The Inside Story of Mt. Gox, Bitcoin's $460 Million ...

What does /r/Libertarian think about the morality of the MtGox Bitcoin theft/rollback?

** The details of this are not 100% agreed upon yet, but I think the amount of information from both parties provides a moral dilemma **
Days ago the biggest Bitcoin exchange (MtGox) crashed with the value of BTC in USD going from $17.50 to $0.01 in 3 minutes. This happened because a single account was compromised with over $8 Million worth of coins, issuing a sell order for everything at $0.01 causing the market to crash as all the traders put lower and lower bids in, and eventually finding the lower bound and draining it. The market did make almost a full recovery in a few minutes, but MtGox pulled it offline.
Here is what they have to say:
Here are my questions:
Thank you reddit!
submitted by KayRice to Libertarian [link] [comments]

What does /r/Republican think about the morality of the MtGox Bitcoin theft/rollback?

** The details of this are not 100% agreed upon yet, but I think the amount of information from both parties provides a moral dilemma **
Days ago the biggest Bitcoin exchange (MtGox) crashed with the value of BTC in USD going from $17.50 to $0.01 in 3 minutes. This happened because a single account was compromised with over $8 Million worth of coins, issuing a sell order for everything at $0.01 causing the market to crash as all the traders put lower and lower bids in, and eventually finding the lower bound and draining it. The market did make almost a full recovery in a few minutes, but MtGox pulled it offline.
Here is what they have to say:
Here are my questions:
Thank you reddit!
submitted by KayRice to Republican [link] [comments]

What does /r/Democrats think about the morality of the MtGox Bitcoin theft/rollback?

** The details of this are not 100% agreed upon yet, but I think the amount of information from both parties provides a moral dilemma **
Days ago the biggest Bitcoin exchange (MtGox) crashed with the value of BTC in USD going from $17.50 to $0.01 in 3 minutes. This happened because a single account was compromised with over $8 Million worth of coins, issuing a sell order for everything at $0.01 causing the market to crash as all the traders put lower and lower bids in, and eventually finding the lower bound and draining it. The market did make almost a full recovery in a few minutes, but MtGox pulled it offline.
Here is what they have to say:
Here are my questions:
Thank you reddit!
submitted by KayRice to democrats [link] [comments]

Spain breaks up bitcoin cybercrime gang after $1.2 billion spree related to mtgox theft

Spain breaks up bitcoin cybercrime gang after $1.2 billion spree related to mtgox theft submitted by adolfaberHitler to Bitcoin [link] [comments]

Spain breaks up bitcoin cybercrime gang after $1.2 billion spree related to mtgox theft

Spain breaks up bitcoin cybercrime gang after $1.2 billion spree related to mtgox theft submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

A question about the MtGox situation and bitcoin theft in general

My understanding of the MtGox situation is thin, but my understanding is that hundreds of thousands of identifiable bitcoins are missing.
My question is, shouldn't it be impossible to spend/move/exchange a stolen bitcoin (let alone hundreds of thousands of them) without immediately getting caught?
Couldn't all the unique identifiers associated with all the missing bitcoins be put on a "no spend" list, so that any transaction attempted with them would immediately raise an alarm?
submitted by flossdaily to Bitcoin [link] [comments]

MtGox: The Bitcoin Police - What the largest exchange is doing about the Linode theft and the implications

MtGox: The Bitcoin Police - What the largest exchange is doing about the Linode theft and the implications submitted by BitcoinMagazine to Bitcoin [link] [comments]

If you have an account with an exchange, how do you secure your bitcoins from possible theft or exchange issues like MtGox?

submitted by Arsene_Lupin to Bitcoin [link] [comments]

How is btc safe if thefts like what happened to mtgox and bitfinex occur? /r/Bitcoin

How is btc safe if thefts like what happened to mtgox and bitfinex occur? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

French MtGox CEO to be rearrested over bitcoin theft claims in Japan

French MtGox CEO to be rearrested over bitcoin theft claims in Japan submitted by rotoreuters to betternews [link] [comments]

The troubled MtGox Bitcoin exchange filed for bankruptcy protection in Japan Friday, saying it had lost nearly half a billion dollars worth of the digital currency in a possible theft.

submitted by emman1993 to worldnews [link] [comments]

Slashdot's take on MtGox -http://news.slashdot.org/story/14/02/25/1343235/mt-gox-gone-apparent-theft-shakes-bitcoin-world

Mt. Gox Gone? Apparent Theft Shakes Bitcoin World
http://news.slashdot.org/story/14/02/25/1343235/mt-gox-gone-apparent-theft-shakes-bitcoin-world
submitted by deadmul3 to Bitcoin [link] [comments]

NYTimes writes about MtGox collapse: "Apparent Theft at Mt. Gox Shakes Bitcoin World"

NYTimes writes about MtGox collapse: submitted by afwaller to Bitcoin [link] [comments]

Bitcoin exchange MtGox offline amid rumours of theft

Bitcoin exchange MtGox offline amid rumours of theft submitted by matts2 to Libertarian [link] [comments]

Bitcoin is a Ponzi scheme! MtGox implosion and theft explained

Bitcoin is a Ponzi scheme! MtGox implosion and theft explained submitted by AgentZeroM to shitbitcoinhaterssay [link] [comments]

MtGox implosion and theft explained by a Bitcoin hater

MtGox implosion and theft explained by a Bitcoin hater submitted by coinwatcher to Bitcoin [link] [comments]

Bitcoin exchange MtGox offline amid rumours of theft

submitted by martinsaltpetre to worldnews [link] [comments]

Bitcoin exchange MtGox offline amid rumours of theft

submitted by rssr to test16 [link] [comments]

Bitcoin exchange MtGox offline amid rumours of theft | Technology

Bitcoin exchange MtGox offline amid rumours of theft | Technology submitted by MyMotivation to Bitcoin [link] [comments]

My collection of amazing early Bitcoin comments, right here from Reddit:

On buying (or not) a gaming rig to mine Bitcoin:
With the difficulty skyrocketing and exchange rates sitting stagnant at $5~8 for the last week or so, you pretty much missed the boat to buy dedicated mining hardware, IMHO. If you already have the hardware, or are looking for an excuse to buy a couple bitchin' new graphics cards for a gaming rig, there's definitely money to be made mining when you're not using it.
But I don't think I'd drop $1k into a rig that's only to mine with unless it was $1k I'd blow on something even more retarded. I certainly wouldn't sink next month's rent into it.
https://reddit.com/AskReddit/comments/hnp7f/_/c1wuv1b/?context=1
On easily cashing out Bitcoin using mtgox:
I think getting money is not that difficult. The daily volume on mtgox is over $100K, so I think anyone can currently sell Bitcoins for USD without problems.
https://reddit.com/AskReddit/comments/hnp7f/_/c1wuhjh/?context=1
On it being $10:
Is Bitcoin 10 usd yet?
https://reddit.com/Bitcoin/comments/hpq6c/is_bitcoin_10_usd_yet/
Bonus: Snapshot of the isbitcoin10usdyet website from 2011: https://web.archive.org/web/20110606125320/http://www.isbitcoin10usdyet.com/
Mtgox might disappear:
400K bitcoins is $4M dollars. Given all risks and uncertainties around bitcoins, no wonder some of the early founders exit their investments. Tomorrow mtgox or dwolla may disappear. It is the matter of one government intervention.
https://reddit.com/Bitcoin/comments/hq1wj/_/c1xgesq/?context=1
Bitcoin is terrible at friendly front-end:
This is a dangerous point-of-view. The entire bitcoin ecosystem is ugly, confusing, and deeply unusable. Really think about the questions posed in the article. The client works, as in, it creates a functional front-end for some bitcoin-related tasks, but it isn't at all designed for how humans would want to interact with the currency. The point of the article isn't that the client is hard, it's that the client works pretty well for obsessive nerds (present company included), but if bitcoin is really going to succeed at the goals it sets out to accomplish, it needs to not only be usable by normal people, it needs to be exceptional. If you think it's reasonably usable, you're welcome to that opinion, but please understand that you're the exact sort of person Mr. Falkvinge was referring to. Great with complex logic, terrible at friendly front-end.
https://reddit.com/Bitcoin/comments/hrqpm/_/c1xtfuy/?context=1
On wallets going out of sync:
One thing that I think is lacking is the ability to functionally use wallets on different machines as they will tend to get out of sync. This might be able to be overcome if new addresses were deterministically created from a seed contained in the wallet, but there are probably better ways.
Also, the UI for the official client is kind of a bone.
https://reddit.com/Bitcoin/comments/hrqpm/_/c1y730k/?context=1
On Bitcoin’s ease of use:
In fact, BTC is in such an infant state right now only enthusiasts investors, and geeks who can actually grasp how the system truly works, are using it for real.
The usability issues raised by the article are real. No grandma, or any well respected enterprise for that matter, would accept working with this type of GUI. If anything, a REAL enterprise backend still needs to be developed to handle the BTC's ungly guts, with all transactions details, hashes, mining, wallets, proxy connections, peer discovery via IRC channels... I mean... this is all too RAW for the end user. I can see a near future where startups will begin to offer user friendly GUIs, online access, maybe even online banking for your bitcoin accounts, automated backups and safety mechanisms to protect your coins in case of theft.
All of us geeks will end up supporting the bootstrap of this network so that, later on, your grandma will be able to use this just as she would use a credit card today.
https://reddit.com/Bitcoin/comments/hrqpm/_/c1xungz/?context=1
rBitcoin is not a sub for memes:
This isnt a subreddit for memes. Take it back to pics
https://reddit.com/Bitcoin/comments/i7z0v/_/c21m3ld/?context=1
I think I’ll keep my money elsewhere:
This further reinforces BC's image as nothing more than a Ponzi scheme. When the distribution is skewed that heavily towards early adopters, they will have almost total control over the market. Those 32 could manipulate to their hearts content. I think I'll keep my money elsewhere....
https://reddit.com/Bitcoin/comments/ifl26/_/c23e3ei/?context=1
Tulip mania:
http://en.wikipedia.org/wiki/Tulip_mania
https://www.reddit.com/AskReddit/comments/hnp7f/i_just_invested_half_of_my_next_months_rent_in/c1wuhkt/
submitted by wisequote to btc [link] [comments]

Disappeared coins: Almost no talk

Why is it so little talk about the disappeared coins? I mean, it is such huge amounts and it must be a few persons who control a big chunk of it, it cannot be impossible to find these persons and get it back. Even if not all coins are recovered in time for distributions, I think it should be a clausal saying that any coins that are found also after distributions should be distributed as much as possible to the creditors. Has it been any discussions about this?
submitted by Marcus_678 to mtgoxinsolvency [link] [comments]

WizSec: Breaking open the MtGox case

WizSec: Breaking open the MtGox case submitted by nikuhodai to Bitcoin [link] [comments]

Mt Gox disappears, future of Bitcoin unknown - YouTube Mt. Gox - Bitcoin's Darkest Day Mt. Gox Bitcoin exchange goes offline after $350 million hack Bitcoin is a Ponzi scheme! MtGox implosion and theft ... Mt. Gox Shuts Down: Is Bitcoin Dead?

Although bitcoin is only about a decade old, its path has been shaped significantly by various events over the last decade. One of the most important events to hit bitcoin was the Mt. Gox disaster . Today, we're highlighting the Mt. Gox controversy and other key moments in the early days of bitcoin. The Magic: The Gathering Online Exchange Was ... It was the Bitcoin theft which rocked the whole of cryptocurrency in 2014 – a massive haul of 650,000 coins taken from Japanese exchange Mt. Gox, the largest bitcoin exchange in the world at that time. It has been blamed by many as being a major factor behind the declining value of a bitcoin over the last year, and is often cited as an example of why using Bitcoin is a risky business. The ... I've recently been repeatedly asked about the theft of 80,000 BTC from MtGox in early 2011, ... Encrypted wallets were introduced with Bitcoin version 0.4 released in late September 2011 — alas just slightly too late for MtGox, whose main wallet got stolen again just weeks before then... Timeline Timestamps use block times where applicable, so take this into account, i.e. events happened in ... In February 2014 Mt. Gox suspended trading and filed for bankruptcy after approximately 850,000 Bitcoins were stolen, at the time, valued at more than $450m. This What Bitcoin Did series of interviews is with a number of the key people related to Mt. Gox. If you have any questions about this series of interviews feel free to drop me an email. The “destination” of the digital currency from bitcoin’s most infamous theft is “definitely” known — but the finders won’t say where those coins are currently located. Mt. Gox, the largest bitcoin exchange at the time of its headline-grabbing demise, declared bankruptcy after the theft or disappearance of 850,000 bitcoins valued at $450 million in February 2014, along with $27 ...

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Mt Gox disappears, future of Bitcoin unknown - YouTube

In this video I discuss what we know about the Mt. Gox theft. I cover many of the points made in Wizzsec's presentation as well as cover some additional angles they did not. If you want Wizzsec's ... The crash of MtGox and the bitcoin ponzi scheme explained by Mike Adams, who warned about Bitcoin in April of 2013 and successfully predicted its largest crash. One of the largest online exchanges for Bitcoins, a digital cryptocurrency "mined" by computers, has closed down amid allegations of theft. The founder of the Tokyo-based Mt. Gox website admitted ... Mt. Gox, once the world's largest Bitcoin exchange, shut down following a reported theft of over 700,000 bitcoin. Affected users are despondent, and some analysts are wondering if this is the end ... Mt. Gox, once the world's largest bitcoin exchange, is now offline after losing about $350 million to a two year-long hack that went undetected by the company. Mt. Gox said that it was ...

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