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Author Topic: someone fucked up and lost ALOT of money  (Read 26985 times)
DeathAndTaxes
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Gerald Davis


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December 14, 2011, 04:22:25 PM
 #101


Maybe MagicalTux should try to get some insurance against fuckups like this. Might be expensive and put a lot of hassle on him by ways of auditor wanting to see all code pre-production Wink


500k BTC are uninsurable, because it is practically impossible to replace them once lost.

Irreplaceable items are insured all the time.  Artwork, pro-athletes legs, one of kind diamonds, etc.

The larger issue w/ insuring Bitcoin losses would be the inability to verify they really are lost.  Not so much in this case but if coins were sent to a wrong but valid address w/ no private key (or wallet/backups were corrupt, lost, etc) it is impossible to verify the coins are really lost.
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December 14, 2011, 07:15:20 PM
 #102


Maybe MagicalTux should try to get some insurance against fuckups like this. Might be expensive and put a lot of hassle on him by ways of auditor wanting to see all code pre-production Wink


500k BTC are uninsurable, because it is practically impossible to replace them once lost.

Really?  It seems just the opposite to me.  BTC are completely fungible.  The insurer would simply needs to buy them in...or mine them.  It would only be impossible to insure, say, 22x10^6 BTC.

It might be quite expensive to insure high quantities since the actuaries would need to consider the cost of buying them in.  I, for instance, can be shaken from my position by an offer which in excess of 'parity'.  'parity' to me is roughly 1kg of gold per BTC which makes the math easier Smiley


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February 28, 2014, 09:34:09 PM
 #103

In light of recent developments at Mt. Gox, this thread is worth a revisit.  How many more coins were lost this way?

Maybe this helps.
It seems MtGox made a mistake somewhere.
Quote
<MagicalTux> that's a problem, but not the worst problem we ever faced
<MagicalTux> all the broken withdraws have been re-issued
<MagicalTux> just spent one week of BTC-only income
MagicalTux is a dev of MtGox.
practicaldreamer
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February 28, 2014, 11:01:05 PM
 #104

In light of recent developments at Mt. Gox, this thread is worth a revisit.  How many more coins were lost this way?


Yes - thanks for digging this one out and sharing - it makes very interesting reading, especially, of course, in the light of what has happened in the last couple of weeks.

I didn't grasp the finities of the coding issues (not my field  Wink Cheesy etc) though I believe I did get the gist - but FWIW I've got to agree with one of the later posts that was made around 2.5 years back now :-



Maybe MagicalTux should try to get some insurance against fuckups like this. Might be expensive and put a lot of hassle on him by ways of auditor wanting to see all code pre-production Wink



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November 12, 2014, 04:00:16 AM
 #105

In light of recent developments at Mt. Gox, this thread is worth a revisit.  How many more coins were lost this way?


Yes - thanks for digging this one out and sharing - it makes very interesting reading, especially, of course, in the light of what has happened in the last couple of weeks.

I didn't grasp the finities of the coding issues (not my field  Wink Cheesy etc) though I believe I did get the gist - but FWIW I've got to agree with one of the later posts that was made around 2.5 years back now :-



Maybe MagicalTux should try to get some insurance against fuckups like this. Might be expensive and put a lot of hassle on him by ways of auditor wanting to see all code pre-production Wink


is the whole bitcoin thing just a long con? The legal system needs to get a lot more responsive as many  of the 10billion world population will deduce that fucking people over and steeling their money is fine...right now the good guys have to do something as these criminals seem to think they can hide behind lawyers and Magic it all away.

I lost money on Gox and quite a lot regarding bitcoin is full of fraud and the public need protecting .

Let's see Gox 2.0 with full reconstituted creditors who are not anonymous.

This post thread seems to justify the whole long con mirage of cryptographic digital currency .




Most jobs are obsolete already, that's where the con is,

www.cryptocurrencycentralbank.com 

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