Oh yea, Im not blaming any one section in particular. Its human nature to take the easiest shortest route in anything and security is often compromised by doing so, habits become predictable and entry into otherwise secure systems occurs. Thats the basis of phishing and other similar tricks.
The normal pattern for capitalism, unadjusted by helpful government agencies is to navigate failure basically. Bitcoin is out in the wild west so we must expect failure and its totally normal, I personally dont believe in massive regulation. I think we have to find solutions ourselves, Im just calling out that part of the mtGox and cryptsy failure was self invented. All I see on those threads are people calling out 'bad guys' but the seed of a problem exists in every site, customers partake in this willingly and must take responsibility for risk.
Outside of website/personal failures, bitcoin itself might be heading towards a problem by not making decentralisation easier, instead we are packed together (too much imo)
Topic: What is the next MtGox? (Read 2089 times)
I dont think Craptsy could be new MtGox. At time ppl were "goxed", MtGox had huge market share (i think allmost 70%) so that shit cant happen again. Craptsy will most possibly turn to scam but not nearly that big, they are almost irrelevant.
Sorry for the bump, I was trying to find the long list of failed sites and schemes, scams even. But anyway I remember the run up to mt gox and it was very well telegraphed that something not quite right was occuring. There was a big price disparity to the rest of the free markets and many speculated how this could continue if everything were healthy as normal market arbitrage reduces very great price differences and of course we found out the reason. I did not quite understand what was happening or why mtgox was so iffy in its usage, I opted to stay with really easy to use sites.
Just my perspective from back then, anyhow the cryptsy tale has unfolded now, Im not aware of anything similar elsewhere but I did want to find the long list of sites going into the hundreds if anyone knows the one I mean as I received a recent list of failed coins and blockchains to contribute
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MtGox had huge market share (i think allmost 70%) so that shit cant happen again
BTC does continue to have overly centralised production/storage, I think its a problem every time even before any stoppage/failureI dont think Craptsy could be new MtGox. At time ppl were "goxed", MtGox had huge market share (i think allmost 70%) so that shit cant happen again. Craptsy will most possibly turn to scam but not nearly that big, they are almost irrelevant.
Sorry for the bump, I was trying to find the long list of failed sites and schemes, scams even. But anyway I remember the run up to mt gox and it was very well telegraphed that something not quite right was occuring. There was a big price disparity to the rest of the free markets and many speculated how this could continue if everything were healthy as normal market arbitrage reduces very great price differences and of course we found out the reason. I did not quite understand what was happening or why mtgox was so iffy in its usage, I opted to stay with really easy to use sites.
Just my perspective from back then, anyhow the cryptsy tale has unfolded now, Im not aware of anything similar elsewhere but I did want to find the long list of sites going into the hundreds if anyone knows the one I mean as I received a recent list of failed coins and blockchains to contribute
Quote
MtGox had huge market share (i think allmost 70%) so that shit cant happen again
BTC does continue to have overly centralised production/storage, I think its a problem every time even before any stoppage/failure I dont think Craptsy could be new MtGox. At time ppl were "goxed", MtGox had huge market share (i think allmost 70%) so that shit cant happen again. Craptsy will most possibly turn to scam but not nearly that big, they are almost irrelevant.
I share you opinion. And this may sound a little gruesome but I think that Mt.Gox case actually helped bitcoin community. Fail of Mt.Gox raised awareness caused by fail of the biggest exchange of our time.People are not so trustworthy towards centralized bitcoin services anymore and usually don't keep massive amount of BTC directly deposited.
cryptsy is by a huge distance not mtgox 2.0, but they are surely going to cause a lot problems if they don't care about their custommers. i hope they will release the funds of the people that are waiting for their cashout. then there isn't a problem anymore.
I heard that bitstamp has claimed to be running on bitcoin XT, the biggest dangerous right now
is this really true, where is the source? i have always dismissed bitstamp as exchange, never liked if this is true, i'll put them in the trash can directly
also they might be in touch with coinbase, because they are pro bitcoin xt aswell
I heard that bitstamp has claimed to be running on bitcoin XT, the biggest dangerous right now
probably Cryptsy.
Cryptsy, been holding some withdrawals since August, suddenly loads of wallets offline or in 'maintenance mode' after what seems like they were arbitrage trading, was all good til BTC dropped and now they are on the wrong side. They are only allowing altcoin withdrawals they have heaps in reserve of, support tickets are going unanswered and the ones dealt with are closed without an answer... so... That's my opinion / facts/
Everybody is saying that Cryptsy will be the next MTGox, but you will never know until it gets there. I have always used Cryptsy and had several issues, as so I did in other exchanges. Whatever... just to say, the next MTGox will be anyone of the operating exchanges. I don't actually think that Cryp will be the next since they are struggling to comply with all the regulations... so they would get themselves a huge problem if they went rougue.
Cryptsy and Kraken aren't nearly large enough to be the next MtFux.
It will be OKCoin.
It will be OKCoin.
I see from another post,the next mt gox is crptsy and kraken,for crptsy is has been nearly true, but kraken is not yet. Lest wait for another real news about next gox.
Kraken is a trusted and well respected exchange. I have not seen any shady thing comming from their exchange even once. Cryptsy on the other hand is a different story. I see a lot people have complaints about not being able to withdraw their coins. It's by far not a second MtGox, but Cryptsy is up to something.
I'm wondering what the community thinks!
Is there a new Gox bound to happen? What is something you have solid suspicions of?
What I feel is that Bitcoin has become safer and less susceptible over time.
Is there a new Gox bound to happen? What is something you have solid suspicions of?
What I feel is that Bitcoin has become safer and less susceptible over time.
Before anybody echos my sentiment, it has to be Cryptsy.
Edit: Oops! Looks like I'm the one doin' the echoin'. HAHAHA
Definitely not Cryptsy. Too small.
For a major effect like MtGox, it would have to be one of the major Chinese Exchanges.
Anything else is just petty cash.
For a major effect like MtGox, it would have to be one of the major Chinese Exchanges.
Anything else is just petty cash.
I'm wondering what the community thinks!
Is there a new Gox bound to happen? What is something you have solid suspicions of?
What I feel is that Bitcoin has become safer and less susceptible over time.
Is there a new Gox bound to happen? What is something you have solid suspicions of?
What I feel is that Bitcoin has become safer and less susceptible over time.
The next gox wont happen on that scale ever again, gox had like 90% of the market. Small scale versions seem to have happened, just watch out for who owns the exchange and how it runs.
Not nearly as much as Mt Gox had. I am guessing it has about the same volume as BTER has had before the hack. After all this is an alt coin exchange, not the main Bitcoin exchange that whole world is using. I am guessing that when Cryptsy goes down, it will lose about 5,000 BTCs, more or less!
That's still a considerable sum - at today's market rates it's about 1.8 million USD. Exchanges have always bothered me - unlike traditional financial institutions they have more incentive to scam (usually because control over assets is exerted by one or few people) and that there is no legal recourse should they scam. Not to mention, it's not worth the effort to try and recover a few thousand dollars.
It is a lot of money, I agree, but it's still much less than what Mt Gox has lost. Then again, this is pretty much what one big, serious alt coin exchange holds at any moment.
I just wish that people who have their funds on Cryptsy would realize that this is a fast sinking ship and that they would withdraw asap what can be withdrawn. Like this, when they go down, they would hold as less funds as possible!
Not nearly as much as Mt Gox had. I am guessing it has about the same volume as BTER has had before the hack. After all this is an alt coin exchange, not the main Bitcoin exchange that whole world is using. I am guessing that when Cryptsy goes down, it will lose about 5,000 BTCs, more or less!
That's still a considerable sum - at today's market rates it's about 1.8 million USD. Exchanges have always bothered me - unlike traditional financial institutions they have more incentive to scam (usually because control over assets is exerted by one or few people) and that there is no legal recourse should they scam. Not to mention, it's not worth the effort to try and recover a few thousand dollars.
what volume cryptsy has? how many coins could be lost?
Not nearly as much as Mt Gox had. I am guessing it has about the same volume as BTER has had before the hack. After all this is an alt coin exchange, not the main Bitcoin exchange that whole world is using. I am guessing that when Cryptsy goes down, it will lose about 5,000 BTCs, more or less!
I'm wondering what the community thinks!
Is there a new Gox bound to happen? What is something you have solid suspicions of?
What I feel is that Bitcoin has become safer and less susceptible over time.
Is there a new Gox bound to happen? What is something you have solid suspicions of?
What I feel is that Bitcoin has become safer and less susceptible over time.
No one had doubt about what happen to Mt Gox since the big thing it happened. At the contrary. Everyone believed on this business so mach that leave there hundreds and thousands bitcoins. When the value of bitcoin was 1000=1200 us dollar one. So it will (must) be even today. Cannot be known such things before the happening of those. Otherwise the people will act and nothing bad will happen. As for your feeling about bitcoin I think you are right. Bitcoin yet is the currency of Dark Web but day after day are becoming even the currency of the Light and the Open Web. I think that this process will go more forward and will have more speed more the various countries will regulate, legalize or accept it.
Bitcoin users are aware of what happened during MtGox time so think a lot of us don't put their eggs to one basket only. To which I believe Crypsy can't gain much if they turned scam these days, they should instead go legit and provide better services for long term to gain more.
Bitcoin users are aware of what happened during MtGox time so think a lot of us don't put their eggs to one basket only. To which I believe Crypsy can't gain much if they turned scam these days, they should instead go legit and provide better services for long term to gain more.
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