Mt. Gox filing BK

http://abcnews.go.com/Technology/wireStory/japan-minister-calls-bitcoin…

So is this the beginning of the end, or the beginning of a good time to buy? Where are our resident bitcoin experts? @"BlackHat"

 

Interesting first comment: "Is it unaccounted for because of (a) error (b) internal theft or (c) because it was hacked and stolen by the NSA to collapse one of the few currencies outside government surveillance and control?"

If the glove don't fit, you must acquit!
 

So the best protection agains theft of bitcoins is a paper print out? If you REALLY want to run off the books transactions, cash is king. The Winklevi twins are having a conniption right about now I suppose...

Get busy living
 

I thought the currency had a check built in to monitor and verify transactions. I'm sure this could be hacked, but then again so can anything. It's too early to tell what the actual malfunction/crime was, but I think this will still be a hiccup and bitcoin with move forward. I feel this is reminiscent of primitive counterfeiting and credit card hacking and bitcoin will come out stronger.

If the glove don't fit, you must acquit!
 

All I want to know is - where can I short Bitcoins after they get back up to their inflated value? Seriously this should be absolutely detrimental to a currency (can you imagine a country's bank saying they lost their clients money and thats the end of it?). People seem to be looking for a reason to support Bitcoin rather than face the reality of what it is.

 

Just want to split hairs for a second: they have a market price but no actual value at all. Other than that, I agree with you that people want these to work. At this point, it looks really bad for BTC, my personal guess is that they'll be deactivated within a year. Who knows though, you could get people bidding up the price on one last hurrah to dump the hot potato before then.

Me, I'm in dogecoins now. Much speculation, very digital.

Get busy living
 
TopChedder:

All I want to know is - where can I short Bitcoins after they get back up to their inflated value? Seriously this should be absolutely detrimental to a currency (can you imagine a country's bank saying they lost their clients money and thats the end of it?). People seem to be looking for a reason to support Bitcoin rather than face the reality of what it is.

I was interested in that too. I found out that there are a few bitcoin ETF's awaiting approval. You may speculate on bitcoins without having to own them (no risks as shown with Mt. Gox). Vulnerability is my main concern. It is an unstable market and it really is playing with fire! Risk junkie currency...
Then nothingness was not, nor existence. There was no air then, nor heavens beyond it. Who covered it? Where was it? In whose keeping? Was there then cosmic water, in depths unfathomed? -- Nasadiya Sukta
 

So what happened to all the bitcoins that were stolen? Are they still in the hackers possession? Did they basically secure a $500mm windfall so this hack went on for years?

"Do you like Huey Lewis and the News?"
 
Best Response

No idea, but this quote from dealbreaker pretty much sums up the situation:

"Dear Freind,

I am Ivan Ivanovich Ivanovanovich, cousin of Mr Sergei Sergeyovich Sergoyovichovich, who is haker that hak computers. Sergei is in possess of 400,000 (four hundred and thousand) BTC (bit-coin) that he got from freind who work at the Mount Goks. But Japaniya lawyer Mr Sashimoto-san watch bit-coin virtual "wallet" very close.

I hope for to get bit-coin to Sergei, but we need virtual "wallet" to transfer to. If you help with transfer, we pay you 20,000 (twenty and thousand) BTC that right now can be sold for many USD. Please to send private key for you wallet to us and we transfer BTC soon.

Bestly Regards, Vanya I. I. "

  • courtesy of "Guest"
Get busy living
 

Did you read the "Crisis Strategy Draft" [link is on the bottom]? It recently appeared and sources are claiming it is valid. It seems 744,408 BTC are missing due to transaction malleability, whatever that means. Most likely hackers stole the coins throughout the last few years without them knowing. I also read rumors that rival exchanges are wanting to purchase Mt. Gox, but they still have to determine the firm's assets and liabilities.

I actually saw BTC drop to $400 on Coinbase and waited to buy at around $530. Last I checked it is around it's around $600. I was partially convinced by Eddie's post on Bitcoin. It's a pure speculation play and I only invested a small amount because I do believe Bitcoin will be here to stay, even with this setback.

http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Dra…

 

Actually bought on the dip, got it close to the recent lows. Really a firm believer in the network that Bitcoin is building. Still think many if not most people do not properly understand this technology. I'd say 80% of the articles I read on the topic have so many fundamental errors regarding Bitcoin it's no wonder everyone has a negative view if those were the only articles they've been reading. If you look on places like github which are repositories of open source code, a lot of development has been focused around Bitcoin lately. I don't regard it as a currency but rather as a "transfer of value network" like the internet is a "transfer of information network."

 

Praesentium et nemo inventore autem sint enim. Est et labore quis sint sint. Quia tenetur velit excepturi dignissimos ducimus omnis pariatur.

Enim aut non maiores quia quibusdam expedita. Est sunt excepturi quae consequatur aut sit. Cum est repellendus sed maxime iure dolores tempore.

Cupiditate debitis pariatur aperiam quia eaque magnam. Sunt voluptate asperiores vel molestias excepturi temporibus fugit placeat. Sapiente numquam facilis nulla nisi error assumenda debitis. Et praesentium iusto ut labore accusamus sed harum. Id repellendus mollitia est earum sed maxime aut. Sunt ut cupiditate et et fugit quas.

If the glove don't fit, you must acquit!

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
kanon's picture
kanon
98.9
6
DrApeman's picture
DrApeman
98.9
7
dosk17's picture
dosk17
98.9
8
GameTheory's picture
GameTheory
98.9
9
CompBanker's picture
CompBanker
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”