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Drop the "Mt.". Just "Gox". It's cleaner. On a serious note: I still doubt the legitimacy of this document, given how absurd it is to lose that much BTC withou

Drop the "Mt.". Just "Gox". It's cleaner. On a serious note: I still doubt the legitimacy of this document, given how absurd it is to lose that much BTC without noticing.

stusmall 13y ago
Same here. The statement that got me was "The reality is that MtGox can go bankrupt at any moment, and certainly deserves to as a company." That is no way to start out a slide show that says there is still hope for recovery from this mess.
taternuts 13y ago
Given the volatility of btc and the 'Gox' situation, it certainly wouldn't be too out of the question that someone is pushing false info to drive the Gox BTC => BTC trade prices down, but unfortunately I feel as if this might be legit
- anigbrowl 13y ago
  Mt Gox BTC is trading at a 75% discount already, this seems superfluous. I'm betting on real.
robzyb 13y ago
> On a serious note: I still doubt the legitimacy of this document, given how absurd it is to lose that much BTC without noticing. Far more absurd things have happened.
brudgers 13y ago
What would you have expected them to have done if they had noticed but the people who noticed were netting millions of dollars a year? Sacrifice all that money or ride the gravy train to the end of the line? Suppose they figured it out three or four months ago that all their bitcoins were gone, what would have made things better? Suppose they figured they'd commit a small fraud two years ago before bitcoin took off, when were they supposed to come clean? People are building supercomputers to mine bitcoins. The whole idea of bitcoin is as rational as Easter Island totems but organized religion is probably a better analogy.
- encoderer 13y ago
  Then to shame with all of the other actors in the industry. It is not unreasonable to expect your financial counterparties to subject themselves to audit. There are a lot of heavy bats in the Bitcoin community. If MtGox wouldn't consent to the same level of auditing any normal publicly traded US company is subject to (to say nothing of financial institution) then say so publicly and refuse to do business. The amount of lost BTC is in the hundreds of millions of dollars. I personally cannot believe it possible that this is not an insider job. I admit, I've traded on MtGox (speculation in 2011) but things were different back then and I never had my own wallet. My assumption is that it would be trivial to run DAILY reporting that verifies the amount of BTC you think you have on deposit with what you actually do. This is banking 101 and the ONLY way to ensure there is not a bug in your transaction handling. You are right brudgers that you cannot necessarily expect somebody to police themselves. But Coinbase. Winklevosses. Etc. I'm looking at you. These guys are CLEARLY crooks and have been all along and you let yourselves get snowed.
gojomo 13y ago
It'd be easier to believe an insider embezzlement, or deep hack/physical-heist by outsiders, that took all cold-wallet funds in one go. A gradual drain would have given so many chances to notice, mitigate, or correct.

Drop the "Mt.". Just "Gox". It's cleaner. On a serious note: I still doubt the legitimacy of this document, given how absurd it is to lose that much BTC without noticing.

stusmall 13y ago

Same here. The statement that got me was "The reality is that MtGox can go bankrupt at any moment, and certainly deserves to as a company." That is no way to start out a slide show that says there is still hope for recovery from this mess.

taternuts 13y ago

Given the volatility of btc and the 'Gox' situation, it certainly wouldn't be too out of the question that someone is pushing false info to drive the Gox BTC => BTC trade prices down, but unfortunately I feel as if this might be legit

anigbrowl 13y ago
Mt Gox BTC is trading at a 75% discount already, this seems superfluous. I'm betting on real.

robzyb 13y ago

> On a serious note: I still doubt the legitimacy of this document, given how absurd it is to lose that much BTC without noticing. Far more absurd things have happened.

brudgers 13y ago

What would you have expected them to have done if they had noticed but the people who noticed were netting millions of dollars a year? Sacrifice all that money or ride the gravy train to the end of the line? Suppose they figured it out three or four months ago that all their bitcoins were gone, what would have made things better? Suppose they figured they'd commit a small fraud two years ago before bitcoin took off, when were they supposed to come clean? People are building supercomputers to mine bitcoins. The whole idea of bitcoin is as rational as Easter Island totems but organized religion is probably a better analogy.

encoderer 13y ago
Then to shame with all of the other actors in the industry. It is not unreasonable to expect your financial counterparties to subject themselves to audit. There are a lot of heavy bats in the Bitcoin community. If MtGox wouldn't consent to the same level of auditing any normal publicly traded US company is subject to (to say nothing of financial institution) then say so publicly and refuse to do business. The amount of lost BTC is in the hundreds of millions of dollars. I personally cannot believe it possible that this is not an insider job. I admit, I've traded on MtGox (speculation in 2011) but things were different back then and I never had my own wallet. My assumption is that it would be trivial to run DAILY reporting that verifies the amount of BTC you think you have on deposit with what you actually do. This is banking 101 and the ONLY way to ensure there is not a bug in your transaction handling. You are right brudgers that you cannot necessarily expect somebody to police themselves. But Coinbase. Winklevosses. Etc. I'm looking at you. These guys are CLEARLY crooks and have been all along and you let yourselves get snowed.

gojomo 13y ago

It'd be easier to believe an insider embezzlement, or deep hack/physical-heist by outsiders, that took all cold-wallet funds in one go. A gradual drain would have given so many chances to notice, mitigate, or correct.