Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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So my cfd provider changed from MTgox to btc-e data.
The difference between the two is about 300$ to 600$. Bitcoin might not be zero yet, but I'm sorry to say to those of you with money in mtgox, is it's almost certainly gone. I've seen this a few times before, mtgox is insolvent. No one will see their money from there again.
The difference between the two is about 300$ to 600$. Bitcoin might not be zero yet, but I'm sorry to say to those of you with money in mtgox, is it's almost certainly gone. I've seen this a few times before, mtgox is insolvent. No one will see their money from there again.
Pharazon
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Can you elaborate? You're saying the bitcoins that are supposed to be "held" by mtgox are gone? I don't have any money there, but a friend is saying "hey, let's gamble on mtgox." and I'm telling him we'd probably just be throwing away money. Might as well go play roulette or something if he's going to do that.
Nm. Just read an article about it that explained it a bit more.
Eidal
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My limited following of this is that the people running Gox designed their own back-end for handling transactions without really understanding what they were doing. This lead to them bleeding out BTC to people who caught on and exploited it. Then they ran some smokeshow bullshit about how its BTCs fault which got the BTC devs involved who pretty much said : ("Bullshit, this isn't an issue unless you do stupid shit."). So they got wrecked by being coding newbs and are delaying the inevitable by not being up front about it.
Tuco
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That's what I got from it too. I also heard the coder for it really loved PHP which is generally a poor choice for what he used it for (though a fine language on its own).
Their code was mostly fine, but there's a vulnerability in bitcoin that basically makes the transaction I'D useless for actually identifying the transaction. It's been known of for awhile but gox didn't realize the amount of fuckery relying on it would cause. So, it wasn't bad code, but ignoring known vulnerabilities in the protocol. I'm not sure which is more laughable.
Fucking coinbase uses mongo db as their primary db, which is apparently way fucking worse than coding an exchange in php. Cargo culting hard in either case.
Fucking coinbase uses mongo db as their primary db, which is apparently way fucking worse than coding an exchange in php. Cargo culting hard in either case.
Tuco
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Yeah my mind is boggled at how secure and non-volatile transmission of ownership of BTC takes place. I'm sure I'd understand it if I studied it more, but I'm used to having a mutex lock any kind of exchange in information across multiple threads. To do that with a network of computers across the internet agreeing what the state is seems impossible.
Tuco
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Mt.Gox CEO Mark Kerderples resigns from BTC foundation and they delete their tweets:
Mt. Gox Resigns From Bitcoin Foundation By Robin Sidel Feb. 23, 2014 10:08 p. - Pastebin.com
MtGox.com (MtGox) on Twitter
Meanwhile someone is selling 6million USD worth of BTC.
On the other hand BTC adoption is increasing in all kinds of places.
Despite warnings, Bitcoin gains toehold in region | Business , Lebanon | THE DAILY STAR
Neo & Bee: Physical bank involved with BTC:
Mt. Gox Resigns From Bitcoin Foundation By Robin Sidel Feb. 23, 2014 10:08 p. - Pastebin.com
MtGox.com (MtGox) on Twitter
Meanwhile someone is selling 6million USD worth of BTC.
On the other hand BTC adoption is increasing in all kinds of places.
Despite warnings, Bitcoin gains toehold in region | Business , Lebanon | THE DAILY STAR
Neo & Bee: Physical bank involved with BTC:
Pharazon
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Watching this from afar, I'm wondering if there isn't some seriously exploitation and price manipulation going on by those in the know at Mtgox.
If they know they can come back up, what's to stop them from buying up all the btc they can when the price drops low enough? Are there any rules or laws that would prevent it? A couple days ago, the price dropped fast down to 100 and then completely stopped at about 110 for a while like somebody was buying up all they could at that point. Then over the last couple days it climbed all the way back up to 350. At that point, the Mtgox CEO resigns from the BTC board without a peep of explanation, and they pull their tweets. The price dropped from 350 back down to below 200, but somebody is buying again and it's holding steady around 220-230. Their utter lack of communication during all this really makes me wonder.
If they know they can come back up, what's to stop them from buying up all the btc they can when the price drops low enough? Are there any rules or laws that would prevent it? A couple days ago, the price dropped fast down to 100 and then completely stopped at about 110 for a while like somebody was buying up all they could at that point. Then over the last couple days it climbed all the way back up to 350. At that point, the Mtgox CEO resigns from the BTC board without a peep of explanation, and they pull their tweets. The price dropped from 350 back down to below 200, but somebody is buying again and it's holding steady around 220-230. Their utter lack of communication during all this really makes me wonder.
Tuco
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I don't think so. It's possible it's some crazy gambit but I think the simplest answer is right this time: They got fucked up and lost solubility and then a bank run happened and now the entire system is one big pile of shit. Even if they were to come back and somehow return a good percentage of people's money they are 100% done as an entity. It'd be no surprise if they took what they could and are trying to embezzle it and hide from the consequences.
I think rinthea's point about currency only being valuable with a government to guarantee it is pretty illuminating here. If a US bank were to get hacked the federal govt has its back, and if someone were to embezzle the funds there'd at least be a legal process to prosecute them. Not that there aren't huge cases of very complex and semi-legal embezzlement(or corporate looting) going on.
Hachima
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Arative
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That's kind of the whole point of bitcoin, there is no central authority making rules or laws. I suppose you could look at it, as being the libertarian dream currency. The free market will weed out bad actors like mtgox. Certainly looks like a lot of people are getting fucked that had their money or coins in mtgox. I wouldn't be surprised is mtgox was manipulating the price on their site to try and make a lot of profit, when they announce that bitcoin withdrawals are reenabled or they could be completely insolvent and are just taking what they can.
Arative
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For those of you that are interested, btcguild has created a new pool called scryptguild that mines scrypt based coins. I guess he has an algorithm that will switch the mining power to whatever coin is the most profitable. Lets you exchanges that scrypt coins for btc right at pool. Good way to repurpose video cards
Hachima
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Tuco
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