Bitcoin History Part 17: That Time Mt. Gox Destroyed 2,609 ...


I am getting incredibly frustrated seeing Mark continuously post that Mt. Gox is now solvent and can pay back all of it's debts. He's trying to spin this as him being the good guy and trying really hard to "help" us get our money back.
Don't let a known scammer and thief spin this. He had bots manipulating the price of bitcoin on his exchange. He sent $3million from customer deposits into his own personal bank account. He fled France to avoid facing jail time for the computer fraud charges he was found guilty of. He manipulated Mt. Gox's databases before he filed bankruptcy.
Don't let him spin this. We lost bitcoin. Getting paid back in full would mean getting the CURRENT monetary value of our bitcoin back. Not $483 out of $3350 while u/magicaltux keeps the increase in value all to himself. If he wants to help, he'd return the money he took. Every time Mark posts some absurdity that he is able to pay everyone back in full, people need to continuously point out how obviously false this is.
Essentially, what Mark did is steal everyone's money for 3 years. Then he tries to return the value of everyone's assets at the price 3 years ago when he stole it. He's keeping the extra value for himself and trying to influence public opinion that he's a good guy and has earned everyone back their money. This is such bullsh*t it's absurd. We are only receiving a minor fraction of our money. No one should be falling for this good guy act or believe that we are being made whole.
Edit: I would like to see Mark acknowledge that returning $483 for every $3350 we would own if he didn't steal everything, is NOT being made whole again. It's less than 15% and he needs to stop saying how everyone is able to get all their money back.
submitted by robinson5 to mtgoxinsolvency [link] [comments]

Let's not forget

I've seen some troubling posts that people seem to be trusting u/magicaltux now. Let's not forget who he really is and what he did.
He claimed the Willy bot was a lie, except he has now admitted to it in court. He also transferred $3million from customer accounts to an account in his own name. Databases from Mt. Gox have parts missing. He knew Mt. Gox was insolvent and did nothing, hoping that no one would notice.
He is not to be trusted.
I've also seen some posts about how Mt. Gox is solvent because the price of bitcoin has gone up so much that it can cover everyone's debts. This is absurd! Mark seems to be pushing this point as well.
Getting paid back at around $500 per bitcoin is NOT the same as us getting our money back. Mark can't just decide to steal everyone's bitcoin for 4 years and then when it goes up about 5x give everyone back 1/5th of their value and hold the rest. This is insanity.
Lets not forget that Mark is a liar and a thief. And anything besides getting our bitcoin back is not being made whole. He is also pushing the narrative that btc-e stole the mt gox bitcoin. There is no proof of that, only that they laundered it. Don't let him trick you, he still has a lot of explaining to do with regards to how he handled mt. gox and hid the fact that it was insolvent (perhaps even stealing some btc himself).
At best, Mark Karpeles is criminally negligent (how can you not notice someone stealing 650,000btc over a period of years!), at worst he embezzled money and manipulated records for his own enrichment. People should not be turning to him for advice or even considering trusting anything that comes out of his mouth. He's also been charged with fraud in France and fled to avoid jail time.
Don't forget what type of person he really is.
Edit: Here is to hoping Mark sits in jail for a long time, or does something to actually make this right. That means not giving us $483 for every bitcoin we are owed, but instead actually giving us our money back that he took.
submitted by robinson5 to mtgoxinsolvency [link] [comments]

MT.Gox proceeding to patch

MagicalTux commented 30 minutes ago Just to update this thread, it seems that this discussion is mostly stale now. We (at MtGox) will implement this new hash index in our transactions database and start working with it (we will announce a maintenance as we will have to stop bitcoin deposits too during the database schema update) and will start providing this new hash when customers are withdrawing bitcoins, litecoins, or any other coin based on Bitcoin we may support in the future.
We will also provide an API that will allow our customers to use this hash to retrieve the transaction hash as seen in the blockchain once the transaction is confirmed, and will hope others ( will index this value one day.
We also invite other exchanges and businesses which may need to keep track of bitcoins they send to use this same method, since dealing with multiple variations of the same thing wouldn't be very productive.
If nobody does it, we will also post some test vectors for regular (in=>out) transactions in the near future.
From the last comment from Magical Tux in
submitted by javierlr14 to Bitcoin [link] [comments]

An analysis of the state of ppc at the moment.

Disclaimer; Do not overly rely on the information below, a large part of this is speculation, and while I have done a bit of research I do not claim to be any kind of authority on PPC.
If you find any mistakes please inform me and I will attempt to fix them ASAP.
What ppc has going for it
  1. PPC is relatively fast compared to most other crypto currencies, and has a fixed transaction fee unlike other crypto currencies such as bitcoin.
  2. Is so far the only crypto coin built on the idea of proof of stake(yet).
    [Why should this matter?; In cryptocurrencies based of proof of work, things like confirmations(e.g; a lot of exchanges require 3 to ten confirmations before they accept your bitcoin) are done when blocks are mined, this is fine as long as blocks are being mined, but when an error occurs(like TRC yesterday) where a difficulty adjustment results in a large amount of the miners leaving, the currency grinds to a halt and no transactions can be completed. With proof of stake coins which have allready been mined carry out these functions, so ppcoin can continue to function even in the absence of miners.]
  3. Energy Efficency; This leads to Peer to Peer Coin's third advantage, not being dependent of miners like other crypto currencies PPcoin is free to be energy efficient.
    Explanation; Bitcoin miners are buying bigger and bigger machines and using more and more electricity to generate Bitcoins, while not too much of a problem on this scale if Bitcoin ever becomes as big and as accepted a means of payment as credit cards or paypal the amount of power being consumed globally would be staggering, and very very inefficient(as all this is being wasted aside from the generation of Bitcoins.) PPC however adjusts difficulty geometrically as the popularity of PPC grows. So in such a scenario while the value of PPcoin might be astronomical, difficulty would scale so that it would be financially unprofitable for too many people to be mining. And thanks to proof of stake PPcoin would continue to function in such a situation.
  4. Growing acceptability; PPC is being adopted by bigger exchanges such as BTC-e on the fifth of april, as well as hints of ppc at mtgox. Additionally PPC now has the third hightest Market Capitalization
Summary; PPC is fast, reliable, resistant to scenario's which cripple other altcoins, and is designed for the long term, and seems to be slowly growing in acceptability.
What is going against PPC
  1. While it has potential very few places currently exist which accept PPcoin. Bitcoin is now becoming accepted in several "real" shops, while litecoin now has it's own silkroad in the form of Atlantis. PPC unfortunately(like many of the other altcurrencys) does not yet have any such marketplace, and its only current use is the purchase of bitcoins.
  2. PPC's value is currently fluctuating heavily, Vircurex's server issues right before BTC-e's implemetaion of PPC resulted in PPC experiencing its first major bubble in its first few hours unlike most other altcurrencys first few weeks.*
    *[mostly speculation; This might be as people knew that the supply of ppc would rise as soon as Vircurex came online, and were determined to sell before this lowered the value of ppc. Combined with people focusing on TRC as it was added to BTC-e first, and being suprised when due to the miner issue PPC reached the market first, and overbidding in their haste.]
  3. A more temporary issue; PPC might soon be flooded as Vircurex comes back online, and if people panic and flood the market with this additional supply. HOWEVER given that the current price of PPC is currently equal or below the level of ppc prices before Vircurex closed, and additional currencies are in Vircurex the price of ppc might not actually fall all too much as people might refuse to sell at a loss.
Conclusion; While PPC is designed to be used on a wide scale, and seems to be growing in acceptability, it doesn't yet have enough services, and is facing a risk of collapse. So if PPC survives its current difficulties it should grow to equal and eventually exceed litecoins, but only if it manages to weather it's current pricing issues.
edit; so if you want to help PPC succeed, please build services which accept ppc.
edit 2; Issue three has passed. Hooray.
submitted by bagog to ppcoin [link] [comments]

Mark Karpelès, l'ex-PDG de Mt.Gox, répond aux questions sur le subreddit de Bitcoin Bitcoin Через 5 лет полмира будет использовать криптовалюты? Bitcoin: Αθώος δηλώνει ο Καρπελές 7 Steps Definite GUIDE to Real Estate Wholesaling Step by Step CHAPTER 6 OF 7 ♦️ 3 Pillars of a

In another milestone, the value of Bitcoin continues to rise. Each bitcoin is now worth $0.50. Next stop, one dollar! Each bitcoin is now worth $0.50. Next stop, one dollar! Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all ... Bitcoin has an inherent financial nature that makes operating an exchange that much more complex. Usually AML procedures can help dealing with most issues, but won’t work in a decentralized context as things are today. Based on my own experience the best option for a decentralized exchange would be to allow exchange only between existing crypto-currencies (”alt coins”), which would ... Bitcoin is a distributed, worldwide … Press J to jump to the feed. Press question mark to learn the rest of the keyboard shortcuts. Log in sign up. User account menu. 15. Mark (MagicalTux) comments on possibility of Mt. Gox rebirth with current prices approaching creditor value. Close. 15. Posted by 3 years ago. Archived. Mark (MagicalTux) comments on possibility of Mt. Gox rebirth with ... At 18:18 UTC, the owner of MtGox, Mark “MagicalTux” Karpeles, living in Japan, was woken up and showed up on the IRC channel #bitcoin-otc, evidently surprised by the massive sell-off. After a ...

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Mark Karpelès, l'ex-PDG de Mt.Gox, répond aux questions sur le subreddit de Bitcoin

️Основатель биржи MtGox Марк Карпелес , который на Reddit зарегистрирован под ником MagicalTux, сообщил, что вся ... Αθώος δήλωσε ενώπιον ιαπωνικού δικαστηρίου ο Μαρκ Καρπελές. Ο 32χρονος Γάλλος, γνωστός και με το online ... Mark Karpeles, avec son compte MagicalTux, répond aux questions de tout le monde sur Reddit dans un Ask Me Anything (demandez moi n'importe quoi). Il revient notamment sur l'affaire Mt.Gox et les ... That is especially true if you know the value of time. You can collect quality data from STEP 2 - Analyze Data Distressed properties are simply properties that are producing ... This video is unavailable. Watch Queue Queue