Coindesk in a flash.

Feel free to open Mt. Gox'es books, and share their cold wallet addresses for us to verify.

[KaozTiposta]

Mtgox is a theft, they will kill the bitcoin ecosystem soon if they continuie like this.

We will be able to buy bitcoin at 1$ in a few weeks.

[Lauda]

Mtgox is a theft, they will kill the bitcoin ecosystem soon if they continuie like this.

We will be able to buy bitcoin at 1$ in a few weeks.

They can't continue anything, they are dead.
The price has been increasing.

[bitcoinminer]

Mtgox is a theft, they will kill the bitcoin ecosystem soon if they continuie like this.

We will be able to buy bitcoin at 1$ in a few weeks.

They can't continue anything, they are dead.
The price has been increasing.

Just wait until whatever GOXXX is hiding is released.  You'll see that price correct pretty quick.  I think $1 is probably low, but I wouldn't be surprised if it stayed in the $100-$200 range.

[Lauda]

Just wait until whatever GOXXX is hiding is released.  You'll see that price correct pretty quick.  I think $1 is probably low, but I wouldn't be surprised if it stayed in the $100-$200 range.

One should break into their offices and steal everything.