Quote:
Originally Posted by r00t
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Anybody with even a crude understanding of finance could see this coming -- the BTC value on Mt Gox compared to the other exchanges alone smacks of ponzi. Only the public ledger can ultimately tell us where the BTC went. Gox had a problem, they knew about it, they tried to game the market price of BTC for as long as they could and when that became unsustainable they halted withdrawls, then halted trading. They inflated their BTC price to draw in coins, they then lowered it to play the other side of the arbitrage coin again creating an influx of coins and it all evaporated.
They list their Bitcoin assets as "2,000" and the Bitcoin liabilities as "744,408" all of which they count as "theft" that took place over a 5 year period. That means that over a period of 5 years, they lost 99.7% of their Bitcoins and didn't notice it until recently. Only 2,000 coins left in the wallet and no cold storage?
The CEO of Mt Gox is a criminal. They will move to Singapore to avoid criminal prosecution. People should distance themselves from Gox, the CEO and any attempt to rebrand this atrocity. I feel this was an inside job, an epic heist from within the people running Mt Gox. A full criminal investigation is needed.
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You think you would have stopped forming strong opinions about a subject shortly after you called to sell BTC at under $100 and the price shot up to $800 and is now still settling around $500-$600. But instead of realizing that you were perhaps not fully informed on the subject, you continue coming up with wild theories to justify your preconceived notions. Sounds like a solid strategy to rational thinking to me.
02-28-2014, 02:58 PM
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