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Author Topic: What would happen if the govt seized mt gox?  (Read 1993 times)
skittixch
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April 19, 2011, 06:49:17 AM
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Let's face it.  The government is creeping into the web more and more lately, and the inherent nature of bitcoin makes this a potential issue.  Currently, I see a large reliance on Mt Gox for pricing information and general stability.  Are we prepared for the possibility of hitting mtgox and seeing this?


We need to stay a step ahead if we're going to have control over our own destinies.  What do you guys think?
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MoonShadow
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April 19, 2011, 07:14:08 AM
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I think that, since MtGox is a website in Japan these days, the most that the US FBI can do in the short term is steal the domain name.  DNS lookup says that the IP address is 69.64.54.59, but direct use of that address does not lead to MtGox. 

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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April 19, 2011, 07:24:21 AM
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I think that, since MtGox is a website in Japan these days, the most that the US FBI can do in the short term is steal the domain name.  DNS lookup says that the IP address is 69.64.54.59, but direct use of that address does not lead to MtGox. 

Regrettably, the server at this IP address is in St. Louis, Missouri.

15UFyv6kfWgq83Pp3yhXPr8rknv9m6581W
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April 19, 2011, 07:29:45 AM
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That is regrettable.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
MagicalTux
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April 19, 2011, 07:41:59 AM
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With backups on various places of the world, too. Hosting in Japan is just too expensive (about 15 times more than US servers) to be used by default.

skittixch
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April 19, 2011, 07:45:10 AM
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I'd given thought to an open source, p2p trading application that one would run in conjunction with bitcoin and float synchronized data across the nodes.
MagicalTux
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April 19, 2011, 07:47:40 AM
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I'd given thought to an open source, p2p trading application that one would run in conjunction with bitcoin and float synchronized data across the nodes.

Bitcoin avoids doublespend problem by applying a delay, however a trading system requires all the stuff that we do not know (yet) how to run decentralized: trust, realtime, atomic transactions

skittixch
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April 19, 2011, 07:50:19 AM
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well...someone should...ya know...

...Get on it.  Tongue
fetokun
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April 19, 2011, 07:57:04 AM
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we would just have to add mtgox to these guys' list: http://www.mafiaafire.com/
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April 19, 2011, 08:15:35 AM
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we would just have to add mtgox to these guys' list: http://www.mafiaafire.com/

That, and get everybody in the world to use mafiaafire + firefox
Patat3
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April 19, 2011, 12:52:58 PM
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I'd given thought to an open source, p2p trading application that one would run in conjunction with bitcoin and float synchronized data across the nodes.

Bitcoin avoids doublespend problem by applying a delay, however a trading system requires all the stuff that we do not know (yet) how to run decentralized: trust, realtime, atomic transactions

Many companies with sensible content choose Canada to host their applications to avoid dealing with DMCA and other governement intrusions.

Canada is well peer with USA and the rest of the world.
Power is cheap and very reliable and there are big hosting companies.

Most poker websites servers are hosting in an Indian reserve south of Montreal. They can avoid most US laws and provincial laws. They are also exempt of many Canadian laws, because of old treaties.

Do you own your servers?

I have free spaces for 18U and many servers running OpenVZ with room for more VE in the rest of the rack. All in the newest iWeb.com datacenter.
Timo Y
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April 19, 2011, 04:39:46 PM
 #12

Not much would happen. People would quickly move to a different exchange.  Mtgox and Bitcoin Market were crippled by scammers in Oct 2010 and it didn't threaten the project seriously. This proves that the bitcoin community is pretty resilient and flexible.

GPG ID: FA868D77   bitcoin-otc:forever-d
Anonymous
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April 20, 2011, 12:31:28 AM
 #13

Mt Gox should make their site easy to replicate by anyone who wishes to mirror it .



tomcollins
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April 20, 2011, 01:21:25 AM
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Mt Gox should make their site easy to replicate by anyone who wishes to mirror it .





The problem is not the site, but getting the infrastructure set up, getting bank accounts set up, etc...
marcus_of_augustus
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April 20, 2011, 01:44:06 AM
 #15

Mt Gox should make their site easy to replicate by anyone who wishes to mirror it .





The problem is not the site, but getting the infrastructure set up, getting bank accounts set up, etc...

They could franchise their brand/model to partners in other locales. And provide a fast BTC conduit between trusted MtGox partners/agents ... as per Thomas Cook, WU or similar.

Anonymous
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April 20, 2011, 03:02:01 AM
 #16

Mt Gox should make their site easy to replicate by anyone who wishes to mirror it .





The problem is not the site, but getting the infrastructure set up, getting bank accounts set up, etc...

They could franchise their brand/model to partners in other locales. And provide a fast BTC conduit between trusted MtGox partners/agents ... as per Thomas Cook, WU or similar.

that is what I was thinking. Like Jim's Mowing or wendy's  (google it) Smiley

Just swap in whatever local bank you use.

Mt Gox has market makers also so if there are no buyers or sellers the exchange itself settles the order.

ie you need deep pockets to set that up.
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