The government did seize twice 5 millions in cash from Mt. Gox banks account. Giving back this money would be a good start.
Of course it's by design, if you pass a $100 bill to someone and he run, you lost it and can't have it back. It's the same thing with Bitcoin. Bitcoin is design to put the power in the hand of the people rather than in the bank like the traditional system. If you trust a company to hold your bitcoin you have the risk of losing them. You nailed it, you disagree with the design, but only time will tell if Bitcoin is good or not.
Knowing all the problems that Mt.Gox created BEFORE they stop the withdrawal (ddos, bank delays, bad PR, bad code). My best guess is that most people that had coins there were speculators (because the price was higher because of the delayed bank transfer). Real Bitcoin users don't keep their bitcoins in an exchange but on their device. I still feel sorry for everyone that lost something, but life goes on and other exchanges will add more transparency about their reserve and better software code.
I assume you are an american so I've use one company that you know but name sell electronics. For your information Best buy DO have local store near me that employ local people. Americans don't travel the border state everyday to do work in all Best Buy in Canada
I could have name a small company that you have no clue what it is... what's the difference?
I live in Québec and because of those law I can't purchase product from the local store because the box is not en French. It happend to me last year where I purchase some headphone (nothing fancy there were even NO paper in the box to explain how to plug it). But since the box wasn't available in French, Best-buy would not have the product, online I could see it but they would refuse to sell it to me if my address was in Québec. So I've went to competitor in Vancouver that is not affected by Québec law and purchase it. Result? The law has remove a sale from my local store and move that else where.
Yes, but I can make a backup encrypted copy online or on another computer so I my house burn I don't lose them. To spend bitcoin all you need the private key of the public key. The public key is your address. So you can even write it down or print it on a piece of paper if you want. If someone get to your private and transfer to money to his address your screwed because when you will try; the bitcoin network will detect the double spending and will reject your transaction.
You don't need a bitcoin IF you have bitcoin, but the exchange service like Mt.Gox is doing exactly that, changing your cash to bitcoin and bitcoin to cash. Once you have Bitcoin you should remove them from the exchange service and store them on your own device to avoid any potential lost.
god thanks we don't bailout poor managed company. At least the failure of Mt Gox will not result in more money printing resulting is the reduction of value of the rest of the population. There bitcoin may be gone but not mine.
Mt.Gox is like a bank, it's not because one big bank fail (Lehman Brothers for instance) that the whole currency is bad. Mt Gox was poorly managed, bad software code, bad PR, often DDOS. They couldn't stand the #1 place they hold for too long. I'm very sorry for everyone who lost money with Mt. Gox but don't get me wrong. Bitcoin ecosystem still exist and many other exchanges services will emerge as of that. Users and investors will have to be very careful about where they hold their money. In my case, I trust my on own encrypted devices.
The blocksize is not a problem. Even if it's 250 gig... who care? Most client do not download the full blockchain and miners have no problem with 250 gig. It's also possible in the future to have a reference block every ~1 times and that block can remove all input that have been spend and *could* remove 1 satoshi addresses for instance.
If an oil company do a mess, they are responsible to clean it. If they have insurance fine for them, why we gouv need to pay them for their messed up?
Having a transaction Id that changed after being produce from the original broadcast is not basic nor expected/standard. Call it what you want, and ID should be unique and permanent...
Many pro bitcoin will hate me for saying that, but the transaction ID should not be change and once published it's value should be considered safe to check if a transaction is part of the blockchain or not. All the crap related to 3rd party modifying Sign script is pretty idiot compare the power for having a single ID to track a transaction. That said, this give no excuse for Mt Gox to not release the funds, the problem is not new, not even to them, and probably hide a much bigger financial problem.
How about how much Visa burn as energy to secure its network? How many buildings? Employee who burned fuel every day to go to work? That's energy too... and the result is the same, they both securing their network.
Humm, as a developer I feel a bit idiot because I never really ask myself the question... and always think it was the same thing. After a quick look it seems I'm right, both compile and run the same way... it's different name for specific version of ECMA Script. http://stackoverflow.com/quest...