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Thread: Apparent Theft at Mt. Gox Shakes Bitcoin World

  1. #1

    Default Apparent Theft at Mt. Gox Shakes Bitcoin World

    Norm was partially right? Or still mostly wrong?
    ------
    NYT: Apparent Theft at Mt. Gox Shakes Bitcoin World


    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.

    While Mt. Gox did not respond to numerous requests for comments, and the companies issuing the statement scrambled to determine the exact situation at Mt. Gox, which is based in Japan, the news helped push the price of a single Bitcoin below $500 for the first time since November, when it began a spike that took it above $1,200.

    Marc Andreessen said on Tuesday that Mt. Gox “has been obviously broken and possibly outright crooked for months.

    But at the same time that the news about Mt. Gox was emerging, a New York firm announced plans to create an exchange that could draw the world’s largest banks into the virtual currency market for the first time.

    MORE- http://www.nytimes.com/2014/02/25/business/apparent-theft-at-mt-gox-shakes-bitcoin-world.html
    "The dogs bark but the caravan moves on."
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    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  2. #2
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    Default

    Obviously the man has some insite into type of stuff. Wonder what lurks in the mans closet or closets?
    How crooked was citibank? Like...." Pay no attention to the man behind that curtain"?
    Hmmmmmmmmm........makes ya wonder.

    Mac
    So look buddy it's nothing personal, but either your the unluckiest person in the world or your stealing from me. Either way............ I WANT NO PART OF YOU!!!!!! NEVER!!!!

  3. #3

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    Quote Originally Posted by Machinist View Post
    Obviously the man has some insite into type of stuff.
    IMO not really. Only perhaps to create partial-truth sound bites to feed to his more gullible audience.
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  4. #4
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    Default

    Oh come now. Birds of a feather thing, ya know.? He knows the mechanics of this stuff. I mean he was employed by Citibank , no?
    Eh, what do I know, just being a poor country boy, just gettin by.

    Mac
    So look buddy it's nothing personal, but either your the unluckiest person in the world or your stealing from me. Either way............ I WANT NO PART OF YOU!!!!!! NEVER!!!!

  5. #5

    Default

    Quote Originally Posted by Machinist View Post
    Oh come now. Birds of a feather thing, ya know.? He knows the mechanics of this stuff. I mean he was employed by Citibank , no?
    This news is applicable only to a particular exchange. Like saying "all major banks are criminal" ... oh wait they are, especially Citibank.
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  6. #6

    Default

    I can understand why people would try to utilize Bitcoin but it's come under fierce attacks as of late with the apparent theft, the computer attacks, and now the IRS wants to consider it a "property" for tax purposes. The powers that be want to strip every last vestige of safety for the man on the street. These control freaks will stop at nothing to squeeze and suck every last dime out of a persons pocket unless it's out of their grip and system. Somehow I would not be surprised to see Bitcoin revert back to it's true value in the future.

  7. #7
    Join Date
    Oct 2013
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    Question Are Precious Metals Property?

    Are precious metals consider to be "property" by the taxing agents? My understanding is that government issued coins are treated as money with their "price" being the stamped denomiations when used as "money", even if it costs more in monetary currency than face value to initially purchase. Are government-issued (such as old junk silver) coins treated as property if bought and sold at prices above face value?

  8. #8

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    Quote Originally Posted by Dodo View Post
    Are precious metals consider to be "property" by the taxing agents? My understanding is that government issued coins are treated as money with their "price" being the stamped denomiations when used as "money", even if it costs more in monetary currency than face value to initially purchase. Are government-issued (such as old junk silver) coins treated as property if bought and sold at prices above face value?
    The taxing agents probably categorize precious metals as money not property. The gold and silver American eagles are struck with a denomination on them to make them actual "money" by an order of decree by law... but they are traded according to the market rate of silver and gold prices which are well above face value on the actual coin. Here goes a short story for you. I have a buddy who was down to his last few dollars several years ago so he took the silver American eagles that his grandmother gave to him (about 3 or 4) into a liquor store up in North Dakota. He thought he only had $3 or $4 dollars in his hand because the denomination on the silver eagles is $1. Well he grabbed 1 bottle of Mad Dog 20/20 and took it up to the cashier. He told me that the cashiers eyes almost bulged out of his head and lit up like a Christmas tree when he realized that my friend was paying him with SAE which were trading for about $25 per coin at the time. My buddy thought the value of the coins was worth only $3 or $4 dollars, and he left the store with only 1 bottle of Mad Dog 20/20. He just didn't know any better but he learned his lesson after I woke him up.

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