Topic: Survey : Kevin or the flash crash: what would you have done ? (Read 83 times)
It's hard to answer a question like this since I have no frame of reference at all. While I don't think I'm free from faults, I don't think I'd risk myself doing things that might get me into jail since the trouble is probably not worth the gains. I value freedom and feeling relaxed more than anything. I probably won't do anything when the market behaves abnormally. I can't really trust any legal system when they have so many loopholes although the number of people who can exploit that is limited.
I have heard this story a long back. Just refreshing my memory!
I believe Kevin actually used the hack to his own favor to buy Bitcoin at a dirt cheap price. That's why MT. Gox reversed those trades to safeguard some of the Bitcoins in their holdings. That's unethical! But also it's not right at our part to draw a conclusion either.
As far as I know, he wasn't able to use any of these. Non ethical money usually doesn't help you in any way!
I believe Kevin actually used the hack to his own favor to buy Bitcoin at a dirt cheap price. That's why MT. Gox reversed those trades to safeguard some of the Bitcoins in their holdings. That's unethical! But also it's not right at our part to draw a conclusion either.
As far as I know, he wasn't able to use any of these. Non ethical money usually doesn't help you in any way!
Ok so there are arguments for and against what he did but I agree there would be
nothing but bad luck from that.
Someone else posted that most of us would have done what he did and thats
probably true. I cant speak for myself, maybe I would?
Kevin wrote his own story, so knowing the ending is no disrespect. Maybe we can even learn something from it, can't we?
I think of this story like, if you made mistake, shared your story, your privacy gone, and on Internet, your story will be there forever. You can not erase your story from Internet, like in the Bitcoin forum too.Satoshi Nakamoto, the founder of Bitcoin, cared about privacy and anonymity at beginning and we can not find the founder identity. Kevin was known, his story was known publicly, and now if he want privacy, he won't get it.
Stories like buying dips in the past, don't mean they are in a fortune now. Early Bitcoin adaopters and buyers could make mistake and they never want to talk about their past mistakes again buy selling bitcoin too early in the past. A most famous story about mistake of selling bitcoin too cheap is laszlo with bitcoin for pizza.
Pizza for bitcoins?
First of all, you learn from other people's mistakes, and your own too. Here the legal point of view is interesting: did Kevin get to keep the btc he bought at the time of the crash, or is that considered theft?
Besides, you're the one who considers the pizza purchase a mistake, but that's not Laszlo's point of view.
He explained in several interviews that at the time, Bitcoin did not yet have real market value, and his goal was to demonstrate that it could be used for real purchases. He was primarily a developer and enthusiast, not an investor.
He also mentioned that he does not regret this transaction because it played a key role in Bitcoin’s adoption as a means of exchange. Without initiatives like his, he believes Bitcoin would have taken longer to be seen as a legitimate currency.
Laszlo does not consider it as a mistake but rather an important contribution to Bitcoin’s history.
(and besides, if no one ever bought in btc, it would no longer be a currency)
Kevin wrote his own story, so knowing the ending is no disrespect. Maybe we can even learn something from it, can't we?
I think of this story like, if you made mistake, shared your story, your privacy gone, and on Internet, your story will be there forever. You can not erase your story from Internet, like in the Bitcoin forum too.Satoshi Nakamoto, the founder of Bitcoin, cared about privacy and anonymity at beginning and we can not find the founder identity. Kevin was known, his story was known publicly, and now if he want privacy, he won't get it.
Stories like buying dips in the past, don't mean they are in a fortune now. Early Bitcoin adaopters and buyers could make mistake and they never want to talk about their past mistakes again buy selling bitcoin too early in the past. A most famous story about mistake of selling bitcoin too cheap is laszlo with bitcoin for pizza.
Pizza for bitcoins?
It seems to me that he warned the MTgox admins of the hacking, he could have had some form of reward for example. Otherwise this case was interesting from a legal point of view because :
- He didn't hack the platform.
- He warned the admins.
- MTgox's legal articles made no provision for hacks, and therefore for the possibility of a course crash.
- He didn't hack the platform.
- He warned the admins.
- MTgox's legal articles made no provision for hacks, and therefore for the possibility of a course crash.
I have heard this story a long back. Just refreshing my memory!
I believe Kevin actually used the hack to his own favor to buy Bitcoin at a dirt cheap price. That's why MT. Gox reversed those trades to safeguard some of the Bitcoins in their holdings. That's unethical! But also it's not right at our part to draw a conclusion either.
As far as I know, he wasn't able to use any of these. Non ethical money usually doesn't help you in any way!
I believe Kevin actually used the hack to his own favor to buy Bitcoin at a dirt cheap price. That's why MT. Gox reversed those trades to safeguard some of the Bitcoins in their holdings. That's unethical! But also it's not right at our part to draw a conclusion either.
As far as I know, he wasn't able to use any of these. Non ethical money usually doesn't help you in any way!
I haven't heard of this story before. Knowingly exploiting a vulnerability is immoral and probably also illegal (at least, on the level of breaking policies, but perhaps potentially making a person liable). But Kevin said he had no idea, and proving malicious intent is something that would be required in this situation. Thus, I wouldn't condemn him, but it makes sense that he couldn't withdraw most of the funds. As this person's account has been inactive for a long time, I'd assume that the journey ended and 2012 and he didn't hold onto those coins, maybe due to legal processes starting and not wanting to get mixed up in the Mt Gox scandal.
As far as Kevin is concerned he only did what anybody would do at that moment when you see Bitcoin's price dropping so low. It's as if he wanted to make big bucks without thinking too much on whether the rate at which it was dropping seemed suspicious or not.
Also, I think he wasn't trying to hide anything that was why he was able to talk about what he did and people thinking he was the orchestrator of the crash is something anyone will think in that situation because tell me how you were able to be that smart or that fast to cash in on such a junk load of Bitcoin?
I don't even know this Kevin guy to be frank but if it were you that pulled off such a feat, would be able to always come online where there's the tendency of being faced with so much questions?
Also, I think he wasn't trying to hide anything that was why he was able to talk about what he did and people thinking he was the orchestrator of the crash is something anyone will think in that situation because tell me how you were able to be that smart or that fast to cash in on such a junk load of Bitcoin?
I don't even know this Kevin guy to be frank but if it were you that pulled off such a feat, would be able to always come online where there's the tendency of being faced with so much questions?
About Kevin, give him privacy and respect him. I see zero reason to find out more information about him, and how his investment story continues or ends.
Kevin wrote his own story, so knowing the ending is no disrespect. Maybe we can even learn something from it, can't we?
I've just come across an interesting article about this famous Kevin who bought BTC during a flash crash on MTGox. I'm sending you the link to the article and to the original thread, which dates back to 2011.
Kevin hasn't been active on the forum since 2012 but his thread lasted until 2018, does anyone know the end of the story?
Mt. Gox happened in very early years of Bitcoin market when Bitcoin was more sensitive to die than now. I believe that in 2024 and 2025, the majority don't think Bitcoin will die in future. With Bitcoin Spot ETF approvals in the USA in January 2024, risk to die for Bitcoin is zero in my opinion.Kevin hasn't been active on the forum since 2012 but his thread lasted until 2018, does anyone know the end of the story?
In 2011 and 2014, when Mt. Gox exchange was hacked, Bitcoin was weaker than now, and people who bought dips like this were very brave and believed a lot in Bitcoin.
List of exchanges hacked.
About Kevin, give him privacy and respect him. I see zero reason to find out more information about him, and how his investment story continues or ends.
I've just come across an interesting article about this famous Kevin who bought BTC during a flash crash on MTGox. I'm sending you the link to the article and to the original thread, which dates back to 2011.
Frankly, I think I'm an honest person, but I don't know what I would have done (I don't think I'd have been quick enough to take Kevin's action, so I don't think I could have been dishonest at the time).
And would you have kept the BTC?
Kevin hasn't been active on the forum since 2012 but his thread lasted until 2018, does anyone know the end of the story?
https://plasbit.com/blog/kevin-day-bitcoin
Thread : https://bitcointalksearch.org/topic/im-kevin-heres-my-side-20207
Frankly, I think I'm an honest person, but I don't know what I would have done (I don't think I'd have been quick enough to take Kevin's action, so I don't think I could have been dishonest at the time).
And would you have kept the BTC?
Kevin hasn't been active on the forum since 2012 but his thread lasted until 2018, does anyone know the end of the story?
https://plasbit.com/blog/kevin-day-bitcoin
Thread : https://bitcointalksearch.org/topic/im-kevin-heres-my-side-20207
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