Skip to comments.Joint Statement re: Mt Gox - Bitcoin
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 companys 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
A made up currency with no intrinsic value invented by a hacker is having credibility issues. Who would have thought?
I have no idea what a bit coin is, but it sounds like a good place to lose a lot of money.
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
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.
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.
Despite gritting my teeth right now...overall I agree with you.
Pretty much describes the Federal Reserve Note.
Or the Bolivar.
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.
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!
No I didn’t go to Gox - I’ve just been watching the price flux....ey yi yi.
I expect it will rebound however.
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!
talking about new ideas....
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.
Fill in the blank:
Bit coin is backed by the good faith and credit of ________?
A bunch of hackers, which is probably better than our present governments, sad to say.
I have a comfortable position in this company.
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.
Yes, cash and barter are the last remaining ways to conduct business anonymously in the United States, and even then there are limitations.
Sure are. Are you sure these kids can pull a plow? ;)