Tokyo-based former Magic: The Gathering card trading emporium and world’s largest BitCoin crypto-currency exchange Mt Gox has finally declared bankruptcy after losing 500 million dollars of BTC and pretending it was solvent for the better part of a year.
At its 2013 heights the site reputedly handled 70% of the world’s BitCoin exchange transactions, but soon after delays and limits on withdrawals began and by February the exchange had halted all BitCoin transactions (thankfully it stopped handling Magic cards some years before).
Several weeks of evasion then culminated in a bankruptcy filing at a Tokyo court, with French CEO Mark Karpeles apologising “for causing so much trouble.”
With the main exchange having suffered so many high profile problems for so long the value of BitCoins themselves was badly affected, but the protocol itself is believed to be sound and other exchanges continue to trade without issue.
MtGox still maintains weaknesses in the BitCoin protocol (or more likely weaknesses in its notoriously poorly coded exchange platform) allowed unknown hackers to make off with enough of its coin balances to force it into insolvency, all without being detected.
Needless to say a variety of alternative explanations substituting criminal conspiracy for sheer incompetence have emerged (to say nothing of those who maintain the entire currency is a grand pyramid scheme), although any official investigations have yet to even begin.
The Internet is filled with the wroth of those unfortunate enough to have stashed all their wealth in BitCoins rather than the physical security of a Black Lotus, and 2ch is no exception:
“So they are blaming it all on unauthorised accesses!”
“One guess as to where they originated – from themselves, most likely.”
“A pretty high level fraud scheme, all in all.”
“All according to plan.”
“Who ended up with all the coins then?”
“That pig is running I see!”
“Expect him in Dubai next month living the high life.”
“Have they not raided him yet?”
“Just look at that smug look on his face. Guess who did it.”
“He’s obviously been eating and drinking his fill these past few years…”
“Largess at the top and embezzlement probably account for all those coins. Serves anyone dumb enough to have traded with them right.”
“Even if he gets a sentence he will be out in a few years with millions secretly stashed in BitCoin accounts to enjoy.”
“BitCoin is too convenient for its own good – no way would governments let it go unmolested for long.”
“So much for the Magic The Gathering Online eXchange…”
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Did anyone see the way he talked Japanese? "Moushiwake gozaimasen.... to omou" lol.Such rudeness. I lost $3000 in gox.
Brother keeps his bitcoins so we lost nothing.
lost nothing? look at bitcoin price.
Bitcoin is died man, no one wants it anymore.
"is died"
1 Bitcoin is $565.20USD right now. My brother bought in when it was less then $100USD.
The Liberatards will still want it.
They didn't learn from history about the Great Depression.
They didn't learn from history about the S&L scandal from the 80s.
They didn't learn during the bank failures in the 2000s.
And they aren't going to learn from this.
I bought in when they where $0.67-$1.83 a coin, I purchased 2,000 coins over a period of 3 months. I sold the coins when they hit $850-$910 a coin. I made nearly 2 million bucks. I'm 23 and set for life.
My mother always said the internet was garbage and I wouldn't make money with it.
Holy shit I tried watching the video where he apologizes but couldn't do it for more than 1 second, too cringeworthy
And I guess that'll keep me far, far away from Bitcoin.
Anyone got doge to spare?
+/u/dogetipbot 1800 doge verify
This is what happens when you don't do your homework: http://brokenlibrarian.org/bitcoin/
tl;dr version: The Bitcoin network and community is a gigantic goddamn mess of idiocy, greed, and bad decisions. Stand well clear.
I could not care less about BitCoins, I'm just angry this whole business ruined AMD video card prices as collateral.
Just wait till all those newb farmers see their electricity bills and have to sell off the cards second hand!
They screwed at the time the US Gov put their eye up and saw that it would not gain anything from it.
It will be a great blow to the AMD, easy source of high prices due to high demand.
The market for vgas in second-hand will get crowded them, unfortunately one vga working 24h in full is not it a good buy ..........
AFAIK bitcoin is solely mined on ASICS
Bitcoin yes... but litecoin and similar cryptomoney is best mined on an GPU...
and that makes the Radeon cards going skyhigh...
damn ether, i just sold my old trashy 5970 for over 250 usd, and sold of my 7970 GHz for more than the shop price... the prices are insane.
Only in 'murica. In Europe Radeon prices are all right.
Bitcoins are mined on any computer with a GPU. laptops, Desktops, any brand, Linux, Windows or mac. As long as it has any brand of GPU, it can mine bitcoins. You can do it on your computer right now. Its how they where first mined. Its how they are still mined today.
Have we made any comment bashing the French on this site?
In a French ass restaurant, hurry up with my damn croissants!
Like "what could you expect from a french CEO?"
You want cross ants? I prefer mine happy.
We were going to but they surrendered.
What a shame, they should have surrendered to the British during US independence war rather than helping the revolutionaries...
Given the digital nature of btc I'm surprised there hasn't been a story of significant loss from a crashed HDD, just a matter of time. As for mt.gotx, to bad ur not a bank, then you just apologies and get bailed out.
But there are:
http://money.cnn.com/2013/11/29/news/bitcoin-haul-landfill/
Most early bitcoin adopters are tech nerds who know better than that.
Those filthy hairy foreigners does it again!!!
Really people did not see this was just like a electronic philately pyramid scheme?.
Lol dumbasses, people need to realize that there is no protection with bitcoins, you're gunna get burned, the majority of them are crooks, and the money is used in the online drug trade
Well duh. Why else would it hold such a high value? Its the lifeblood of the safest, most regulated and controlled drug market in the world.
The demand for money laundering has been around for as long as currency existed. A currency backed by this demand will have greater longevity than the US dollar backed by "In God We Trust."
Yeah, I'd rather take Black Lotus too.
If I'm not mistaken the idea of using MtGox was to turn your bitcoins into money or launder them through a few times so your bitcoin trail wasn't traceable.
Not to keep your bitcoins stored at MtGox for long periods. That's what your bitcoin wallet is for.
The Idea of using MtGox was to exchange Fiat for BTC. or to sell your BTC for Fiat. Its a currency Exchange. You can't launder money through most large currency exchanges, they fall under federal banking laws and have to have your full identity on file to include high res photos of your ID, proof of residency etc. MtGox had its own digital BTC wallet like any other currency exchange. Its the first place your currency sits after its been converted. You can then send it out of the Exchange into a private wallet. They stopped that a while back though when MtGox realized they where boned and had no more BTC's to give out.
No wonder that shit is so corrupted and fucked up, they hired Douglas Reynholm from The IT Crowd.
You sir or madame deserve a interwebz.
whoa he really does look like him.
I bet someone didnt listen to Jen and typed 'Google' into google.
Wow now that you mentioned it O_o
You! Computer man! Fix my pants!
Bitcoin........what was it again?
A miserable little pile of secrets *throws wine glass*
Hahahaha
This is why I never "Invest" in these virtual cash schemes.
I got into an argument over Bitcoin with my uncle last week, he was convinced it would eventually replace money. I was like "uh, no." First of all it isn't even possible for everyone to use it--the supply is capped at a finite number. Second there's nothing backing it--it's only worth what the demand for it says it is. It's insane to convert real money into something that volatile, it makes you way too vulnerable to market fluctuations. Third, there's pretty much nothing you buy with it that you couldn't get with normal cash except OH WAIT, illegal drugs. Fourth, he used a REALLY bad analogy--the increasing use of debit cards compared to 10 or 15 years ago. Those are still backed with real money, it's just another way to access your account and it's government regulated. There's nothing regulating Bitcoin. The only people benefiting from its use are people who are doing things they couldn't do legally otherwise.
Since countries dropped the gold standard, our money is likewise backed by nothing but demand as well.
And people call me crazy for stockpiling gold
So how much is that gold going to be worth when the apocalypse occurs and everyone is fighting over consumables, supplies, shelter & weapons?
The value of precious metals & exotic jewels is a lie perpetrated by the jews, whom want you to waste what little money you have on otherwise useless rocks. Useless, that is outside of a circuit board & time piece. In fact the diamond engagement ring is the ultimate example of this public manipulation.
I'm thinking about investing in a compound bow?
Safe investment?
12:37 01/03/2014
Just so, but with fighting there are bound to be casualties, and the amount of corpses to be obtained with that gold then could still perhaps make it worthwhile.
12:43 01/03/2014
An artsy one, yes.
US Dollars are backed by a bunch of nukes, among other things.
Alot of valuable metals such as gold, platinum, silver, and copper are used in making computer and other electrical components. Some rare gems are used to make high end speakers and headphones. As technology is the way of the future investing in any of these things isn't a bad idea.
A capped supply simply ensures that inflation doesn't run amok. Otherwise, it would be useless as a currency. Also, bitcoins are divisible to a very small fraction, so yeah, they can be used by everyone, but if it ever comes into widespread use, it's likely that an individual bitcoin would be worth a large amount of money, and most people will only own fractions of one.
Bitcoin doesn't actually need regulation. It's regulated by scarcity because of the encryption required to generate new coin. That's part of the beauty of its design.
It's an interesting piece of technology, but it's not going to supplant traditional currency anytime soon. It's likely that it will gain more widespread traction in the future though, because MtGox idiots aside, the fundamental encryption technology it's based on is sound.
there is nothing "real" about the green bills you get from your reserve. There is NOTHING backing the paper money you have, or the digits on your online bank. US currency is not backed by gold, or anything. It can not be traded in for anything tangible. The only reason it has power is because the government signed it into law and allow a non government agency to print and sell it to the government. printed currency comes from nowhere, is made out of thin air and is backed by nothing.
Does that not sound like Bitcoin?