Mt. Gox CEO resigns

Abossy said:
Seriously putting notices up saying your money is safe, we are just working through problems, bit coin protocol buggy, blah blah blah. How did they get away with that shit trading platform for so long?
And then just pull the plug today and turn the website off? I can't believe it.
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Well that's pretty much what the banks and govt in Cyprus were saying to depositors before they suddenly shut the doors and took it all.
 
Abossy said:
Following some of this on Bitcointalk and Reddit at work today. It doesn't come as a total shock but I truly am surprised at the whimpy, teenage, punk like amateur hour tactics of Mt Gox. Seriously putting notices up saying your money is safe, we are just working through problems, bit coin protocol buggy, blah blah blah. How did they get away with that shit trading platform for so long?

And then just pull the plug today and turn the website off? I can't believe it. Surely this has killed the viability of the currency, at the very least put it back years. How can you have faith in a currency when you need to constantly look over your back wondering who is going to hack it next. I know the numbers might be BS but some source says Gox lost 700,000 coins in a hack - that is over 6% of the entire available bit coin supply.

I still am very interested in the concept and tech and future possibilities but right now gotta be kaput.
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But its all good because it's and unregulated non government backed currency. I do feel sorry for those burned but seriously, if anyone ploughed money into this junk after it skyrocketed then they brought it upon themselves
 
trew said:
Abossy said:
Seriously putting notices up saying your money is safe, we are just working through problems, bit coin protocol buggy, blah blah blah. How did they get away with that shit trading platform for so long?
And then just pull the plug today and turn the website off? I can't believe it.
Click to expand...


Well that's pretty much what the banks and govt in Cyprus were saying to depositors before they suddenly shut the doors and took it all.
Click to expand...
Well no one will EVER turn around and say umm sorry guys, we are expecting that about two weeks from now that we are going to be completely fucked.
 
so none of this news is confirmed and all is total speculation. the latest rumor is they will announce they have been taken over tomorrow by the winkelvoss twins...
 
Twitter:
Jim Rickards @JamesGRickards 12m
Those struggling to understand #Bitcoin are even more confused this morning. They're asking how can you steal something that doesn't exist?
 
Abossy said:
Following some of this on Bitcointalk and Reddit at work today. It doesn't come as a total shock but I truly am surprised at the whimpy, teenage, punk like amateur hour tactics of Mt Gox. Seriously putting notices up saying your money is safe, we are just working through problems, bit coin protocol buggy, blah blah blah. How did they get away with that shit trading platform for so long?

And then just pull the plug today and turn the website off? I can't believe it. Surely this has killed the viability of the currency, at the very least put it back years. How can you have faith in a currency when you need to constantly look over your back wondering who is going to hack it next. I know the numbers might be BS but some source says Gox lost 700,000 coins in a hack - that is over 6% of the entire available bit coin supply.

I still am very interested in the concept and tech and future possibilities but right now gotta be kaput.
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To me, that is like saying, CommonWealth Bank got robbed, therefore I'm not using Australian Dollars anymore in case National Australia Bank gets robbed too.
 
Altima said:
You're comparing the exchanges to established banks?
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Not at all.

What I was saying was:

"Surely this has killed the viability of the currency, at the very least put it back years. How can you have faith in a currency when you need to constantly look over your back wondering who is going to hack it next. "

Is nonsensical.

That is like saying, I don't trust gold anymore, because I had someone storing my gold, and they left it sitting in a train carriage by itself and it was taken by a thief.

Why would that shakes anyone's belief in gold? Belief in the storage person? Fair enough. Belief in gold? Surely not.

Understand?
 
leo25 said:
who could have seen this coming? oh that's right almost everyone...

But some people won't learn, they will just move to another exchange like btc-e and then surprise surprise by the end of the year that will shut down too.

Bitcoin math might be sound, but as soon as you mix it with humans it becomes flawed like everything else, foolish for anyone to think any different with bitcoin.
People that like bitcoin love the idea of a free unregulated system and this is what happens in a free unregulated system.
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as opposed to government stealing in a regulated system? ;)
 
Bullion Baron said:
Basically all these shenanigans show us what an unregulated, free market looks like. Do you like what you see?
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If a company that is insolvent goes broke, and no tax payer money is used to bail it out then yes....
 
if anyone wants to trade me 1000 bitcoin for a silver eagle.... im right here.
one day soon you will look back and really wished u took this deal. :D .......... :D
 
ego2spare said:
if anyone wants to trade me 1000 bitcoin for a silver eagle.... im right here.
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Buzz.

Any particular year of silver eagle you were after ?
 
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