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Uh, Mt. Gox on your resume isn't a good thing. It was a horrible failure that cost a lot of people a lot of money and was revealed to have security practices no

by c3534l 9y ago

Uh, Mt. Gox on your resume isn't a good thing. It was a horrible failure that cost a lot of people a lot of money and was revealed to have security practices not suitable for a small business, let alone a financial institution. So no, we shouldn't pay attention to this dime-a-dozen startup because it's Jeb McCaleb.

ThomPete 9y ago
Business is mostly a series of failures, but failures are better than having done nothing.
everybodyknows 9y ago
Pay attention because: 1. Core algorithm is based on consensus of vetted participants, rather than cheapest electricity -- Bitcoin. 2. Much of the early core code came from Graydon Hoare, designer of Rust. 3. Consensus algorithm endorsed by analysis from David Mazieres -- bcrypt, Stanford. And no, I have no association of any sort with Stellar.
toomim 9y ago
Same thing with Ripple.
Vinnl 9y ago
Well, would you want something like this run by someone who has learned that lesson, or by someone who hasn't? :)
qwtel 9y ago
as I understand, he sold mt.gox to its current owners long before the attack, which is also before they conducted a rewrite, that subsequently allowed for the attack.
- davidgerard 9y ago
  yeah, about that. http://www.thedailybeast.com/articles/2016/05/19/behind-the-biggest-bitcoin-heist-in-history-inside-the-implosion-of-mt-gox http://www.thedailybeast.com/articles/2016/05/19/behind-the-... The deal used a contract McCaleb and Karpeles worked out between them, without either of them using a lawyer. It included terms such as: > the Seller is uncertain if mtgox.com is compliant or not with any applicable U.S. code or statute, or law of any country. > The buyer agrees to indemnify Seller against any legal action that is taken against Buyer or Seller with regards to mtgox.com or anything acquired under this agreement. It was only in April, after the handover, that Karpeles realised that 80,000 bitcoins (then worth $62,400) had already been missing when he bought Mt. Gox. McCaleb told him "maybe you don't really need to worry about it" and suggested he buy up more BTC to cover the shortfall, shuffle his internal accounts around, get an investor or just mine more himself - but didn’t offer any explanation of where the coins might have got to or how. It's entirely unclear that McCaleb has the attention to detail robust financial systems require.

by c3534l 9y ago

ThomPete 9y ago

Business is mostly a series of failures, but failures are better than having done nothing.

everybodyknows 9y ago

Pay attention because: 1. Core algorithm is based on consensus of vetted participants, rather than cheapest electricity -- Bitcoin. 2. Much of the early core code came from Graydon Hoare, designer of Rust. 3. Consensus algorithm endorsed by analysis from David Mazieres -- bcrypt, Stanford. And no, I have no association of any sort with Stellar.

toomim 9y ago

Same thing with Ripple.

Vinnl 9y ago

Well, would you want something like this run by someone who has learned that lesson, or by someone who hasn't? :)

qwtel 9y ago

as I understand, he sold mt.gox to its current owners long before the attack, which is also before they conducted a rewrite, that subsequently allowed for the attack.

davidgerard 9y ago
yeah, about that. http://www.thedailybeast.com/articles/2016/05/19/behind-the-biggest-bitcoin-heist-in-history-inside-the-implosion-of-mt-gox http://www.thedailybeast.com/articles/2016/05/19/behind-the-... The deal used a contract McCaleb and Karpeles worked out between them, without either of them using a lawyer. It included terms such as: > the Seller is uncertain if mtgox.com is compliant or not with any applicable U.S. code or statute, or law of any country. > The buyer agrees to indemnify Seller against any legal action that is taken against Buyer or Seller with regards to mtgox.com or anything acquired under this agreement. It was only in April, after the handover, that Karpeles realised that 80,000 bitcoins (then worth $62,400) had already been missing when he bought Mt. Gox. McCaleb told him "maybe you don't really need to worry about it" and suggested he buy up more BTC to cover the shortfall, shuffle his internal accounts around, get an investor or just mine more himself - but didn’t offer any explanation of where the coins might have got to or how. It's entirely unclear that McCaleb has the attention to detail robust financial systems require.