The Gox is dead!

> On Monday night, a number of leading Bitcoin companies jointly announced that Mt. Gox, the largest exchange for most of Bitcoin’s existence, was planning to file for bankruptcy after months of technological problems and what appeared to have been a major theft. A document circulating widely in the Bitcoin world said the company had lost 744,000 Bitcoins in a theft that had gone unnoticed for years. That would be about 6 percent of the 12.4 million Bitcoins in circulation.

This explains the tank in btc price since I bought at 690 usd. Oh well. I hope no one here is really hurting, as in, lost a good chunk of coin on the mtgox exchange.

But the article mentions promise:

> But at the same time that the news about Mt. Gox was emerging, a New York firm announced plans to create an exchange that could draw the world’s largest banks into the virtual currency market for the first time.

This is a good thing. Can you imagine seeing your coin next to your dollars on your well fargo online statement? I think I see that coming soon.

Yay $400

cant help but feel the presense of insider trading

Yep.

SEC investigation here we go. (Or Japanese version, anyway).

I kinda feel bad for mark karpeles but this is all shrouded in incompetence

Coinbase is giving be application errors. Will not load. Probably site is overloaded with traffic.

@JacobTorba That's how I see it.

can confirm

Friend says they see this

I have a hard time believing the numbers in the report, those sound exaggerated, but I'd believe the actual content

they say they have only 2k btc but they've recently signed transactions from addresses containing much more than that, and those addresses still contain more than that

Atleast their support desk is on, thanks to zendesk, I submitted some requests. Hope to get some response. No idea what to do now.

not much you can do, just gotta ride it out

the plug has been pulled and it's out of our hands now

wait for the morning, see what kind of statement (if any) gets released

Well. Wow.

740k Bitcoin would be pretty ridiculous. I thought they were storing stuff in the cold wallet. o.0

You'd expect somebody would notice if the amounts they had in store and the amounts that they were supposed to have in store diverged.

@Marek Sorry to hear about Mt.Gox, that blows.

Did your Withdrawal still go through?

@JacobTorba Thanks. It's back up now.

@Murch This is so high that I almost expect a misplaced comma error. The real number is probably much lower. Early reports like this almost always have wrong numbers.

@fredsbend Also the source is stated to be "someone informed about such" and it was validated by "an insider"...

Who knows, it might be another exceptional piece of FUD, but then again, Mt.Gox hasn't exactly been forthcoming with information either, so there is probably only a handful people that could enlighten us.

@Murch We always have the block chain too. With some investigative work, a lot can be revealed about what btc's went where and when and to who (public key at least).

I don't know enough about it, but I bet there is a market for a sophisticated program that examines the block chain and puts it into human readable data for purposes such as this.

For example, I'm sure we at least know some of the public keys that mtgox was using. Searching the block chain on that criteria alone would be very revealing.

This is supposed to be a benefit of bitcoin. I say we start using it.

Is this a good question for the site:

What can we learn from mtgox's failure?

What did they do wrong and how will what happened affect how existing exchanges do business?

Or is it too soon?

There is so much things we can speculate about, in the end we can only (or just I have to) wait until the official statement from Mt.Gox will be published on either their site or twitter.

@fredsbend I think that regulation for Bitcoin exchanges will be a good thing. They hold such an amount of money, they should be audited and held accountable. On the other hand, one can be fairly sure that before long Governments will be requesting exchange histories of users...

@fredsbend If you are managing other people's funds, maintain your codebase?

So, I guess I am having a meeting by myself again. ;)

You are not alone.

hehe

Yeah, but you told me that you are not interested in moderation, so I thought you would probably not be interested in joining on weeding out bad tags.

What's new?

There is plenty of speculation news floating over the internet. I have gone to investigate myself and it seems like there is starting new exchange at gox.com which already registered support at zendesk and maybe their FB and twitter pages are legit. We Mt.Gox users might in some time see fraction of our btcs, maybe.

They will migrate to gox.com some day expected is week to month.

okay, thanks for keeping me in the loop

I need to be optimistic and hopeful, not naive. expect the worst, hope for the best.

Yeah, it does look pretty grim.