5 ms·

I'm sure we'll have an orderly audit and accounting for the loss of funds as adjudicated by the appropriate courts!

by NelsonMinar 4y ago

vmception 4y ago
By 2032? We need new songs, “you just got Do Kwon’d” instead of “Mt Goxxed”
- joecool1029 4y ago
  I remember getting Zhou Tong'd. I think that was the first song trend: Example: https://www.youtube.com/watch?v=NG1qooBzE2w https://www.youtube.com/watch?v=NG1qooBzE2w
  - Melting_Harps 4y ago
    Wrong track, this is the one you're looking for: https://www.youtube.com/watch?v=-z9Jwp2x86o https://www.youtube.com/watch?v=-z9Jwp2x86o I saw them live, but was too lost in conversation during 95% of their performance, which is a shame because they went dark not longer after that. Still, ZT was a solid part of the history back then. And for a more relevant track for the current sentiment: https://www.youtube.com/watch?v=lEBP9dpVM70 https://www.youtube.com/watch?v=lEBP9dpVM70
  - jcpham2 4y ago
    Taking me back to the golden years
- vkou 4y ago
  Just as a reminder about how Mt Gox played out - it looks like all the people who lost money on it will receive 1:1 fiat-denominated compensation for their losses, Mark Karpeles won't serve a day in prison, and is likely to walk away with ~3 billion worth of BTC[1]. Who'd have thought that failing to operate a bitcoin exchange is a thousand times more lucrative than actually operating one! [1] If Mark owed you a bitcoin back in 2014, you're not going to get that bitcoin back. You're going to get somewhere between ~$200 and ~$600 back. He's going to keep the other $30,000.
  - vmception 4y ago
    Because they took so long that the remaining assets value when up 300x ($100 - $30000) Any way, believe it when I see it
  - rglullis 4y ago
    That is assuming that the whole "we got hacked" is a complete fabrication. It is possible, but isn't it completely short sighted? I mean, who would change places with him? His head has a price, and he will never be able to hide anywhere in the world or spend any of that money. He is going to live the rest of his life being watched by authorities all around the world and he will have thousands of people believing he is holding the stash.
    - vmception 4y ago
      The US government indicted the BTC-E founder, that indictment details the hack of many exchanges including Mt Gox. Gox was fractional before Karpeles even bought it, due to this hack of bitcoin.
    - vkou 4y ago
      It's pretty clear by now that he didn't hack his own exchange (the hacker was caught a few years ago). But he did operate it while being insolvent, as well as operate a bot to trade against his users. Either way, if restitution goes as currently planned, he's going to walk away from this an incredibly wealthy man. Individuals will keep suing him, but ~3 billion dollars can buy a lot of lawyers, and it seems unlikely that the government has anything left to prosecute him with.
  - dayvid 4y ago
    Edit: Looked deeper into it. It's a really weird story, where it looks like they got hacked (https://www.theguardian.com/technology/2017/jul/27/russian-criminal-mastermind-4bn-bitcoin-laundering-scheme-arrested-mt-gox-exchange-alexander-vinnik https://www.theguardian.com/technology/2017/jul/27/russian-c...), he tried to fake financial data to make it look like they had money, and he got caught. In the end, he's making more money off of lying and the original investors are screwed. That's really lame. It's also unfortunate, because a lot of the vibe I get from crypto people I run into (more online than in-person), is survival of the cleverest, and anything is cool if you can get away with it. People I knew outside of crypto who are into it (more on the eng-side), are pretty cool, though and usually don't only trust Bitcoin and see most alt-coins as scams.

I'm sure we'll have an orderly audit and accounting for the loss of funds as adjudicated by the appropriate courts!

vmception 4y ago

By 2032? We need new songs, “you just got Do Kwon’d” instead of “Mt Goxxed”

joecool1029 4y ago
I remember getting Zhou Tong'd. I think that was the first song trend: Example: https://www.youtube.com/watch?v=NG1qooBzE2w https://www.youtube.com/watch?v=NG1qooBzE2w
- Melting_Harps 4y ago
  Wrong track, this is the one you're looking for: https://www.youtube.com/watch?v=-z9Jwp2x86o https://www.youtube.com/watch?v=-z9Jwp2x86o I saw them live, but was too lost in conversation during 95% of their performance, which is a shame because they went dark not longer after that. Still, ZT was a solid part of the history back then. And for a more relevant track for the current sentiment: https://www.youtube.com/watch?v=lEBP9dpVM70 https://www.youtube.com/watch?v=lEBP9dpVM70
- jcpham2 4y ago
  Taking me back to the golden years
vkou 4y ago
Just as a reminder about how Mt Gox played out - it looks like all the people who lost money on it will receive 1:1 fiat-denominated compensation for their losses, Mark Karpeles won't serve a day in prison, and is likely to walk away with ~3 billion worth of BTC[1]. Who'd have thought that failing to operate a bitcoin exchange is a thousand times more lucrative than actually operating one! [1] If Mark owed you a bitcoin back in 2014, you're not going to get that bitcoin back. You're going to get somewhere between ~$200 and ~$600 back. He's going to keep the other $30,000.
- vmception 4y ago
  Because they took so long that the remaining assets value when up 300x ($100 - $30000) Any way, believe it when I see it
- rglullis 4y ago
  That is assuming that the whole "we got hacked" is a complete fabrication. It is possible, but isn't it completely short sighted? I mean, who would change places with him? His head has a price, and he will never be able to hide anywhere in the world or spend any of that money. He is going to live the rest of his life being watched by authorities all around the world and he will have thousands of people believing he is holding the stash.
  - vmception 4y ago
    The US government indicted the BTC-E founder, that indictment details the hack of many exchanges including Mt Gox. Gox was fractional before Karpeles even bought it, due to this hack of bitcoin.
  - vkou 4y ago
    It's pretty clear by now that he didn't hack his own exchange (the hacker was caught a few years ago). But he did operate it while being insolvent, as well as operate a bot to trade against his users. Either way, if restitution goes as currently planned, he's going to walk away from this an incredibly wealthy man. Individuals will keep suing him, but ~3 billion dollars can buy a lot of lawyers, and it seems unlikely that the government has anything left to prosecute him with.
- dayvid 4y ago
  Edit: Looked deeper into it. It's a really weird story, where it looks like they got hacked (https://www.theguardian.com/technology/2017/jul/27/russian-criminal-mastermind-4bn-bitcoin-laundering-scheme-arrested-mt-gox-exchange-alexander-vinnik https://www.theguardian.com/technology/2017/jul/27/russian-c...), he tried to fake financial data to make it look like they had money, and he got caught. In the end, he's making more money off of lying and the original investors are screwed. That's really lame. It's also unfortunate, because a lot of the vibe I get from crypto people I run into (more online than in-person), is survival of the cleverest, and anything is cool if you can get away with it. People I knew outside of crypto who are into it (more on the eng-side), are pretty cool, though and usually don't only trust Bitcoin and see most alt-coins as scams.