MtGox announce finding of 200,000 lost BTC!

TheFootMan

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Quote from: boumalo on March 24, 2014, 01:23:57 PM

Quote from: Nathonas on March 24, 2014, 01:23:14 AM

Quote from: boumalo on March 22, 2014, 03:52:48 PM

Quote from: crazy_rabbit on March 22, 2014, 03:28:31 PM

I didn't think this story could get more crazy, but here we go. What company misplaces and forgets about $100 million is beyond my comprehension.

If you manage your company very badly and you are dealing with hundreds of millions you can misplace $100 million but it feels a bit odd

There is a lot that we don't know and there has probably be some people trying to s.cam successfully or not

Incompetence is often (or usually?) the best explanation for things. But in this case it just doesn't seem that plausible. How likely is it for a team of guys that created one of the first and most popular bitcoin exchanges, and were also early adopters of bitcoin themselves, to be incompetent enough to just "lose" 800,000 BTC and then "find" a wallet with 200k?

It is very unlikely but it is already very bad management and incompetence to allow that much money to be sc.ammed away by those who were not part of the alleged sc.am

On the other hand finance and dealing with large sums of money, thousands of bank accounts, hundreds of thousands of customers is not something you can become good at in 2years if you don't hire competent experienced professionals

This comes to mind:

Never attribute to malice that which is adequately explained by stupidity and laziness.

boumalo

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Quote from: Nathonas on March 24, 2014, 01:23:14 AM

Quote from: boumalo on March 22, 2014, 03:52:48 PM

Quote from: crazy_rabbit on March 22, 2014, 03:28:31 PM

I didn't think this story could get more crazy, but here we go. What company misplaces and forgets about $100 million is beyond my comprehension.

If you manage your company very badly and you are dealing with hundreds of millions you can misplace $100 million but it feels a bit odd

There is a lot that we don't know and there has probably be some people trying to s.cam successfully or not

Incompetence is often (or usually?) the best explanation for things. But in this case it just doesn't seem that plausible. How likely is it for a team of guys that created one of the first and most popular bitcoin exchanges, and were also early adopters of bitcoin themselves, to be incompetent enough to just "lose" 800,000 BTC and then "find" a wallet with 200k?

It is very unlikely but it is already very bad management and incompetence to allow that much money to be sc.ammed away by those who were not part of the alleged sc.am

On the other hand finance and dealing with large sums of money, thousands of bank accounts, hundreds of thousands of customers is not something you can become good at in 2years if you don't hire competent experienced professionals

TippingPoint

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The dog found my homework.

https://en.wikipedia.org/wiki/The_dog_ate_my_homework

BitOnyx

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Cryptocurrencies Exchange

Situation drastically changed compared to recent months. I wonder what would happen next.

impresionesmline

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The only thing known is that these type of scammers are going to ruin the cryptos due to the lack of a serious legal arbitrage...

AT101ET

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Well since it's been announced and made public, they can't keep them. They'd probably be asked to hand them over to the companies dealing with the bankruptcy who'd decide what's best to do.
They may decide to return them based on a percentage.
But you never know...

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

It's more likely than a chimpanzee to randomly type out Hamlet by William Shakespeare, but only slightly so.

Nathonas

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Knowledge is Power

Quote from: boumalo on March 22, 2014, 03:52:48 PM

Quote from: crazy_rabbit on March 22, 2014, 03:28:31 PM

I didn't think this story could get more crazy, but here we go. What company misplaces and forgets about $100 million is beyond my comprehension.

If you manage your company very badly and you are dealing with hundreds of millions you can misplace $100 million but it feels a bit odd

There is a lot that we don't know and there has probably be some people trying to s.cam successfully or not

Incompetence is often (or usually?) the best explanation for things. But in this case it just doesn't seem that plausible. How likely is it for a team of guys that created one of the first and most popular bitcoin exchanges, and were also early adopters of bitcoin themselves, to be incompetent enough to just "lose" 800,000 BTC and then "find" a wallet with 200k?

Lauda

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Merit: 2965

Terminated.

Quote from: boumalo on March 22, 2014, 03:52:48 PM

Quote from: crazy_rabbit on March 22, 2014, 03:28:31 PM

I didn't think this story could get more crazy, but here we go. What company misplaces and forgets about $100 million is beyond my comprehension.

If you manage your company very badly and you are dealing with hundreds of millions you can misplace $100 million but it feels a bit odd

There is a lot that we don't know and there has probably be some people trying to s.cam successfully or not

No you can't misplace that much money.

boumalo

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Activity: 1918

Merit: 1018

Quote from: crazy_rabbit on March 22, 2014, 03:28:31 PM

I didn't think this story could get more crazy, but here we go. What company misplaces and forgets about $100 million is beyond my comprehension.

If you manage your company very badly and you are dealing with hundreds of millions you can misplace $100 million but it feels a bit odd

There is a lot that we don't know and there has probably be some people trying to s.cam successfully or not

Bit_Happy

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Activity: 2114

Merit: 1040

A Great Time to Start Something!

Quote from: crazynoggin on March 22, 2014, 01:26:17 PM

Oh wow, so the question is, how many of these old wallets they forgot about hold coins. Sounds like a case of horrible accounting practices and/or horrible coding on their end.

Quote from: crazy_rabbit on March 22, 2014, 03:28:31 PM

I didn't think this story could get more crazy, but here we go. What company misplaces and forgets about $100 million is beyond my comprehension.

He had it all written on a Starbucks napkin, which sadly was accidentally thrown away.
Don't worry the next 200,000 BTC are due to be found soon.

crazy_rabbit

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RUM AND CARROTS: A PIRATE LIFE FOR ME

I didn't think this story could get more crazy, but here we go. What company misplaces and forgets about $100 million is beyond my comprehension.

QuestionAuthority

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You lead and I'll watch you walk away.

crazynoggin

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Oh wow, so the question is, how many of these old wallets they forgot about hold coins. Sounds like a case of horrible accounting practices and/or horrible coding on their end.

Bit_Happy

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Activity: 2114

Merit: 1040

A Great Time to Start Something!

Quote from: TippingPoint on March 22, 2014, 12:31:35 PM

It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness ...

We are at a tipping point, TippingPoint.
How soon will the next $200,000 BTC be found?

TippingPoint

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It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness ...

frito

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Quote from: ChuckBuck on March 20, 2014, 01:37:22 PM

Is that cause for the recent price dip, or is it the Blockchain.info issues?

I'm still unclear what caused the decline the last couple of days.

1.as if u can always identify causes of price movement....
2.They Did not Sell the "found" BTC nor did they pay off gox customers yet.

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Quote from: Nathonas on March 22, 2014, 03:16:52 AM

I really don't know what to make of this. To the best of my knowledge the founders of Mt.Gox are already incredibly rich due to being early adopters of Bitcoin. I just don't understand why they would rob people when they're already rich. But at the same time, if they are innocent, how in the hell do you just "find" a wallet with 200k coins.

Already rich but succumbed to greed.

ilpirata79

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Activity: 353

Merit: 253

Quote from: mysidia on March 22, 2014, 06:23:15 AM

Quote from: Sydboy on March 21, 2014, 11:16:23 AM

so ummm when do we get our BTC back ?

It's too late. Bankruptcy already declared.
You can bet.... the bulk will end up going to the lawyers.

The rest will go to secured creditors including account holders;
with Gox paying pennies on the dollar, of what they owe.

Nothing left for unsecured creditors.

And equity holders/investors probably liable to return any dividends or distributions they had received, back to the bankruptcy estate.

It MAY end, probably, in this way, but currently it's only CIVIL REHABILITATION.

Best regards,
ilpirata79

mysidia

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Merit: 10

Quote from: Sydboy on March 21, 2014, 11:16:23 AM

so ummm when do we get our BTC back ?

It's too late. Bankruptcy already declared.
You can bet.... the bulk will end up going to the lawyers.

The rest will go to secured creditors including account holders;
with Gox paying pennies on the dollar, of what they owe.

Nothing left for unsecured creditors.

And equity holders/investors probably liable to return any dividends or distributions they had received, back to the bankruptcy estate.

Topic: MtGox announce finding of 200,000 lost BTC! (Read 30576 times)