4 ms·

Unilateral Statement Regarding Mt. Gox from an Insider

7 points by solipsist 13y ago

onion2k 13y ago
People doing things like covering up an 800k+ BTC theft "for the good of Bitcoin" is what will probably kill Bitcoin in the end. However good your intentions might be, if people can't trust the people running exchanges they won't use Bitcoin services. Doing something dishonest such as covering up a major crime for the "right" reasons is still dishonest. As beneficial as a secure anonymous currency may prove in the future, this debacle just goes to show how important the human factor is, and no amount of clever crypto is going to stop that.
- letstryagain 13y ago
  I can't tell if Karpelès really believes all the nonsense coming out of his mouth or not. Is he really that naive? He lost a decent chunk of a billion dollars but he thinks he can just rebrand and keep the company going? He believes it's better 'for Bitcoin' to keep Gox running even though all the money is gone? He thinks there's still a way out of this mess? I don't understand how he thinks.
ChuckMcM 13y ago
" Obviously, all of that is irrelevant to the guy who just lost his life savings, wondering where he can find a good bridge." Don't be that guy. Understand that 'life savings' don't belong in anything as speculative as BitCoin or Tech stocks.
hamburglar 13y ago
Point 3 in the "plausible scenario" seems obviously bogus to me. If they knew about transaction malleability, they could have addressed it easily the same way the standard client does it, rather than intentionally leaving a gaping hole just so they could have an excuse for insolvency.
- ars 13y ago
  No, the idea is they didn't actually leave a gaping hole - they just pretended they did so they could use it as an excuse, without actually suffering any [additional] loss.
andrewcooke 13y ago
> thousands of lives have been destroyed is this sarcasm? i don't understand the tone. that part seems to be sarcastic yet the rest seems to be straight.

4 ms·

Unilateral Statement Regarding Mt. Gox from an Insider

7 points by solipsist 13y ago

onion2k 13y ago
People doing things like covering up an 800k+ BTC theft "for the good of Bitcoin" is what will probably kill Bitcoin in the end. However good your intentions might be, if people can't trust the people running exchanges they won't use Bitcoin services. Doing something dishonest such as covering up a major crime for the "right" reasons is still dishonest. As beneficial as a secure anonymous currency may prove in the future, this debacle just goes to show how important the human factor is, and no amount of clever crypto is going to stop that.
- letstryagain 13y ago
  I can't tell if Karpelès really believes all the nonsense coming out of his mouth or not. Is he really that naive? He lost a decent chunk of a billion dollars but he thinks he can just rebrand and keep the company going? He believes it's better 'for Bitcoin' to keep Gox running even though all the money is gone? He thinks there's still a way out of this mess? I don't understand how he thinks.
ChuckMcM 13y ago
" Obviously, all of that is irrelevant to the guy who just lost his life savings, wondering where he can find a good bridge." Don't be that guy. Understand that 'life savings' don't belong in anything as speculative as BitCoin or Tech stocks.
hamburglar 13y ago
Point 3 in the "plausible scenario" seems obviously bogus to me. If they knew about transaction malleability, they could have addressed it easily the same way the standard client does it, rather than intentionally leaving a gaping hole just so they could have an excuse for insolvency.
- ars 13y ago
  No, the idea is they didn't actually leave a gaping hole - they just pretended they did so they could use it as an excuse, without actually suffering any [additional] loss.
andrewcooke 13y ago
> thousands of lives have been destroyed is this sarcasm? i don't understand the tone. that part seems to be sarcastic yet the rest seems to be straight.