Who Stole $400 Million From Mt. Gox?

SunnyD said:
If you bothered to take the time to understand how Bitcoin and its ilk work, you'd understand that "mining" provides a valuable service and is the entire backbone of how Bitcoin works in the first place. Without miners, there would be no Bitcoin network. With no Bitcoin network, there'd be no way to complete transactions. It just so happens that miners are providing their resources (computers, internet, electricity) to sustain the network, and hence the designers of Bitcoin thought it would be prudent for miners to, you know, get COMPENSATED to keep the Bitcoin network running. That's called "work" by pretty much every definition of the word.

There you go. Now you've hopefully been educated. Maybe you'll take a moment to do further research before swallowing that foot a little further.
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The entire thing is a transfer scheme and a real laugh.

Satoshi Nakamoto (中本哲史 Nakamoto Satoshi?) is the pseudonymous person or group that designed and created the Bitcoin protocol and reference software, Bitcoin-Qt. In 2008, Nakamoto published a paper[1][2] on The Cryptography Mailing list at metzdowd.com[3] describing the Bitcoin digital currency. In 2009, he released the first Bitcoin software that launched the network and the first units of the Bitcoin currency.[4][5]
Nakamoto continued to contribute to his Bitcoin software release with other developers until contact with his team and the community gradually began to fade in mid-2010. Near this time, he handed over control of the source code repository and alert key functions of the software to Gavin Andresen.[6] Also around this same time, he handed over control of the Bitcoin.org domain and several other domains to various prominent members of the Bitcoin community.
Nakamoto is believed to be in possession of roughly one million Bitcoin. At one point in December 2013, this was the equivalent of 1.1 billion US dollars.[7]
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"blah blah blah, work, compensation, blah blah blah"

The point of mining isn't to provide value, it's to rope in dopes and pump a fake currency full of real money so the originator can cash out. Now you're educated.
 
Stiletto said:
Yeah, wanting transactions that aren't monitored by the government makes you paranoid or a crook, because individualism is wrong.
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Great argument, someone points out cryptocurrencies are often used for illegal purposes you respond by claiming freeedooommmm. No one is against that bro, plenty of people are against mediums used for mainly speculation and purchasing of illegal goods and services..
 
MrPatate said:
All you said is equal to me choosing, getting and fixing a car to get to work...
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Sure, absolutely...if you researched how cars work, bought all the parts to a car, assembled it yourself, tuned it, and then collected a small amount of rent from someone who wanted to keep their possessions in the trunk.

There's the willfully ignorant, and then there's those who wallow in ignorance like a pig in shit.

Your tail is curly.
 
wirerogue said:
please build a real mining rig, keep it running 24/7, pay all the bills and then comment about gaining money without any kind of work.

thanks.
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So in response to BTC not actually representing any kind of real work...your post proves his point.
 
Semantics said:
Great argument, someone points out cryptocurrencies are often used for illegal purposes you respond by claiming freeedooommmm. No one is against that bro, plenty of people are against mediums used for mainly speculation and purchasing of illegal goods and services..
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Okay, so plenty of people want cash and checks and gold and other tenders of value to be outlawed? They better get their movement in gear, then, because their concerns are somehow not being discussed very much in economic circles. Perhaps you could be the poster boy, mocking people who cite "freedom" as a reason for believing something. That's a winning combination right there! ;)
 
Having run and GPU mining farm, I'd still say there is a fair amount of "work" that goes into it. It's not a set it and forget it, rarely is. There always seems to be issues be it pools, hardware, cooling, etc that need constant attention. Having said that, it's enjoyable to make money off a "hobby".
 
Skripka said:
So in response to BTC not actually representing any kind of real work...your post proves his point.
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Because when did building and configuring computers and paying for their maintenance and upkeep become work?

BRB, gotta go check the server.
 
Aluisious said:
The entire thing is a transfer scheme and a real laugh.



"blah blah blah, work, compensation, blah blah blah"

The point of mining isn't to provide value, it's to rope in dopes and pump a fake currency full of real money so the originator can cash out. Now you're educated.
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Mining is the transfer verification network. The point of mining is to protect against artificial bitcoin creation and double spending. You can't skip a verification network, genius.
 
Putting on a nice shirt and sitting at a poker table is also "work." Just like mining bitcoin, it's completely wasted "work." No sick people are healed and no hungry people eat because of bitcoin.
 
Aluisious said:
Putting on a nice shirt and sitting at a poker table is also "work." Just like mining bitcoin, it's completely wasted "work." No sick people are healed and no hungry people eat because of bitcoin.
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Except when people pay for food with Bitcoin. Which has been going on for years.
 
Aluisious said:
Real money is legally guaranteed to be able to settle all debts, and is used by all governments in the world to implement economic policy.
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Try paying your utility bill in Yen, then.

People get too hung up on calling Bitcoin a currency. It should really be considered more of a commodity. Equating it to a precious metal is much more economically relevant.
 
Aluisious said:
Putting on a nice shirt and sitting at a poker table is also "work." Just like mining bitcoin, it's completely wasted "work." No sick people are healed and no hungry people eat because of bitcoin.
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There is this phenomenon called "markets". They decide the value of work, not your arbitrary criteria.
 
Aluisious said:
Putting on a nice shirt and sitting at a poker table is also "work." Just like mining bitcoin, it's completely wasted "work." No sick people are healed and no hungry people eat because of bitcoin.
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And what exactly is "wasted" work? Does work now have to produce an outcome you find favorable in order to not be "wasted"?

And I certainly hope you never post on HardForum during your own work hours. That would be "wasted work".
 
Thuleman said:
As with any gold rush, the dudes who sell the shovels are the only ones who actually make and keep their money.
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EXACTLY. This is why Stock Brokers always make money. They get their fees no matter if you are gaining money, breaking even, or losing your shirt. The fellows controlling the exchange are the ones who will get rich off of these "virtual" monies.
 
Someone track down the amount of bitcoin millionaires and compare the list to the amount of exchanges.

See which number is greater.
 
Parja said:
Try paying your utility bill in Yen, then.

People get too hung up on calling Bitcoin a currency. It should really be considered more of a commodity. Equating it to a precious metal is much more economically relevant.
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That would work fine if I lived in Japan. Did you have a point you were trying to make or are you just obtuse?
 
If they would have just called bitcoins a commodity and mining a verification process, then I think it will make more sense, I know when it's put that way, I understand/accept it a bit more.
 
Aluisious said:
That would work fine if I lived in Japan. Did you have a point you were trying to make or are you just obtuse?
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I think you're the one attempting to be obtuse. The point obviously being made was trying to pay said US-based bill with a foreign currency, but you knew that already.
 
Pretty much the only ad i ever see at the top of hardforum is the tigerdirect ad that says we accept bitcoins.

Does everyone see that ad or is it just me as someone who has made thousands of dollars off of bitcoin?
 
Aluisious said:
Real money is legally guaranteed to be able to settle all debts, and is used by all governments in the world to implement economic policy.
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Do you think US can settle all debts for all the USD? :rolleyes:
 
Aluisious said:
That would work fine if I lived in Japan. Did you have a point you were trying to make or are you just obtuse?
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In other words, yen is useless in the other 99% of the world. Thanks for making his point.
 
Aluisious said:
That would work fine if I lived in Japan. Did you have a point you were trying to make or are you just obtuse?
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So basically if it cant buy YOU what YOU want then its not a currency? Makes sense. I guess the NOK is not a currency because i cannot use it here in the US unless i convert it to USD. Hmmm this situation sounds vaguely familiar....oh wait its the same thing as converting BTC to USD if the merchant doesn't accept BTC as a form of payment.
 
michael-jackson-popcorn.gif
 
Aluisious said:
Real money is legally guaranteed to be able to settle all debts, and is used by all governments in the world to implement economic policy.

Bitcoin is a cool way for a couple of geeks to steal from a legion of dumber geeks. That's about it.
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And real money can be siezed by the Government for any reason they decide, and can be devalue through inflation or other regulations.

Plenty of examples throughout history or currently around the world.
 
Semantics said:
Great argument, someone points out cryptocurrencies are ... used for mainly speculation and purchasing of illegal goods and services..
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This pretty much is why bitcoins are a good idea turned bad. Nevermind that the people getting exploited are innocent bystanders that are investing computer parts, power, and time in making bitcoins that end up getting used for awful criminal junk. Those poor people are also the first ones to come out to defend bitcoins even though they don't realize they're just sorta stepping stones on the stairs of someone else's criminal enterprise. Miners get so vested in the hobby and take it so seriously that they get their hackles up when its pretty obvious that the cryptocurrency thing is being misused and needs some kind of regulation or oversight.
 
Stiletto said:
Because when did building and configuring computers and paying for their maintenance and upkeep become work?

BRB, gotta go check the server.
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Yea. When did spending an hour plugging parts together, 20 minutes installing an OS...an afternoon configuring maybe a day optimizing....and then never touching the system again unless it crashed constitute as "work" and not "dicking around once in a while"? Paying a power bill does not constitute "work" either. What does your boss have to say at your laughable definition of "work", I wonder.

You're talking to someone in the [H]orde who knows a thing or three about configuring high-power boxes to run 24/7 at 100% load long term. I'd look at the whole thing differently if the 1000s of kWhrs spent on BTC calculation ("mining") actually counted for something in addition to monopoly money.

Call a spade a spade.
 
I personally had no interest in Bitcoin until this Mt. Gox thing erupted. I've been most curious since, reading all the threads here and internet reports, facinating !
On a side note, I also read alot about mining hardware, software ect. and was basically left with the impression that the Gold Rush is over and the chances of actually being a successful 'Miner' are slim and none.
 
mothman said:
I personally had no interest in Bitcoin until this Mt. Gox thing erupted. I've been most curious since, reading all the threads here and internet reports, facinating !
On a side note, I also read alot about mining hardware, software ect. and was basically left with the impression that the Gold Rush is over and the chances of actually being a successful 'Miner' are slim and none.
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Pretty much. The difficulty from March onward will make any kind of mining profit impossible unless you're spending millions.
 
Skripka said:
Yea. When did spending an hour plugging parts together, 20 minutes installing an OS...an afternoon configuring maybe a day optimizing....and then never touching the system again unless it crashed constitute as "work" and not "dicking around once in a while"?
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The moment the Information Technology field came into existence. Your obtuseness is fascinating.
 
Stiletto said:
Add some more "9"s on there, if you think that actually contributes to some sort of point.
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Can do. 99.9999999% of the world thinks bitcoins are useless. Crypto coins are the Silk Road of currencies...get my point now.
 
CreepyUncleGoogle said:
This pretty much is why bitcoins are a good idea turned bad. Nevermind that the people getting exploited are innocent bystanders that are investing computer parts, power, and time in making bitcoins that end up getting used for awful criminal junk. Those poor people are also the first ones to come out to defend bitcoins even though they don't realize they're just sorta stepping stones on the stairs of someone else's criminal enterprise. Miners get so vested in the hobby and take it so seriously that they get their hackles up when its pretty obvious that the cryptocurrency thing is being misused and needs some kind of regulation or oversight.
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This again? :eek:
 
pcjunkie said:
Can do. 99.9999999% of the world thinks bitcoins are useless. Crypto coins are the Silk Road of currencies...get my point now.
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And 99.999999999% of the world thinks you're a poophead! I love this "make up statistics at will" game!
 
Stiletto said:
The moment the Information Technology field came into existence. Your obtuseness is fascinating.
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The IT field is part of something greater to support an even greater concept. Say, the IT department keeping servers running at Amazon so that you and I can buy hardware for mining. Or even keeping their EC2 instances up and running so you and I can use those resources to either compute for clean water or for a much greater purpose that contributes to society more than just verifying transactions. I think the general definition of work revolves around giving back to society, or doing something for societies benefit. Bitcoin mining, currently, is not giving back or doing something for society. It's still a small enough community that it does not meet those qualifications.

Oh, and those markets that define what "work" is? They're based on arbitrary principles too. In fact, everything is arbitrary, language included. It only has meaning if we agree it does.
 
I'll be surprised if it wasn't the owner who made off with the bitcoins and claim they've been hacked.
 
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