Bitcoin mt gox hacked arcade
I am deeply saddened to hear of the tremendous loss suffered by the Bitcoin community today. Undoubtedly, thousands of lives have been destroyed and innocent people have been left in financial ruin.
We talked about how we were in it for Bitcoin, and the greater good, and how we should work together. They certainly gave no indication that they were worried about insolvency. I was just thinking how grateful I am for not having any funds in Gox, and then I realized that I actually do have funds in Gox. I determined that they were insolvent, canceled my wire and immediately withdrew my funds via coupon bitcoin mt gox hacked arcade Bitcoinica.
As luck would have it, Bitcoinica got hacked shortly thereafter, never to recover, and what funds remained have been tied up in liquidation proceedings since. And guess who was holding those funds for the liquidator. I just ate a whole box of Thin Mints. You know, when Gox got hacked in June ofRoger Verone of my oldest friends from the high school Magic: How soon can you be in Tokyo?
I spent the next two weeks volunteering at Gox, leveraging my own personal and company resources to help them get the situation under control. I even wrote the press release about the event. I did that for the greater good of Bitcoin, and when I left, I thought—for the greater good—somebody oughta make another exchange pronto because this ship is going down in flames.
We founded Payward in July of A similar approach was discovered to have been taken by Bitcoinica, unbeknownst to its users.
In both cases, if the exchange had simply exposed the truth, the damage would have been lessened. Clearly, we bitcoin mt gox hacked arcade to be more demanding as a community of our wallets and exchanges.
Regulators have been kind enough to not enforce against unlicensed Bitcoin businesses, allowing the industry to flourish, but that means the onus is on us to keep our custodians honest. I've been wracking my bitcoin mt gox hacked arcade trying to make sense of everything. What gets me is that Mark isn't an idiot. If I assume that the Crisis Strategy Draft is truthy, a scenario like this is more plausible than what we've been fed:.
Look, I was bitcoin mt gox hacked arcade to write some lawyer-approved PR statement about how Kraken kicks ass and is super secure and compliant, and Payward is leading the charge at DATAand all the great things we're doing right. Obviously, all of that is irrelevant to the guy who just lost his life savings, wondering where he can find a good bridge.
You've got your life, and you've got your freedom, and you've got tremendous value to this community and cause. Bitcoin just lost a major battle and needs bitcoin mt gox hacked arcade the reinforcements it can get. I was standing outside of 20Mission tonight talking with Jered Kenna when we were informed by a random woman passing by that "Bitcoin is hacked and dead". How many opportunities in history have we had as a people to change the world in such a positive way?
If you want to join the effort, call me. If you want to jump off a bridge, call me. Jesse Powell's Blog video games, virtual worlds, education, philanthropy, stuff. Home Archives Profile Subscribe. I will be blogging on things that interest me, and where I think my perspective may be valuable to other people.
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Follow me on my Profile. Gox from an Insider I am deeply saddened to hear of the tremendous bitcoin mt gox hacked arcade suffered by the Bitcoin community today.
If I assume that the Crisis Strategy Draft is truthy, a bitcoin mt gox hacked arcade like this is more plausible than what we've been fed: Gox determined that it was better to continue operating the exchange, probably both for the sake of Bitcoin, and for their customers who would eventually be made whole from fees earned.
Gox knew of transaction malleability and had been keeping that scapegoat in their back pocket to use in the event of a bank run. Or, they didn't know but the losses from TM were actually recent and minor. Or, they didn't know but the losses from TM bitcoin mt gox hacked arcade over a long period of time and they never noticed because they never reconciled the books, because they knew they wouldn't match anyway because they were already fractional.
Fiat withdrawal problems led to an increased uptick of BTC withdrawals, outpacing BTC deposits and draining reserves to 0. This may have been compounded by an actual problem with transaction malleability that accelerated the process. Gox spent its fiat reserves and customers' fiat reserves to buy up BTC in order to keep the ship afloat until they could launch their rebranded Gox. Gox doesn't make it happen in time and is forced to shut down, negative on fiat by millions and having lost all BTC.
Unilateral Statement Regarding Mt. Gox from an Insider. This blog has been intentionally left janky.