[Lab] Mt Gox bitcoin purchas
Paul & Andrea Mumby
themumbys at gmail.com
Tue Feb 25 11:49:59 EST 2014
Ugh, I wish the media would take some effort to get their facts straight...
"The cloud hanging over Mt. Gox is a possibly fatal blow to Bitcoin.
Supporters of the virtual currency have said its cryptography makes it
immune to theft or counterfeiting."
That quote implies "See! It's not immune to theft! Bitcoin is flawed!"
without further context or clarification.
They rarely seperate Bitcoin itself, (the protocol, the currency, and the
network) from the third party, supporting infrastructure, such as exchanges
Yes, the cryptography in bitcoin is strong, and if you store your wallet in
a secure fashion it is nearly impossible for someone to steal (without
getting EXTREMELY lucky, or having a quantum computer) lol.
But if you rely on a third party service to hold your coins, and that
service gets hacked, that has nothing to do with bitcoin itself, it's a
website that got hacked. No different than identity theft through a hack at
a major retailer, or a bank being robbed and so on.
MtGox is but one of several exchanges. And it's by no means the largest by
volume of trades anymore. It's not a crippling blow, it's just impacting
price because bitcoin markets are highly reactionary to bad press, and they
are generating a lot of bad press right now.
He's a registered business in Japan, as well as his branches in several
countries, including USA. If this is a scam, for several hundred million
dollars. Expect some fairly major legal action to ensue... (and involvement
of international and federal level law enforcement agencies).
I personally know 2 individuals that had 300, and 2000 bitcoin held at
MtGox (against my advice) for day trading...
On Tue, Feb 25, 2014 at 11:39 AM, Paul & Andrea Mumby
<themumbys at gmail.com>wrote:
> Yup, apparently the CEO Mark Karpeles has also withdrawn his seats from
> the bitcoin foundation board of directors, and scrubbed his facebook,
> google+ and twitter accounts.
> On Tue, Feb 25, 2014 at 11:37 AM, Chris B TBP <tbp at ghostwise.com> wrote:
>> Mt. Gox, Bitcoin exchange website, offline
>> More than 740,000 Bitcoins are allegedly missing from the exchange
>> On 19-Feb-14, at 10:50 AM, Kirk Sutherland wrote:
>> Good morning!
>>> I was wondering if any of the modlab members have an account with Mt
>>> Gox that allows for the purchase of bitcoins. I have a verified
>>> account but I have not purchased through them before. It looks like
>>> for Canadians the best way is a wire transfer (but it looks like that
>>> may take a while) or with OKPAY. Does anyone have any experience with
>>> either of these routes? Were you successful?
>>> Now before anyone says it, yes I am aware you can not currently
>>> withdraw bitcoins from Mt Gox. I am willing to gamble that they will
>>> at some point in the near future resume withdrawals and would like to
>>> take advantage of some crazy low bitcoin prices.
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