Reuters: "Bitcoin site Mt. Gox vanishes"

NotBuyingIt
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Joined: Fri Mar 11, 2011 6:21 pm

Reuters: "Bitcoin site Mt. Gox vanishes"

Post by NotBuyingIt » Wed Feb 26, 2014 2:30 am

The website mtgox.com (scorecard) currently has a very favorable reputation, based upon augmented crowdsourcing. Yet the site seems unresponsive and Mt. Gox (wiki) is receiving some "bad press". <!--break--> See, for example,

http://www.reuters.com/article/2014/02/ ... 7920140225

Perhaps this would be a good time for WOT users to reconsider their ratings. (I am not involved with any bitcoin entity and I have not rated the site.)

Lethos
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Joined: Wed Feb 26, 2014 8:37 am

RE: Reuters: "Bitcoin site Mt. Gox vanishes"

Post by Lethos » Wed Feb 26, 2014 8:37 am

As someone whom does follow Bitcoin;
MtGox has historically been one of the largest Bitcoin exchanges by volume and probably user base too. This was mostly due to their early luck in establishing themselves as able to be one of the first exchanges. MtGox problems stem from that rush to be first then lack of innovation to improve. So they have been the target for some successful attacks on the site. This lost them alot of bitcoin, but strangely many continued to still used the site.
This has not been helped by the owner and the banks he has to cooperate with to facilitate the business with are not always working in sync. So transferring money out conviently doesn't work sometimes for long periods of time. Users of the site are more often being left in limbo, until it gets resolved.
So with that over the years their reputation for many in Bitcoin community has fallen to an all time low even before this news.
Those still using this site did so I can imagine because of its sheer volume, but blissfully ignored the many warnings people in the Bitcoin community give the site.

So this is one Bitcoin site that does not deserve an excellent rating IMHO.

evilfantasy
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Joined: Thu Dec 25, 2008 4:08 am

RE: Reuters: "Bitcoin site Mt. Gox vanishes"

Post by evilfantasy » Wed Feb 26, 2014 4:03 pm

<quote user="lethos">
Those still using this site did so I can imagine because of its sheer volume, but blissfully ignored the many warnings people in the Bitcoin community give the site.[/quote]

Forget the exchanges. I think that can be said for Bitcoin as a currency.

Just ask Russia how having an unregulated 'Shadow Economy' economy worked out for them.


Kathos
Posts: 98
Joined: Sat Feb 08, 2014 7:10 pm

RE: Reuters: "Bitcoin site Mt. Gox vanishes"

Post by Kathos » Wed Feb 26, 2014 7:49 pm

Bitcoin has a perfectly legitimate place as a currency, I'm actually glad that Mt.Gox has finally fallen. It will hurt right now, but Bitcoin will recover, other exchanges will take it's place. Bitcoin has not relied on Mt.Gox for a long time and most certainly has not for a long time been the primary exchange, so while it might have special place in history as the first big exchange, it will not be missed.

The guy who ran it, was not an ideal person to have in that position, he just happened to be lucky, that is all that kept him there. It eventually caught upto him when his site and what little he understood about Bitcoin and financial trading, and of course code security, ensured it all imploded upon, well himself.

Only those who do not understand Bitcoin and it's community would compare so simplistically to the Russian shadow economy, ie. cash in hand for everything, thus paying no taxes.

There has been numerous discussions in the Bitcoin community on how it should be taxed, the legal and tax issue over the years has so many countries can't decide how to tax it, but the majority those involved in Bitcoin aren't against taxation, as long as it's done properly.
Many legit business over the years have had no option to pay one of the highest rate of tax (income tax is a common term), on everything they done with Bitcoin regardless of how they declared it, even if it could be consider currency trading, which in most countries you pay a low rate of tax (Capital gains tax is a common term), or in some forms of how it's traded, it can be a form of gambling in some countries, so it can be considered tax free, usually by their own rules. However that has not always happened.

Point is, Bitcoin haven't avoided the issue of tax, many in the community have embraced it so they are not screwed in the long run.
It's not much to be ask can be treated the same as others in the Finance industry, it has after all been classed as a currency.

evilfantasy
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Joined: Thu Dec 25, 2008 4:08 am

RE: Reuters: "Bitcoin site Mt. Gox vanishes"

Post by evilfantasy » Wed Feb 26, 2014 10:38 pm

<quote user="kathos">
It will hurt right now, but Bitcoin will recover,.....[/quote]

It already has recovered. This morning.


Kathos
Posts: 98
Joined: Sat Feb 08, 2014 7:10 pm

RE: Reuters: "Bitcoin site Mt. Gox vanishes"

Post by Kathos » Thu Feb 27, 2014 12:32 am

Well I'm sure some are quick to call it recovered, I'd just call it unaffected (yet). But on some of the of the other exchanges their has been quiet the surge in buy/sell trades, but none the less it has not effected the prices too much as it quickly reset it self.
I am glad, that it has none the less occurred that way, with little damage so far.
Do not underestimate what Mark Karpeles can do to spin a situation and of course the media is playing right into his hand right now, by believing him. But for now since the (big) media is talking positively about Bitcoin recovering that is fine by me.

In the past exchange mishaps have rocked Bitcoin markets alot more and for far longer, I can only assume this is a sign of stability. As they have always lead to panic sells/buys crashing the markets quickly until people realise the news was not the end of Bitcoin.
I have not been at the best of my game recently, had the cold, so do excuse me being abit delayed.

NotBuyingIt
Posts: 6535
Joined: Fri Mar 11, 2011 6:21 pm

RE: Reuters: "Bitcoin site Mt. Gox vanishes"

Post by NotBuyingIt » Thu Feb 27, 2014 3:06 am

I cannot help but wonder if the site's WOT reputation is misaligned with its current condition.

Here is the notice that is currently displayed on Mt. Gox's homepage (27-February-2014 03:00 UTC):
Dear MtGox Customers,

In light of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.

Best regards,
MtGox Team
Bloomberg News: "Bitcoin Holders Resigned to Losses as Japan Probes Mt. Gox" (26-February-2014 09:05 UTC)
http://www.bloomberg.com/news/2014-02-2 ... probe.html

evilfantasy
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Joined: Thu Dec 25, 2008 4:08 am

RE: Reuters: "Bitcoin site Mt. Gox vanishes"

Post by evilfantasy » Thu Feb 27, 2014 3:37 am

<quote user="notbuyingit">
Bloomberg News: "Bitcoin Holders Resigned to Losses as Japan Probes Mt. Gox" (26-February-2014 09:05 UTC)[/quote]

That's why it stabilized. Or rather "stabilized." The money is already considered gone and has been written off so it naturally stabilized. Not because of real stability but because of virtual stability.


Myxt
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Joined: Sat Mar 05, 2011 6:18 am

RE: Reuters: "Bitcoin site Mt. Gox vanishes"

Post by Myxt » Thu Feb 27, 2014 7:12 am

Mt. Gox receives subpoena from federal prosecutor - WSJ

evilfantasy
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Joined: Thu Dec 25, 2008 4:08 am

RE: Reuters: "Bitcoin site Mt. Gox vanishes"

Post by evilfantasy » Fri Feb 28, 2014 4:07 pm


Feb 28, 2014 · TOKYO (Reuters) - Mt. Gox files for bankruptcy, blames hackers for losses

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