Looks like Mt. Gox is dead...

[BikeJunkie]

How feasible would it be to "lock out" the two destination wallets in the case of the Flexcoin attack?

Given that they know what they are:

1NDkevapt4SWYFEmquCDBSf7DLMTNVggdu
1QFcC5JitGwpFKqRDd9QNH3eGN56dCNgy6

Why not introduce some sort "wallet freeze." In other words, prevent these two wallets from broadcasting transactions, effectively rendering them useless.

Oh, and since we know the two destination wallets, it doesn't seem like a perfect theft to me, but I'm certainly no BTC/crypto expert by any stretch of the imagination.

 

[Phoenix86]

Digital theft != no evidence. It's far from a perfect crime.

LOL@tracking paper currency.

 

[Ns1]

lololol

At current market rates, the theft amounts to more than $600,000 US. The figure represents the bank's entire bitcoin holdings online, effectively wiping out any customers who held assets there.

"As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately," Flexcoin said in a statement.

 

[BoberFett]

Top to bottom, the bitcoin movement is amateur hour.

 

[Crusty]

Top to bottom, the bitcoin movement is amateur hour.

Yep, and I would say that is changing big time too. There is some serious VC coming into US based companies.

I think another thing that will be huge is the offering of a BTC based ETF that trades in the national exchanges. It really just opens up 'investing' into BTC for a huge chunk of people with lots of money.

 

[Ns1]

Yep, and I would say that is changing big time too. There is some serious VC coming into US based companies.

I think another thing that will be huge is the offering of a BTC based ETF that trades in the national exchanges. It really just opens up 'investing' into BTC for a huge chunk of people with lots of money.

At least we've given up on the pretense that BTC = currency

 

[Crusty]

At least we've given up on the pretense that BTC = currency

Luckily, it is only the people that really don't understand the technology that are trying to pigeonhole BTC into being only a currency. There is so much more it has to offer than being able to buy your morning chocolate mocha frappe.

 

[PottedMeat]

lol

Pam: Krieger's selling the cocaine online.
Mallory: Are you insane???
Krieger: Yeah, if it's insane to use an x gen asymmetric onion router and digital cryptocurrency to sell your cocaine anonymously and completely risk free... or a lot of the other shit i do...
Mallory:...so do people email you?
Krieger: No, it's like shopping online - only for cocaine. I've already sold... wow, almost 800 grand worth.
Mallory: Really? But how do we get paid?
Krieger: With a totally untraceable digital currency that we can exchange for real US dollars whenever we want. I call them Kriegerrands.

In the end Krieger was basically giving the cocaine to himself.

 

[BoberFett]

Luckily, it is only the people that really don't understand the technology that are trying to pigeonhole BTC into being only a currency. There is so much more it has to offer than being able to buy your morning chocolate mocha frappe.

If it's not a currency, and has no real value, what is it good for other than a pump and dump scheme?

 

[KB]

How feasible would it be to "lock out" the two destination wallets in the case of the Flexcoin attack?

Given that they know what they are:

1NDkevapt4SWYFEmquCDBSf7DLMTNVggdu
1QFcC5JitGwpFKqRDd9QNH3eGN56dCNgy6

Why not introduce some sort "wallet freeze." In other words, prevent these two wallets from broadcasting transactions, effectively rendering them useless.

Oh, and since we know the two destination wallets, it doesn't seem like a perfect theft to me, but I'm certainly no BTC/crypto expert by any stretch of the imagination.

Problem is the coins in these "wallets" are quickly passed to multiple other wallets in order for people to lose track of them. You can create an infinite number of wallets, pass small fractions of a bitcoin to each and then combine them all into one new wallet at a later date. Blocking those wallets would be worthless.

 

[Juncar]

Yep, and I would say that is changing big time too. There is some serious VC coming into US based companies.

I think another thing that will be huge is the offering of a BTC based ETF that trades in the national exchanges. It really just opens up 'investing' into BTC for a huge chunk of people with lots of money.

I think you're being delusional. These cryptocurrency do not work because real life implementation is never perfect. Not sure why people think its safe, when it is not. The only way to take advantage of the safety feature is to perform one-to-one transfer which has its own pitfalls. Using an exchange pretty much renders the whole concept of cryptocurrency moot.

 

[mizzou]

In these exchanges....if Bitcoin was valued at $1000 USD...and you sell @ that price...it's a good day for you if you bought bitcoin at like $250 USD

What I have a hard time understanding is....who the fuck buys bitcoins at $1000USD??

 

[AyashiKaibutsu]

In these exchanges....if Bitcoin was valued at $1000 USD...and you sell @ that price...it's a good day for you if you bought bitcoin at like $250 USD

What I have a hard time understanding is....who the fuck buys bitcoins at $1000USD??

The people who are parking their life savings/college fund into bit coins because it just keeps going up so best get in now before it hits 2000$.

 

[Crusty]

I think you're being delusional. These cryptocurrency do not work because real life implementation is never perfect. Not sure why people think its safe, when it is not. The only way to take advantage of the safety feature is to perform one-to-one transfer which has its own pitfalls. Using an exchange pretty much renders the whole concept of cryptocurrency moot.

Buying an ETF backed by BTC is completely different than using a Bitcoin exchange to convert your fiat into a Bitcoin.

You are right that the current Bitcoin exchanges render a lot of the points of Bitcoin useless, and that's why they are getting hacked and turning insolvent. There isn't much room for the individual person to deal directly with the Bitcoin protocol because the technology is so difficult to implement correctly. That is what is changing.

More money and development efforts are being put into Bitcoin every day, it's only going to get easier and better for everyone.

Just like the early days of the Internet, if you wanted to really get online and do something worthwhile, you had to know your shit and have access to cutting edge technology.

 

[SSSnail]

In these exchanges....if Bitcoin was valued at $1000 USD...and you sell @ that price...it's a good day for you if you bought bitcoin at like $250 USD

What I have a hard time understanding is....who the fuck buys bitcoins at $1000USD??

The bigger idiot than the one that sold it, it's a vicious cycle, until you run out of idiots. Judging by the posts, there are plenty left...

 

[Juncar]

Buying an ETF backed by BTC is completely different than using a Bitcoin exchange to convert your fiat into a Bitcoin.

You are right that the current Bitcoin exchanges render a lot of the points of Bitcoin useless, and that's why they are getting hacked and turning insolvent. There isn't much room for the individual person to deal directly with the Bitcoin protocol because the technology is so difficult to implement correctly. That is what is changing.

More money and development efforts are being put into Bitcoin every day, it's only going to get easier and better for everyone.

Just like the early days of the Internet, if you wanted to really get online and do something worthwhile, you had to know your shit and have access to cutting edge technology.

I think the problem for Bitcoin is that unlike the Internet, there are better and safer alternatives. There really is no sticking point to use Bitcoin over the currencies we currently have. We have no equivalent alternative to the Internet and its just too useful to not get on to it (Internet).

dfgdfg

 

[ultimatebob]

In these exchanges....if Bitcoin was valued at $1000 USD...and you sell @ that price...it's a good day for you if you bought bitcoin at like $250 USD

What I have a hard time understanding is....who the fuck buys bitcoins at $1000USD??

Someone with delusions that it will go to $2,000 as quickly as it went to $1,000, I guess.

 

[M0oG0oGaiPan]

how much would it cost to build a competitive magic deck? it seems like there's two game types. Classic and draft? Can you throw down like $400 into a deck and be done with it or would you have to continue to invest in the new cards that come out each season?

I don't actually know how to play magic but I'm near a magic shop and they run weekly tourneys for magic, vanguard, etc. I picked up a digital copy on steam so i figure i can use that to learn how to play.

 

[Ns1]

how much would it cost to build a competitive magic deck? it seems like there's two game types. Classic and draft? Can you throw down like $400 into a deck and be done with it or would you have to continue to invest in the new cards that come out each season?

I don't actually know how to play magic but I'm near a magic shop and they run weekly tourneys for magic, vanguard, etc. I picked up a digital copy on steam so i figure i can use that to learn how to play.

Money helps but it's not everything.

 

[Imp]

In these exchanges....if Bitcoin was valued at $1000 USD...and you sell @ that price...it's a good day for you if you bought bitcoin at like $250 USD

What I have a hard time understanding is....who the fuck buys bitcoins at $1000USD??

There are people who believe that Bitcoin is the future and it has nowhere to go but up. It'd be stupid not to buy some when it's in its infancy then...


Wonder if Reddit has a Flexcoin thread/post yet...

 

[Svnla]

Some of the comments from former users of this exchange = http://finance.yahoo.com/news/comments-people-lost-money-mt-150026704.html

Retirement money? Money to build a house and start a family?

It is sad that people were putting that kind of critical funds into bitcoins.

 

[Ns1]

Some of the comments from former users of this exchange = http://finance.yahoo.com/news/comments-people-lost-money-mt-150026704.html

holy fuck

Hello,

I am in Japan and have deposited 12.499 million Yen (about USD 122,000) at MtGox from October to December 2013. I currently have 175 BTCs and 13,000 Yen in cash at their exchange. I also have a Premium status account.

Please let me know how to proceed.
That was most of my retirement money.

______________________________________________________________________________

Hi.

My name is xxx and I live in Sweden, Malmö.
I am writing for me and for my girlfriend and my dad.
We all bought and sold bitcoins a last years and made some money.
We have taken out some money when we need to and right now me and my girlfriend was going to buy a house and start a family so we tried to withdraw the money in January.
Since the money didn't show up after 4 weeks I tried to contact them but still nothing.
I hope that together with you and some others get at least some money back.
If you need any proof of the withdrawals or such I can provide some of it.
We had in total $49000 on the accounts.

Hope to hear from you regarding this, since we are unsure how to proceed.

______________________________________________________________________________

Help!

I have about 90 BTC and no USD in my mtgox account, which I would very much like to receive back at some point. It's only just sinking in that it might all be gone.. I can't believe I waited so long before getting it out somewhere safe, but.. here we are.

______________________________________________________________________________

Hey there,
I am interested in being a plaintiff as well. I had about 70k in Mtgox in Dec due to the price explosion in November and attempted to withdraw some funds since I wasn't comfortable having that amount hosted there. I ran into the withdrawal issue back in Dec and opened a support ticket in which I got the run around until they finally officially announced what the problem was. As the moment, I don't have any $$ in Mtgox but around 180 BTC. My stomach has been in knots all week :-(

______________________________________________________________________________

Hello,

at the time that the withdrawal stopped I have over $3MM in fiat at Gox. I now have ~5,400 BTC there. It maybe sizeable enough for your attorneys to consider taking on a BTC claim? In any case, if they think that I can sue based on my fiat balance prior to withdrawal suspension, based on the idea that any subsequent trading was essentially fraudulent, well then I would be interested in join the effort.

______________________________________________________________________________

Hi,

My name is xxxxxx and I am from California (if that matters). I have about 650 BTC in Gox. I haven't slept in days and haven't been able to tell my wife how much I've lost. I was an early adopter, just mining in my basement, and I can't imagine all of my time and work vanishing like this. Please contact me with what I need to do

______________________________________________________________________________

I am a French citizen. I would like to know how to try and join you in reclaiming my lost funds. I had almost 100.000 EUR in my account. It will be a complete disaster for me if it is stolen.

______________________________________________________________________________

I cannot reasonably afford to lose the funds I have at Mtgox. I currently hold the majority in USD, but also significant amounts of EUR and BTC.

______________________________________________________________________________

I would like to join your action lawsui as co-paintiff. I try to keep this short since you are probably getting tons of PMs.

I'm resident of Germany and I'm waiting for ~5700 Euros (~7800 US$) to be withdrawn by MTGOX. I also have about 9 BTCs on my account there. I successfully received a MTGOX-withdrawal of 990 EUR on 2013/12/30, which was ordered on 2013/12/03.

I'm a student and this is almost all of my money I have left (I actually have a lot of debt, which I intended to pay back with that money). I'm really panicking right now and not sure what to do!!!

______________________________________________________________________________

I'm in Tokyo as well and I lost ~8 BTC and 500,000 in JPY. Please let me know how your case progresses and whether at any time you think it would be possible to get others involved. I really hope I can get at least some of that money back. I need it.

______________________________________________________________________________

I am very interested in your proposal of suing Mt.Gox to get what is ours.

I would need to sue for more than 70000EUR or over 90000USD. The ammount depends of the bitcoin price - not the manipulated Mt.Gox price, but like the Bitcoin price index on coinbase.com.
Although it would be best if Mt.Gox let me simply withdraw my more than 170BTC.

So many people are angry about Mt.Gox and me too. They act like scamers.

______________________________________________________________________________

I have CSV's, screenshots + multiple records everything for owning 994.90514041 BTC through my mtgox accounts.

I have ZERO fiat located in mtgox.

______________________________________________________________________________

Hi, I had 100BTC but a friend had $14000 USD on Gox. Can you put me into contact with whomever is organising the class action lawsuit?

______________________________________________________________________________

I had some 125BTC & $1000 on MtGox. I'd prefer to recover the BTC but if not possible, USD is better than nothing. Technically at the last price the total is well above the $10000 limit. Can you count me in? What should I do next?

______________________________________________________________________________

Hey, I'd like to get involved in this as well. Gox has yet to deliver a withdrawal of funds from late last year and currently has all my coins locked up because of their withdrawal lock. Email is below, let me know if you need any other info. Thanks,

______________________________________________________________________________

(originally I tried to withdraw $30,000.00, but Mt.Gox cancelled my withdraw and asked me to change to GBP. Funds never arrived--> Mt.Gox confirmed they were unable to wire funds, but funds are not re-instated to my account. Mt.Gox admits in the e-mail funds are mine.)

______________________________________________________________________________

I'm interested in joining as a co-P in Japan, I have $200k+ in cash balance (no bitcoins) locked up on their site right now. Let me know how many other co-Ps will be represented and the estimated legal costs. Do we have an update on the status of Mt Gox? They haven't filed for bankruptcy just yet. I'm a verified member so I'm thinking they might resume operations and just send us a check, but I'm interested in others' opinions on that.

______________________________________________________________________________

I found your post just today after the Gox closed the site. I had 10,200 USD with them, which I traded just last week for gox coin. I initially deposited USD from bank account on November 2013, and traded on Gox just about 2 weeks ago, not knowing there was a trouble to withdraw any BTC from them. I do have screen shots from last week from trading and all my history since November 2013. My initial deposits in November have been 8000 USD and 2200 USD, so whatever trading I did in last weeks was for vain since gox did not let any BTC out of the site. Current standing on my account is about 27 BTC and around 2200 USD but since gox coin was never a real BTC, as I just learnt recently, I consider Gox owing me 10200 USD which I initially deposited.

______________________________________________________________________________

I wish to be include in the class action lawsuit, I an non-us (EU) and have lost 50 BTC and 24,600€.

Please let me know if I can be included.

______________________________________________________________________________

I would like to join the lawsuit.. i lost 112 btc.

______________________________________________________________________________

I have 93BTC at stake in mtgox.
Money used to acquire it was 29k EUR.

I would like to join the lawsuit if there is any chance of getting the either the BTC or EURO-equivalent at the price determined at the time of judgement.

I would be thankful for any news / suggestions / ideas.

Thank you very much

______________________________________________________________________________

I want to participate. I have 85 BTC on Mt Gox.

Please update me and let me know, which further steps I have to take to participate.

______________________________________________________________________________

I had $28500 in, and purchased 50btc @ $570. So now I have the 49.7btc still in and no fiat. Have been waiting for withdrawal to resume to clean myself of gox forever.

I was very lucky, having pulled out the bulk of my btc holdings from gox in mid-January.

Please respond if whether I can or can't participate.

______________________________________________________________________________

I have 37 BTCs and wnt to be part of your lawsuit. Please send me more details.

______________________________________________________________________________

i too am a Gox victim. I have 69 BTC stuck on Gox. At this stage i would be very reluctant to take such a haircut and convert to USD.

Has the lawyer you hired totally ruled out BTC cases? Is he even taking on new cases?

______________________________________________________________________________

My mtgox holdings are only 32.5 btc but i would still like to be part of the law suit.

______________________________________________________________________________

I am close to you're class action suite limit. I had a pending withdraw for $8,000 USD, that they refused to process or refund to my account. I complained so much they blocked my account.

______________________________________________________________________________

I have roughly $100K in my account, so it might be worth it for the lawyer to squeeze me in.

______________________________________________________________________________

hi we are interested to participate also
and we have a company account with them

let me know how to proceed

______________________________________________________________________________

I have 50BTC in MTGOX and would be interested in joining. If yes, how large would the fees be?

______________________________________________________________________________

If Mtgox is indeed gone and finished, I would like to know what the status of this suit is and who I can contact regarding it. I had about 111.777 BTC on gox.

______________________________________________________________________________

I have 158 btc on MtGox and would like to take part to your lawsuit.

______________________________________________________________________________

Most of our holdings were in bitcoin, and at market rates on other exchanges, I had over $40,000 while my friends had $300,000 to 400,000.

______________________________________________________________________________

I have 154 BTC and 0 USD in MTGOX.

I live in Malta but would like to know what my options are for joining your case?

______________________________________________________________________________

Hey. Mt. Gox has owed me roughly 1,800 USD for more than 6 months. Two transactions. One they're claiming technical difficulties to Dwolla which never went through, and one they just never sent to my bank.

______________________________________________________________________________

I'm a very credible trader who pays his American taxes yearly. I feel so stupid for holding the majority of my BTC exposure on mt gox in hindsight......

I have 301 BTC on mt gox and under $10 USD, my account on gox was a verified account as well.

______________________________________________________________________________

I have around 5.5k EUR stuck in Gox. Could you please inform me on how to proceed?

______________________________________________________________________________

 

[WelshBloke]

Some of the comments from former users of this exchange = http://finance.yahoo.com/news/comments-people-lost-money-mt-150026704.html

Retirement money? Money to build a house and start a family?

It is sad that people were putting that kind of critical funds into bitcoins.

That really is tragic.

I feel for them but I just can't believe people dumped their long term savings into it.

 

[jpiniero]

See, this is what I am talking about the day traders. These people need to be wiped out for Bitcoin to be of any use.

 

[Koing]

That really is tragic.

I feel for them but I just can't believe people dumped their long term savings into it.

The horror

I really hope they get something back but the chances are so slim to none it's crazy.

Koing