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Mt. Gox Shuts Down, Loses $409,200,000
- danbruc 13y ago744,000 MtGox 2014 400,000 MtGox 2011 154,000 MyBitcoin 2011 43,000 Bitcoinica 2012 1,000,000 Satoshi early mining estimate --------- 2,341,000 ~20 % of all bitcoins in circulation (12,400,000) Assuming no overlap at least around 20 % of all bitcoins are not in circulation or stolen. Just throw away the block chain, start over and make less mistakes the second time. This would at least make the thieves unhappy, too. ^^
- zanny 13y agoThis is why I'm not putting my money into any other crytocoin, even if something like peercoin is better than btc in every way. It just has momentum you can't just say "ah well, we done fucked, reboot time". The money is in bitcoin and it isn't going anywhere, at least not yet. Also, we have already endured those early losses.
- shawabawa3 13y agoNot sure what not in circulation has to do with anything - it just increases the value of all other bitcoins, it isn't a problem. Also, this isn't how many bitcoins are stolen, this is how many have been stolen at some point. How many dollars have at some point been stolen? Quite a lot I bet
- danbruc 13y agoThat is why I said "assuming no overlap". The number I wanted to estimate is the number of bitcoins (currently) not in use or in illegitimate possession; the number of bitcoins that would not hurt anybody or hurt the right people if one would abandon the current block chain. Satoshi not caring to lose one million bitcoins is of course a wild guess. And don't take the whole thing to serious because it makes a lot of not necessarily justifiable assumptions, for example that the thieves did not already cash out their booty.
- Anderkent 13y agoNo source beyond the 'leaked' presentation of questionable reliability. I don't see how this adds any value to previous discussions: https://news.ycombinator.com/item?id=7294762 https://news.ycombinator.com/item?id=7294762
- lhnz 13y agoThus, your Bitcoin losses will be deductible forever until you’ve used them all. This means that the $409.2 million dollars is worth a potential $122.8 million dollars in tax refunds. That looks like value to me. I assume you did not read the article?
- JonFish85 13y agoI'm not an accountant, but doesn't this assume that the person has already paid taxes on the capital gains? Can you claim the loss if you never claimed the gain? I can't imagine that many people with Bitcoins were rushing to pay their taxes to the tune of tens or hundreds of thousands of dollars over the last couple of years...
- josephlord 13y agoIf you make a $100,000 loss on an investment and the next year make a $100,000 profit on a (different) investment you can point to the loss and point out that overall you have made no profit and therefore are liable for no tax. Obviously each loss can only be used once.
- eliasmacpherson 13y agoI think he's asking if your initial 1k becomes 200k and you lose 100k from the 200k, can you use that loss of 100k to offset before you have been taxed on the 199k gain.
- josephlord 13y agoThat is a possible reading although I'm not sure if it was the intended one. That would just be a 1k loss that you could carry forward. I am not a lawyer, accountant or American.
- xumption 13y agoThe referenced document was leaked and it's authenticity is uncertain. Meanwhile mtgox is serving the following index file <html> <head> <title>MtGox.com</title> </head> <body> <!-- put announce for mtgox acq here --> </body> </html>