Gox summary please | Bitcointalksearch.org

BITCOIN-PIZZA-DAY

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Quote from: Littleshop on April 20, 2014, 01:52:03 PM

Quote from: spooderman on April 20, 2014, 04:15:33 AM

Were the coins:

a. Lost. As in "These coins no longer exist." "The private key is unknown/unknowable."

b. Stolen, and therefore still in circulation.

Another more likely (in my opinion) theory is that a large chunk of coins were simply 'lost' in an effort to enrich an insider. Many people think they know who that is, but it really could be a number of people. One clue, part of the initially 'lost' 200K coins were moving while Gox claimed they were lost. It is VERY unlikely that a server was just doing that on its own. Someone in my opinion was trying to take those coins and were caught by astute blockchain watchers.

If he did - he used Bitcoins valued at $10 and less do to that in 2011/2012.

Coinbase got 25m funding for example. If Mtgox needed 10m for the first two years, then this explains why 650k coins are missing. Even 650k coins are only 6.5m at $10 coins.

Slingshot

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Re: Gox summary please
----------------------------

Stupid says, Stupid does.

Hence...

Caveat emptor

alfabitcoin

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Quote from: Imerman2 on April 20, 2014, 08:49:10 PM

Quote from: BitCoinNutJob on April 20, 2014, 01:54:16 PM

Quote from: alfabitcoin on April 20, 2014, 10:44:54 AM

Quote from: BitCoinNutJob on April 20, 2014, 07:15:11 AM

good question, if they are lost and not in system then everyones bitcoin gained 7% value

Why? You mean in price? Explain specific how would btc worth more?

if they are lost and not useable ever again we have less total bitcoins in the economy and same demand = everyones bitcoins are worth more

Demand will change with regard to whatever the outcome is, it is a big event.

Worth more? Btc in existance does not dictate current price. If those btc are stolen and offered to sell, price would buttom. If those btc are lost, nothing will change what did not allready. Btc are not rare gemstones where rarety of item influance an price.
There are enough btc in circulation to be enough for any demand - it won't create ''shortage'' of btc.

Supply demand dictate the price, with later more important. And ''news'' also has big influance on the price.
So I disagree, if btc are lost, it won't worth more.

spooderman

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Activity: 1652

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Quote from: Littleshop on April 20, 2014, 01:52:03 PM

Quote from: spooderman on April 20, 2014, 04:15:33 AM

Were the coins:

a. Lost. As in "These coins no longer exist." "The private key is unknown/unknowable."

b. Stolen, and therefore still in circulation.

1/4 to 1/3 of the coins still are accessible by Gox and could potentially be refunded to customers.

Very few of the missing coins were stolen via the method that Gox (Mark) publicly stated.
Reference: http://techcrunch.com/2014/03/27/experts-found-that-mt-gox-lost-a-mere-386-bitcoin-due-to-transaction-malleability/

One theory is that the missing coins were spent by Gox on daily operations though I find problems with that. Gox was quite profitable earning some months in the millions of dollars. Their spending was lavish but not that lavish. They did not apparently go through hundreds of millions of dollars worth of coin with just business expenses.

Another more likely (in my opinion) theory is that a large chunk of coins were simply 'lost' in an effort to enrich an insider. Many people think they know who that is, but it really could be a number of people. One clue, part of the initially 'lost' 200K coins were moving while Gox claimed they were lost. It is VERY unlikely that a server was just doing that on its own. Someone in my opinion was trying to take those coins and were caught by astute blockchain watchers.

Thanks.

Imerman2

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Activity: 83

Merit: 10

Quote from: BitCoinNutJob on April 20, 2014, 01:54:16 PM

Quote from: alfabitcoin on April 20, 2014, 10:44:54 AM

Quote from: BitCoinNutJob on April 20, 2014, 07:15:11 AM

good question, if they are lost and not in system then everyones bitcoin gained 7% value

Why? You mean in price? Explain specific how would btc worth more?

if they are lost and not useable ever again we have less total bitcoins in the economy and same demand = everyones bitcoins are worth more

Demand will change with regard to whatever the outcome is, it is a big event.

BitCoinNutJob

legendary

Activity: 1316

Merit: 1000

Quote from: alfabitcoin on April 20, 2014, 10:44:54 AM

Quote from: BitCoinNutJob on April 20, 2014, 07:15:11 AM

good question, if they are lost and not in system then everyones bitcoin gained 7% value

Why? You mean in price? Explain specific how would btc worth more?

if they are lost and not useable ever again we have less total bitcoins in the economy and same demand = everyones bitcoins are worth more

Littleshop

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Activity: 1386

Merit: 1004

Quote from: spooderman on April 20, 2014, 04:15:33 AM

Were the coins:

a. Lost. As in "These coins no longer exist." "The private key is unknown/unknowable."

b. Stolen, and therefore still in circulation.

1/4 to 1/3 of the coins still are accessible by Gox and could potentially be refunded to customers.

Very few of the missing coins were stolen via the method that Gox (Mark) publicly stated.
Reference: http://techcrunch.com/2014/03/27/experts-found-that-mt-gox-lost-a-mere-386-bitcoin-due-to-transaction-malleability/

One theory is that the missing coins were spent by Gox on daily operations though I find problems with that. Gox was quite profitable earning some months in the millions of dollars. Their spending was lavish but not that lavish. They did not apparently go through hundreds of millions of dollars worth of coin with just business expenses.

Another more likely (in my opinion) theory is that a large chunk of coins were simply 'lost' in an effort to enrich an insider. Many people think they know who that is, but it really could be a number of people. One clue, part of the initially 'lost' 200K coins were moving while Gox claimed they were lost. It is VERY unlikely that a server was just doing that on its own. Someone in my opinion was trying to take those coins and were caught by astute blockchain watchers.

Tzupy

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Activity: 2170

Merit: 1094

The missing coins are probably stolen (not lost), but the question is by whom:
Karpeles and friends, or hackers that exploited some vulnerability of Swiss-cheese MtGox servers?

alfabitcoin

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Activity: 476

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Quote from: BitCoinNutJob on April 20, 2014, 07:15:11 AM

good question, if they are lost and not in system then everyones bitcoin gained 7% value

Why? You mean in price? Explain specific how would btc worth more?

BitCoinNutJob

legendary

Activity: 1316

Merit: 1000

good question, if they are lost and not in system then everyones bitcoin gained 7% value

spooderman

legendary

Activity: 1652

Merit: 1029

Were the coins:

a. Lost. As in "These coins no longer exist." "The private key is unknown/unknowable."

b. Stolen, and therefore still in circulation.

Topic: Gox summary please (Read 1174 times)