The lesson of MTGOX is obvious.
STOP CONVERTING TO FIAT CURRENCY!
We need to develop are own economy based completely on BTC with no need for conversion.
The point of BTC is to be your own bank.
The interface with the banking system is a weakness and it has been shown over and over and over.
People keep putting their BTC in the hands of 3rd parties.
This is a critical mistake.
Topic: What is the greatest lesson of MtGox? - page 3. (Read 4949 times)
Do not trust any company with a funny name, especially one that is called Magic: The Gathering Online
Fool me once, shame on you.
Fool me twice, shame on me.
Fool me twice, shame on me.
Don't use URL for username and password?
Don't ever use exchange that uses GET for login...
Don't use URL for username and password?
why are people putting money on btc-e?
The greatest lesson is not to send money to shoddily run businesses. I could never even understand why people sent money there in the first place it was always taken weeks and months to get verified or withdraw money etc.
Don't put all your eggs in one basket.
Never trust anybody.
Greed is not good.
Make sure to follow market news (articles warning for mtgox have been published since several weeks)
etc
Never trust anybody.
Greed is not good.
Make sure to follow market news (articles warning for mtgox have been published since several weeks)
etc
Don't put all your eggs in one basket. I'll take this lesson
Better to have a smaller profit than getting nothing.
yep but this will happen over and over. you could tell this every day and every minute, you cant prevent people from doing this. maybe this is a good reason why serious btc companys need regulation.
global moderator
Activity: 3934
Merit: 2676
Join the world-leading crypto sportsbook NOW!
The greatest lesson is not to send money to shoddily run businesses. I could never even understand why people sent money there in the first place as it has always taken weeks and months to get verified or withdraw money etc.
Exchange is not a bank!
Never sleep with BTC on an exchange.
Send -> Negotiate -> Move your wallet.
Never sleep with BTC on an exchange.
Send -> Negotiate -> Move your wallet.
Definitely agreed.
But the problem with Mt.Gox was withdrawing MONEY from there... I sold some Bitcoins (bought elsewhere) on Jan. 10, and immediately requested a bank transfer. I had done the same in the past, and it took more than 4 weeks.
This time, I just never received it.
Never trust a fat man with your cake?
hahahahahaha best lesson!
One lessons could be that if a business doesn't look too professional and is new you better be careful, especially when people start having problems to withdraw!!
WOW I just learned that mtgox disappears, I was about to say people are greedy and are depositing to enjoy the artificial low price of BTC on the website, I checked mtgox.com to see the price and POUF! It is gone
WOW I just learned that mtgox disappears, I was about to say people are greedy and are depositing to enjoy the artificial low price of BTC on the website, I checked mtgox.com to see the price and POUF! It is gone
Don't put all your eggs in one basket.
Never trust anybody.
Greed is not good.
Make sure to follow market news (articles warning for mtgox have been published since several weeks)
etc
Never trust anybody.
Greed is not good.
Make sure to follow market news (articles warning for mtgox have been published since several weeks)
etc
Never trust a fat man with your cake?
That you can trust a shady website run by two unknown Russians, based out of Bulgaria more than you can a reputable exchange run out of Japan by a well known businessman.
Sad but true.
Everyone was warned about Gox multiple times, and if one was smart, one would have avoided them after the first warning.Sad but true.
Once you let someone fool you around tens of times, the problem doesn't lie in them.
Exchange is not a bank!
Never sleep with BTC on an exchange.
Send -> Negotiate -> Move your wallet.
Give preference to trade with more coins types, it becomes easier to exchange and have to where run.
Never sleep with BTC on an exchange.
Send -> Negotiate -> Move your wallet.
Give preference to trade with more coins types, it becomes easier to exchange and have to where run.
Agree, i never leave anything on exhanges, if i lose it from my machine/wallet, its my F??K up only.
I think this should remind us about how young BTC still is. These kind of incidents will occur before the services around BTC will develop to be properly funtioning. Of course people's stupidity played a big role in this incident, but I still think the services need to develop.
ye, always move to your own pc, in virtualized environment, crypted linux
Forget about bitcoin. Governments and civilization are necessary.
Jump to: