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The Water Cooler
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Bitcoins woes .. Mt Gone
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<blockquote data-quote="_CY_" data-source="post: 2445699" data-attributes="member: 7629"><p>Gox Goes Belly-up After Losing A Billion Dollars Without Noticing; Blames Fault In Corporate Bookkeeping Protocols</p><p></p><p><img src="https://www.okshooters.com/data/MetaMirrorCache/falkvinge.net_files_2013_05_facepalm_646x363.png" alt="" class="fr-fic fr-dii fr-draggable " style="" /></p><p>Cryptocurrency</p><p></p><p>So its more or less official: MtGox, once the worlds largest bitcoin exchange, has died and taken all its holdings with it to the grave. This follows a long string of evasive statements, silence, and strange behavior from the exchange, particularly including bad customer service. The net is full of horror stories of people having lost their money, and claims of a hack against the vault are not credible in the slightest heres why.</p><p></p><p>In a chaotic situation like this, its hard to know exactly what is true. Here are the claims that seem reasonably factish:</p><p></p><p> The vault of Gox is empty, instead of containing 744,000 bitcoin</p><p> Gox has halted all trading, deleted all previous communication, and is serving a blank web page</p><p> The blank web page holds an invisible comment hinting at an acquisition</p><p> There are claims that the loss of 744,000 bitcoin was due to a years-running hack that gradually emptied the vault</p><p> Claims that the loss is due to a hack appear not credible</p><p> Previous large hacks in the bitcoin ecosystem have been widely believed to be outright scams, but havent met the evidence bar for a criminal trial</p><p></p><p>In persistent rumors of insolvency, MT Gox has been pronounced Empty Gox for some time in mockery. As it turns out, its more true than expected. News this morning says that 744,000 bitcoins are missing from its cold storage, its vault. What appears to be a consultants crisis report and findings doesnt list a cold storage wallet at all among assets, indicating the exchanges vault is empty.</p><p></p><p>How much is 744,000 bitcoin? In technical terms, its a shitload of money. Using the peak exchange rate from two months ago, its a hairsbreadth shy of one billion US dollars, with a B.</p><p></p><p>So the question is; how can you not notice one billion dollars gradually disappearing from your company over several years, as has been claimed to be the case?</p><p></p><p><a href="http://falkvinge.net/2014/02/25/gox-goes-belly-up-after-losing-a-billion-dollars-without-noticing-blames-fault-in-corporate-bookkeeping-protocol/" target="_blank">http://falkvinge.net/2014/02/25/gox-goes-belly-up-after-losing-a-billion-dollars-without-noticing-blames-fault-in-corporate-bookkeeping-protocol/</a></p></blockquote><p></p>
[QUOTE="_CY_, post: 2445699, member: 7629"] Gox Goes Belly-up After Losing A Billion Dollars Without Noticing; Blames Fault In Corporate Bookkeeping Protocols [IMG]https://www.okshooters.com/data/MetaMirrorCache/falkvinge.net_files_2013_05_facepalm_646x363.png[/IMG] Cryptocurrency So its more or less official: MtGox, once the worlds largest bitcoin exchange, has died and taken all its holdings with it to the grave. This follows a long string of evasive statements, silence, and strange behavior from the exchange, particularly including bad customer service. The net is full of horror stories of people having lost their money, and claims of a hack against the vault are not credible in the slightest heres why. In a chaotic situation like this, its hard to know exactly what is true. Here are the claims that seem reasonably factish: The vault of Gox is empty, instead of containing 744,000 bitcoin Gox has halted all trading, deleted all previous communication, and is serving a blank web page The blank web page holds an invisible comment hinting at an acquisition There are claims that the loss of 744,000 bitcoin was due to a years-running hack that gradually emptied the vault Claims that the loss is due to a hack appear not credible Previous large hacks in the bitcoin ecosystem have been widely believed to be outright scams, but havent met the evidence bar for a criminal trial In persistent rumors of insolvency, MT Gox has been pronounced Empty Gox for some time in mockery. As it turns out, its more true than expected. News this morning says that 744,000 bitcoins are missing from its cold storage, its vault. What appears to be a consultants crisis report and findings doesnt list a cold storage wallet at all among assets, indicating the exchanges vault is empty. How much is 744,000 bitcoin? In technical terms, its a shitload of money. Using the peak exchange rate from two months ago, its a hairsbreadth shy of one billion US dollars, with a B. So the question is; how can you not notice one billion dollars gradually disappearing from your company over several years, as has been claimed to be the case? [url]http://falkvinge.net/2014/02/25/gox-goes-belly-up-after-losing-a-billion-dollars-without-noticing-blames-fault-in-corporate-bookkeeping-protocol/[/url] [/QUOTE]
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