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This doesn't say what did happen (theft? lost key?) or why it happened now (feds? out of money?); it just says what didn't happen (collusion). We still don't kn

This doesn't say what did happen (theft? lost key?) or why it happened now (feds? out of money?); it just says what didn't happen (collusion). We still don't know where the 750k bitcoins are. Two interesting theories, the second being my favorite (but both agreeing there's no way 750k bitcoins could have been stolen): http://jesse.forthewin.com/blog/2014/02/unilateral-statement-regarding-fucked-up-shit-and-the-greater-good.html?cpm=329 http://jesse.forthewin.com/blog/2014/02/unilateral-statement... http://letstalkbitcoin.com/somethings-not-right-at-gox/#.Uw6btIWrFsw http://letstalkbitcoin.com/somethings-not-right-at-gox/#.Uw6...

snitko 13y ago
The second link is actually a pretty great speculation. My only objection is that it is rather improbable to lose all 788k BTC. How dumb you should be to keep all the coins in a single stash? Or to keep keys to different stashes in one place? I'm willing to believe Gox lost some, but all? Oh man, Mark's gonna be a nominee for the Darwin award of the century then.
- nwh 13y ago
  If you have some stupid custom software that's making bad private keys you would never notice until you go to use them (or test them). Even more plausibly, they mention in 2011 to be using a custom system like Shamir's Secret Sharing, maybe they suddenly realized that their shared secrets are all bad? Not saying that's what happened, but it's not an unreasonable thought. It's more reasonable than losing 750,000BTC to an issue that could have been picked up by even the most basic accounting.
fchollet 13y ago
The second scenario (lost access to 2nd tier of cold storage) seems the most likely. It is also compatible with Mark's statement that the coins are "technically speaking [...] not 'lost' just yet, just temporarily unavailable". [1] [1] http://www.wickedfire.com/shooting-shit/179038-my-conversation-mark-karpeles-mtgox-2.html#post2164682 http://www.wickedfire.com/shooting-shit/179038-my-conversati...
- anonymoushn 13y ago
  It looks to me like a more likely reading is "I believe I have not lost my coins, although Gox does not have them, because Gox will make customers whole using future profits."
- vesinisa 13y ago
  That would seem more plausible also because in that case the coins were not stolen, but simply lost. I would think that someone should have found the blockchain trail of the 750k BTC by now, if they were indeed stolen. It anyway took only few hours after the raid that people figured out the address[1] where FBI had deposited the coins seized from Silk Road. [1] https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5G...

snitko 13y ago

The second link is actually a pretty great speculation. My only objection is that it is rather improbable to lose all 788k BTC. How dumb you should be to keep all the coins in a single stash? Or to keep keys to different stashes in one place? I'm willing to believe Gox lost some, but all? Oh man, Mark's gonna be a nominee for the Darwin award of the century then.

nwh 13y ago
If you have some stupid custom software that's making bad private keys you would never notice until you go to use them (or test them). Even more plausibly, they mention in 2011 to be using a custom system like Shamir's Secret Sharing, maybe they suddenly realized that their shared secrets are all bad? Not saying that's what happened, but it's not an unreasonable thought. It's more reasonable than losing 750,000BTC to an issue that could have been picked up by even the most basic accounting.

fchollet 13y ago

The second scenario (lost access to 2nd tier of cold storage) seems the most likely. It is also compatible with Mark's statement that the coins are "technically speaking [...] not 'lost' just yet, just temporarily unavailable". [1] [1] http://www.wickedfire.com/shooting-shit/179038-my-conversation-mark-karpeles-mtgox-2.html#post2164682 http://www.wickedfire.com/shooting-shit/179038-my-conversati...

anonymoushn 13y ago
It looks to me like a more likely reading is "I believe I have not lost my coins, although Gox does not have them, because Gox will make customers whole using future profits."
vesinisa 13y ago
That would seem more plausible also because in that case the coins were not stolen, but simply lost. I would think that someone should have found the blockchain trail of the 750k BTC by now, if they were indeed stolen. It anyway took only few hours after the raid that people figured out the address[1] where FBI had deposited the coins seized from Silk Road. [1] https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5G...