Gox Crisis Management Plan Confirmed Legitimate

[traderCJ]

http://www.cryptocoinsnews.com/2014/02/26/irc-chat-with-mark-karpeles-confirms-leaked-documents-authenticity-mt-gox-currently-seeking-bail-out/

So .. 750,000 coins actually are "missing" from Gox.  Hoe lee sheet.

[ElectricMucus]

[InsanityDev]

when I see "technically unavailable" I think "dropped the cold storage wallet in a fish tank"

this is either very complex fraud or very simple technical stupidity, or both.

edit: damn both, according to the strategy document

[pheaonix]

[fcmatt]

It all seems so shady. Magicaltux aint that dumb. Why is he playing dumb now?

[Dalmar]

It all seems so shady. Magicaltux aint that dumb. Why is he playing dumb now?

Dude probably got all the coins himself... richest bitcoiner after Satoshi.  

[traderCJ]

Hard to imagine someone buying Gox when it has that much outstanding liability.  I don't see any other option besides bankruptcy and goxcoin/goxbucks owners taking it in the pants.

[derpinheimer]

http://www.cryptocoinsnews.com/2014/02/26/irc-chat-with-mark-karpeles-confirms-leaked-documents-authenticity-mt-gox-currently-seeking-bail-out/

So .. 750,000 coins actually are "missing" from Gox.  Hoe lee sheet.

"more or less"

"not from within"

So, tell me, where do you see confirmation on that piece of information?

[CrashX]

Hard to imagine someone buying Gox when it has that much outstanding liability.  I don't see any other option besides bankruptcy and goxcoin/goxbucks owners taking it in the pants.

I purchase afew, don't mind taking the risk.

always as a HIGH RISK Asset

[sgbett]

Hard to imagine someone buying Gox when it has that much outstanding liability.  I don't see any other option besides bankruptcy and goxcoin/goxbucks owners taking it in the pants.

Some people find it hard to imagine buying a yacht.

Some people find it hard to imagine buying a bottle of £40 wine.

Some people find it hard to imagine getting a taxi, when the bus is cheaper.


Its all relative.

[traderCJ]

http://www.cryptocoinsnews.com/2014/02/26/irc-chat-with-mark-karpeles-confirms-leaked-documents-authenticity-mt-gox-currently-seeking-bail-out/

So .. 750,000 coins actually are "missing" from Gox.  Hoe lee sheet.

"more or less"

"not from within"

So, tell me, where do you see confirmation on that piece of information?

The part where it says, in bold, on the first slide ..

"At this point 744,408 BTC are missing due to malleability-related theft which went unnoticed for several years."

Doesn't matter if my cat wrote it.  If the guy running the company says the document is "more or less" accurate, I'll take that as confirmation that the gist of the document is correct, including shit that is bolded on page 1.  If that's not good enough for you, no skin off my back.  We'll see soon enough.

[T.Stuart]

http://www.cryptocoinsnews.com/2014/02/26/irc-chat-with-mark-karpeles-confirms-leaked-documents-authenticity-mt-gox-currently-seeking-bail-out/

So .. 750,000 coins actually are "missing" from Gox.  Hoe lee sheet.

"more or less"

"not from within"

So, tell me, where do you see confirmation on that piece of information?

No confirmation, but I am starting to wonder if Mark didn't spill his coffee on the cold storage hard drive.

[InsanityDev]

So, tell me, where do you see confirmation on that piece of information?

No confirmation, but I am starting to wonder if Mark didn't spill his coffee on the cold storage hard drive.

you've seen http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft yes?
+snap on the comment lol

[anth0ny]

So .. 750,000 coins actually are "missing" from Gox.  Hoe lee sheet.

Sounds deflationary. The M1 of bitcoin just went down by 750,000 BTC (6%), no?

[traderCJ]

So .. 750,000 coins actually are "missing" from Gox.  Hoe lee sheet.

Sounds deflationary. The M1 of bitcoin just went down by 750,000 BTC (6%), no?

If they have never been sold and never will be, then sure.

[InsanityDev]

So .. 750,000 coins actually are "missing" from Gox.  Hoe lee sheet.

Sounds deflationary. The M1 of bitcoin just went down by 750,000 BTC (6%), no?

no, and not just, all of those coins could be in circulation and have past through many hands, we all may own some of them, if just means gox doesn't have btc to give some people (lot's of people) if that figure is correct.

just how the hell they couldn't notice that there wallet(s) and account balance(s) were out by 750,000 for several years is beyond me though.. or just how we are expected to believe that more than 750,000 was still held on gox after all their stupidity the recent years..

this really does not add up.

erm we just went to do a withdraw and the wallet is empty.. okay how much is out? ... 750,000 <--- does not happen, unnoticed.

[anth0ny]

So .. 750,000 coins actually are "missing" from Gox.  Hoe lee sheet.

Sounds deflationary. The M1 of bitcoin just went down by 750,000 BTC (6%), no?

If they have never been sold and never will be, then sure.

Apparently 750,000 BTC that people thought they had doesn't exist.

[anth0ny]

So .. 750,000 coins actually are "missing" from Gox.  Hoe lee sheet.

Sounds deflationary. The M1 of bitcoin just went down by 750,000 BTC (6%), no?

no, and not just, all of those coins could be in circulation and have past through many hands, we all may own some of them, if just means gox doesn't have btc to give some people (lot's of people) if that figure is correct.

Well, yeah, that's why I said M1, not M0.

When banks failed during the great depression, the value of the dollar went up, not down, right?

[fcmatt]

So .. 750,000 coins actually are "missing" from Gox.  Hoe lee sheet.

Sounds deflationary. The M1 of bitcoin just went down by 750,000 BTC (6%), no?

no, and not just, all of those coins could be in circulation and have past through many hands, we all may own some of them, if just means gox doesn't have btc to give some people (lot's of people) if that figure is correct.

just how the hell they couldn't notice that there wallet(s) and account balance(s) were out by 750,000 for several years is beyond me though.. or just how we are expected to believe that more than 750,000 was still held on gox after all their stupidity the recent years..

this really does not add up.

erm we just went to do a withdraw and the wallet is empty.. okay how much is out? ... 750,000 <--- does not happen, unnoticed.

Exactly... 750,000 just keeps shrinking month after month and never once they did a db query to determine what they owe users in btc versus actual btc in their possession? The simplest audit imagineable? Something so simple it is coded into open source mining pool software let alone an exchange?

And this was not even a hack like we all think of it. The hot wallet being drained. That i can understand. But a multi month/year hack that some idiot keeps topping off the hot wallet letting it happen repeatedly until almost everything is gone? With no simple audit once a day or even a month?

[anth0ny]

So .. 750,000 coins actually are "missing" from Gox.  Hoe lee sheet.

Sounds deflationary. The M1 of bitcoin just went down by 750,000 BTC (6%), no?

no, and not just, all of those coins could be in circulation and have past through many hands, we all may own some of them, if just means gox doesn't have btc to give some people (lot's of people) if that figure is correct.

just how the hell they couldn't notice that there wallet(s) and account balance(s) were out by 750,000 for several years is beyond me though.. or just how we are expected to believe that more than 750,000 was still held on gox after all their stupidity the recent years..

this really does not add up.

erm we just went to do a withdraw and the wallet is empty.. okay how much is out? ... 750,000 <--- does not happen, unnoticed.

Exactly... 750,000 just keeps shrinking month after month and never once they did a db query to determine what they owe users in btc versus actual btc in their possession? The simplest audit imagineable? Something so simple it is coded into open source mining pool software let alone an exchange?

And this was not even a hack like we all think of it. The hot wallet being drained. That i can understand. But a multi month/year hack that some idiot keeps topping off the hot wallet letting it happen repeatedly until almost everything is gone? With no simple audit once a day or even a month?

"Where's that money, you silly stupid old fool? Where's that money? Do you realize what this means? It means bankruptcy and scandal and prison! That's what it means! One of us is going to jail; well, it's not gonna be me!"