American Bitcoin exchange CEO found dead in her Singapore home after suspected suicide at age 28

Mail Online ^ | 5 March 2014 | Daily Mail Reporters

[nitzy]

I can explain why the money went missing. Mt Gox (the exchange) didn't have their system set up correctly. Attackers figured this out and sent a request for Bitcoin. They then altered the confirmation that was sent back to Mt. Gox so that it appeared the transaction didn't go through. Mt. Gox then sent more Bitcoin. This went on for awhile and Mt. Gox ended up sending out $400 million more than what they were supposed to send out. They had neither proper accounting procedures nor proper security procedures in place. That is why it happened.

The failure was with Mt. Gox. Not Bitcoin.

The point you are missing is that Bitcoin can't be controlled regardless of what the government wants to do. They can try to control people but they can't control Bitcoin. They can try to prevent you from buying it by going after the exchanges but there is nothing they can do to stop you from transacting with it. It is a world wide currency. It can be transacted with through encrypted channels which protect your identity. It is a tactic which can be utilized to thwart tyranny. Using it is an act of rebellion. The more people that use it, the harder it will be for them to stop it.

So are you telling me that your answer to the question....

If we must have a fiat currency that is backed by nothing, why shouldn't it be Bitcoin?

....is "because my government masters don't like it" ???

Other than mindless comparisons to tulips, the most common reaction to Bitcoin I hear is "I am too scared of what the government thinks about it"

Thank God our forefathers didn't think like some of you people.

[nitzy]

Wrong. It is immune to regulation. Americans are not immune to regulation but Bitcoin is. The powers that be can tell you as an American on American soil you are not allowed to buy Bitcoin. They can tell an exchange that they are not allowed to trade USD for Bitcoin but there is nothing they can actually do to the the Bitcoin protocol to change it in any way.

[nitzy]

“If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that ye were our countrymen.”

― Samuel Adams

[nitzy]

It doesn't need a leader. It needs people to adopt it.

Find something you want to buy on a site that accepts Bitcoin. Overstock.com perhaps. Purchase the exact amount of Bitcoin you need from bitstamp.com. Then purchase the item from Overstock with the Bitcoins. There is no risk.

Become part of the solution.

[MWestMom]

I’m with you. When Bitcoin first started I wondered how long it would take the “powers that be” to shut it down as ruthlessly as one would imagine they would.

[Mr. K]

Yeah and look at what happened to THOSE companies!

[UCANSEE2]

bkmk

[dangus]

Good connection! Wade Rathke (note the different spelling) was a founder of ACORN.

[MHGinTN]

Your #2 is erroneous because it is private bankers who (in the US it is the euphemistically named Federal Reserve) actually hold the purse strings and they are not bound by any nation state in the final analysis else the Bush family would be in prison from their grandfather aiding the Nazis in the 1930s.

[Gene Eric]

>> Wrong. It is immune to regulation. Americans are not immune to regulation but Bitcoin is.

Only because you’re limiting the methods for regulation.