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Comment Re:Vive le Galt! (Score 2) 695

Brad Delong has a pretty good summary of the advantages of a market system:

The market economy, based on deep human psychological propensities, is an extraordinarily effective societal instrumentality for planning and coordinating the production and distribution of scarce, rival, excludable commodities.

Submission + - Leaked document points to insolvency for MTGox Bitcoin exchange->

electrongunner writes: As one of the unfortunate many who have/had money/bitcoins at MTGox, I was rather dismayed by the details in the purported leaked internal document detailing the disaster that has unfolded over the past few weeks....
"At this point 744,408 BTC are missing due to malleability-related theft which went
unnoticed for several years. The cold storage has been wiped out due to a leak in the hot
wallet."
As of now, MTGox is offline and there's no indication that anyone is going to get their money or bitcoins back. Yeah, yeah, I know...you told me so.

Link to Original Source

Submission + - Mt Gox hacked. All coins gone. ->

ch0ad writes: Mt. Gox, once the world’s largest bitcoin exchange, has gone offline, apparently after losing hundreds of millions of dollars due to a years-long hacking effort that went unnoticed by the company.

The hacking attack is detailed in a leaked “crisis strategy draft” plan, apparently created by Gox and published Monday by Ryan Selkis, a bitcoin entrepreneur and blogger (see below). According to the document, the exchange is insolvent after losing 744,408 bitcoins — worth about $350 million at Monday’s trading prices.

Link to Original Source

Submission + - Apparent Theft at Mt. Gox Shakes Bitcoin World->

Hugh Pickens DOT Com writes: The most prominent Bitcoin exchange appeared to be on the verge of collapse late Monday, raising questions about the future of a volatile marketplace. On Monday night, a number of leading Bitcoin companies jointly announced that Mt. Gox, the largest exchange for most of Bitcoin’s existence, was planning to file for bankruptcy after months of technological problems and what appeared to have been a major theft. A document circulating widely in the Bitcoin world said the company had lost 744,000 Bitcoins in a theft that had gone unnoticed for years. That would be about 6 percent of the 12.4 million Bitcoins in circulation.
Link to Original Source

Submission + - Apparent Theft at Mt. Gox Shakes Bitcoin World->

mendax writes: The New York Times is reporting that Mt. Gox, the most prominent Bitcoin exchange, 'appeared to be on the verge of collapse late Monday, raising questions about the future of a volatile marketplace.'

'On Monday night, a number of leading Bitcoin companies jointly announced that Mt. Gox, the largest exchange for most of Bitcoin’s existence, was planning to file for bankruptcy after months of technological problems and what appeared to have been a major theft. A document circulating widely in the Bitcoin world said the company had lost 744,000 Bitcoins in a theft that had gone unnoticed for years. That would be about 6 percent of the 12.4 million Bitcoins in circulation.'

Maybe the U.S. Dollar isn't so bad after all.

Link to Original Source

Stellar rays prove fibbing never pays. Embezzlement is another matter.

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