MtGox chief Mark Karpeles quits Bitcoin Foundation - BBC News
Mt. Gox quits Bitcoin Foundation board - TechCentral.ie
The (Auroracoin) Devil's Advocate
I have no vested interest in Auroracoin, so I am just throwing this out there. The numbers on Auroracoin are as follows: Icelandic Population: 330,000 Iceland Economy: $14.6 bn USD Auroracoin Airdrop: 10,494,000 Auroracoin Remaining: 10,494,000 Presumed Value of Airdrop (@$70 USD each): $734,580,000 How will they be distributed: According to what I've read, Iceland has a national database where their version of Social Security numbers have been assigned to the entire population. You will need to prove your Icelandic Security Number to claim your share of the airdrop. After 4 months any unclaimed Auroracoins will be REdistributed to the people. If there are any left, there will be a 3rd period of distribution to ensure that the premine if fully distributed. After that the remaining 10 mn coins will be mined. Will it work? By setting up the airdrop 30 days in advance the Devs have given the people of Iceland plenty of time to research Auroracoin and make a decision. They have further enhanced this by making it a year-long process for late adopters, should there be any. The whole point is: they are FREE, why would you say no? Every article I've read about Iceland describes the people there as highly educated and tech savvy. Yet here on Reddit I have seen several posts saying the opposite. I don't live there, never met anyone from there, cannot say. A lot of people stand to lose BILLIONS of $ if this is NOT a scam so there is definitely a trend towards discrediting Auroracoin, a trend facilitated by the on-going Mt. Gox/Bitcoin Foundation fiasco. When i first read the name of the guy who invented Auroracoin I thought it was a pseudonym like Satoshi Nakamoto, yet so far no one has said this guy's name is fake. That lends credence to him in my book since he would need a wheelbarrow to move the balls it takes to run a con of this scale. This is NOT the first time someone has attempted to shake up the financial system like this, just go ask the good folks over at Freicoin and they will gladly regale you with tales of Silvio Gesell. I will continue to watch this Auroracoin story unfold as a VERY interested observer. Edit: According to Wikipedia Iceland is one of the world's most technologically advanced and digitally-connected countries. It has the highest number of broadband Internet connections per capita among OECD countries. If that is true, than I would have to say anyone who says Icelandic people are NOT tech-savvy is either a liar or needs to get over to Wikipedia and clear some shit up. Edit 2: Apparently this person's name is NOT in the Icelandic registry which makes him a bit more suspect. However, in his defense, as I noted in my post his actions threaten billions of USD worth of investments, so he does have a valid reason to be incognito. Edit 3: Just came back from the Iceland Consulate in San Francisco. Apparently the name "Baldur Friggjar Óðinsson" is considered odd because it is 3 names instead of 2, but that doesn't necessarily mean it is a false name. He could very well be of Icelandic origin, but not necessarily a citizen. Continuing to investigate.
http://www.sfgate.com/business/bloomberg/article/Bitcoin-Foundation-Said-to-Ask-Prosecutors-for-5271082.php Feb. 26 (Bloomberg) -- The Bitcoin Foundation, an advocacy group for the nascent digital currency, provided information to federal prosecutors this week that helped spur a probe into Mt. Gox, a shuttered exchange in Tokyo. “The Bitcoin Foundation proactively reached out to the Southern District of New York to offer assistance,” the foundation said in an e-mailed statement. “We are continuing to help them and we are cooperating fully with their investigation.” Shortly after Mt. Gox’s chief executive officer, Mark Karpeles, resigned from the foundation’s board on Feb. 24, the organization provided the Manhattan U.S. Attorney’s office with documents described as detailing the theft of as much as $400 million from the exchange, according to two people familiar with the effort. The people requested anonymity because the communications were private. Manhattan U.S. Attorney Preet Bharara and the Federal Bureau of Investigation are probing possible criminal violations tied to the shutdown of Bitcoin exchange Mt. Gox, two other people familiar with the matter said. Bharara requested that Mt. Gox preserve documents as part of the probe, one of the people said. Bharara’s office also requested information from the foundation as well as companies that have done business with Mt. Gox, said one of the people briefed on the foundation’s contacts with prosecutors. The foundation and the companies are not targets of the investigation, the person said. Increased Attention The shuttering of Mt. Gox, once the world’s largest exchange for digital-currency transactions, comes after months in which Bitcoin’s price soared, attracting increased attention from investors and customers, even as regulators and lawmakers raised concern that the currency could be used for money- laundering and fraud. Japanese authorities said earlier they are probing the exchange’s shutdown as well. As reports surfaced suggesting the exchange was in trouble, other Bitcoin companies as well as the foundation worked to distance themselves from Mt. Gox. “As our industry matures, we are seeing a second wave of capable, responsible entrepreneurs and investors who are building reliable services for this ecosystem,” the foundation said yesterday in a statement. Mt. Gox, which had the largest market share of all digital currency exchanges as recently as April 2013, went offline yesterday after halting customers’ Bitcoin withdrawals on Feb. 7. A document posted on the Internet labeled “Crisis Strategy Draft” said Mt. Gox had lost 744,408 Bitcoins, about $400 million at current rates, as a result of theft that “went unnoticed for several years.” Document Provided The Bitcoin Foundation provided that document to Bharara’s office soon after obtaining it, one of the people said. A statement posted today on the Mt. Gox website attributed to Karpeles said he is “still in Japan” working to resolve the exchange’s problems. The exchange’s staff has been instructed “not to give any response or information,” the statement said. Bitcoin was introduced in 2008 by a programmer or group of programmers under the name Satoshi Nakamoto. The digital currency, based on a peer-to-peer software protocol, has no central issuing authority, and uses a public ledger to verify transactions while preserving user anonymity. Previous Probes Jennifer Queliz, a spokeswoman for Bharara, said the office would neither confirm or deny the existence of a federal investigation. Bharara’s office has previously filed charges against Silk Road, an online drug bazaar that accepted Bitcoin, and BitInstant, a New York-based exchange. This isn’t the first time Mt. Gox has drawn the attention of U.S. authorities. The Department of Homeland Security seized two bank accounts belonging to Mt. Gox worth a total of $5 million last year because the exchange wasn’t registered with the Treasury Department’s Financial Crimes Enforcement Network. The foundation and Mt. Gox clashed on Feb. 10, before the exchange went offline, when Mt. Gox blamed its troubles on the underlying software for Bitcoin. The foundation, which helps steward the open-source Bitcoin software, responded that the exchange’s customized implementation of it, not the software itself, was to blame.
The CEO of MT.Gox, on of the largest Bitcoin exchanges, resigns from Bitcoin foundation. Tune it to see whether this is good news or not.
Ok, IT'S ACTUALLY GOOD NEWS. To provide a little background, anyone following Bitcoin has probably heard about the problems Mt.Gox has been having with their site. Several days ago they halted all transactions. Apparently there is a problem with their code, but Mt.Gox has blamed problems in the Bitcoin protocol. This has led to some pretty hilarious protests. Last night it was announced that the CEO of Mt.Gox is resigning from the Bitcoin foundation. Many suspect this is going to precede some bad news about Mt.Gox. It's 8:30am EST so that news might be coming soon. Anyway, let's see what Reddit's reaction to this is:
This is actually good news. I applaud Mark and the MtGox team for making the right decision as I had to do the same. Speaking very lengthy to Mark and the team over the weekend, I see good news on the horizon for people who have funds stuck in MtGox (I also have funds in MtGox stuck) - Charlie +161
Last night I saw this thread and I left it open to maybe write a CB post this morning. At the time, several of the top posts were people saying "this is actually good news!" sarcastically. I was wondering if /bitcoin was becoming a little self aware! Well, I guess not, the 2nd top post is a genuine "this is actually good news" post. What's also notable is that this post is from Charlie Shrem, who was recently arrested for being involved with Silk Road. He's also the "bitcoin gonna topple gubmits revolution is coming" types.
This is actually good news +61
In all seriousness, it is ... Remember: Bitcoin is a honey badger. This will not kill Bitcoin, it will make it stronger. The demise of poorly run institutions such as Gox will have a negative short term effect upon the economy, but such Darwinism will be good for us in the long term. +30
There's the sarcastic post I was talking about. What's notable is that the top reply to it is serious.
Once again, who had the bad news before the rest of us? Who knew to dump? +28
Inside trader worries are floating around. It's fun to watch Bitcoin invent financial regulation piece by piece, as they discover what each piece is for.
Thanks to everyone who signed the petition. Really pleased with the result today.
How will MtGox removing a few thousand "Dear Customer blah blah" tweets in any way whatsoever help their legal defence?
...Someone in that cluster fck of a company said to underlings "SHRED IT, SHRED IT ALL!!! AND DELETE ALL THOSE FCKING TWEETS!" Or something like that, we don't know. We do know, however, that the tweets are gone. And I can think of very very few legit reasons to issue that order. So yeah, it raises some eyebrows. It's not sensationalism, it's deductive reasoning. It might be wrong, but you can bet there is some reason we are not aware of that they did this.
le genius redditor using le deductive reasoning :o) I wonder if he considered that deleting tweets as an effort to get rid of evidence would be laughable, since it's pretty certain that twitter retains a copy that could be subpoenaed. Or, you know, since it's been publicly displayed it has certainly been archived elsewhere. And that plenty of users probably retweeted them...
Makes me think that they deleted the tweets to make it more difficult for anybody to mount a legal case against them when this shit hits the fan. By removing the public tweets, the only way to get them is by a court ordered request to twitter which takes time and resources. Time that Gox can use to build a defence or flee. This move was probably done on advice from a lawyer.
Bad law is all over this thread
They're absolute masters at market manipulation, just see the mad panic sells and buys every time Gox farts.
This is actually just an epic ruse to manipulate the market even further!
It'll be ok... unless you are so overexposed that short term price shocks can hurt you. (or if you had all your coins in MtGox... which is really silly). I feel like a war-torn veteran.
Since bitcoin is going to the moon in the longterm, this doesn't really matter.
Has anybody saved their tweets and public statements?
Just google the first few lines - the resulting link has no paywall. [Gilded]
Guess it cool to steal WSJ articles because they don't take magic internet money.
This is good news. Less duty in the foundation allows for focusing on Mt.Gox - like Roger Ver said.
This is actually bad news. MTGox withdrawing from the bitcoin community? -11
How is this bad news? All they have done is shit on the Bitcoin protocol for weeks, and I can't think of any good they have done. +6
LOL, Jesus Christ /bitcoin. Anyone that thinks a piece of bad news is actually bad news gets downvoted into the fucking dirt. POSITIVE INTERPRETATIONS OF BITCOIN NEWS ONLY! That's about it for now. Some big Mt.Gox news is sure to break soon. It's going to be catastrophic, so GOOD NEWS!
Is Mt.Gox to big to fail for the Bitcoin foundation "regulators"?
With all the information - disinformation going around why is the CEO of Mt.Gox still on the Bitcoin Foundation board? Knowing that the company had an immature infrastrucutre with a modified Bitcoin code, Gavin A. explained that contrary to Mt. Gox’s Statement, Bitcoin is not at fault. With a straight faced poker face the CEO of Mt.Gox, while working hard at damage control for the company, blames the Bitcoin protocol and puts at risk the whole Bitcoin network. His latest work got published today on the WSJ. Today, The Bitcoin Foundation announced that it is holding an election for a vacant industry seat on its Board of Directors. Hold your horses......NO, it is not for Mark Karpeles, CEO of Mt. Gox (Industry seat). Is Mt.Gox to big to fail? What is the Bitcoin Foundation official stand on having a board member spread disinformation?
Mt. Gox, genannt "Mount Gox" oder einfach "Gox", war der am häufigsten verwendete Bitcoin-Devisenmarkt von kurz nach seiner Gründung im Jahr 2010 bis zu seiner Insolvenz Ende 2013.Der Markt wurde am 25. Februar 2014 geschlossen und hat Insolvenzschutz angemeldet in Japan und den Vereinigten Staaten nach dem Verlust von 640.000 Bitcoins. Another 100,000 of Mt.Gox’s bitcoin was also missing. It later discovered approximately 200,000 BTC in an old-format bitcoin wallet. On Feb. 23, CEO Mark Karpelés resigned from the board of the Bitcoin Foundation, and all previous posts from the Mt. Gox twitter account had been deleted. Five days later Mt.Gox filed for bankruptcy claiming a debt of $63.6 million. In April 2014, it filed for ... Launched in 2011, Mt. Gox was the world’s largest bitcoin exchange, handling up to 70% of bitcoin trades, until its spectacular demise in 2014. The Bitcoin Foundation Submitted An Opposition Letter On The “Crypto-assets” Amendment Presented By LREM MPs To The French Parliament Special Commission To Review The “PACTE” Bill Photo credit: Alex Guibord via Flickr Contact: Pierre Ciric (00) 1 212 260 6090 (NY Fixed), (00) 1 917 846 9744 ... The chief executive of Bitcoin exchange MtGox, Mark Karpeles, quits the board of the Bitcoin Foundation, which oversees and develops the currency's software.
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