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Topic: "We learned that Mark only had one bank account, shared with Mt.Gox's customers" - page 2. (Read 2105 times)

legendary
Activity: 2590
Merit: 3015
Welt Am Draht

It's so easy in hindsight, and foresight is difficult when you're blinded by the crazy gains. Even in Gox's dying moments, people were shorting like crazy, trading Gox coins for Good coins etc, hedging on the hope that one day they may get them back.


I remember that phase well. The idea of profit was blinding people to the obvious outcome. One poster here wired in $55,000 a few days before it completely went up in smoke. There's managed risk and then there's just deranged vulturedom.

You'd have to be pretty heavily blinkered to not be aware of what was going down. That's not a hindsight thing. I wasn't interested in touching Gox when it was still number one.

legendary
Activity: 1722
Merit: 1000
Satoshi is rolling in his grave. #bitcoin
I think part of the problem was that a lot of people who invested their money/coins into the Gox machine didn't know or fully appreciate the exchange's background.

It was simply a money making opportunity for many investors, but profit-taking could not be sustained.

With the right management and model in place, Gox could have been a serious driver in helping people get access to their first coins.

It's so easy in hindsight, and foresight is difficult when you're blinded by the crazy gains. Even in Gox's dying moments, people were shorting like crazy, trading Gox coins for Good coins etc, hedging on the hope that one day they may get them back.

You did well to get out when you did.

People were trading gox coins for "real" ones indeed, but that was just natural human reaction where greed kicks in, and people go for all or nothing method.
I'm not saying that Gox couldn't be serious giant exchange, but i'm kind of glad it didn't, because with their willy bot and total colapse, they have in fact created the
wind strong enough to force notion of bitcoin to people and news media. Ultimatively, w/o Gox, i doubt we would even have three digit market price.

cheers
legendary
Activity: 1789
Merit: 1008
Keep it dense, yeah?
That's what happens when incompetent people try to run a multi million dollar bussines, and it doesn't surprise me the least how the
whole scandal happened, since they were over their heads, and before were a tiny magic the gathering trading cards market. I'm only happy that i pulled my money
out while the time was still right.

cheers

I think part of the problem was that a lot of people who invested their money/coins into the Gox machine didn't know or fully appreciate the exchange's background.

It was simply a money making opportunity for many investors, but profit-taking could not be sustained.

With the right management and model in place, Gox could have been a serious driver in helping people get access to their first coins.

It's so easy in hindsight, and foresight is difficult when you're blinded by the crazy gains. Even in Gox's dying moments, people were shorting like crazy, trading Gox coins for Good coins etc, hedging on the hope that one day they may get them back.

You did well to get out when you did.
legendary
Activity: 1722
Merit: 1000
Satoshi is rolling in his grave. #bitcoin
That's what happens when incompetent people try to run a multi million dollar bussines, and it doesn't surprise me the least how the
whole scandal happened, since they were over their heads, and before were a tiny magic the gathering trading cards market. I'm only happy that i pulled my money
out while the time was still right.

cheers
legendary
Activity: 1946
Merit: 1007
Wow, this is a very interesting story. Follwing that reddit page from now on, nice to see some insiders presenting facts!

What part of your life history makes you think some guy on an Internet forum is "presenting facts"?

Fair point.. Maybe I used the wrong wording there..

Let me rephrase it to "Following that reddit page from now on, it is nice to read some stories about Gox from someone who claims to be close to the inner circle of GOX."
full member
Activity: 157
Merit: 100
Only an idiot, or someone who intentionally stuck their head in the sand, couldn't see there was an issue at Gox years before it went belly up.  Why people put money there I have no idea.  Maybe it wasn't obvious what the  problem was (we have more details now) but there was something off and it was only a matter of time.  I got the feeling there were a lot of naive younger people who had money/btc there.
legendary
Activity: 1789
Merit: 1008
Keep it dense, yeah?
Running an exchange of Gox's stature is certainly not trivial, even in the world of Bitcoin where there is potential for lots of manipulation within the price, ultimately you are running a business that needs a solid model.

There are so many costs involved in running such an operation, alarm bells should have been ringing when we saw MK taking an interview on a Swiss ball.

I've only read a bit of the AMA on Reddit, however it's uncomfortable reading getting an insight into how the exchange was being managed, how the operation lacked the seriousness that was required for an operation of such magnitude. Seems to me that it all grew too fast.

Feel real bad for those who have lost and felt the strain as a result of what happened at Gox, despite the risks that come with trading at ANY crypto exchange.

member
Activity: 71
Merit: 10
i don't know if I should laugh or cry. absolutely amazing how he disregarded security and separating his personal stuff from depositants money...
legendary
Activity: 910
Merit: 1000
He was simply in way over his head and had no clue his exchange would grow as it did.  He had no idea how to run a business.  Probably has a low IQ.
legendary
Activity: 3920
Merit: 2349
Eadem mutata resurgo
Wow, this is a very interesting story. Follwing that reddit page from now on, nice to see some insiders presenting facts!

What part of your life history makes you think some guy on an Internet forum is "presenting facts"?
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
maybe he thought mingling of funds would give him some plausible deniability.  "I wasn't embezzling.  Those were my funds in that account".   What a dope. 
legendary
Activity: 2590
Merit: 3015
Welt Am Draht
Wow, this is a very interesting story. Follwing that reddit page from now on, nice to see some insiders presenting facts!

Why on Earth didn't they post some alarm bells at the time? There's no shortage of anonymous options to do so.
legendary
Activity: 1946
Merit: 1007
Wow, this is a very interesting story. Follwing that reddit page from now on, nice to see some insiders presenting facts!
legendary
Activity: 2590
Merit: 3015
Welt Am Draht
Emblematic of the whole early BTC scene pretty much and how far it still has to go. There are still no shortage of businesses, investment 'opportunities' and advice that are still sub high school gym level.
legendary
Activity: 3920
Merit: 2349
Eadem mutata resurgo
I'm sure he will go to prison for something whether it be fraud theft or just gross negligence/incompetence. Would be interesting to find out what actually happened to the bitcoins. Does Mark still have them somewhere?

... seems the prime suspect is now an old lady in a castle in switzerland.
member
Activity: 105
Merit: 10
I'm sure he will go to prison for something whether it be fraud theft or just gross negligence/incompetence. Would be interesting to find out what actually happened to the bitcoins. Does Mark still have them somewhere?
legendary
Activity: 1400
Merit: 1001
It is the weakness of the centralized exchanges! We got a hard lesson from the collapse. They can do everything they like for their own profit, like manipulating the price, identify leaking, getting hacked etc.  
And if case you did not notice every other bitcoin service beside blockchain&bitcoin itself is not decentralized. Every bitcoin exchange so far, every bitcoin payment processors, online wallets, casinos.
Everything is susceptible to identity leaking, hacking etc. This means we are doomed?
legendary
Activity: 2870
Merit: 7490
Crypto Swap Exchange
Wow, the one who used to be the first & biggest bitcoin exchange site only had a bank account & shared with all their customer Shocked
Almost all company has more than one bank account, even the small one. Mt. Gox is the worst company that i've seen

Maybe we lucky to saw Mt. Gox hacked in 2013, if that happened later, it could impact bitcoin price & reputation harder
hero member
Activity: 798
Merit: 1000
Move On !!!!!!
Good God, how much incompetence. A school boy would design and secure the funds of Mt. Gox better than what Mark did. Both, hot wallets and bank accounts (or a single bank account). This is really getting ridiculous!
legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
--------- Security ---------

"Yes. We had multiple meetings about this... [Marks] response was laughable.

Mark said that if he died there would be hints that one of his best friends could follow to find and unlock the cold-wallets. When I asked said friend, he said he had no idea what Mark was talking about."



 Grin
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