@DaFockBro
i dont know why u have to insult him over a desert-like coffee. i mean this is 2014, traditional breakfasts and coffees are gone. plus he is pretty fat, pointing this out if u have not noticed and so its not at all out of place to see that beverage.
Topic: Discuss: Do you think Gox is intentionally trying to damage BTC? - page 2. (Read 8401 times)
February 22, 2014, 05:09:26 AM
February 21, 2014, 05:57:08 PM
I think the whole thing is hilarious and I'm really enjoying buying up these cheap coins.
I especially enjoy the jokes about the coffee, what kind of grown-ass man drinks a coffee milkshake in the morning?
Check out the picture coindesk used for this gox article, haha:
http://www.coindesk.com/bitcoin-price-hits-135-mt-gox-office-move-verification-demand/
I especially enjoy the jokes about the coffee, what kind of grown-ass man drinks a coffee milkshake in the morning?
Check out the picture coindesk used for this gox article, haha:
http://www.coindesk.com/bitcoin-price-hits-135-mt-gox-office-move-verification-demand/
February 21, 2014, 05:47:25 PM
I think it is time to tax the Cypriots and use the funds to bail Mark out.
Thanks for the laugh!!!!!!!!!
February 21, 2014, 05:38:17 PM
I think they're insolvent, period. Whether through sheer incompetence and a ton of missteps, or some blatant criminal activity, either way it's bad for BTC and they need to step aside / try to make it right.
maybe... February 21, 2014, 04:33:59 PM
well in order to be a standard bubble chart it *HAD* to fall down to $100 at some point. luckily Mt. Gox did it and spared the other sites the agony
February 21, 2014, 04:29:19 PM
Does anyone know if this bitcoinbuilder.com works for trading your GOX bitcoin for Real bitcoin?
I am only passing the message. I don't use Gox so I don't know if this actually works or not.
February 21, 2014, 04:25:37 PM
Does anyone know if this bitcoinbuilder.com works for trading your GOX bitcoin for Real bitcoin?
February 21, 2014, 01:57:11 PM
There is no doubt in my mind that Mt. Gox has had a clear track record of negligence. And I wouldn't be all too shocked if Mt. Gox used this "negligence" as a cover for their shady activities (or that negligence was due to their shady activities).
But I can't say that they are intentionally trying to damage BTC at the moment. I think they still have aspirations to become even filthier in riches and damaging BTC doesn't align with that. I'm more inclined to think they are continuously creating an artificial arbitrage that they can take advantage of whenever they need more money.
Regardless, Mt. Gox's activities have affected the BTC landscape for the worse and we'd all be better off without them. Frankly, whether they are doing it intentionally or not doesn't matter to me.
But I can't say that they are intentionally trying to damage BTC at the moment. I think they still have aspirations to become even filthier in riches and damaging BTC doesn't align with that. I'm more inclined to think they are continuously creating an artificial arbitrage that they can take advantage of whenever they need more money.
Regardless, Mt. Gox's activities have affected the BTC landscape for the worse and we'd all be better off without them. Frankly, whether they are doing it intentionally or not doesn't matter to me.
February 21, 2014, 01:02:26 PM
I think he's took a backhander from a few big boys to crash the price so they can buy as many coins as possible before it skyrockets again this year, KNC are shipping their new units in march and I have no doubts it will increase the price dramatically.
February 21, 2014, 06:03:53 AM
I think they're insolvent, period. Whether through sheer incompetence and a ton of missteps, or some blatant criminal activity, either way it's bad for BTC and they need to step aside / try to make it right.
February 21, 2014, 05:43:12 AM
I think it is time to tax the Cypriots and use the funds to bail Mark out.
February 21, 2014, 05:41:57 AM
No one has ever mentioned the fact that coinlab.com are basically trying to sue them for everything they have got...
If i was in marks position.... I would probably do the same, just try to milk the business dry one last time (probably running off with thousands of bitcoins bought at $100) then simply declare the business bankrupt.
So not only is he making sure he is comfortable for the rest of his life with shed loads of bitcoin bought on the cheap, he also gets to put two fingers up to coinlab.com and tell them that they get nothing.
Also, i noticed they have downsized there office (for security reasons apparently)... more like mark is shit scared of meeting some proper angry holders at his entrance, so he has moved back to the tower block that has security at the doors.
If i was in marks position.... I would probably do the same, just try to milk the business dry one last time (probably running off with thousands of bitcoins bought at $100) then simply declare the business bankrupt.
So not only is he making sure he is comfortable for the rest of his life with shed loads of bitcoin bought on the cheap, he also gets to put two fingers up to coinlab.com and tell them that they get nothing.
Also, i noticed they have downsized there office (for security reasons apparently)... more like mark is shit scared of meeting some proper angry holders at his entrance, so he has moved back to the tower block that has security at the doors.
February 21, 2014, 05:23:56 AM
Do you think Gox is intentionally trying to damage BTC?
I used to think that they were just incompetent, but after the current debacle I don't think that they care what damage they are doing to bitcoin.
February 21, 2014, 05:41:10 AM
I'm not so sure.
Anyone can set their own price on their own coins.
Could it be that they are trying to generate fiat as fast as possible in order to pay angry customers?
Anyone can set their own price on their own coins.
Could it be that they are trying to generate fiat as fast as possible in order to pay angry customers?
February 21, 2014, 05:15:48 AM
Mark K is not intentionally trying to damage BTC.
Mark K is an amateurish clown not fit to lead such an important business as MtGox.
And I question the fact if he is completely honest, might be, besides being a clown, he is also purposely influencing the Gox-BTC price for personal gain.
Mark K is an amateurish clown not fit to lead such an important business as MtGox.
And I question the fact if he is completely honest, might be, besides being a clown, he is also purposely influencing the Gox-BTC price for personal gain.
February 21, 2014, 04:54:35 AM
Absofrickinlutely!
Does the moon orbit the earth?
Does earth orbit the sun?
Does the moon orbit the earth?
Does earth orbit the sun?
February 21, 2014, 01:11:20 AM
Satoshi = Ariel Sharon
February 21, 2014, 12:58:12 AM
At this point I'll openly say that this is likely the explanation for what is happening. They have caused damage in the past,yes, but it is nowhere as much as what they are doing now.
February 21, 2014, 12:52:57 AM
You make it sound like they always have to do arbitrage just to run the business and pay for all expenses like employe wages and servers and the backed. They pay for this by the trading fees but then again if they have no money then the trading fees aren't really paying them anything but there own fake coins back.
I see where your getting at. They have little cash left they buy what little real bitcoins there is on their exchange when most of them are not there. If they where to sell all of the bitcoins that where left on their exchange and move it to bitstamp or another exchange they would then be left with cash. Move the cash back to mtgox and now theres no way to buy the bitcoins back since there arent any really on mtgox. So there are no bitcoins there to buy anymore since they sold all of them on bitstamp. Its hard to explain but I think I get it.
They only can do arbitrage so much until there is in imbalance. Sell some bitcoins on bitstamp get more cash buy the cheaper bitcoins on mtgox rinse and repeat but eventually you sold all the bitcoins with none left to arbitrage back on mtgox. So there would be no way to buy them back.
This must be the cause of not letting any deposit or withdraws go through the exchange it has squashed their cash flow. There backed in a corner what would you do to get out.
If it is as bad as you say then yes I agree there's no way out for mtgox its a vicious circle.
Can you explain how they got backed in a corner you said they weren't hacked. This would lead to my assumption that they where not generating enough money from fees to pay for their business. So the business was unprofitable why it didn't stop there is the part I don't understand. They could have shut down right there and pay everyone back in full. It looks like they decided to continue operating and if they did they would have had to use customer deposits to pay the expenses to run their business.
Theoretically if they did this since we don't know if they did they would hit the point where they spent so many customer funds that they destroyed their initial capital to the point where they don't have enough money to run anything or even cover customer withdraws or ever be able to pay to run the site any more to generate the fees to pay of the debt.
Now the fees don't actually give mtgox any more coins or fiat. The customer fiat stays the same in their bank account and the bitcoins in their wallet stay the same and don't change. The only thing that changes is the mtgox exchange ledger for your account. And the only thing that can happen is customers trade and fees deplete their balance owed to them in their ledger on there account. Thus mtgox would only owe you less because of the fees but the money in fiat and bitcoin stays unchanged. I see that just the ownership is what is changing and who owes who how much.
All of that can be said in one word insolvent.
I see where your getting at. They have little cash left they buy what little real bitcoins there is on their exchange when most of them are not there. If they where to sell all of the bitcoins that where left on their exchange and move it to bitstamp or another exchange they would then be left with cash. Move the cash back to mtgox and now theres no way to buy the bitcoins back since there arent any really on mtgox. So there are no bitcoins there to buy anymore since they sold all of them on bitstamp. Its hard to explain but I think I get it.
They only can do arbitrage so much until there is in imbalance. Sell some bitcoins on bitstamp get more cash buy the cheaper bitcoins on mtgox rinse and repeat but eventually you sold all the bitcoins with none left to arbitrage back on mtgox. So there would be no way to buy them back.
This must be the cause of not letting any deposit or withdraws go through the exchange it has squashed their cash flow. There backed in a corner what would you do to get out.
If it is as bad as you say then yes I agree there's no way out for mtgox its a vicious circle.
Can you explain how they got backed in a corner you said they weren't hacked. This would lead to my assumption that they where not generating enough money from fees to pay for their business. So the business was unprofitable why it didn't stop there is the part I don't understand. They could have shut down right there and pay everyone back in full. It looks like they decided to continue operating and if they did they would have had to use customer deposits to pay the expenses to run their business.
Theoretically if they did this since we don't know if they did they would hit the point where they spent so many customer funds that they destroyed their initial capital to the point where they don't have enough money to run anything or even cover customer withdraws or ever be able to pay to run the site any more to generate the fees to pay of the debt.
Now the fees don't actually give mtgox any more coins or fiat. The customer fiat stays the same in their bank account and the bitcoins in their wallet stay the same and don't change. The only thing that changes is the mtgox exchange ledger for your account. And the only thing that can happen is customers trade and fees deplete their balance owed to them in their ledger on there account. Thus mtgox would only owe you less because of the fees but the money in fiat and bitcoin stays unchanged. I see that just the ownership is what is changing and who owes who how much.
All of that can be said in one word insolvent.
The point where the fees became inadequate was when the FBI seized their USD bank accounts containing 5 million USD. The accounts weren't filled with Gox profits; they were filled with the total USD trade volume of the entire exchange at that point in time...
When you think of an exchange, think about millions of dollars flying from hand to hand between accounts. Gox only gets a tiny portion in fees and the greater the trade volume the greater the income for Gox. Essentially, each time the ownership of that $5 million total USD in the account is shifted around between users, Gox gets to keep a small amount. The amount that Gox keeps is used to pay employees, security, insurance, electricity, maintenance, taxes, licenses, all sorts of fees, basically every operating expense of Gox comes from this relatively tiny amount of that total. If you've ever owned a business you'll understand that it's absolutely mind blowing how expensive it is to run even a small to medium sized business; especially in the first 5 years as you attempt to pay off your investments...
I can only speculate about how they've lasted this long but I know for certain that a business won't run forever in a deficit.
Either they were selling assets (Bitcoin) to pay for operating expenses, or they were taking on additional investors and selling company ownership rights. It's not the latter so where then do you think they got the money to pay for the insanely high operating expenses that come with business?
The actions they've taken recently speak more truthfully about their actual circumstances than their words ever will.
That being said, Bitcoin should never be reduced in stature to merely the value of it's exchange for fiat. Bitcoin is stronger now than ever with an intensely bright future... So much is right around the corner.
It's almost time to rip off the Band-aid and just move on.
February 21, 2014, 12:11:45 AM
The way they attacked the Bitcoin protocol and the core dev team in their "withdrawal suspension" announcement was absolutely intended to hurt Bitcoin...
Admitting any responsibility on their own part would have opened them up to even more potential legal shit than they're already in.
MtGox has always operated with a dangerous mix of arrogance and incompetence. That has led them into one situation after another where they've come off second best, losing funds in the process.
Bitcoin can afford for an exchange to fail, even one as big as MtGox. It's the circumstances of their failure which have the potential to have a wide impact on Bitcoin generally. If they fail merely because their business decisions have resulted in insolvency, that will have a limited impact on Bitcoin in general. It might lead to demands for increased transparency on the part of other exchanges, but that would be a good thing.
If MtGox goes down due to regulatory or AML issues, though, then all exchanges are in jeopardy and using an exchange at all would be playing the same kind of Russian roulette which dark market users have been playing ever since SR1 was taken down last year (only to lose funds on one dark net market after another).
Bitcoin is so speculation driven that it would be severely affected if people started to believe there's no such thing as a safe exchange, but speculators leaving the market could well be the turning point many have been hoping for where Bitcoin is used primarily for transferring funds and purchasing goods and services rather than attracting people because of price volatility.
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