crime

Mt Gox files for bankruptcy; CEO says 750,000 bitcoins gone

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haha why is this not surprising.

1 ( +1 / -0 )

Bitcoin on Oxygen.

0 ( +0 / -0 )

“a weakness in our system.” - Mark Karpeles

Yes it is called GREED AND DISHONESTY.

Mark Karpeles was planning to "retire" however since this huge amount of money has been reported missing, he has been inundated with job offers from numerous share trading companies and merchant banks.

0 ( +1 / -1 )

It may not be an inside job as there has been a recently discovered vulnerability in the Bitcoin protocol known as “transaction malleability”. Silk Road 2.0 was similarly cleared out a couple of weeks ago, although some deny this "vulnerability" could be the cause of the theft.

http://www.forbes.com/sites/andygreenberg/2014/02/13/silk-road-2-0-hacked-using-bitcoin-bug-all-its-funds-stolen/

0 ( +0 / -0 )

I lost 2 bitcoins when my computer crashed. Since, I was a newbie I didn't backup my "bitcoin wallet". I think it's not hacker, more like MtGox forgot to backup their wallet and their computer crashed. Traditional hacking is almost impossible with bitcoin, unless it involved social engineering as well, like the "It's me scam".

-1 ( +0 / -1 )

Sop a bunch of fake money disappears in smoke. Anyone surprised?

1 ( +3 / -2 )

Yes, I agree it is evident that it is a quote from Burges. I was just trying to be gentle in my wording toward smith who appeared to be confused.

Yes, I was also trying to be "gentle in my wording". Some posters, having made up their mind about issues long ago, have a tendency to not even bother reading the articles before rushing in with their comments. They are not "confused". More like dogmatic.

0 ( +4 / -4 )

Sorry, but investment in bit coins??? . "A fool and his virtual money are soon parted" I bet these people also "invest" in binary trading. The old ways are still the best, blue chip stock, real estate etc.

2 ( +3 / -1 )

"hidingout at Mar. 01, 2014 - 09:11AM JST <@ Educator60

I think this is a quote from Kolin Burges, not Karpeles.

There's no "I think" about it. Anyone who can read can see that's a quote from Kolin Burges.>

Yes, I agree it is evident that it is a quote from Burges. I was just trying to be gentle in my wording toward smith who appeared to be confused."

Yes I understood your use of the words "I think" so not to worry some of us did get it.

0 ( +1 / -1 )

For those who got in, high risk, high reward philosophy at work here

1 ( +1 / -0 )

I just don't understand why so many people believed him and bitcoins. I knew it would happen sonner and later. No one takes responsibility about this. Losing money is your fault anyway.

1 ( +3 / -2 )

Who on the earth want to get involve with the bitcoins that is not regulated in banking industry? There is no protection for investors in case of loss. That should be the first red flag.

2 ( +2 / -0 )

Call me cynical but I get the feeling this was the plan all along. Inside job for sure! You don't overlook SEVERAL YEARS of losses!

6 ( +8 / -2 )

I think this is what happened with the first few banks and credit unions when they first opened up. Didn't the train that transferred money across the US get robbed regularly?

The internet is an amazing place to make yourself a millionaire with just brainwaves and clicks. But it isn't a good place to store your money at all. Even national banks are at risk for people stealing money, personal information, credit cards etc...

6 ( +6 / -0 )

@ Educator60

I think this is a quote from Kolin Burges, not Karpeles.

There's no "I think" about it. Anyone who can read can see that's a quote from Kolin Burges.

I would only be suspicious of embezzlement if the money was lost gradually. If all 870K coins were stolen in one act of hacking, I think one would naturally look to someone outside the company.

Very sorry for the people who lost big money here.

-3 ( +2 / -5 )

Pure capitalism at work.

-4 ( +2 / -6 )

Don't claim to be an expert on this, but I would refer folks to a blog written by somebody called two bit idiot over on Tumblr who seems to have broken the original story ( before the media). Over a series of posts, the chap in question raises a number of issues regarding the Mt Gox saga. One term that stuck out was the interpretation of "cold storage" of coins. Makes rather interesting.....

2 ( +2 / -0 )

Maybe some of the larger financial institutions on the planet didn't want anyone else muscling in on their turf?

0 ( +0 / -0 )

While I realize the need for some kind of visual representation, I really wish the media would stop accompanying these articles/news reports with graphics of actual coins--the average (e.g. non-tech-savvy) consumer is confused enough as it is regarding the virtual currency without reinforcing the idea that some kind of physical money is involved.

18 ( +18 / -0 )

I agree with you guys, and hence my comment on suspicion. I highly doubt if the guy had lost everything and hurt so many people he'd be tweeting that, "It's been a wild ride!". He's going to disappear after the press conference.

0 ( +5 / -5 )

Karpeles stole it.

7 ( +8 / -1 )

Oh, sure, the coins are "gone"... into the guy's secret accounts! Come on. How dumb does he think we are?

9 ( +10 / -1 )

I'd be keeping a close eye on the people in charge, as this sounds all very suspect.

6 ( +8 / -2 )

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