Skip to comments.$113m in Gox Money Believed To Be Moving Through Block Chain
Posted on 03/07/2014 4:42:13 PM PST by Errant
Large amounts of bitcoins previously handled by Mt Gox, which have lain dormant for years, have started moving on the block chain.
Since the exchange blew up at the end of last month, people have been wondering where the stolen coins went, and have tried to trace some movements between Gox addresses. One participant on the bitcoin talk forum recalled an IRC conversation between Gox CEO Mark Karpeles and various users, which allegedly took place on June 23, 2011.
(Excerpt) Read more at coindesk.com ...
Wow this exposes a bigger issue to bitcoin. They can track you via bitcoin.
makes me even more skeptical than I was before. Reminds me of the carbon credit deal - “credits” that really didn’t exist in the physical sense of the word and one person controlled them.
The level of ignorance with regard to Bitcoin on this forum is mind blowing. People speak of things they absolutely have no knowledge of and with such conviction.
It is no surprise the leftwing has been running circles around us. Pick any Bitcoin thread and read through it, if BS were nickels I’d have more money than Satoshi Nakamoto.
That is one of the strengths of bitcoin. No more “the check is in the mail” or “I never got your payment”BS.
It is not anonymous, unless you are anonymous at your end.
+100 right there!
Ain't it though?
'Money' is nothing but an agreed upon medium of exchange, that is backed by the confidence of the parties who use it, to represent the value of real goods and services.
I actually like the idea of a medium of exchange that is unchained to governments and global banking.
This stuff makes my head hurt but I find it fascinating.
The simple fact that it took Mt. Gox several years to realize that they were missing 744,408 bitcoins, the equivalent of 6% of the worlds supply of bitcoin, worth 365 million dollars is mind-boggling.
That's true on just about any thread in this forum. Well except a cat picture thread. The beauty of it is that they will be corrected a couple posts later.
I don’t have any Bitcoins but I know of one person who got passed some counterfeit $100s and when he went to the bank with them he was out several hundred dollars. So “real” money isn’t 100% sure either.
Come on, money from a mathematical equation that’s solved by computers? Really?
Money doesn't grow on trees, or from computer solutions to mathematical equations. Really!
As a CPA, you know that something like 97% of our money is nothing but data entries in an accounting ledger in the banking system. The banks clear our transactions to ensure that we only spend money that is on our account.
The banking system also creates money out of thin air (not from trees) based on their banking rules and decisions of banking officials.
Bitcoin is a massively distributed global ledger in a peer to peer network of computers. The system does the same work that the centralized banking system does, but in a decentralized system.
Transactions are digitally signed to ensure only the owner of the bitcoins being transferred can transfer them. It ensures that bitcoins being transferred are not transferred more than once.
The system generates new bitcoins out of thin air (not from solving math problems), but at a predictable rate. It awards these to network nodes that do the work of securing the global ledger (which does require a lot of computation). The new bitcoin generation rate diminishes over time, so only a finite amount will ever be generated.
Or the BS of banks reporting large transactions...govt can monitor your transactions as they occur...no thanks.
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