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Yeah, like that guy that they call "The Zuck" who is a PHP developer working on some weird stuff, like a face book written in PHP, was not able to build a relia

by tinco 13y ago

Yeah, like that guy that they call "The Zuck" who is a PHP developer working on some weird stuff, like a face book written in PHP, was not able to build a reliable worldwide social network? Get over yourself, MagicalTux is not alone any more, and they're working hard on being a reliable exchange, the most reliable one out there as far as I am aware.

VMG 13y ago
I wouldn't trust The Zuck with my money either
true_religion 13y ago
I was confused about this whole thing. I honestly thought that MagicalTux was the only name he gave, and that'd be troubling for someone running a financial institute. But his name is Mark Karpeles, its plastered all over the website, registration, and even his twitter account.
coldtea 13y ago
Well, there are a few points were your counter-example breaks down. For one, one could use social networking site, even a relatively unknown one, without much to lose. It's not like people wired $1000 dollars to Facebook when it started. So, yes, I could trust a random guy with some bs social site. With my money? Not so much. >Get over yourself, MagicalTux is not alone any more, and they're working hard on being a reliable exchange, the most reliable one out there as far as I am aware. If true, that just speaks very poorly of the state of bitcoin exchanges: """Or let's take that historic hack of Mt. Gox, which temporarily dropped the exchange rate to $0.01 per BTC, and involved a large Bitcoin heist. What they didn't tell you, was that several vulnerabilities in the Mt. Gox website and API were reported a while before the hack, and that the Mt. Gox staff more or less waved them away, completely ignoring their severity. This included MySQL injection vulnerabilities, just to put things into perspective a little. One of these vulnerabilities was almost certainly the attack vector that was used for the heist.""" http://cryto.net/~joepie91/blog/2014/02/10/why-mtgox-is-full-of-shit/ http://cryto.net/~joepie91/blog/2014/02/10/why-mtgox-is-full... (And of course now we have this new fiasco).

by tinco 13y ago

VMG 13y ago

I wouldn't trust The Zuck with my money either

true_religion 13y ago

I was confused about this whole thing. I honestly thought that MagicalTux was the only name he gave, and that'd be troubling for someone running a financial institute. But his name is Mark Karpeles, its plastered all over the website, registration, and even his twitter account.

coldtea 13y ago

Well, there are a few points were your counter-example breaks down. For one, one could use social networking site, even a relatively unknown one, without much to lose. It's not like people wired $1000 dollars to Facebook when it started. So, yes, I could trust a random guy with some bs social site. With my money? Not so much. >Get over yourself, MagicalTux is not alone any more, and they're working hard on being a reliable exchange, the most reliable one out there as far as I am aware. If true, that just speaks very poorly of the state of bitcoin exchanges: """Or let's take that historic hack of Mt. Gox, which temporarily dropped the exchange rate to $0.01 per BTC, and involved a large Bitcoin heist. What they didn't tell you, was that several vulnerabilities in the Mt. Gox website and API were reported a while before the hack, and that the Mt. Gox staff more or less waved them away, completely ignoring their severity. This included MySQL injection vulnerabilities, just to put things into perspective a little. One of these vulnerabilities was almost certainly the attack vector that was used for the heist.""" http://cryto.net/~joepie91/blog/2014/02/10/why-mtgox-is-full-of-shit/ http://cryto.net/~joepie91/blog/2014/02/10/why-mtgox-is-full... (And of course now we have this new fiasco).