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Joint Statement re: Mt Gox - Bitcoin
Coinbase Blog ^ | 2/24/2013 | Coinbase, etc.

Posted on 02/24/2014 7:28:46 PM PST by Aria

The Coinbase Blog

Coinbase is a digital wallet that allows you to buy, use and accept bitcoin currency.

Subscribers Joint Statement Regarding MtGox Feb 24th, 2014 The purpose of this document is to summarize a joint statement to the Bitcoin community regarding Mt.Gox.

This tragic violation of the trust of users of Mt.Gox was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today.

We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.

In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following services will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China.

We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.

Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.

The following industry leaders stand by this statement:

Fred Ehrsam — Co-founder of Coinbase

Jesse Powell — CEO of Kraken

Nejc Kodrič — CEO of Bitstamp.net

Bobby Lee — CEO of BTC China

Nicolas Cary — CEO of Blockchain.info

Jeremy Allaire — CEO of Circle


TOPICS: Business/Economy; Crime/Corruption; Extended News; Miscellaneous; News/Current Events
KEYWORDS: bitcoin
Will be interesting to see what effect this has on the BTC market
1 posted on 02/24/2014 7:28:46 PM PST by Aria
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To: Aria

A made up currency with no intrinsic value invented by a hacker is having credibility issues. Who would have thought?


2 posted on 02/24/2014 7:39:18 PM PST by FatherofFive (Islam is evil and must be eradicated)
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To: Aria

I have no idea what a bit coin is, but it sounds like a good place to lose a lot of money.


3 posted on 02/24/2014 7:39:30 PM PST by P-Marlowe (There can be no Victory without a fight and no battle without wounds)
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To: Aria

What about the freeze on withdrawals from BTC-E and Bitstamp? http://www.belfasttelegraph.co.uk/news/world-news/bitcoin-exchanges-halt-withdrawals-30003961.html


4 posted on 02/24/2014 7:42:17 PM PST by PAR35
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To: Aria

It will fall and then rise. The sky is the limit for Bitcoin and cryptocurrencies generally. Bitcoin is the killer app for central banks, the days of skimming as much as 9% of the GDP are over and they know it.
That is why at every turn they smear the technology.
Bitcoin and the protocol will and are moving forward. It may be slowed but it will not be stopped.


5 posted on 02/24/2014 7:42:22 PM PST by TsonicTsunami08
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To: P-Marlowe

Actually it was an extraordinarily good investment last year. I have reason to believe it will stand the test of time...due to need and enthusiasm to have money not manipulated by the likes of the Federal Reserve.

We shall see.


6 posted on 02/24/2014 7:44:33 PM PST by Aria ( 2008 & 2012 weren't elections - they were coup d'etats.)
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To: TsonicTsunami08

Despite gritting my teeth right now...overall I agree with you.


7 posted on 02/24/2014 7:47:33 PM PST by Aria ( 2008 & 2012 weren't elections - they were coup d'etats.)
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To: FatherofFive
A made up currency with no intrinsic value invented by a hacker is having credibility issues.

Pretty much describes the Federal Reserve Note.

Or the Bolivar.

/johnny

8 posted on 02/24/2014 7:48:39 PM PST by JRandomFreeper (Gone Galt)
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To: Aria

When you really think about it, an all electronic monetary system in the hands of central bankers would be a nightmare.

Be careful what you wish for.


9 posted on 02/24/2014 7:49:17 PM PST by mac_truck ( Aide toi et dieu t aidera)
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To: P-Marlowe
It has a lot of ground to cover to catch up with what the US Federal Reserve Note has lost over the years.

/johnny

10 posted on 02/24/2014 7:50:23 PM PST by JRandomFreeper (Gone Galt)
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To: Aria

I know .... Goxed. It sucks, a lot of folks got hurt. Like the “joint statement” said sometimes there are bad actors and the boss at Gox appears to be one. I was lucky, the Gox verification process took so long for me I said Eff this and got on to a few other exchanges. I was lucky and feel comfortable with where I landed.
I hope you can pick up and carry on if this is the case for you. This technology is the future and the future is now, literally!


11 posted on 02/24/2014 7:58:15 PM PST by TsonicTsunami08
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To: TsonicTsunami08

No I didn’t go to Gox - I’ve just been watching the price flux....ey yi yi.

I expect it will rebound however.


12 posted on 02/24/2014 8:00:43 PM PST by Aria ( 2008 & 2012 weren't elections - they were coup d'etats.)
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To: Aria

OH.... Don’t sweat it Friend, your high and dry.
The guy’s and Gal’s who po po this are really just showing their ignorance. Have no idea in the world what is happening. There is going to be a rapid paradigm shift.
The fact is the banking system is obsolete and soon will be finished. They are not going to go quietly into the good night. The main problem for them is YOU CANNOT STOP AN IDEA WHO’S TIME HAS COME!


13 posted on 02/24/2014 8:09:39 PM PST by TsonicTsunami08
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To: TsonicTsunami08

talking about new ideas....

http://btcgeek.com/dawn-of-autonomous-corporations/


14 posted on 02/24/2014 8:16:34 PM PST by Aria ( 2008 & 2012 weren't elections - they were coup d'etats.)
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To: mac_truck
an all electronic monetary system in the hands of central bankers would be a nightmare.

That's pretty much what we have in the US.

The M1 money supply isn't that large, compared to the M2, M3 and M4.

M1 being coin, cash, and checks.

Most of the rest is just bits in a computer.

/johnny

15 posted on 02/24/2014 8:22:25 PM PST by JRandomFreeper (Gone Galt)
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To: Aria

Fill in the blank:

Bit coin is backed by the good faith and credit of ________?


16 posted on 02/24/2014 8:33:12 PM PST by P-Marlowe (There can be no Victory without a fight and no battle without wounds)
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To: P-Marlowe

A bunch of hackers, which is probably better than our present governments, sad to say.


17 posted on 02/24/2014 8:36:57 PM PST by HiTech RedNeck (Embrace the Lion of Judah and He will roar for you and teach you to roar too. See my page.)
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To: Aria

I have a comfortable position in this company.

http://www.invictus.io/

The term DAC or decentralized autonomous corporation was coined by the founder Dan Larimer. They are at the forefront of what is known as Bitcoin 2.0.
They have assembled a kick ass team and are driving innovation. I have Protoshares which will entitle me to a share of every DAC developed through Invictus in the future. I meet the team at the North American Bitcoin Conference and looked them dead in the eyes. They are very serious about building this space out, they are not playing games.
I am also a founding member of their Keehotee platform. Basically a decentralized way to secure your digital identity. There is a lot to take in on their website, have a look around if you’re so inclined.


18 posted on 02/24/2014 8:38:29 PM PST by TsonicTsunami08
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To: JRandomFreeper

Yes, cash and barter are the last remaining ways to conduct business anonymously in the United States, and even then there are limitations.


19 posted on 02/24/2014 8:39:50 PM PST by mac_truck ( Aide toi et dieu t aidera)
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To: mac_truck
even then there are limitations.

Sure are. Are you sure these kids can pull a plow? ;)

/johnny

20 posted on 02/24/2014 8:48:04 PM PST by JRandomFreeper (Gone Galt)
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To: HiTech RedNeck

I’ll stick with gold or silver. Bitcoin sounds just too much like a ponzi scheme. It’s kinda like Amway meets the Fed. The worst of both worlds.


21 posted on 02/24/2014 8:49:10 PM PST by P-Marlowe (There can be no Victory without a fight and no battle without wounds)
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To: P-Marlowe

I wish I had enough to my name to be faced with the choice. Plain old dollars will continue to do for me, for now.

The Great Bitcoin Crash will certainly make a splash, if this thing inflates in nominal value. Because then it would indeed be a Ponzi and latecomers will take a bath.


22 posted on 02/24/2014 8:57:45 PM PST by HiTech RedNeck (Embrace the Lion of Judah and He will roar for you and teach you to roar too. See my page.)
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To: JRandomFreeper

Who needs to pull a plow when a person can just watch youtube videos and tap on a button all day long? Kinda like flipping a light switch on and off all day. Heck, that kind of ‘mining’ produces REAL wealth completely equivalent of the labor involved in pulling a plow, or scratching flakes of metal out of the dirt to make that plow ;)

http://www.wired.com/wiredenterprise/2013/09/bitcoin-homeless/


23 posted on 02/24/2014 9:04:38 PM PST by Carthego delenda est
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To: HiTech RedNeck

Just buy some silver dollars. They are going for about $25 each with shipping and commission and will always be worth the price of an ounce of Silver.

Just commit to buying 4 coins a month. Who knows, they may be worth something some day and unlike bitcoin, they will always be worth the price of an ounce of silver.


24 posted on 02/24/2014 9:07:38 PM PST by P-Marlowe (There can be no Victory without a fight and no battle without wounds)
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To: Carthego delenda est
I pray the Lord's prayer every day, thanking Him for my daily bread.

I still make it and bake it, though.

At this point in history, I'm not big on currencies.

I am working my arse off in the garden, though, in anticipation of the spring equinox and the last freeze date.

/johnny

25 posted on 02/24/2014 9:08:20 PM PST by JRandomFreeper (Gone Galt)
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To: JRandomFreeper

I have about 12-15 head of deer making themselves at home in my garden eating the winter cover crop almost every night now. This just started a few weeks ago. They ate about 1/3 of my garlic in the first couple of nights. Looks like I’ve got a bunch of 10’ fencing to do here real quick. I think they know it’s not deer season (as do my neighboring Obama worshipers).


26 posted on 02/24/2014 9:30:14 PM PST by Carthego delenda est
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To: Errant

BTC Bump!


27 posted on 02/24/2014 9:34:08 PM PST by djf (OK. Well, now, lemme try to make this clear: If you LIKE your lasagna, you can KEEP your lasagna!)
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To: Aria

Well, now, after such a generic statement of fiduciary responsibility which promises, well, basically nothing, I’m totally at ease now. BTW, to show just how generic and meaningless this statement is, I modified it by substituting “investment” for “bitcoin”:

“The purpose of this document is to summarize a joint statement to the investment community regarding Bernie Maddoff & Jon Corzine.

This tragic violation of the trust of users of these two firms was the result of two companys’ actions and does not reflect the resilience or value of the investment industry. There are hundreds of trustworthy and responsible companies involved in investment. These companies will continue to build the future of money by making investments more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today.

We are confident, however, that strong investment companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that investment offers as the future of payment in the Internet age.

In order to re-establish the trust squandered by the failings of Maddoff/Corzine, responsible investment exchanges are working together and are committed to the future of investment and the security of all customer funds. As part of the effort to re-assure customers, the following services will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: NASDAQ, et. al.

We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.

Investment operators, whether they be exchanges, bank services or payment providers, play a critical custodial role over the investments they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.”


28 posted on 02/24/2014 9:58:22 PM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: catnipman

Do you have any bitcoin?


29 posted on 02/24/2014 10:08:16 PM PST by Aria ( 2008 & 2012 weren't elections - they were coup d'etats.)
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To: Lurkina.n.Learnin; nascarnation; TsonicTsunami08; SgtHooper; Ghost of SVR4; Lee N. Field; DTA; ...
Thanks djf.


Click to be Added / Removed.

30 posted on 02/25/2014 3:08:30 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: PAR35
What about the freeze on withdrawals from BTC-E and Bitstamp?

I withdrew on the same day as your post. Took about 5 minutes.
31 posted on 02/25/2014 5:33:28 AM PST by mmichaels1970
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To: TsonicTsunami08
Bitcoin is the killer app for central banks, the days of skimming as much as 9% of the GDP are over and they know it.

9% of GDP? Please explain further.

32 posted on 02/25/2014 5:54:59 AM PST by Toddsterpatriot (Science is hard. Harder if you're stupid.)
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To: JRandomFreeper

Bitcoin reminds me of derivatives. A lot of people made a heck of a lot of money and the taxpayers covered the losses. If our treasury gets into Bitcoins I see the same thing happening.


33 posted on 02/25/2014 7:28:40 AM PST by B4Ranch (Name your illness, do a Google & YouTube search with "hydrogen peroxide". Do it and be surprised.)
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To: Toddsterpatriot

This article my help explain.

http://www.lewrockwell.com/2014/02/charles-hugh-smith/banks-are-obsolete/

Throw in the bailouts and the former Goldman crew now running hedge funds as personal ATM’s. The inflation of the currency by the Federal Reserve Bank and I’m sure we could not count what has been stolen from hard working folks. Much more than 9%, hope this helps you understand.


34 posted on 02/25/2014 12:06:02 PM PST by TsonicTsunami08
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To: B4Ranch
Bitcoin reminds me of derivatives. A lot of people made a heck of a lot of money and the taxpayers covered the losses.

Which derivative losses do you think the taxpayers covered?

35 posted on 02/25/2014 2:35:12 PM PST by Toddsterpatriot (Science is hard. Harder if you're stupid.)
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To: TsonicTsunami08
Thanks for the link.

They're calling for the elimination of all banks.

They didn't say central banks took 9% of GDP.

Throw in the bailouts

The bank bailouts were repaid. The Treasury made money on bank TARP.

and the former Goldman crew now running hedge funds as personal ATM’s.

Not sure what you mean. Plenty of hedge funds, not all were involved with Goldman.

The inflation of the currency by the Federal Reserve Bank and I’m sure we could not count what has been stolen from hard working folks.

Stolen how?

36 posted on 02/25/2014 2:50:48 PM PST by Toddsterpatriot (Science is hard. Harder if you're stupid.)
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To: Toddsterpatriot

Todd, you’re a smart fella.

The Fed are printing or digitally creating 80 billion a month. You know as well as I what that does to the value of the dollars you and I hold. This is stealing in my book.


37 posted on 02/25/2014 3:27:14 PM PST by TsonicTsunami08
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To: TsonicTsunami08
The Fed are printing or digitally creating 80 billion a month.

$65 billion.

You know as well as I what that does to the value of the dollars you and I hold.

What does it do?

This is stealing in my book.

What is stealing? Why?

38 posted on 02/25/2014 5:12:31 PM PST by Toddsterpatriot (Science is hard. Harder if you're stupid.)
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To: Toddsterpatriot

Sorry FRiend,

I have no time to explain this to you.


39 posted on 02/25/2014 5:18:59 PM PST by TsonicTsunami08
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To: TsonicTsunami08

Your feelings aren’t that complicated.


40 posted on 02/25/2014 5:56:44 PM PST by Toddsterpatriot (Science is hard. Harder if you're stupid.)
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To: Carthego delenda est

I believe I’d put them deer to work. They would look good on the plate with the veggies you raise.


41 posted on 02/25/2014 6:03:06 PM PST by Lurkina.n.Learnin (This is not just stupid, we're talking Democrat stupid here.)
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