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Comment: Not unexpected (Score 1) 695

by satuon (#46333423) Attached to: Mt. Gox Gone? Apparent Theft Shakes Bitcoin World

Well, you can't say it was unexpected. There have been problems with Mt. Gox for months now, ever since dollar withdrawals were stopped, so anyone using them was doing it at their own risk.

Cautious people would have sold their trapped dollars at a discount while they still could, and taken out all their bitcoins, so they wouldn't have lost too much. The unwary... well, they'll pay some stupid-tax.

Comment: Why do people use online wallets? (Score 1) 695

by satuon (#46333323) Attached to: Mt. Gox Gone? Apparent Theft Shakes Bitcoin World

Most people around me say it's better to keep your coins in an online wallet because it's easier to set-up, but I didn't do that, because then it would be the exchange that controls my money.

If people had kept their bitcoins in offline wallets, Mt. Gox wouldn't have been able to take them.

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

Submitted by mendax
mendax (114116) 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

+ - Bitcoin's Mt. Gox Shuts Down, Loses $409,200,000 Dollars->

Submitted by satuon
satuon (1822492) writes "Mt. Gox’s shutdown is circulating like wildfire. Its repercussions are being felt throughout the world. Mt. Gox was the most public and well-known brand that represented Bitcoin’s exchange market. The company’s shutdown is rumored to be caused by a “hack” or “security breach” that resulted in a loss up to 744,000 BTC or $409,200,000 Dollars. (Based on the approximate value just hours ago from Coindesk.com) This is truly an unfortunate event that has caused the international community to shake its trust in Bitcoin as evidenced by the massive price drop. This is par the course, when a pillar in the community falls in such a funeral pyre. The best parallel would be the Bear Stearns’ failure during the 2008 global financial crisis. Hopefully, Bitcoin won’t follow in the financial system’s footsteps post-Bear Stearns."
Link to Original Source

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

Submitted by ch0ad
ch0ad (1127549) 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

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

Submitted by Hugh Pickens DOT Com
Hugh Pickens DOT Com (2995471) 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

Comment: Re:Grossly overpaid (Score 1) 280

by satuon (#46326051) Attached to: Who's On WhatsApp, and Why?

It's worse than that. Most of those users are not paying anything at all. WhatsApp was free until recently, and now they are free for the first year and after that you have to subscribe. I don't know how many users are paying but they had $20 million dollars revenue for 2013.

Now, I can't find info, but IF they introduced the fee less than one year ago, then it's a time bomb, and there's no telling how much users they'll have left after everyone has to pay. Free apps always have more users than paid apps, even when you pay a little.

"Never face facts; if you do, you'll never get up in the morning." -- Marlo Thomas

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