lets talk about Bitcoin being fukked by Mt Gox being fukked

[Julius Skrrvin]

@DEAD7 @88m3

Hello friends,
MtGox is gone. So let's prepare ourselves.
On Tuesday, and for the rest of the week, all hell will break lose in the media. It will be blamed on MtGox, it will be blamed on Bitcoin, it will be blamed on the "bug," and it will, more than anything, be blamed on the "lack of regulation." Pundits and "experts" of all types will weigh in on the calamity. It will be world news in a matter of hours.
Get ready, because it will be an ugly week.
For all of you who lost money, my heart goes out to you. Some people lost a little, some lost a fortune. It will make people sick, and depressed, and full of grief. Personally, I had over 550 BTC in Gox. I will never get any of that back. If misery loves company, then we'll be enjoying a grand feast today.
I should have known better, of course. I take responsibility for leaving those funds with an entity that had proven incompetence repeatedly. I chose to ignore even my own warnings, for nothing more than the sake of convenience.
Gox is still at fault, to be sure, but I have learned the lesson. I hope it is not such an expensive lesson for others. And for all you observers, please take a moment to consider it as well.
Be mindful, however, that the wrong lessons are not learned, for that would be the true tragedy, indeed.
Let me suggest that the lesson is not that Bitcoin is broken. Bitcoin is fine.
Similarly, the lesson is not that security is impossible. Those who know what they are doing, can achieve it and help others to do so.
The lesson is not that nobody can be trusted. There are countless good men and women in this community who are worthy of trust, and some of the very best people I've ever met.
And finally, the lesson is not that we ought to seek out "regulation" to save us from the evils and incompetence of man. For the regulators are men too, and wield the very same evil and incompetence, only enshrined in an authority from which it can wreck amplified and far more insidious destruction. Let us not retreat from our rising platform only to cower back underneath the deranged machinations of Leviathan.
The proper lesson, if I may suggest, is this: We are building a new financial order, and those of us building it, investing in it, and growing it, will pay the price of bringing it to the world. This is the harsh truth. We are building the channels, the bridges, and the towers of tomorrow's finance, and we put ourselves at risk in doing so.
We are at risk from accidents. We are at risk from fraud, from corruption, and from evil. We are at risk from journalists seeking headlines and from politicians seeking power and glory. We are at risk from the very market we are trying to build - a market which cares not about our portfolio, our ambitions, or our delicate sympathies.
For all these risks, devastation will befall us repeatedly. Some of us will be discouraged. Some will be ridiculed and insulted. Some will be tricked, or swindled. Some of us will be crushed or caged. We will be set upon by all manner of antagonists, repeatedly, for a long time.
So why do we do it? Why do we build these towers that fall down upon us? Why do we toil and strain and risk our precious time, which is the only real wealth we possess?
Because the world needs what we're building. It needs it desperately. If that matters to you, as it does to me, then hold to that thought. You will see through the smoke, and your wounds will heal.
So shake it off, brothers, for this won't be the last calamity endured before the win.
Tonight, my heart is with you all.
Tomorrow, my head is down. My eyes are open. And I am building.
Toward peace and freedom,
-Erik Voorhees

 

[Type Username Here]

Nothing like seeing Capitalism and "Libertarianism" in its full beautiful glory.

Cats out there begging for regulation. I read on another board where some cat basically said the following:

"We should come together and demand regulation. This is different than a central authority mandating it, but we should form some kind of group that tells these exchanges they must have regulation and transparency"

It was like watching a cognitive dissonance painting being painted right in front of your eyes.

 

[L&HH]

per user accessofevil from reddit:

This is not to beat up on anyone that had significant assets tied up in gox. I'm not blaming the victim.

I've been following btc since it was making rounds in technology and security circles, which I followed for my career over the last 20 or so years.

I've worked with what I'll call "financial people" before. Such as people that managed VC money for people that cashed out at Microsoft, Atari, etc... And I've worked with various CFOs of companies you've heard of.

Comments in here like "At least Madoff issued a statement" made me realize btc is more of a finance people thing now than a cryptology or technology thing.

So that's where I'm coming from when I make the following observations:

1) The "death threats" you guys are implying here and talking about are simply shocking. I know it's an emotional time, but I don't think it is healthy for this community to tolerate and foster that kind of attitude. Every thread has the word "hitman" in it. I could write a whole post about why this is n bad for you guys.

2). Holy shyt, do you guys speculate, and badly. Things I do know about I see layman comment on with what amounts to a Sky Magazine understanding of a topic, or less, and extrapolate ridiculous things from it. Technology reporting in mainstream media is baaaaaaad. You guys have seen some of this recently. Yet I see the same level of understanding of the technical and some business ethics topics in here, which are largely wrong and used to massive FUD effect.

Basically I think you guys act like a bunch of old ladies. You do the same shyt you complain about the MSM doing amongst yourselves.

Almost everything you're "learning" in the comments from leaked website information and leaked documents to what level of incompetence this issue represents is super wrong.

It would terrify you people if you knew how average mtgox is in how they are handling this situation.

I know that is a very unpopular view, and I know shyts all emotional right now, that's why I started by clarifying that I'm not blaming you.

Institutionalized incompetence exactly like this has led to far more money than what's at stake here being lost or stolen. It's responsible for people actually dying. Think BP and Toyota. Think medical errors and improper drug trials.

You could spend years at any business or law school researching the levels of incompetence at all levels of society. I'm not defending them. I'm not saying it's acceptable.

But it is normal. Average might be a better word.

I'm saying you need to know that this shyt happens more than it doesn't happen. People's SUV tires fail and their whole family dies. Literally.

Do not assume that institutions you rely on are competent. As btc grows it there will be more loss. Just as how economies grow, losses grow as well. This will not be the last disaster and it won't be the worst. And that's one of the reasons why I think btc is here to stay.

Another way to put it is that btc is so young, it hasn't had time to have its Great Depression yet. In context of civilization timescales, this isn't even a footnote in the history of btc.

Edit:

As long as this comment is, I failed to address their poor handling and lying about the situation. Besides pointing out big obvious examples, like 2/3rds of the worst thermonuclear melt downs in human history, I will also tell you from experience that many companies, with names you know, will ignore, litigate, threaten, spin, or just give you an old fashioned lie when their hands are caught in the cookie jar. Or if you find them being stupid. This experience is from finding security vulnerabilities in software or networks. A good company will send you a check for helping them. Others will send you a lawyer.

Oh yes, and I can practically guarantee you that your WiFi router has absolute shyt security and most likely has a back door. Many of the most popular routers, when you reverse engineer the firmware, will have things like a super password that works on every single model of that router regardless of any user settings. And many computers are still susceptible to dns or dhcp attacks. You're welcome.

Anybody remember Bank of America intentionally losing loan documents? People try to bury their turds. And companies are made up of people.

What do you guys think, he made some good points, no?

 

[Julius Skrrvin]

per user accessofevil from reddit:


What do you guys think, he made some good points, no?

Denial, about the current state of bitcoin at least. He's psychologically patting himself and others on the back here. But cryptocurrencies are not done; i expect a few more exchanges to come up and then pump and dump just like Mt. Gox probably did. Or litecoin/doge will fill the void.

 

[Julius Skrrvin]

Nothing like seeing Capitalism and "Libertarianism" in its full beautiful glory.

Cats out there begging for regulation. I read on another board where some cat basically said the following:

"We should come together and demand regulation. This is different than a central authority mandating it, but we should form some kind of group that tells these exchanges they must have regulation and transparency"

It was like watching a cognitive dissonance painting being painted right in front of your eyes.

Mtgox deleted all their tweets too. I wouldn't be surprised if someone helped scrape together a bunch of devalued BTC to kill these dudes with a hitman

 

[Liu Kang]

There's definitely an amount of belief for those who invest in bitcoin.
The economic model is still young (and the flaws may correct themselves) but the practical uses are really interesting and there are some major companies that are interested in it (for example Overstock is pushing it atm) so there may be a future. That's why I invested in it. It's a small amount but still an investment.
I may lose it all (even if I'll be out before thanks to stop loss orders) but it's the point of investing.

From my end, my investment is more off curiosity than ideology but I still BELIEVE that it will work but times are currently hard.

 

[Julius Skrrvin]

There's definitely an amount of belief for those who invest in bitcoin.
The economic model is still young (and the flaws may correct themselves) but the practical uses are really interesting and there are some major companies that are interested in it (for example Overstock is pushing it atm) so there may be a future. That's why I invested in it. It's a small amount but still an investment.
I may lose it all (even if I'll be out before thanks to stop loss orders) but it's the point of investing.

From my end, my investment is more off curiosity than ideology but I still BELIEVE that it will work but times are currently hard.

Sorry to hear that breh. Im sure you knew how it could end up, it was a volatile venture by nature. Like I said I dont think crypto is done because of something like this at all either, but it was always gonna end in tears.

 

[Domingo Halliburton]

when are the lawsuits going to start flying?

 

[Serious]

subs..

 

[Liu Kang]

Sorry to hear that breh. Im sure you knew how it could end up, it was a volatile venture by nature. Like I said I dont think crypto is done because of something like this at all either, but it was always gonna end in tears.

Don't be sorry, I went in because I wanted to. Nobody forced me.

What people forget is that MtGox was the biggest player in the game but he was not really competent. It falling is a short term bad news but a long-term good one because it had too many flaws (as we saw the way they handled the last few weeks) and when it was hurt, the whole market was too. In a way, it was too big for the good of Bitcoin.
At best, they were in denial and Karpeles was doing a fuite-en-avant thinking it could still have a honorable exist when there was obviously none. At worst, Karpeles is a crook and a thief. So it's best he left.

We just got to hold on, I won't jump ship because of this. Investment and/or trading are a patience game but yeah it's hard to see one's liquidity decreasing like snow under the sun.

 

[Domingo Halliburton]

trust your money to a Magic the Gathering card exchange, brehs

 

[DEAD7]

Looks everyone is glad Gox is gone for the most part. They apparently were a sh*tty trade site to begin with... and it looks like BTC will survive this. Current rate is around $500...

 

[Julius Skrrvin]

Looks everyone is glad Gox is gone for the most part. They apparently were a sh*tty trade site to begin with... and it looks like BTC will survive this. Current rate is around $500...

I never said it would tank. Just that shyt is funny

 

[Julius Skrrvin]

 

[MVike28]