[Lab] Mt Gox bitcoin purchas

[Paul & Andrea Mumby]

>From what I understand (and I agree, it is heavy rumor/hearsay at this
point) they are referring to balances people held at mtgox (which is
different than volume).

When you deposit funds and hold it in your account, to facilitate trades.

So even though their volume was say 90k, the collective balances of all
their users deposits may have been 1M

The implication is that through some kind of security breach (not in
bitcoin itself, but of the mtgox server infrastructure) 750K of those
account holdings have gone missing.

This is the equivalent of a bank going down and checking their vault to
find that 75% of their customer's money is gone.

Again, that is all supposing that this "leak" is legit...


On Tue, Feb 25, 2014 at 12:08 PM, Kirk Sutherland <kirk.sutherland at gmail.com
> wrote:

> I have been reading the news as this has been happening this morning
> and I dont' quite understand where this 750k coin loss is coming from.
> Apparently there is a 'leaked' powerpoint that suggests this number
> but that is it (but this could have been completely made up). I don't
> think I have ever seen more than 90k volume listed at Mt Gox, usually
> it's around 50k. Where is this number coming from?
>
> On Tue, Feb 25, 2014 at 11:37 AM, Chris B TBP <tbp at ghostwise.com> wrote:
> >
> >
> http://www.cbc.ca/news/technology/mt-gox-bitcoin-exchange-website-offline-1.2550256
> >
> > 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.
> >>
> >> Cheers!
> >> Kirk
> >>
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