Bitcoin shenanigans



  • We don't have a bitcoin thread here, yet, so let's get it started.

    Was MtGox an inside job?

    There's lots there, but from the post's conclusion:

    It needs to be recognized that, whether intentional or not (though plausible ignorance only goes so far), Mt. Gox has effectively been abusing Bitcoin to operate a Ponzi scheme for at least a year.


  • Mt Gox people were con artists, we've known this for a few months now.
    Also not inherently connected to bitcoin,



  • Very few Bitcoin traders trusted Mt. Gox, even way before they fell. I've been following Bitcoin and doing some mining of altcoins since November, the general consensus even back then was you don't touch Mt. Gox. The people who got burned by them were willfully ignorant and got what they deserved.



  • @mott555 said:

    The people who got burned by them were willfully ignorant and got what they deserved.

    Yes on the ignorant part, no on the deserving part. Don't blame victims of con artists for their loss.
    Especially since nearly all the media only talked about Mt Gox and presented it as being the only/official bitcoin exchange.



  • Am I allowed to blame victims of con artists when the victims suspect it's probably a con but go for it anyway? Nothing about Mt. Gox ever seemed legit.

    As for the media thing, I don't know because I don't have TV service or watch the news. BTC-E and Vircurex have always been the big exchanges that I've used or heard of. Mt. Gox is like that dirty hooker you turn to in a hurry but you know going in that you'll have fuzzy green mushrooms growing out of your junk after the fact. At least in my circles.



  • @mott555 said:

    As for the media thing, I don't know because I don't have TV service or watch the news

    I don't have an English example at hand, but take a look at this article on a large dutch technology website. If you did not know bitcoin, would you have any indication that Mt Gox wasn't legitimate from this?

    You might feel good about yourself for being superior than those dummy-dumb Mt Gox victims, but that's about as justified as condescending a tourist that got mugged at a popular attraction.

    * No I didn't lose any bitcoins myself or know of anyone who did. In fact a few months ago I went looking for my 0,1 bitcoin I mined in 2011 and sold it for €60. Someone I know made €5000 though :(



  • I'm not trying to feel superior or anything, I was genuinely surprised by everyone's reactions when Mt. Gox went down. I'd thought it was common knowledge that they were probably a scam. I guess I was wrong.



  • @dtech said:

    Mt Gox people were con artists, we've known this for a few months now.Also not inherently connected to bitcoin,

    Not inherently, but still pretty important. I think this is all interesting, especially after the fireball of stupid we watched the last time we talked about MtGox.


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