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I am not familiar with the early days of BitFinex, and I hope the conclusion the two articles point to may not be true. How come so many people managed to trus

I am not familiar with the early days of BitFinex, and I hope the conclusion the two articles point to may not be true. How come so many people managed to trust BitFinex that appears to have such opaque management? If it's an insider job by the founder, why did (s)he not withdraw 100% of the assets in the exchange? Probably to make it look more likely to be done by an outsider(s)?

tinco 10y ago
If I recall correctly 100% of the assets that were withdrawable were actually withdrawed. edit: Well regardless of that being the case, why would an attacker not withdraw all the funds they can lay their hands on? Many people seem to believe the bitcoin-exchange-as-a-scam thing is worthwile, but I don't think it really is. Karpeles is in jail, and will be for a very long time, and I've heard he doesn't enjoy his jail time much. The identities of these people are known, their spending can be tracked. I can't see how the life of a exchange scammer is in anyway more attractive than that of a straightforward exchange runner. What are they going to do, cash out a couple of million somewhere and emigrate to South America? They could do the same simply by selling their exchange. Besides, Dread Pirate Roberts showed that emigrating is not really attractive to many people, even when not doing so is a terrible idea.
- dhfromkorea 10y ago
  wow, it was perhaps light grey but knowing that, now it's almost black. Thanks for sharing. :-)
- deleted 10y ago
  [deleted]
- httpagent 10y ago
  Mark Karpeles is not currently incarcerated and is busying himself by taunting the twitterverse. https://news.bitcoin.com/inside-scoop-mark-karpeles-release/ https://news.bitcoin.com/inside-scoop-mark-karpeles-release/ https://twitter.com/magicaltux?lang=en https://twitter.com/magicaltux?lang=en
  - tinco 10y ago
    Oh wow, that news totally passed me by. The knowledge that he was in jail had a definite positive impact on my quality of life.

tinco 10y ago

If I recall correctly 100% of the assets that were withdrawable were actually withdrawed. edit: Well regardless of that being the case, why would an attacker not withdraw all the funds they can lay their hands on? Many people seem to believe the bitcoin-exchange-as-a-scam thing is worthwile, but I don't think it really is. Karpeles is in jail, and will be for a very long time, and I've heard he doesn't enjoy his jail time much. The identities of these people are known, their spending can be tracked. I can't see how the life of a exchange scammer is in anyway more attractive than that of a straightforward exchange runner. What are they going to do, cash out a couple of million somewhere and emigrate to South America? They could do the same simply by selling their exchange. Besides, Dread Pirate Roberts showed that emigrating is not really attractive to many people, even when not doing so is a terrible idea.

dhfromkorea 10y ago
wow, it was perhaps light grey but knowing that, now it's almost black. Thanks for sharing. :-)
deleted 10y ago
[deleted]
httpagent 10y ago
Mark Karpeles is not currently incarcerated and is busying himself by taunting the twitterverse. https://news.bitcoin.com/inside-scoop-mark-karpeles-release/ https://news.bitcoin.com/inside-scoop-mark-karpeles-release/ https://twitter.com/magicaltux?lang=en https://twitter.com/magicaltux?lang=en
- tinco 10y ago
  Oh wow, that news totally passed me by. The knowledge that he was in jail had a definite positive impact on my quality of life.