Topic: Should the foundation apologize to GOX?! - page 2. (Read 4345 times)

ufff that must be stressfull....

Of course, I also think the idea of them is wrong bitcoin

I apologise for not saying they're full of shit yet.  I just said they were incompetent, useless idiots.  But yeah, add 'full of shit' to the list too.

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Definitely. They were wrong about the bitcoin issues. People who claimed gox was 'full of shit' should definitely apologize!

Yup 99% of scams prey on your greed. Get richer by not being greedy.

++1
The only bitcoins you own are the ones associated with the private keys you control. Satoshi created for us a trust-less system of money. The moment you trust another entity with your private keys, that all goes away and if those coins are taken there is nothing you can do about it.
This is also true for the many investment scams going on here. If someone wants you to invest in their business or claims to have a way to double your money. You will need to do far more due diligence than a normal investment. There is absolutely no protection for you and if you are ripped off, say goodbye to your money.  The police, the courts, nobody is going to help you; or even understand you.

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I call bullshit on everything you just said.

+1

So many people don't seem to realize that as soon as you send your bitcoins to an "account" or "wallet" where you don't have exclusive control over the private keys (such as MtGox, BitStamp, BTC-E, CoinBase, inputs.io, BitFloor, Bitcoinica, BS&T, etc) they are no longer your bitcoins.  You have voluntarily donated your bitcoins to the entity that controls the private keys, in exchange for a promise from that entity to honor any request you make of them on how you would like them to use what is now their bitcoins.

You have to decide for yourself how much you trust that entity to be able to honor that promise in the future. Whether or not you make such a donation should be based on the level of trust you have for the entity that controls the private keys.  You need to trust that they won't lose the bitcoins to a hardware or software failure.  You need to trust that they will secure the bitcoins against seizure by a government agency. You need to trust that their security practices will be sufficient to prevent theft of the bitcoins. You need to trust that they (or any of their employees, friends, or family) won't steal the bitcoins.

Why does anyone place so much trust in what is typically a pretty anonymous internet entity?  Are they regulated?  Are they audited (have you seen the audit report)? Are they insured?

When such bitcoins eventually become inaccessible, it is important to realize that the fault is two-fold.  Fault for being untrustworthy and criminal certainly resides with the entity that failed to deliver on the promise of accessibility, however fault for failing to adequately measure the trustworthiness resides with the individual for making the poor decision to entrust an untrustworthy entity with delivering on false promises.

This can't be said enough.  If "your" bitcoins are under someone elses control you have an IOU for bitcoins, not bitcoins.   Bitcoins can't be defaulted on, IOUs can.  Bitcoins can't be blocked, IOU redemption requests can.

This is one reason why BitSimple never holds user bitcoin balances.  I feel Bitcoin is more secure when users take control of their own wealth.  With instant rate lock there, I need liquidity is no excuse anymore.  You can sell Bitcoins directly from your wallet (any wallet) for dollars in seconds.

Primarily the reason why people are so upset with Gox is that they have long since used up any goodwill that they may have had in this community as a result of their repeated incompetence and poor business decisions. Historically, they are responsible for aggravating if not creating at least 3 major crashes, found themselves involved in lawsuits with business partners, been the victim of government confiscation for improperly filed forms and been unable to provide cash withdrawals for prolonged periods, which has rendered their services half functional at best. The don't seem up to the challenges of the business they are involved in.

This latest debacle demonstrates their complete lack of professionalism and highlights their inability to respond to challenges in a responsible and appropriate way. Their public statement was designed to absolve them of any personal responsibility for a problem that arose as a result of their ignorance of important properties within the protocol, of which they are supposed to be experts. The real problem however was the overstated and public airing of dirty laundry, which provided every hacker in the world the knowledge required to disrupt the network in a damaging way. The right response would have been to resolve the issue privately with the developers and other exchanges before releasing any information publicly. This would have been the most ethical way to approach the problem and one that would have scored them big points in the community and help to rehabilitate their shattered reputation. Instead the opted for the easy way out and chose to pass the buck, a strategy that only ever serves to damage your reputation.

edit: Oh and to answer the original question, no I don't think that they deserve an apology from the foundation, if anything, I think they owe the community one.

+1

Gox was supposed to be aware of the possible attack, and should've used better procedure/software before manually resent BTC to a user complaining Tx did'nt go trought !

But anyway, speak bad or good, but speak   and I enjoyed every buying opportunity Gox created.  Hope Gox users are'nt too much affected ..

Gox open for withdrawals again?

You hope your funds are there.  As gox completely cocked up their software and issued the same withdrawals multiple times, it's entirely possible that they don't have enough BTC to cover everyone's investments.  I don't think anyone here is issuing an apology to gox anytime soon, you'll probably see more people calling for a boycott than an apology.  I'd suggest getting as much of your money out of Gox as possible and putting it somewhere safer.  It's best not to keep large sums on any exchanges.

Who keeps over $3million USD in an online bitcoin exchange's wallet.... let alone one with a history of problems and failure to respond. 

I call shenanigans.

Gox has had so many problems over the last year or two and every time they try to shift the blame onto something else instead of admitting that maybe something on their end wasn't up to par.  Enough is enough,  just the simple fact that they still can't even hire enough customer support reps to actually RESPOND to people is really bad and not a company anyone would likely do business with in other industries. Imagine if you called or emailed your bank and they never responded, like literally never responded,  that's gox in many cases and thats just the customer support side of things.


In short,  no one needs to apologize to Gox. Gox has hurt their reputation on their own.

You are awesome!!! I am a retard with so much less

Oh ok that makes more sense good luck widthdrawling your funds if they're 500 or 5000000000 it doesn't matter gox will hold your money either way.

I am not in the game for $500 or $1000 per coin my friend.  I am willing to lose all of it.  My time horizons are much different.  I plan to sell from $6500 all the way up to $8500.  Thanks for the advice though.