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Mt.Gox CEO Will Have You Know He Has Not Run Away With Your Non-Virtual Money

Tyler Durden's picture


Contrary to public speculation, Bitcoin CEO Mark Karpeles will have you know that after halting virtual transactions on his "Magic: The Gathering Online Exchange" for the second, and likely final time, that he has in fact not run away with any all too real money that may still be found at the now defunct exchange of virtual stuff.

From this guy:

Dear MtGox Customers,


As there is a lot of speculation regarding MtGox and its future, I would like to use this opportunity to reassure everyone that I am still in Japan, and working very hard with the support of different parties to find a solution to our recent issues.


Furthermore I would like to kindly ask that people refrain from asking questions to our staff: they have been instructed not to give any response or information. Please visit this page for further announcements and updates.




Mark Karpeles

This is happening as the Japan police is finally stepping in:

Japanese authorities are looking into the abrupt closure of Mt. Gox, the top government spokesman said on Wednesday in Tokyo's first official reaction to the turmoil at what was the world's biggest exchange for bitcoin virtual currency.


"At this stage the relevant financial authorities, the police, the Finance Ministry and others are gathering information on the case," Chief Cabinet Secretary Yoshihide Suga told a regular news conference when asked about Tuesday's shutdown of the Tokyo-based exchange.


Speaking shortly after The Wall Street Journal reported that Mt. Gox had received a subpoena from federal prosecutors in New York, Suga declined further comment.


Japan's Financial Services Agency and Finance Ministry told Reuters on Tuesday that they do not have jurisdiction over Mt. Gox after the exchange's website went down and efforts to reach company officials failed. The Bank of Japan said it had nothing to add to a comment by Governor Haruhiko Kuroda that the central bank was "very interested" in bitcoin.

Interested because Kuroda too would love to apply to the Yen the same devaluation that Bitcoin trading on MtGox has experienced.


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Wed, 02/26/2014 - 09:44 | 4479630 PR Guy
PR Guy's picture



That Bitcoin project is going the same way as this one!


Wed, 02/26/2014 - 09:49 | 4479647 CH1
CH1's picture

Kill Bitcoin!

Save the Fed!

Wed, 02/26/2014 - 09:52 | 4479657 GetZeeGold
GetZeeGold's picture



We trust you Mark......but exactly who has possession of the hard drive currently?

Wed, 02/26/2014 - 10:09 | 4479722 gmrpeabody
gmrpeabody's picture

The Fone....

Wed, 02/26/2014 - 10:15 | 4479750 Richard Chesler
Richard Chesler's picture

Not vaporized. Just temporarily unavailable.

Wed, 02/26/2014 - 10:24 | 4479774 bobola
bobola's picture

fonestar I took your advice
told my customers, 'buy BTC at any price'
went all in, you know
what do i now have to show?
my head feels like its squeezed in a vice

Wed, 02/26/2014 - 10:42 | 4479851 fonestar
fonestar's picture


Wed, 02/26/2014 - 11:11 | 4479981 wallstreetapost...
wallstreetaposteriori's picture

You really are the dumbest person I have interacted with.

Wed, 02/26/2014 - 11:45 | 4480115 bobola
bobola's picture

fonestar, where are you, canuck troll
your beloved bitcoin has fallen in a hole
you said the price soon
would head for the moon
like Cramer, you now are on a roll

Wed, 02/26/2014 - 12:09 | 4480253 fonestar
fonestar's picture

Bitcoin is still on track for four, five and six figures.  There will be much hacking, crashing, weeping and gnashing of teeth along the way to bitsalvation o ye of little faith!

Wed, 02/26/2014 - 12:14 | 4480279 wallstreetapost...
wallstreetaposteriori's picture

I have complete faith that you have no money, talk bullshit, and are a pretty pathetic excuse of a personl..... oh yeah and complete faith that the only "6" figures you will see bitcoin at will be .000001. COMPLETE FAITH.

Wed, 02/26/2014 - 12:21 | 4480315 fonestar
fonestar's picture

The cryptocurrencies are here to stay.  It will be funny for webologists to review these pages years later and see historical roadkill like yourself.

Thu, 02/27/2014 - 01:11 | 4483539 Exponere Mendaces
Exponere Mendaces's picture


Yeah, nice rally back. Gox was shit, now Gox is dead. Big fucking deal. Everyone knew it - now we move on.

Did you see the report on Coindesk? Here's a link:

Makes every asset class these bozos care about look like MyRA yields - check it out, in 2013 we had 56-bagger, or a 84,066% increase from 2011 - 2013. LOL.

Let these fools chase equities, they deserve the crap returns.

Wed, 02/26/2014 - 10:44 | 4479860 fonestar
fonestar's picture

How do you think fonestar's relatives feel then?  They finally listened to him, bought near $1050, lost 50% of their money and then found out fonestar was invested in Litecoin!!

Wed, 02/26/2014 - 10:55 | 4479911 Croesus
Croesus's picture

If I'm reading this right: 

You convinced your own family members, to go in 50% on an investment, AFTER you had moved on to something else? 

Your own blood? 

If I'm reading your post correctly, you sold out your own family, for "crypto-currency", priced in "paper-currency" 

Falsehood, valued by falsehood. 

Your own family...

You have no soul. 

Wed, 02/26/2014 - 11:11 | 4479983 Mad Mohel
Mad Mohel's picture

Don't feel too bad, all his family also live under the bridge with him.

Wed, 02/26/2014 - 11:23 | 4480028 TruthHammer
TruthHammer's picture

you are not reading it right.

He never had any significant holdings in BTC, a handful at most, if that.


He just shills for BTC, he was mostly in LTC, (and likely has some cruddy rig to mine a few as well).  He has never had a lot of money, nor made a lot of money.  Just FUDs people to try and keep the one or two LTC he mines from crashing to zero sooner.

Wed, 02/26/2014 - 11:51 | 4480151 bobola
bobola's picture

fonestar your relatives are found
when walking, knuckles dragging the ground
buy bitcoin, they did
it tanked, you hid
your brainbox, they would now like to pound

Wed, 02/26/2014 - 12:13 | 4480274 fonestar
fonestar's picture

fonestar attempted to alleviate their fears by sermonizing in the grand style of Satoshi Nakamoto at which point he was ejected from the front porch.  As fonestar is managing their wallets, he is convinced they will come around during the next rally and he can eat there again.

Wed, 02/26/2014 - 12:15 | 4480283 wallstreetapost...
wallstreetaposteriori's picture

Keep sucking on Satoshi.

Wed, 02/26/2014 - 12:35 | 4480386 verbot
verbot's picture

mother leaves you some food on the back porch you still in the family i hi fonestar!  i think i got accused lightly of being jtrig psyop agent by analyst66 for my post on this topic so i am having a super day all due to your efforts! to a bot of my lowly beginnings to make a case so seamless it looks as if a team wrote it is giving me a slight chub as a commentator.. you were my inspiration so take some credit for my big breakout into full ZH nirvana...(old mid western silver stacker hermit is really an agent!...lmao.....)

Wed, 02/26/2014 - 11:01 | 4479924 TruthInSunshine
TruthInSunshine's picture

Litecoin; it's the new crack cocaine to the old bitcoin's powder cocaine, bitchez!

Waiting on household chemical, two liter bottle produced MethCoin.

And then KrokodilCoin.

Where's Satoshi, the erudite hashtag genius?

Wed, 02/26/2014 - 11:12 | 4479990 wallstreetapost...
wallstreetaposteriori's picture

Litecoin huh... so you are a complete troll spouting all kinds of bullshit..  What happened to your epic bitcoin investment?  

Foneystar = hack

Wed, 02/26/2014 - 13:29 | 4480659 Crash Overide
Crash Overide's picture

Remember when people used to work for money?

Wed, 02/26/2014 - 11:33 | 4480069 jcaz
jcaz's picture

Awesome-  Foney's finally gone full-retard on us-  shocker.....

Wed, 02/26/2014 - 12:09 | 4480245 Auric Goldfinger
Auric Goldfinger's picture


Wed, 02/26/2014 - 13:04 | 4480534 walküre
walküre's picture

new LOW, wow. is MDB your brother? can't figure out if you're being a troll

Wed, 02/26/2014 - 19:24 | 4482491 whatthecurtains
whatthecurtains's picture

If you lie to your family what the fuck have you been doing to us?   

Sat, 03/01/2014 - 05:32 | 4492849 UselessEater
UselessEater's picture

disowned con-star... one in every family and they're always gloating about the next big thing they're onto and now everyone should invest in that to or they're a complete mug...blah blah.... lite coin lite fingers, next!

Wed, 02/26/2014 - 10:17 | 4479753 BLOTTO
BLOTTO's picture

I think my virtual wife stole my virtual wallet this morning to blow my hard earned virtual money.


I've never felt more human and real, as i do now in my virtual life...

Wed, 02/26/2014 - 12:26 | 4480345 fonestar
fonestar's picture

The Fone....

Enter the fonestar!


BTW, Tylers... what are you going to post on Bitcoin after all goxing is said and done?  fonestar supposes there will still be people getting hacked and lawmakers passing useless laws nobody listens to regarding Bitcoin.  Guess you could always report on that.

Wed, 02/26/2014 - 10:00 | 4479660 LawsofPhysics
LawsofPhysics's picture

And should it be discovered that bitcoin is The Fed, CH1 is not to be held accountable...

Wed, 02/26/2014 - 10:03 | 4479696 CH1
CH1's picture

If it discovered that bitcoin is The Fed, then I was wrong. Wouldn't be the first time.

But if Bitcoin is the Fed, they are idiots (not beyond belief, I admit), because they created something that could destroy themselves.

The cryptocurrency genie is out of the bottle and there are now twenty Silk Roads. Let the Fed gloat today, but they still have a problem on their hands.

Wed, 02/26/2014 - 10:22 | 4479766 Creeps
Creeps's picture

How could bitcoin or any other cryptocurrency take down the Fed?  How is bitcoin going to change legal tender laws?  The masses still need to convert cryptocurrencies into legal tender to pay for taxes.  I don't mind getting an education on how I'm not seeing the bigger picture.

Wed, 02/26/2014 - 10:35 | 4479831 Skin666
Skin666's picture

Why would anyone holding crypto pay taxes?


Starve the beast...

Wed, 02/26/2014 - 11:03 | 4479945 Creeps
Creeps's picture

The claim is cryptocurrencies will end the Fed (which needs to happen).  To do that there must be wide acceptance of cryptocurrencies in all sectors of commerce.  I should be able to do business with any merchant in bitcoins and they accept them readily, currently that is not possible.  How are cryptocurrencies going to change legal tender laws? 

Wed, 02/26/2014 - 11:13 | 4479994 TheHound73
TheHound73's picture

Bitcoin declared "lawful money" by California State Assembly. Same as declared by Germany.  However, as long as barter remains legal, no laws need change.  Preferable that merchants make their own choice to accept Bitcoin rather than monkey with the laws.  This is happening merchant by merchant quicker and quicker.  A phase change may happen late this year or next not unlike the way credit cards where accepted hardly anywhere then quickly became standard.

Sat, 03/01/2014 - 05:54 | 4492865 UselessEater
UselessEater's picture

digital foot prints and "unexplained wealth"... algo's predict your lifestyle and NSA et al track this and share with corp/gov on the hunt for every penny that every person potentially owes in this debt infested world...crypto won't end the fed-debt-enslavement-vehicle it'll just replace it with a new nightmare... computer geeks/experts are assuming they can beat a system that gave birth to them; each generation learns the hard way, thinks they get away with it for a few years and then it dawns on them - same sh*t different day.

be cautious with the new toy, eyes wide changes but not methodology

Tue, 03/04/2014 - 04:58 | 4492922 MeelionDollerBogus
MeelionDollerBogus's picture

the grid IS the beast:
power grid
internet grid,
all paid in dollars and all paying taxes several steps along the way.
If you have no dollars you have no grid and no grid means NO BITCOIN.

wondercoin powers ACTIVATE

form of ... EPIC FAIL

Every -1 is a neon-sign and a bullhorn screaming that you are a proud slave of General Electric.
Serfdom, it's what's for dinner

Sat, 03/01/2014 - 07:20 | 4492921 MeelionDollerBogus
MeelionDollerBogus's picture

Indeed, you are right. The only full escape possible is to have real off-grid tangibles as money & to ensure your physical space is not invaded by those with guns you need to be somewhere else.

It's OK to have guns for short-term defense but you can not run a stable economy under constant threat of an invading force for any reason, be it your food, water, monetary unit, level of participation with a neighboring economy, etc.

You bug-out, not bug-in, because those with guns are coming & they also have nerve gas & tanks if you don't change position & somehow have more ammo than they do (and you don't). Drones + nerve gas + media control = you are a terrorist. Waco. Ruby Ridge. LESSONS LEARNED.

Wed, 02/26/2014 - 10:26 | 4479785 LawsofPhysics
LawsofPhysics's picture

What's the problem?  You still need to have fiat in order to purchase cryptocurrencies or build exchanges.  They still control the flow of fiat.  I really don't see the problem for them.


The real winners eventually, will be farmers like myself or anyone that produces a real fucking product people need to survive as I can certainly see how cutting out all the useless paper pushing middlemen will be extremely good for business.


However, that hasn't happened yet and it will require blood and sacrifice as those same people now own and control government.  History is very clear on this.

Wed, 02/26/2014 - 12:42 | 4480099 philosophers bone
philosophers bone's picture

I agree.  Ran into a "Bitcoin Bug" yesterday and discussed Mt. Gox, etc.  His position:  Bitcoin is still viable and has a future, but Bitcoin "miners" should convert to fiat as soon as the Bitcoin is mined and people transacting in Bitcoin need to convert from fiat to Bitcoin immediately prior to the transaction and need to convert from Bitcoin to fiat immediately after the transaction.   In other words, it is at best a payment system but even the Bitcoin bugs don't consider it as a store of wealth or a currency to be held for any period of time before or after a Bitcoin transaction.

I've been told by Bitcoin bugs that a cryptocurrency backed by an ounce of gold or silver "is ridiculous and doesn't make sense", but in my mind it does and in light of the Mt. Gox developments, it makes a lot of sense.

If you backed a cryptocurrency by an ounce of gold, presumably it would trade at the gold price, plus a slight premium for convenience.  if you backed a cryptocurrency by an ounce of silver, presumably it would trade at the silver price, plus a slight premium for convenience.  In each case, I presume the "slight premium" would probably be a percentage of the underlying asset backing it.  So this begs the question:  What is the "crypto" part worth?  Answer:  The amount of the premium someone is prepared to pay, which I presume would be relatively modest and will depend on the size of the transaction and what the crytocurrency is "backed" by.

I think the fundamental difference is that the Bitcoin enthusiasts see value in the "mining" of Bitcoin whereas the Bitcoin trashers do not.  But I don't know how someone can say that a new "crypocurrency" that is exchangeable for an ounce of gold, silver (or whatever other real asset or basket of real assets you want to tie it to) doesn't make sense.

What you've done LOP is refuted the notion that supporting Bitcoin will defeat the Fed.  Bitcoin won't defeat the Fed primarily because even the Bitcoin enthusiasts are looking to exchange into fiat at every opportunity they can out of fear of being "Gox'd".


Wed, 02/26/2014 - 13:21 | 4480618 hangemhigh77
hangemhigh77's picture

Maybe not.  Seems that the cops who stole the silk road bitcoin are getting offers for it from a hedge fund who wants to buy it and start a BTC ETF.  And Overstock is holding a lot of Bitcoin.  

Wed, 02/26/2014 - 14:00 | 4480808 Moe Hamhead
Moe Hamhead's picture

Does the word "Ponzi" sound familiar?!

Wed, 02/26/2014 - 15:33 | 4481321 mmanvil74
mmanvil74's picture

The problem with any sort of "gold-backed" crypto currency is the reality that some central authority would have to store and secure the physical gold that is serving to "back" the currency.  That central authority could be a private company or organization but either way, that organization and the underlying gold can come under attack, either by the governing jurisdication or someone else.  This is why e-gold failed miserably and anything like it will also fail. Also, the cost of securing and storing gold adds a cost to the management and issuance of the currency so who decides how much is "fair" to charge? 

The beauty of Bitcoin is that it is decentralized, there is no single point of failure or central authority to attack.  It can't be shutdown because it lives on thousands of servers around the world.  It is "backed" by the mining network which verifies and validates every transaction.  Bitcoin is "backed" by its accuracy and reliability for the purposes of conducting and recording transactions without a requirement for third party validation.

Sat, 03/01/2014 - 07:16 | 4492917 MeelionDollerBogus
MeelionDollerBogus's picture

Actually no: if I have x digital tokens to buy/sell and y gold grams to buy/sell then I have my own backing.
Every other person can do the same, even if for them sometimes one of those numbers is zero (no gold or no digital tokens).
The only people who have no say are those who have 0 for both. Everyone else has a collective market participation.
No central control of any sort is required.
This is how the reality will play out:
IF GRIDS are safe then X * Y > 0
otherwise X * Y = 0
IF too few people participate then it will be a black-market for/with digital tokens and/or physical units
PHYSICAL UNITS may be gold & silver, likely will also include tide, morphine pills, hammers, screwdrivers, copper pipes, tire-irons & ammunition
DIGITAL TOKENS will need to be small, efficient, unencumbered by a required network grid structure even if they can BENEFIT from use of one from time to time,
EXCLUDING BITCOIN FOREVER while welcoming something which is challenge-response verified based on digital signatures like GPG/PGP but NO BLOCKCHAIN.
You better be able to use batteries & better be able to rely solely on radio or laser-optic because if you REQUIRE an always-on Internet you will be fucked deep & hard in the ass.

Bitcoin has a blockchain growing exponentially: as it grows bigger it MUST BECOME a central failure point as VALIDATION FAILS on incomplete blockchains and COMPLETE BLOCKCHAINS are so big NO NORMAL PERSON will store or transmit it. EVER. It's game over.

Tue, 03/04/2014 - 04:54 | 4492913 MeelionDollerBogus
MeelionDollerBogus's picture

You are right that it needs physical backing but wrong about gold:
gold's flow & supply change per year doesn't match that of bitcoin's.
Therefore the market should decide for any digital currency how much of any thing(s) back their currency by simply TRADING the physical things for digital tokens until equilibrium is met.
When equilibrium is zero you'll see what goods or tokens have no value, as bitcoin surely shall hit (zero).
That's why no one wants to fucking trade real ounces of gold or bushels of wheat for bitcoin. doesn't count. It has shit for essentials of life & trade.
The market is speaking: $6 bitcoins 1800 GMT 2014 Feb 28.

Wed, 02/26/2014 - 12:45 | 4480416 Counterbalance
Counterbalance's picture

First: Thank you for being a producer, I am grateful to you.

Second: I appreciate your disdain and skepticism of the moneychanges, the flippers and the rent seekers.

I am not a Bitcoin expert by a long shot, but I thoroughly researched the principles, read Satoshi's white paper and made every reasonable effort to discover what is true about the technology before I dropped a single thin dime into it.

The fundamental concept of bitcoin is the distributive ledger network. Every transaction added to the blockchain becomes increasingly secure and durable as more and more users confirm that addition to the legder. The lost/stolen/hacked bitcoins that were processed through the MTGox exchange were never entered into the ledger. 

This is not a failure of Bitcoin, but rather a failure of human nature. This exchange was very badly managed and those poor practices were ignored by those seeking arbitrage profit. It was a voluntary relationship that had clear risks that were priced in.

If we want freedom, we must allow failures to strengthen the system.   

Bitcoin will be strenghtened by this MtGox drama and as adoption spreads to the 6.5billion people on the planet who are most abused by the manipulations of centrally controlled fiat sytems and who do not have access to banking services - they will be buying food with bitcoin, directly and without a fee. 

Wed, 02/26/2014 - 15:26 | 4481292 mmanvil74
mmanvil74's picture

Well said.

Sat, 03/01/2014 - 05:40 | 4492856 CultiVader
CultiVader's picture

Take notice fonestar. The above is the kind of post that sways sentiment, not your trolling. Good post sir.

Sat, 03/01/2014 - 07:05 | 4492910 MeelionDollerBogus
MeelionDollerBogus's picture

Until we have exponentially increasing transit speed & storage capacity, forever, we can't benefit from this blockchain feature of bitcoin.
Gold & dollars don't work like each other, yet both work very well as currency with no ledger of transactions.
This is the most-gigantic, least-efficient way to validate units of currency or transaction-events.
Like momentum & position in physics (not a human failure) being unable to be known simultaneously, you can not ever validate all transactions and all currency units at once, not properly, and bitcoin is no exception.
The key here is to have a proper monetary unit which in hand is not subject to fail (atoms are immune) and events (transactions) which are subject to minimal fraud, hopefully zero fraud.
The key here then is to ensure your real money isn't digital (electrons) and your real transactions are either a)
physical only
or b) additionally to (a) are validated through all parties you'd care about locally. Once all trading parties have their required services, goods, money units in hand, NO ONE needs to remember the transaction event, and NO ONE needs to track the monetary UNIT to validate it.
Any unit (gold, silver, pocket lint) could be that monetary unit. No one needs to care or track it so long as the parties TRADING in that ONE EVENT are satisfied.
Invalidation of A TRANSACTION EVENT should have NO effect on the MONETARY UNIT used to bid/sell/trade IN THE TRANSACTION.
If you're at a level where the MONETARY UNIT is in question you shouldn't even be STARTING a transaction & this should fall to the MARKET, NOT THE PROTOCOL, to decide.
The PROTOCOL will have more than enough work to handle just validating the EVENT of transaction: the parties, the provision OF monetary units, the goods, the services, any transit route for the agreement-data & for the real delivery of real physical goods or services, and any protocol that lacks those details IS A FAIL. IMMEDIATELY.
Bitcoin fails to track those details, of course.
As for the monetary units, it's up to you: I prefer gold & silver, I'm forced to use fiat cash but I will ditch it as soon as legally possible, and anyone may proffer something else like copper bullion rounds, bricks, beaniebabies, magic the gathering cards, etc., so long as all parties are happy. Parties who ARE NOT IN THE TRANSACTION should have NO SAY over what IS the monetary unit, only to be available to offer fraud-detection to help void invalid TRANSACTION EVENTS.
The market itself collectively, not individuals, would be those who validate or invalidate any monetary UNIT, regardless of transactions past or planned, and that means each person will knwo what monetary units to bring to the table prior to any transaction.

This is the right way to do things & that's why barter in person is safer.
When a digital currency can do this it will be 1 step away from ready.
The final step is that all lines are 100% physically secure from physical contact by banks, government or military.
Lose that & you lose it all. Even CUTTING lines while failing to intercept content or source/destination is enough to disrupt an economy so EVEN THAT ONE ACT invalidates the NETWORK.

Wed, 02/26/2014 - 10:46 | 4479869 fonestar
fonestar's picture

If Bitcoin was found out to be the Fed?

Would go down in history as the greatest act of self-immolation ever!

Wed, 02/26/2014 - 11:26 | 4480039 TruthHammer
TruthHammer's picture

it only benefits them and doesnt hurt them in any way.  USCoin and SDRCoin are the end result of the psy-op, and keeping people chasing tulips instead of paying off debt, or putting their money in inflation/deflation safe investments(Ag/Au) is the game.

You just happen to be one of the beFUDdled sheeple leading the lemmings over the virtual cliff, marching to the Fed's drum beat completely oblivious, or very livious and paid to cant say for sure.

Sat, 03/01/2014 - 06:54 | 4492901 MeelionDollerBogus
MeelionDollerBogus's picture

Fool. By owning all the bitcoins, setting the fiat price for them by USING FIAT they legally can induce into reality at ZERO COST and by CONTROLLING ALL BANKING REGULATIONS and dictating that BITCOIN IS BANKING,

the Fed would become supremely-immune to all damage from bitcoin,

as it WOULD BE THEIR OWN. All your base are belong to the Fed.

Unless you're in real money: gold 'n' silver.


Wed, 02/26/2014 - 10:04 | 4479700 Zymurguy
Zymurguy's picture

Bitcoin is ushering in a new attempt to completely digitize the worlds currency.  They want complete control of your access to your own funds.  A cashless society is one of the last great goals the global elite need to achieve to completely enslave the world.

Wed, 02/26/2014 - 10:08 | 4479716 Skin666
Skin666's picture


It will be completely anonymous in a couple of years

Wed, 02/26/2014 - 10:13 | 4479742 TheMeatTrapper
TheMeatTrapper's picture

Just like TOR!


before the NSA....

Wed, 02/26/2014 - 11:55 | 4480169 Toolshed
Toolshed's picture

WOW!!! They have raised a whole $564.39 already!! LOL!!!! Well, at least that is a little better than Reggie Middleton's pathetic ultracoin crowdfunding effort, which is stuck at a whopping $155.00.


Wed, 02/26/2014 - 12:38 | 4480396 Martel
Martel's picture

I don't know from where you got your figures. For Bitcoin Dark Wallet, it is $52,075. Their goal was $50K.

Wed, 02/26/2014 - 16:12 | 4481531 Toolshed
Toolshed's picture

+1 for Martel and -1 for me.

Oooops! You are correct sir. I did indeed make an error there. I looked at the wrong figure. Totally my bad. I wonder why Reggie's effort on ultracoin crowdfunding is failing so miserably. I would think the bitcoin cult would welcome his efforts at adding security and trust in light of recent events. Unless of course the bitcoin cult is primarily composed of liars and thieves. Hmmmmmmm............

Wed, 02/26/2014 - 10:13 | 4479741 EscapeKey
EscapeKey's picture

While that might be true, from the perspective of profiting by being gatekeepers - it is probably in their interest for people to use technologies such as Mastercard/Visa, where they stand to collect on each transaction.

Wed, 02/26/2014 - 10:46 | 4479872 TheCanadianAustrian
TheCanadianAustrian's picture

Believing that Bitcoin is a scheme to some elite to control the world's currency is like believing the Internet was a scheme to control the world's information.

Wed, 02/26/2014 - 11:37 | 4480083 ElvisDog
ElvisDog's picture

Yeah, that's what the "digitial currency is a plan by the global elite" people don't seem to understand. If the Orwellian global digital currency was instituted, people would refuse to use it. They would simply move their economic activities into a black market where barter, gold and silver coins, etc. would be used to trade goods. The one-world digital currency would still be there, but it would become more and more irrelevant.

Wed, 02/26/2014 - 11:51 | 4480152 Toolshed
Toolshed's picture

Research on human  behavior has shown that if you force a person to perform an unsavory task they are likely to refuse. However, if you let them CHOOSE from 2 or more equally unsavory tasks to perform, they will be much happier with their illusion of choice, and slave on. Kinda like politics and the 2 party system here in the USA.

Sat, 03/01/2014 - 06:51 | 4492898 MeelionDollerBogus
MeelionDollerBogus's picture

except controlling the physical servers and physical wires IS controlling the world's information, which is precisely what legit computer scientists are worried about with Google, Amazon, Verizon, China, Egypt, Russia, etc.

It's a fact of life. To control the world's information YOURSELF you must OWN the wires & servers. Same with bitcoin: when others control the PHYSICAL world bitcon operates in THEY own bitcon, not you.

Wed, 02/26/2014 - 11:19 | 4480019 TheHound73
TheHound73's picture

 "They want complete control of your access to your own funds."

Except the whole point of Bitcoin is a borderless system that sends value between 2 parties with no veto power of a third.  I am free to send bitcoin to any address and those addresses are free to create in virtually unlimited numbers.

Wed, 02/26/2014 - 11:46 | 4480125 Toolshed
Toolshed's picture

You bitcoin cultists are so very dense. What do you think the ultimate result of all this volatility and thieving is? Can you not read? There are numerous articles in the MSM right now talking about REGULATION coming to bitcoin. Many bitcoin advocates are welcoming the wise guiding hand of government regulation to stabilize and legitimize the bitcoin market. What a bunch of idiots. The cultists proclaim the main benefit of bitcoin is it's decentralized, borderless, uncontrolled nature, but gosh what we need now is regulation and recognition by the governments so we can grow and prosper. Of course it will be necessary to impose transaction fees to pay for said regulation. You couldn't make this nonsense up! Too funny for words.

Wed, 02/26/2014 - 12:07 | 4480230 TheHound73
TheHound73's picture

Nice stereotyping but I am not calling for regulation even as I have funds lost on Gox.

Wed, 02/26/2014 - 16:06 | 4481495 Toolshed
Toolshed's picture

And now you provide the answer to my question above:

"Can you not read?"

You, not me, apparently include yourself in my many bitcoin advocates welcome regulation comment. That is indicative of an unhealthy level of paranoia. How's that of nice stereotyping?

Wed, 02/26/2014 - 18:43 | 4482320 TheHound73
TheHound73's picture

Most all the Regulation discussions I've read about focus squarely on the crossover between fiat and Bitcoin.  To this I say, yield unto Caesar what is Caesar's.  The Governments control fiat and they are going to regulate any and all centralized crossover points.  Regulators seem to try to avoid discussion about activity within the network itself, mumbling something about the beauty of a frictionless and borderless payment mechanism.  A centralized trading platform is only one method to exchange bitcoins, and most of them already fall under AML/KYC regulations. Not necessarily accounting regulations, as in the Mt.Gox case. I know from personal experience one can exchange bitcoins privately in person much as one can exchange marijuana or gold privately in person.  They also seem to capitulate on the point of Mining - recognizing their efforts to regulate it would be as successful as eliminating speeding or oral sex.  So, we have to wait and see how it all plays out, getting so emotional over it is just silly.

Wed, 02/26/2014 - 10:05 | 4479701 EscapeKey
EscapeKey's picture

How exactly would this work? The who point is that there is no central authority behind BTC, so how could any entity - Fed included - "be bitcoin"?

Or are you questioning who owns the primary holdings of BTCs?

Sat, 03/01/2014 - 06:20 | 4492882 MeelionDollerBogus
MeelionDollerBogus's picture

wrong again: next option.

Fed prints all the money needed to buy BTC on exchanges so no matter who owned them before, they change over to Fed Reserve ownership.

Remember, a fiat exchange is an invitation to those who legally print money for no cost to do so and buy anything.

Wed, 02/26/2014 - 10:06 | 4479709 XenoFrog
XenoFrog's picture

Only a blithering retard would see those as the only options.

Wed, 02/26/2014 - 11:15 | 4480003 analyzer_66
analyzer_66's picture

Kill the save!

Bitcoin the Fed.

Wait the fed already creates virtual money by adding zeroes on its balance sheet.

Sat, 03/01/2014 - 06:18 | 4492880 MeelionDollerBogus
MeelionDollerBogus's picture

problem solved. Both will commit suicide without further intervention.

Gold, bitchez - it's what's for money.

Wed, 02/26/2014 - 09:56 | 4479673 Levadiakos
Levadiakos's picture

Bitcoins are cool

Wed, 02/26/2014 - 10:26 | 4479781 TheHound73
TheHound73's picture

Mt. Gox is trying to make a run for it!

And Mark's press photo has been photoshopped.  Here's the real one.

Wed, 02/26/2014 - 10:40 | 4479844 verbot
verbot's picture

my third wife's son played magic the gathering..real smart kid in fact, one of the few good things in that romantic wreck but i

i will fix this for all y'all...

verbucks...its what's for money!...

really, old systems have no one today who knows the actual story. historical records are simply second hand information at best. so my point is during those past periods of financial systems implementation whose to say the very said same issues facing (all digital "monies" today) were faced then but by a very small cadre of members..

being so well published has simply lifted a curtain among many hiding the few and odd conventions behind the psycology of money...(hint..its about getting crazy folk to part with goods and services equally among their fellow humans as a common  currencysmooths the confrontational aspects of humans in competition...i.e. no i wont sell my cow for two goats and a duck...etc..) many old kooks parted with a lot of goods due to pressure of currency flow from king and al.. 

the sausage of bitcoin(which will not be the adopted venue..,,sorry guys but big players abound and better ideas are coming and the fight is about general adoptions which is a command and control function untouched by all of this in its entirety..i.e. bitcoin is a tail not the beast...politics of control set who uses what to transact and frankly max K..and crew dont have a standing army..etc..)

so i will not opine upon a future monies structure, i will recognize where such decisions are made and by whom...

Wed, 02/26/2014 - 11:20 | 4480022 analyzer_66
analyzer_66's picture

Nice that's the kind of visual imagery shit right out of operation JTRIG psy ops.
Ghost man go home.

Wed, 02/26/2014 - 12:11 | 4480267 verbot
verbot's picture

and of course all the new edgy stuff thats sure to get minds a breaker breaker one

Wed, 02/26/2014 - 11:24 | 4480032 Jumbotron
Jumbotron's picture

Lest anyone forget......

Mt. Gox stands for....

M agic T he G athering O nline e X change


Wed, 02/26/2014 - 09:47 | 4479631 CH1
CH1's picture

I hope so...

But, let the hate-fest continue! Let the silly Hedgers rejoice over the (supposed) destruction of the one tool that could bring down the banksters!

BTW: Bitcoin has not gone away, nor will it any time soon.

Wed, 02/26/2014 - 09:53 | 4479642 jcaz
jcaz's picture

LOL- "Jumped off the building, just passed the 8th story, all is well so far....."

I'm sure that Mt Gox is just a one-off, and gosh, this never could happen again.....

"You're right Mr Jones- this grape Kool-Aid IS a tasty beverage...."

Wed, 02/26/2014 - 10:00 | 4479683 Skin666
Skin666's picture

I'm sure it will happen again. There were warnings about Gox going back years. If you were stupid enough to use it, then you deserve to lose your shirt.


But once the fraud comes to light, it's game over for Gox, as it looks like.


Unlike the fiat bankster system, if you fuck up you are not bailed out, and I'm sure Mark Karpeles is shitting himself about going to jail/suiciding himself with a nailgun etc


This friend, is called Free Market Capitalism. If you fuck up, you go under.


While there will no doubt be fallout from this unfortunate episode, VC's are seemingly not deterred...


It seems we are moving into Phase 2...



Wed, 02/26/2014 - 10:15 | 4479743 Pool Shark
Pool Shark's picture



"There were warnings about Gox going back years. If you were stupid enough to use it, then you deserve to lose your shirt."

And that, is the fundamental problem with Bitcoin.

Absent doing independent research into which exchanges might be legit (and who really knows anyway?) how is the 'average' person supposed to trade Bitcoin safely?

I don't care how secure the encryption may be; if you can't trust the exchanges, you have nothing.

Now a Gold Eagle held in my hand...


Wed, 02/26/2014 - 10:21 | 4479764 Skin666
Skin666's picture

You are assuming your gold eagles do not have tungsten in them.


How do you know they haven't got tungsten in them? Because you bought gold eagles from the US Mint which you trust are legit.


That is why I buy gold and silver eagles, maple leafs or K-rands. Because I trust the stuff I buy to be legit.


It's the same principle as any goods to buy, including crypto.


Caveat Emptor

Wed, 02/26/2014 - 10:25 | 4479771 Pool Shark
Pool Shark's picture



I don't assume anything; I know they're genuine:

Wed, 02/26/2014 - 10:32 | 4479816 Skin666
Skin666's picture

LOL! You got me there!


Lucky I keep my crypto in paper wallets, which are also to hand...

Wed, 02/26/2014 - 10:40 | 4479847 TheHound73
TheHound73's picture

Interesting.  The weight test seems a little iffy.  But hey, $169 for a a fisch must be cheaper than buying a 15 gazillion trillion Gigabyte harddrive for the blockchain. 

Wed, 02/26/2014 - 11:03 | 4479944 RaceToTheBottom
RaceToTheBottom's picture


I am assuming that you buy gold because of the poor way the US FED (and US Congress) manages US Fiat notes, yet you view US mint as a trustable source for providing gold...


Sat, 03/01/2014 - 06:01 | 4492870 MeelionDollerBogus
MeelionDollerBogus's picture

Assuming nothing. Gold eagles are a pain in the ass to fraud & easy to test. Acid, magnets, scales & volume displacement as well as for coins various external traits. No one's ever properly faked them all.

Bitcoin can't be tested in this way: that's why they are all equally worth zero. Or as earlier today, $5.76

Sat, 03/01/2014 - 05:55 | 4492867 MeelionDollerBogus
MeelionDollerBogus's picture

WE were the ones giving YOU the warning & all the bitcoiners declared there were no problems.

Now you're pretending you knew all along?


Much butthurt, I sense in you... hmmMmmmmMMMM

Wed, 02/26/2014 - 09:49 | 4479646 LawsofPhysics
LawsofPhysics's picture

There are other cryptocurrencies out there.  They won't go away, but they don't address the issue of fraud either.

As always, hedge accordingly.

Wed, 02/26/2014 - 09:54 | 4479665 EscapeKey
EscapeKey's picture

So are you advocating a central authority here?

Wed, 02/26/2014 - 10:03 | 4479693 LawsofPhysics
LawsofPhysics's picture

When fraud is the status quo, possession is the law.  It is what it is.  I don't see any solutions coming from you.

Wed, 02/26/2014 - 10:08 | 4479717 EscapeKey
EscapeKey's picture

Nice attempt at dodging - but I asked a point blank question, and received rhetoric in return. I'll ask again - are you advocating a central authority on the matter?

Since when have I been required to "come up with solutions" for asking you to elaborate. That's not how even basic conversation works.

Wed, 02/26/2014 - 10:27 | 4479761 jcaz
jcaz's picture

Actually, you're the one dodging- he made his point first-  how does the issue of a fair, honest, and SECURE exchange get fixed?


Wed, 02/26/2014 - 10:44 | 4479861 TheHound73
TheHound73's picture

This is the next problem scheduled to be solved by decentralization and vitally important (ref: Mt.Gox).  Various projects are working on it including Open Transactions and Ripple.

Sat, 03/01/2014 - 05:47 | 4492863 MeelionDollerBogus
MeelionDollerBogus's picture

Problem's already been solved.


Gold - accept no substitutes!

Wed, 02/26/2014 - 10:21 | 4479765 Pool Shark
Pool Shark's picture



I'm gonna go out on a limb here and guess he meant that he's advocating the actual possession of physical precious metals as money.


Wed, 02/26/2014 - 10:31 | 4479812 LawsofPhysics
LawsofPhysics's picture

That certainly is part of it.

Wed, 02/26/2014 - 10:30 | 4479805 LawsofPhysics
LawsofPhysics's picture

Still no solutions, we got it.  You are intellectually bankrupt.  Fine, here's the only solution; eliminate all the useless paper-pushing middlemen.  The only way this will happen is with blood and sacrifice, period.  Why?  Because these people now populate the halls of government and the board rooms of corporate America alike.

History is very clear on this as these are the people with the reigns of power and control.


Power and control is never willingly given up, ever.

Now do you understand what I am advocating asshat?

Wed, 02/26/2014 - 12:02 | 4480197 Pseudo Anonym
Pseudo Anonym's picture

i like your approach

The only way this will happen is with blood and sacrifice, period.  Why?  Because these people now populate the halls of government and the board rooms of corporate America alike

but that is in large part anti-semitic.  is that allowed?  [place /s there at your leisure]

Sat, 03/01/2014 - 05:31 | 4492847 MeelionDollerBogus
MeelionDollerBogus's picture

And you were too dumb to comprehend the answer:

OWNING WHAT'S IN YOUR HAND Is the opposite of ALL central authority & that is the answer you were given.

We don't do "basic conversation" on the 'hedge, we do smart-responses or fail-responses. In this case you were given the read-between-the-lines (smart) response and you gave the fail-response.

Wed, 02/26/2014 - 10:05 | 4479704 tip e. canoe
tip e. canoe's picture

and others not yet out there as well, perhaps even ones that may make an attempt to address the pink elephant in the room.

if so, as always disclaimer still valid, as always.

Wed, 02/26/2014 - 10:14 | 4479749 TheMeatTrapper
TheMeatTrapper's picture

We have a tool that can destroy the banksters - it's called gold. Buy some.

Wed, 02/26/2014 - 10:46 | 4479866 TheHound73
TheHound73's picture

I thought they are holding most of the supply.

Sat, 03/01/2014 - 05:27 | 4492844 MeelionDollerBogus
MeelionDollerBogus's picture

$6 BTC: Ya, it will be very soon.

wondercoin powers ACTIVATE

form of ... EPIC FAIL

Haters are NOT attacking bitcoin. Smart people are attacking dumb people.

Herbalife, bitcon, COMEX futures, unallocated gold, buying bridges ... you happened to pick one of MANY possible Fails.

Wed, 02/26/2014 - 09:45 | 4479634 williambanzai7
williambanzai7's picture

Wed, 02/26/2014 - 09:52 | 4479655 toady
toady's picture

"Where's the money Lebowski?"

"Ja, where is the money?"

Wed, 02/26/2014 - 10:31 | 4479809 Agent P
Agent P's picture

Nice marmot.

Wed, 02/26/2014 - 09:53 | 4479659 tip e. canoe
tip e. canoe's picture

o shit, that's hilarious.   the googlag glasses are icing on the cake!   thanks for the morning lulz bill.

Wed, 02/26/2014 - 09:55 | 4479670 williambanzai7
williambanzai7's picture

I didn't have to add the Glasses ;-)

Wed, 02/26/2014 - 10:09 | 4479725 Payable on Death
Payable on Death's picture

Nobody seems to answer these poor guys: "No." and "Gone."

Wed, 02/26/2014 - 10:13 | 4479740 ebworthen
ebworthen's picture

Noticed that on the original yesterday; a guy with Google glasses and another with an Apple MacBook - cross platform misery!

And yes, someone should stop them from embarrasing themselves and say "Boys, you've been screwed, let's go get some hot cocoa."

Sat, 03/01/2014 - 05:25 | 4492841 MeelionDollerBogus
MeelionDollerBogus's picture

if I wasn't so busy working overtime all the time... I'd take a trip there to hand them magic beans & say "well, look what you had in your hand before I showed up. Them's the breaks, JACK"

Wed, 02/26/2014 - 10:57 | 4479922 verbot
verbot's picture

plus 2 half goggle bitcoin detector with stylish nsa uploading is how he looks to be using to new final fantasy game is out and all i hear is how something is plus this or minus that and status affect over damage he is playing a game on those things at all times...still believe in ya reggie!..

Wed, 02/26/2014 - 11:32 | 4480066 Toolshed
Toolshed's picture

Where has that rascal Reggie vanished to?

Wed, 02/26/2014 - 09:55 | 4479661 Seasmoke
Seasmoke's picture

HA HA HA ..... REGGIE !!!



Wed, 02/26/2014 - 10:16 | 4479712 Zero Hung
Zero Hung's picture

Don't worry Fonestar has got this

Clit-bit fantasies are pure bliss

Mining blockchains all of the day

2" stubs in simulated three-way

Is one way to salvation although amiss

Wed, 02/26/2014 - 11:04 | 4479948 Agstacker
Agstacker's picture

So fonestar is the one with the hat?

Wed, 02/26/2014 - 09:48 | 4479641 LawsofPhysics
LawsofPhysics's picture

If only today's youth was a bit more motivated (and actually knew how to tie a knot in a rope).

Wed, 02/26/2014 - 09:57 | 4479677 tip e. canoe
tip e. canoe's picture

maybe the best five bucks i ever spent:

Wed, 02/26/2014 - 09:48 | 4479643 Bangin7GramRocks
Bangin7GramRocks's picture

Don't worry! Mt. Gox will return when they find the next toy, bauble or internet currency to relieve rubes of their money. "No really! This time is different."

Wed, 02/26/2014 - 09:50 | 4479650 prains
prains's picture



Now you can finally print a picture of the Dad you never knew!!!

Wed, 02/26/2014 - 09:51 | 4479653 dbTX
dbTX's picture

Another lesson in "If you can't hold it, you don't own it"

Wed, 02/26/2014 - 09:52 | 4479656 prains
prains's picture

.....just like Dads

Wed, 02/26/2014 - 09:56 | 4479675 Dick Buttkiss
Dick Buttkiss's picture

"If you can't hold it, you don't own it"

That goes for any money you've got in any bank anywhere in the world.

Wed, 02/26/2014 - 10:04 | 4479699 yrbmegr
yrbmegr's picture

Much truth there.  But in a society rules by laws with faithful adjudication thereof, you can have ownership rights over things you cannot "hold".  We must be sure, when we buy something, that we know what we are buying.

Wed, 02/26/2014 - 10:16 | 4479754 Saro
Saro's picture

Just another reason why I hold all my bitcoins myself.

Sat, 03/01/2014 - 05:19 | 4492839 MeelionDollerBogus
MeelionDollerBogus's picture

They're still worth next to nothing, and less than 24 hours ago, traded for under $6 :

Wed, 02/26/2014 - 09:53 | 4479662 orangedrinkandchips
orangedrinkandchips's picture

You Got Gox'd!

Wed, 02/26/2014 - 11:29 | 4480045 Jumbotron
Jumbotron's picture

They got Gox-blocked

Wed, 02/26/2014 - 09:55 | 4479672 Zymurguy
Zymurguy's picture

Aaaaaaaaaaaaaaaaand, it's gone!

Wed, 02/26/2014 - 09:56 | 4479674 shovelhead
shovelhead's picture

A new word enters the lexicon:


Listed next to Corzined.

Wed, 02/26/2014 - 10:05 | 4479702 Mad Mohel
Mad Mohel's picture

At least with Corzine people got robbed by a nefarious dirty son of a bitch. Getting taken for a ride by that tubby bitch in the picture would hurt even more. Pretty sure he used all the loot to purchase new Magic cards.

Wed, 02/26/2014 - 10:38 | 4479799 Rainman
Rainman's picture

BTW .... convicted fraudster " Fabulous Fab " lands a gig at University of Chicago teaching " eCONomics " to the honors class .

Wed, 02/26/2014 - 10:08 | 4479714 KingFiat
KingFiat's picture

Actually a new word has been used by the bitcoiners for some time: Goxxed. The meaning is the same.

Wed, 02/26/2014 - 12:18 | 4480296 dark pools of soros
dark pools of soros's picture

they REALLY want the bitcoin protocol to die don't they???  not going to happen.. just scammers being scammers


the gox con was a long one.... only greedy fools got goxxed

Wed, 02/26/2014 - 09:59 | 4479679 curbyourrisk
curbyourrisk's picture

Who is to say that this whole debacle was not created by powers that fear what Bit-Coin could become.


 (Have no position in Bit-Coin, nor have I ever played in that arena)

Wed, 02/26/2014 - 10:05 | 4479706 CH1
CH1's picture

Who is to say that lizards don't rule the world?

You can apply such silly thinking to anything.

Wed, 02/26/2014 - 10:10 | 4479715 tip e. canoe
tip e. canoe's picture

and who is to say that it wasn't created by powers who saw the Space being tainted by such a silly brand like Magic : The Gathering?

Mt. Gox = the Bear Stearns of Bitcoin?

Wed, 02/26/2014 - 10:10 | 4479729 XenoFrog
XenoFrog's picture

At this point, my MTG card collection is worth more than what some of these bitcoiners have who were unlucky enough to get to the exit at MTGox a little too late...

Wed, 02/26/2014 - 12:57 | 4480491 I Write Code
I Write Code's picture

Proving that Bitcoin was subject to becoming a debacle at any time due to the acts of one power or another (etc).

Wed, 02/26/2014 - 10:01 | 4479687 Zymurguy
Zymurguy's picture

So, you took yer' hard earned foldin' money and ya gave it to this here fella with the fancy clothes who said he'd use it to buy sumptin that doesn't exist and is only made up in one of them computers, and you believed you'd make more money from it?

Yer, a special kinda stupid, aint ya?

Wed, 02/26/2014 - 10:09 | 4479718 XenoFrog
XenoFrog's picture

Greed mixed with a healty amount of "fuck the man!" was a powerful motivator. A lot of libertarian-minded folks are getting fleeced in this scam.

Wed, 02/26/2014 - 10:12 | 4479737 tip e. canoe
tip e. canoe's picture

a tinfoil honeypot?

Sat, 03/01/2014 - 05:01 | 4492820 MeelionDollerBogus
MeelionDollerBogus's picture

worse. At least tin foil has atoms & intrinsic value.

Not rare but I can do more with tin foil in my kitchen than I can do with bitcon... anywhere.

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