How the Bitcoins Were Stolen from Mt. Gox [video]

Re:How the Bitcoins Were Stolen from Mt. Gox [video] by mootothemax on Monday September 18, 2017 @03:33AM (#15274002)

I think a large part of the problem of "verifying" Gox was that people desperately wanted the story to be true.

If a big-name bank operated a bitcoin exchange that was repeatedly hacked, came up with a mountain of excuses about why people can't withdraw, made nonsensical claims about doing business (e.g. 10 wires/day, not trading in the USA etc.), no-one would use them.

(edit: in The Real World, I imagine they'd have been shut down in seconds flat thanks to regulations, but for the sake of convenience let's pretend regulations don't exist)

Instead, we had a plucky new underdog that people wanted to believe was creating history.

[ Parent | on HN ]

Re:How the Bitcoins Were Stolen from Mt. Gox [video] by asddddd on Monday September 18, 2017 @04:01AM (#15274112)

You see a business destined to fail, I see a line of incompetent exchanges playing Russian roulette. One of them died and the rest got lucky.

Bitstamp, Bitfinex, Cryptsy, more I've forgotten, were the competitors really more reliable?

I've been in a position to see some absolutely insane stuff happen on exchanges [most of it gets quietly buried), and I really don't think MtGox was anything remarkably different.

[ Parent | on HN ]