Mt. Gox is Bankrupt

[NikeShoes]

A report by Mt. Gox has been leaked that reveals 744,408 BTC were stolen over the past FEW YEARS as a result of transaction malleability. They are insolvent with assets equal to about 33 million dollars and liabilities equal to about 175 million dollars.

They have intentionally been deceiving the Bitcoin community in an attempt to save both the Bitcoin market and their own skins. But, alas, it has failed.

The report can be viewed here:

http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft

 

[Xolr]

Wow, I've been looking for a detailed report on this. Thanks.

So basically Bitcoin isn't worth what it was said to be?

I wish people would understand the risks when buying heavily into such a new technology that hasn't even made it completely out of beta yet.

 

[NikeShoes]

Bitcoin is worth what people think it is worth. The whole reason governments control money is so that they can prevent and or minimize the damage done to a currency when an event like this happens. It will be interesting to see if Bitcoin ever recovers. In any case, I believe the technology behind cryptocurrencies in general will continue to be important. But as for Bitcoin itself... Let's just say I'm shorting like crazy.

 

[Xolr]

I don't have much invested in it but I'm intrigued by it still and will probably drop a few hundred into if it it drops to 100 or around that area. I'd make my own cold wallet with steel plates and metal stamps lol.

 

[Emperor Nero]

Ah give it a 3 weeks and start buying up. BTC will probably gain some ground, but I don't know how fast.

 

[InfinityXII]

BTC ( or cryptocurrency ) will always attract people because its anonymous

 

[NikeShoes]

It is not anonymous. You can easily track people with the blockchain and just a little information from the person's interactions with other "nodes" in the network. You can think of it almost like triangulation.

I believe a few computer scientists have demonstrated this. I will see if I can find an example later.

 

[Xolr]

It can be only if you know what you're doing.

 

[InfinityXII]

It is not anonymous. You can easily track people with the blockchain and just a little information from the person's interactions with other "nodes" in the network. You can think of it almost like triangulation.

I believe a few computer scientists have demonstrated this. I will see if I can find an example later.

You can 'flush' the block chain theres people who provide these services.

 

[CoinKing]

It is not anonymous. You can easily track people with the blockchain and just a little information from the person's interactions with other "nodes" in the network. You can think of it almost like triangulation.

I believe a few computer scientists have demonstrated this. I will see if I can find an example later.

IT IS ANONYMOUS AND IT WILL ALWAYS BE

 

[Emperor Nero]

IT IS ANONYMOUS AND IT WILL ALWAYS BE

It can be reasonably tracked if people don't know how to hide their trail.

 

[CoinKing]

It can be reasonably tracked if people don't know how to hide their trail.

I believe everyone using bitcoins should know how to hide the trail.
Also blockchain won't help you tracking anyone at all.

 

[Emperor Nero]

I believe everyone using bitcoins should know how to hide the trail.
Also blockchain won't help you tracking anyone at all.

That isn't quite true. BTC is mainstream. They're actually people who use it for things besides drugs now, and it isn't just an internet only thing. I mean we are looking at countries with BTC ATMs soon, it has been legitimized. It has been proven by different people that it can be traced reasonably (there was write about about it in I believe it was the Wall Street Journal's website), and if someone at a university can take a day and track transactions then imagine what the government can do with a group of experts and the best tech money can buy.

 

[inpherus]

I've got some BTC in MtGox, does anyone know what happens to the BTC we have in the MtGox wallet? Is it seriously just gone?

 

[Emperor Nero]

I've got some BTC in MtGox, does anyone know what happens to the BTC we have in the MtGox wallet? Is it seriously just gone?

I'd probably assume they'll attempt to pay you back but they're down nearly 1m BTC so don't count on it. Join a class action law suit if it comes by. You might get $50 back.

 

[zgangz]

goxed