Who Stole $400 Million From Mt. Gox?

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Who stole $400 million from Mt. Gox? I'll give you three guesses and the first two don't count.

According to the leaked "Crisis Strategy Draft," the thefts "went unnoticed for several years," which means the attackers had access long before price surges turned Bitcoin into a hot topic for the startup crowd. Almost from the beginning, Mt Gox's accounts were leaking money, and as the currency grew in value, the leak turned into one of the largest bank heists ever — more than 1 out of every 20 bitcoins in the world vanished without a trace. In a system built on technologically assured security and transparency, how could something like this happen?
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Makes me want to sign up even more !
 
I'm sure alot of the folks that lost loads of cash will scream and cry that there is no governmental regulations.
 
"In a system built on technologically assured security and transparency, how could something like this happen?"

Stupid, lazy human beings. Basically, the cause of any major clusterfuck.
 
I wonder if the owners of Mt. Gox have secured accounts in Switzerland or some Caribbean island so that no one will ever know where the money went. Hopefully this will deter some people from get into the crypto currency frenzy so that GPU prices come back down to reality. My 5870 is getting a little long in the tooth and may have to look at team green if they don't.
 
The polite, public explanation for this is that a transaction bug in Mt. Gox’s system enabled the theft, and the team just wasn't sharp enough to spot it
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Mt Gox heist used the Initech sub-routine..

"What it does is every time there's a bank transaction where interest is computed, you know, thousands a day, the computer ends up with these fractions of a cent, which it usually rounds off. What this does is it takes those remainders and puts it into an account."

"This sounds familiar."

"Yeah. They did it in Superman III."
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:p
 
It costs that much to fire that weapon for 12 seconds.

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I just laugh at all those who actually believe Bitcoin and other non regulated cryptoconcurrency were a good idea...

Never understood how a currency you could "mine" (gaining money without really doing anything for it) could work... You get richer without doing anything (work, trade against another value, etc)... How can a system really work like this?
 
Most people lost regulated USD in MtGox, so all you people saying its un-regulated don't know what you are talking about.
 
MrPatate said:
I just laugh at all those who actually believe Bitcoin and other non regulated cryptoconcurrency were a good idea...

Never understood how a currency you could "mine" (gaining money without really doing anything for it) could work... You get richer without doing anything (work, trade against another value, etc)... How can a system really work like this?
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You can say the same with how the US just keeps printing money.Printing it out of thin air.
 
nvgrim said:
You can say the same with how the US just keeps printing money.Printing it out of thin air.
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Its not the same AT ALL. If they print too much, the value will go down, the world economy balance the value depending on a lot of factor. Those who use the money have to "work" for it (by work I mean anything to gain money: work, interest, trades, exchange, etc). Bitcoin and other cryptocurrency are based on nothing, you don't have to "give" anything to get it in exchange, it can be gain infinitely by the proper hardware, that's like having the money press at your finger tip without any kind of control. Nothing like the real economy...
 
MrPatate said:
it can be gain infinitely by the proper hardware, that's like having the money press at your finger tip without any kind of control. Nothing like the real economy...
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At this point you revealed you don't know how bitcoin works.
 
I am looking forward to the next few exchange operators taking their money and running. In fact, my only regret about bitcoin is that I didn't think of opening an exchange back in the day.

As with any gold rush, the dudes who sell the shovels are the only ones who actually make and keep their money.
 
Don't overlook a state sponsored bank robbery. It's not above them.
 
Tawnos said:
At this point you revealed you don't know how bitcoin works.
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That's the problem, you have to know how it works to use it and its not simple by any means.
A dollar is one paper dollar, or 10 dimes, or 100 pennies, or 4 quarters, etc... whereas a bitcoin is what? Codes in a computer.
If you can somehow explain it to a 80 year old lady what a bitcoin is, then that is when it will be accepted my the masses. Until then, it's just a fad by the geeks.
 
ndehmer said:
I wonder if the owners of Mt. Gox have secured accounts in Switzerland or some Caribbean island so that no one will ever know where the money went. Hopefully this will deter some people from get into the crypto currency frenzy so that GPU prices come back down to reality. My 5870 is getting a little long in the tooth and may have to look at team green if they don't.
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It would be tempting, being in control of currency which is designed to be anonymous and untraceable to take advantage of a "bug", even so far as to let you company die in doing so. Whatever happened, the scale of the theft makes this a fascinating story.
 
Tawnos said:
At this point you revealed you don't know how bitcoin works.
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I may have exaggerated it, but its still a bit true. Gaining money without any kind of work isn't a valid concept...

I understand a currency is only worth what we say it is and that if a society decide bitcoin is worth "X" $ than its valid, but it's always compared to something else, but never in the history of man kind you had a currency made out of thin air...

The only way a currency works is if you have something in exchange, which bitcoin doesn't... You simply need the right hardware and that's it.
 
MrPatate said:
I may have exaggerated it, but its still a bit true. Gaining money without any kind of work isn't a valid concept...
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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.
 
Stiletto said:
Ut oh. Somebody doesn't know how cryptocurrencies work, but is pretending they do. Again. :rolleyes:
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Dont worry about them,they refuse to learn and are basing their opinions on what the media says. If they dont want to accept BTC thats fine,just more for us:D
 
It's not like some outside hacker stole the coins. The coins were claimed by people verified as users of the exchange. Their accounting system is to blame but they should start there to see who the people were that were getting transferred BTC claiming they never received it (malieability attack). The malieability attack has been well-known in the community since 2011.
 
MrPatate said:
I may have exaggerated it, but its still a bit true. Gaining money without any kind of work isn't a valid concept...

I understand a currency is only worth what we say it is and that if a society decide bitcoin is worth "X" $ than its valid, but it's always compared to something else, but never in the history of man kind you had a currency made out of thin air...

The only way a currency works is if you have something in exchange, which bitcoin doesn't... You simply need the right hardware and that's it.
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It sounds like you are mad that people are making alot of money by just letting their computers run a program 24/7. you dont even have to mine to have bitcoin. You can buy them on coinbase,a trusted US exchange, and never have to worry about keeping ypur GPU farm running.
 
MrPatate said:
I may have exaggerated it, but its still a bit true.
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No, it's not a bit true. Not even an iota of truth in what you said. No exaggeration. What you said was flat-out fucking dumbassery of the highest caliber.

Gaining money without any kind of work isn't a valid concept...
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Yeah, because people gain cryptocurrency without engaging in any kind of work.

Other than research into how you gain these cryptocurrencies(something you clearly haven't done).

Other than researching, choosing, and spending money on equipment, and assembling it.

Other than researching and choosing what client you want to use, and how to specifically configure it for your unique combination of hardware.

Other than choosing whether to mine them on your own or to research and choose a pool to join.

Other than choosing whether to keep them locally or upload them to some sort of online wallet.

Yeah, there isn't any work involved. And you know because you don't know a fucking thing about Bitcoin, and we don't know because we did the work years before you even heard the word Bitcoin.

So tell us more, resident expert!
 
Spazturtle said:
Most people lost regulated USD in MtGox, so all you people saying its un-regulated don't know what you are talking about.
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Sending your real money to some bullshit website based in Japan in order to speculate on pretend money is the sort of thing you can't really whine about.
 
Vildayyan2003 said:
I'm sure alot of the folks that lost loads of cash will scream and cry that there is no governmental regulations.
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Nope, my anger is at Gox - hadn't had a reliable way to get my money out in $USD for a while.

And also at myself, I should have pulled it out as BTC and converted it elsewhere.
 
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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Please don't, because the world isn't awash in excess energy we need to turn into heat and bullshit.
 
Aluisious said:
Please don't, because the world isn't awash in excess energy we need to turn into heat and bullshit.
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I seriously don't see how that model would even work if more people jumped onboard. Cannot imagine the shitstorm it would cause. :eek:
 
Crypto currencies are an answer to a problem that doesn't exist except for the paranoid and crooks.
 
the-one1 said:
That's the problem, you have to know how it works to use it and its not simple by any means.
A dollar is one paper dollar, or 10 dimes, or 100 pennies, or 4 quarters, etc... whereas a bitcoin is what? Codes in a computer.
If you can somehow explain it to a 80 year old lady what a bitcoin is, then that is when it will be accepted my the masses. Until then, it's just a fad by the geeks.
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Funny, all fiat really is these days is "codes on a computer" when you stop to think about it. The actual physical manifestation, be it a physical currency or a virtual currency really doesn't matter.

If you really want to get picky, Bitcoin does have physical non-digital manifestations now as well. Paper wallets, Bitcoin gift cards, and there are even Bitcoin ATMs sprouting up all over the place. Bitcoin/Bitcoin-esque virtual currency networks are really no different than fiat currency networks in the modern age. The majority of your money moves around on a digital network, and you occasionally use a few decimals of it here and there as needed.

It's not really my problem if your grandmother doesn't get it, now, is it?
 
...and, let's not miss the obvious point that no one stole $400 million. They stole a bunch of bitcoins. They haven't stolen $400 million until they can find someone willing to buy 6% of all bitcoins for that amount, which will never happen.

Unless they know the Winklevoss.
 
pcjunkie said:
Crypto currencies are an answer to a problem that doesn't exist except for the paranoid and crooks.
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Yeah, wanting transactions that aren't monitored by the government makes you paranoid or a crook, because individualism is wrong.
 
SunnyD said:
Funny, all fiat really is these days is "codes on a computer" when you stop to think about it. The actual physical manifestation, be it a physical currency or a virtual currency really doesn't matter.

If you really want to get picky, Bitcoin does have physical non-digital manifestations now as well. Paper wallets, Bitcoin gift cards, and there are even Bitcoin ATMs sprouting up all over the place. Bitcoin/Bitcoin-esque virtual currency networks are really no different than fiat currency networks in the modern age. The majority of your money moves around on a digital network, and you occasionally use a few decimals of it here and there as needed.

It's not really my problem if your grandmother doesn't get it, now, is it?
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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.
 
MrPatate said:
I just laugh at all those who actually believe Bitcoin and other non regulated cryptoconcurrency were a good idea...

Never understood how a currency you could "mine" (gaining money without really doing anything for it) could work... You get richer without doing anything (work, trade against another value, etc)... How can a system really work like this?
Click to expand...

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.
 
Stiletto said:
No, it's not a bit true. Not even an iota of truth in what you said. No exaggeration. What you said was flat-out fucking dumbassery of the highest caliber.



Yeah, because people gain cryptocurrency without engaging in any kind of work.

Other than research into how you gain these cryptocurrencies(something you clearly haven't done).

Other than researching, choosing, and spending money on equipment, and assembling it.

Other than researching and choosing what client you want to use, and how to specifically configure it for your unique combination of hardware.

Other than choosing whether to mine them on your own or to research and choose a pool to join.

Other than choosing whether to keep them locally or upload them to some sort of online wallet.

Yeah, there isn't any work involved. And you know because you don't know a fucking thing about Bitcoin, and we don't know because we did the work years before you even heard the word Bitcoin.

So tell us more, resident expert!
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All you said is equal to me choosing, getting and fixing a car to get to work... The car doesn't give me money in return, its a tool to get to work... After you've done all those steps you mention, money just enters without any effort.

And for the other one talking about the computer, electricity, etc. Its the same as a car, you pay to have it, you pay to use it, but it doesn't give you money in return.

To all of you who claims cryptocurrencies are valid, every economist in the world will tell you otherwise. They know a lot more about economy than you and I...
But please continue believing in it, make some money for a while and when the bubble burst I'll laugh again :D
 
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