4 ms·
It's not even as simple as a failure to communicate. It's hard not to conclude that they outright lied. First it was malleability, then it was "we're waiting
by sillysaurus3 13y ago
It's not even as simple as a failure to communicate.
It's hard not to conclude that they outright lied. First it was malleability, then it was "we're waiting on bitcoin developers," then it was "we've moved due to protesters and security problems," and now it's "we've closed our site due to recent news reports."
I wonder when precisely they realized that >700,000btc were missing.
- GigabyteCoin 13y agoIf I'm not mistaken, mtgox has not publicly stated that >700k BTC are indeed missing.
- waterlesscloud 13y agoI think it's extremely unlikely the total missing coins is anywhere near that number. Extremely.
- pliny 13y ago>I wonder when precisely they realized that >700,000btc were missing. Once they stole the 700,001st bitcoin?
- fnordfnordfnord 13y agoI have a speculation: This has been an ongoing issue for some time now. Kerpeles was hoping to solve the problem before it became known widely, and if lucky be able to continue operation as a fractional reserve (unbeknownst to MtGox clients). We could be really charitable to him and assume that he intended to eventually repay the missing BTC from the proceeds of MtGox. At some point, that became an impossibility, but Kerpeles clung to the belief that he could rectify the situation. Kerpeles didn't communicate succinctly with people outside his organization because that would risk alerting outsiders to the extent of the problem and cause a "run on the bank". >I wonder when precisely they realized that >700,000btc were missing. Stating the obvious, but it didn't occur all at once. If my speculation bears any resemblance to reality, it would be interesting to know when MtGox' solvency tipped past any chance of recovery, and how long Kerpeles has known that to be the case. I'm thinking that a year or more may have passed.