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Mt Gox Files For Bankruptcy After $473 Million In Bitcoins "Disappeared"
For a case study of a blistering rise and an absolutely epic fall of an exchange that i) was named after Magic: the Gathering and ii) transacted in a digital currency which many have speculated was conceived by the NSA nearly two decades ago and was used as a honeypot to trap the gullible, look no further than Mt.Gox which after halting withdrawals for the second (and final time) has finally done the honorable thing, and filed for bankruptcy. As the WSJ reports, "Bitcoin exchange Mt. Gox said Friday it was filing for bankruptcy protection after losing almost 750,000 of its customers' bitcoins, marking the collapse of a marketplace that once dominated trading in the virtual currency. The company said it also lost around 100,000 of its own bitcoins. Together, the lost bitcoins would be worth approximately $473 million at market prices charted by the CoinDesk bitcoin index, although the price of Mt. Gox bitcoin had fallen well below that index after it stopped bitcoin withdrawals in early February."
The punchline: speaking to reporters at Tokyo District Court Friday after the bankruptcy filing, Mt. Gox owner Mark Karpelès said technical issues had opened the way for fraudulent withdrawals, and he apologized to customers.
"There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble"
So $473 million Bitcoins disappear just like that? But you heard the man - he is sorry. So all is well - and why not: it works for the TBTF banks every day.
What is amazing is that at the time of filing Mt. Gox had outstanding debt of about ¥6.5 billion ($63.6 million), and just as amazing is that it actually had assets worth ¥3.84 billion.
Elsewhere, prices on the CoinDesk index, which tracks the Bitstamp and BTC-e bitcoin exchanges, fell slightly after the announcement but appeared to stave off a larger drop.
Mr. Karpelès, wearing a gray suit and a blue tie, appeared calm while his lawyer did most of the talking, but he appeared to have difficulty finding words when reporters asked him to send a message to his investors, just repeating his apology.
Computer geeks who were hoping to ride the momentum train to riches, and apparently had never heard of gold, were unhappy:
"It is disappointing they hid so much for so long," said Jonathan Waller, a 30-year-old game developer who said he had had 211 bitcoin in Mt. Gox. "I hope they manage to become a fully-functioning exchange again, but their reputation is so damaged it may not be possible," he said.
Over the past month, customers from as far away as the U.K. and Australia had come to air their complaints outside the company's Tokyo offices. One of them, Londoner Kolin Burges, figured in news photos around the world holding a sign saying, "MT GOX—WHERE IS OUR MONEY."
William Banks, a website developer in Australia, said he lost about 100 bitcoins in Mt. Gox. He had been using the platform since the end of 2012, when he bought some bitcoins at $40 each. Recently, he bought more at about $800 a pop as he became more confident in the virtual currency. He said he has contacted a Japan-based lawyer to look into legal action.
About Mt. Gox's loss of bitcoins, he said, "That seems impossible to me. It's just such an astronomical amount of coins to lose."
Only when redenominated in USD. Remember: BTC is its own currency so why fret? As for the collapse of this latest Ponzi scheme: if things appear too good to be true (wink wink S&P 500), they usually are.
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Deck is stacked against BTC, so long as the internet is policed by NSA and Feds.
We cant even get the so called "legitimate" markets to be policed accurately by the SEC...so why do you think the powers that be would allow some punks likt the BTC crowd to play their games which only allow for cheating the already-rigged game. Just one example of how opaque the public markets are from todays news...this is concerning the MLP market. But you can substitute the Gold Price Fix story, or the Greek Bond Market (Greek CDS were nullified), the investor has very little real opportunity at a transparent market.. including BTC!
http://blogs.barrons.com/incomeinvesting/2014/02/26/for-mlps-distributab...
Deck is stacked against BTC, so long as the internet is policed by NSA and Feds.
We cant even get the so called "legitimate" markets to be policed accurately by the SEC...so why do you think the powers that be would allow some punks likt the BTC crowd to play their games which only allow for cheating the already-rigged game. Just one example of how opaque the public markets are from todays news...this is concerning the MLP market. But you can substitute the Gold Price Fix story, or the Greek Bond Market (Greek CDS were nullified), the investor has very little real opportunity at a transparent market.. including BTC!
http://blogs.barrons.com/incomeinvesting/2014/02/26/for-mlps-distributab...
I almost hate to say this, but I wish you'd show up a little more often.
Who are you and what have you done with the real MDB?
Finally a financial I didn't have to bail it out. Sweet!
The want and need is there. Someone will get it right.
In defend your right to be wrong but if you try to make me pay for your mistakes I'll make the rest of your life seem like prison.
If bitcoins had no value, nobody would bother stealing them.
No regulation, no audit trail, no recourse. Now you see it, now you don't. Just like magic it has all the markings of a long con.
Unenforced "regulations", audit trails that vanish into offshore trusts, no recourse. Now you see it, now you don't. Just like magic, it has all the markings of a long con.
Ghost in the Machine
Yes, perhaps their value is only in their usefulness to deceive. Wait a second, are we talking about the dollar?
It was probably a $50 investment back in 2010.
Pimping reality hoe... and you are getting a dose of it bitch*.
*-Foneystar
It's not a real currency if it doesn't have its own printing press.
yep, fagstar will call it golden cross/cup& handle formation/BULLISH/BUY MOAR!the deal of the century!
That's right fuckhead. Always buy more Bitcoin.
Duchestar...don't forget that we keep you around just like the cripple of Pulp Fiction ...
"always buy more BTC"
only a retard would say that...
I guess this should be bullish for shitcoins....right foneystar.
This is very bullish for Bitcoin. The Goxing is over.
next one in.... MOAR PHONEY COINS
Well, that's the nature of "free markets": Every crook and scammer has a chance of "easy money", because there is not Enforcement arm for those who choose to not play by the rules.
It was not different in the Frontier days, gold-backed money days (bank robberies), or fiat days (Wall St scams). Nothing new here.
Nonetheless, am glad that I do not keep my crypto with any exchange. Nothing like cold storage, kept offline. And for those who are consumer slaves of "online convenience", how's "convenience" working out for those who got Mount(ed) and Goxed?
Gold never goes bankrupt. The miners are already taking off.
Buy when there's digital blood in the virtual streets.
I logged in specifically to upvote this
well... to all the bitcoin nerds out there...
http://scottystarnes.files.wordpress.com/2010/06/ass-rape-rape-deliveran...
Bitchcoin
It is not gone - it is just not yours anymore......
It's gone when you burn your paper wallet...
http://dealbook.nytimes.com/2014/02/28/mt-gox-files-for-bankruptcy/
Mark Karpeles, the company’s chief executive, wearing a suit instead of his usual T-shirt, bowed in contrition and apologized in Japanese at a press conference in Tokyo:
“I’m truly sorry to have caused inconvenience,”
So “inconvenience” is the new euphemism for “fraud”?
Yep and disappeared is the new euphemism for stolen!!
Inconvenience? He should be thanked. If 6% of bitcoins are now lost in cyberspace, the rest are now more valuable. Scarcity, you know. The "coins were stolen"-argument does not hold water at all, because two MtGox accounts with 260 000 coins have been spotted. It's just that Mr. Karpelès does no longer has access to them.
Ah, the old "crap-I-just-wiped-my-800,000-BTC-wallet-and-didn't-have-a-backup" theory.
Oh, that's okay, Mark. What's $473M amongst friends? the important thing is they still have some kind of important advantage over normal currency; if I could just remember what it was.
does make one wonder whether or not anybody ever bothered to upgrade the security controls at Magic: the Gathering Exchange as it morphed from Yukio cards to Bitcoin!!!
To future crypto-currency kiddies.....
Never trade your digital wampum though an exchange that started out as a place to trade Magic: The Gathering cards.
(M)agic (T)he (G)athering (O)nline e(X)change. This is true.
https://en.wikipedia.org/wiki/Mt.Gox
http://www.businessweek.com/articles/2014-02-25/bitcoin-exchange-mt-dot-...
http://techcrunch.com/2014/02/12/jed-mccaleb/
And it's not like ANY PRODUCTIVE WORK was done in the making of Bitcoin. It's not like ANYONE BROKE A SWEAT. It was all done on your fancy calculator.....ie.....computer.
So, really, nothing was lost, except for the POTENTIAL payoff during the course of any exchange. Oh well.....just keep the computer cranking script kiddies. You're young enough to build back your virtual savings for your virtual retirement.....LOL !!!!
It is the virtual wide west!
If you like your Bitcoins you can have your Bitcoins....NOT!
LET'S JUST COPY THE SOURCE CODE AND CALL THE NEW ONE BITCOIN V.2!!!!
A SUCKER IS BORN EVERY MINUTE AND THAT'S ALL IT TAKES TO GET 400 MILLION ON THE CHEAP!!
Do the bitcoins have value or not? If they have no value, then how can they be worth $400 million?
Bitcoin value is pegged to pocket lint.
Pocket lint now goes for $500+?! Wow and they say inflation doesn't exist.
Unless you put in some new feature that the market desires, your new crypto won't get any market share.
But hey, who needs facts when you can just make it up as you go along?
"But hey, who needs facts when you can just make it up as you go along?"
Is that written in the bitcultists bible?
No, but it is written:
"We shouldn’t delay forever until every possible feature is done. There’s always going to be one more thing to do." - Satoshi Nakamoto
last night before i went to bed i checked to find that all my Physical Silver was where it was when i woke up that morning...
real money...
outside the system....
no COUNTERPARTY RISK.............
keep stackin.....
You might want to invest in a shovel after that Supine court ruling.
and some six inch pvc pipe, a post hole diger, and some glue
and, heads up, digging is hard during the winter(december recovery effort will attest to this...lol)
as long as u fear THEM u live as THEIR slave...aint nobody taking shit from nobody....
last night before i went to bed i checked to find that all my Bitcoins were where they were when i woke up that morning...
real money...
outside the system....
no COUNTERPARTY RISK.............
keep mining.....
This story is deserving of the South Park clip. http://www.youtube.com/watch?v=_nVk25ZvTkU
You gotta watch the longer clip. "Aaaaand, it's gone." Bankster fuckers. Strings of 1's and 0's that exist in a server somewhere aren't money...I'll just keep stacking.
http://www.youtube.com/watch?v=-DT7bX-B1Mg
Get fonestars mum on the phone to wake him up.
He can do the eulogy.
Rusty knows that fonestar is in bed with mum, fonestar in fetal position...wait, did I just refer to myself in third person???
Reading fonestar's comments will lower your IQ.
Day jus disdapeared bitchez
BitCorned: Where BitCorns are completely secure and can only be removed by your Proctologist.
how can coins disappear when they never existed ?!!!
And who says these mythical "coins" were ever worth that much?
Isn't the purpose of a crypto-currency to not be associated with the central banking system fiat and so then not to be valued in terms of the fiat that the crypto was supposed to have been created to use instead of in the first place?
I'd rather stick to my phyzz PM's.
"how can coins disappear when they never existed ?!!!"
I am sure a whole gaggle of lawyer types are debating that hot topic right now.
I APOLOGIZE AND NOW I'LL RETIRE IN PEACE!!!
I'LL SEND YOU ALL A POSTCARD FROM MY NEW GREEK ISLAND THAT I BOUGHT FOR 400 MILLION!!
lol, you dont need that much, haven't you heard there's a fire-sale going on XD
Disappeared? You mean it was stolen dumb asses!!!!
Slightly off topic
U.S senator (asswipe) Joe Manchin wants to ban bitcoin
http://www.coindesk.com/us-senator-bitcoin-ban-letter-federal-regulators/
Senator Manchin's Campaign Donors List
1) FirstEnergy Corp $139,450
2) Mylan Inc $127,500
3) Mepco LLC $64,400
4) Dominion Resources $63,900
5) American Electric Power $61,250
6) Centene Corp $55,900
7) Jackson Kelly Pllc $50,825
8) Drummond Co $49,100
9) Patriot Coal Corp $48,400
10) Alpha Natural Resources $48,298
11) Boich Companies $44,200
12) CONSOL Energy $41,050
13) Wexford Capital $40,000
14) Arch Coal $35,900
15) CSX Corp $35,700
16) Peabody Energy $34,100
17) Nelson Brothers LLC $32,000
18) JPMorgan Chase & Co $30,550
19) Chesapeake Energy $28,900
20) Lewis, Glasser et al $27,600
Hey, he is only doing his job and trying to protect the citizens he was elected to represent. ROFLMAO!!!!! But no worries, once they have the regulation, infrastructure, and supporting fees in place, it will be safe for the common citizen to dip his toe in the stable bitcoin pond. And the financial entities will have a shiny new revenue stream to abuse and manipulate!! Everyone wins and goes home happy!!! BwaaaaHaaaaaHaaaa!!!!!!!
Hey, he is only doing his job and trying to protect the citizens he was elected to represent. ROFLMAO!!!!! -- Toolshed
Hey, he is only doing his job and trying to protect the citizens he was paid to represent. ROFLMAO!!!!!
There, fixed it for ya...
+1
For... the obvious.
Thanks. Always welcome.
Where does Hitler stand on this?
https://www.youtube.com/watch?v=Nf_ZhB0WMv0
(pardon the errors, YT dumped the later corrected versions as dupes)
Krisp, That is hilarious! Thanks for the morning laugh.
:))))
Thanks, just having some fun with it. Too bad it was a day late and a Bitcoin short...
Corrected version: https://www.youtube.com/watch?v=FqVzMz6wi5I
Hitler's also really fucking pissed Bitcoin survived MtGox's bankruptcy.
https://www.youtube.com/watch?v=6phynr2fdVU
Krispkritter, Doubleguns on floor laughing.
The hackers will get the other exchanges and payment processors too. There is always a way and a weakness. Thinking otherwise is due to inexperience and lack of imagination. Bitcoin is the ultimate target. Untraceable millions free for the taking by puzzle solvers. If it was made by man, and is on the internet, it will be hacked.
Coinbase and other more sofisticated exchanges hold over 95% of their funds off line.
Gox was a relic of the early days of bitcoin.
I agree that the weakest links will be hacked. That puts the onus on users and exchanges to protect themselves from theft and fraud.
These thieving cunts actually do bitcoin a favour in the long run, as it forces entrepreneurs to invest in many innovative security features, which further strengthens the network.
This is how free markets are supposed to work...
Right, because hackers only target bitcoin, NEVER anything else.
You are too funny! So, what you are implying is that since hackers target everything, there was no need to be concerned about bitcoin being hacked. Good job!
Did you read the post I was replying to? He literally said "Bitcoin is the ultimate target". Not central banks. Not stock exchanges. Not hedge funds. No, $20B market cap Bitcoin.
Bitcoin has been targeted for ages, just like every other electronic exchange. As time goes by, the likelihood of discovering some systematic weakness falls.
Might as well worry about using banks becaue they might be hacked. Such idiocy only distracts from ACTUAL threats--insolvency in the case of BTC exchanges, and systemic insolvency and inflation in the banking system.
NOTHING connected to the internet is totally secure. How can that not be common knowledge these days? One of my biggest concerns about bitcoin was the fact that all these tech geeks were going on and on about it's safety, security, and anonimity. All points now proven wrong. These bitcoin cultists were the very people who should damn well know better than that. You could smell the acrid stench of the bullshit fueled impending rip-off from the orbit of Uranus!
I'm too old to start learning all this IT crap, but one thing I do know if it's electronic, there's a way to hack in to it, and someone will eventually figure it out.
"but but but bitcoins is the perfect and most secure currency out there nothing can ever go wrong with them"
Every one else who stacks real assets: "shut the fuck up fonestar and go back to your mothers basement"
fuck bitcoin and fonestar long live gold, silver, ammo, and food
Err, nothing has gone wrong with Bitcoin, in this instance. A single business in the Bitcoin ecosystem filed for bankruptcy.
If you give your gold, silver, ammo, and food to someone else for safekeeping, and they steal it (or otherwise allow it to be stolen), is that a problem with gold, silver, ammo, or food?
LET'S ALL INVEST IN DOGCOIN AND CLOUDCOIN NOW!!!!
They (lost BTC)disappeared in his fake boat in his fake lake. This clown should be jailed next to Bernie Madoff.
PAGING FONESTAR
Fonestar is a tag-team of Government stooges.
ZH facilitates them, as part of its agreement for continued "liberty".
Only Big Government would support a virtual currency system where every transaction is carefully recorded on each blockchain. Every transaction is traceable.
Thanks for playing.
and poof! fonestar disappears also
maybe his iPhone/iPad/Note/Computer was repossesed
Nah, paid troll... He and some other btc pumpers. They started showing up in force during the 1st run up, over defended btc viability during the pull back, became early apologists for Mt Gox and now where are they?
Their message in a nutshell, "Hold still sheep, the future is bright and we ain't done with you yet.."
Most appropriate comment, "aaand, it's gone". Downright corzine like, eh?
Just like Marie Antoinette invented the guillotine, and paid shills to shill for the French Revolution.
Funny that you seem to think bank transactions aren't traceable or something.
Here's a hint: bitcoin isn't to replace gold. It's meant to replace the dollar.
But you have selected bitcoin to be your enemy, so any and all evidence that it is your friend will be discarded because it isn't on your "side".
Dear Fonestar,
All yer bitcoin booty, it now belongs to us! Argh! Thanks!
Sincerely,
NSA - CIA - FBI
P.S. A FOOL AND HIS MONEY ARE SOON PARTED
Fairly certain Fonestar doesn't use Mt Gox, so how does this one (already known to be shady) business going under imply that all his bitcoins were stolen by the NSA?
Again, what happened to fonestar's Bitcoins fuckhead? None of my coins are stored online.
My silver might not be worth as much in USD as it was a few years ago, but at least it'll never disappear without a fight.
"it'll never disappear without a fight."
I guarantee you it will if you give it to a shady guy running a Magic The Gathering Online eXchange out of Japan for safekeeping. My bitcoins, like your silver, remain unaffected by this.
Ok, so what's the difference between Mt. Gox and the other exchanges then?
Honest question. Not trying to be sarcastic, I'm just not familiar with these other exchanges. Can you trade your BTC between them, or do you have to keep all yours at just one?
Ok, so what's the difference between Mt. Gox and the other exchanges then?"
Many other exchanges have failed, disappeared, or lost customer's coins. For example, read the ultracoin thread where the only exchange representing ultracoin has disappeared and no one knows what will happen next.
The reason you hear about Mt.Gox is because it was the largest and most famous.
Ooops my first double post I think.
Congrats !
Thank you!! (I guess)
Nothing to see here, move along....
I think they better start looking into whether John Corzine ever consulted for Mt. Gox
Simply can't be. I have it from highly reliable sources that this is impossible. This story must be bogus.
All that "virtual" currency virtually disappears! Imagine that.
imho it was a lame idea in the first place.
It didnt disappear, someone stole it. Be careful who you trust; that goes for gold and Bitcoins alike.
Here goes "Gold 2.0", never Vapour-currency can substitute the real and only Gold.
Dollar Crashes Below 80.00, Euro Breaks $1.38 - Somebody Read James Rickards' Book "The Death Of Money" Already
We have quite a morning today. In the early trading hours US Dollar was crashed below the all-important 80.00 level to 79.84 and Euro has broken $1.38 level. With all the ongoing Currency Wars and China pushing Yuan down Gold Demand is going strongly up. Now recent increase in demand for Gold to the record numbers in China can be put in another perspective. Somebody has read James Rickards' new book "The Death Of Money" and playing along with it. As we have noted before, Ukraine is another battle to be lost by the US dollar as The Reserve Currency of Choice. Who is selling US Treasuries today? Is it only angry Russia or is it China raising cash to Buy Barrick Gold's vault in the ground at Pascua Lama? Now with Yuan pushed down and US Dollar going down after the highest number on record of Chinese selling US Treasuries, Gold has no other way but to go much higher. Short squeeze will help, as some banks were encouraging to sell gold again after this very initial advance, after bottoming in 2013. We have seen nothing here yet. The Mother of Short Squeeze in Gold and, particular, in Silver is still to come. http://sufiy.blogspot.co.uk/2014/02/dollar-crashes-below-8000-euro-break...
I wonder why Jim would title his book, "The Death of Money"? He knows that fiat currency is not true "money" and that only gold and silver are true "money".
The title implies the death of gold and silver, when we all know and so does Jim that he really means the death of fiat paper "currency".
Just seems an odd way to title his new book since his previous book was called "Currency Wars". You'd think his new book would have been titled "The Death of Currency" to more appropriately keep with the same theme.
Edit: I haven't read his new book yet, so maybe he actually does mean the death of gold and silver????? I would assume not, which is why I wonder about the title of his new book.
C'mon, he and his publisher want to sell books. Which do you think would be the better marketing approach, targeting the cogniscenti with "The Death of Currency", or the masses with "The Death of Money"?
yep...I get that...I just forgot to mention it as a possible reason for the naming of the title when I sent my post. I guess that could be the only reason...just for marketing purposes.
But at the same time, "the masses", probabaly more that 90% of them, are so dumbed down, don't read, can't read, don't care, can't care, etc. etc., that I highly doubt a book of this subject matter could ever be successfully marketed towards them anyway.
Those masses don't even have a clue who Jim Rickards is, and certainly don't give a crap about what books he writes or what the subject matter is. Explaining the monetary system to them is next to impossible. They just don't care.
The Free Shit Army thinks they will be taken care of by their loving government and don't realize they're just slaves living on borrowed time and are about to be flushed down the toilet in the not too distant future.
He should have named it "The Death of Currency" for the few of us who understand and are awake. :-)
" I wonder why Jim would title his book, "The Death of Money"? He knows that fiat currency is not true "money" and that only gold and silver are true "money"."
You know fiat is not money, and I know fiat is not money, but the average member of the herd thinks fiat is money. They all call it money and have bee trained to believe fiat is money. When was the last time you heard someone as: "Hey man, do you have any fiat on you?". That's why.
Some people just got Corzined. Sick.
Cui Bono? Fiat
"There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble"
So $473 million Bitcoins disappear just like that? But you heard the man - he is sorry. So all is well - and why not: it works for the TBTF banks every day.
HHEHEHEHEHHE.....TY Tyler.....needed a laugh this morning....lol...LOL.
You (dumb fucks) got GOX'D!
A bird in the hand... I'd rather have an Eagle in my hand than two Bitcoins in Mt. Gox.
No shit sherlock
if anyone wants the original "and its gone" clip for south park...here it is...
http://www.youtube.com/watch?v=-DT7bX-B1Mg
Haha funny... And true
They can't hack my stack....
BitCoin, Backed by the Full Faith and Credit of Mt Gox.
Just like another fiat currency I can think of, No Faith and No Credit, Just Debt.
Lots of Debt. Definitely a 'Foney' idea. Zero Stars.
Bitcoin is not "backed" by Mt Gox, never was, and no one ever claimed it to be. Mt Gox was one exchange (and a highly disreputable one at that).
If you put your gold in a warehouse, and the warehouse owner steals it and spends it all on hookers and blow, it doesn't imply anything about the nature of gold or its use as money.
This is correct. And it doesn't change the value of that gold in the marketplace. The gold has just changed owners ... so to speak.
However, in this BitCoin case, there was a limited number of them in the first place ... guaranteeing DEFLATION. And if some have been removed from circulation with this "theft" ... never to be used again, it means the previous owners of them are losers ... but all other owners are winners because that DEFLATION just got larger.
But don't confuse this with money. It's not money any more than gold, numismatic coins, art, antiques, or stamp collections are money. Money is "a promise to complete a trade" ... period.
If theives stole 5% of the currency this is unfortunate. They may have rotated to USD or gold. If the coins have been destroyed, yes, that makes all other coins more scarce. :)
Why do all major BK happen on a late day Friday ????
Something tells me no one is ever going to find those missing Bitcoins under a tree either, like these coins:
http://www.cnn.com/2014/02/25/us/california-gold-discovery/index.html
Get physical, physical, physical, physical, physical, physical, physical……This makes me happy. I still got gold and silver, lead, know how, seeds, friends, beer and a hella good woman. Whatcha got foney?
I'm sure he's still got his Bitcoins, you know, since he doesn't use Mt Gox?
What Buffett always said
"beware of fucking geeks with an idea"
Hahahahaaaa...
My sympathy to all that lost money.
BUT
Whoever thought that the Bitcoin virutal money business would be any different than the other virtual money business (Dollar et al) is just naiv. Again, as with Corzine (who still walks free with impunity) millions have disappeard.
NOTE
Money never 'disappears'! It's just that somebody else has it now!
exactly.. trust is in the blockchain, not hack exchanges. There were just too many stupid people in denial keeping Mt Gox alive.. finally this dunce is out of the picture
I see that the bitcoin pumpers are now back here "pumping da phys"
I other news: Fortress Investment Group NYSE:FIG with over $61 BILLION in assets managed has purchsed over 16,000 Bitcoin this past quarter as per their latest filing.
I'm sure they haven't done any DD as everyone knows bitcoin is a ponzi /s
As best I can see, Fortress is a ponzi scheme...
16,000*500=8,000,000
8mm/61bn=0.0131% of their AUM.
Just wait
When cocky and insulent people here realize their stack they brag about is really nickel with gold leaf.
a fool and his bitcoin booty are soon parted
Does insulent mean protected from heat transer?
Gore-Tex flame retardant underwear.
All I have to say is a lot of zerohedge posters have praised bitcoin. Many here will continue to deny till the end. Then they'll formulate a government conspiracy to blame it all on.
well there's the idea of bitcoin, then there's how governments and intelligence agencies may {have} fuck{ed} up that idea.
Don't confuse the two.
And Janet don't like competition...
His name was Fonestar, and he was the best pitcher on the NSA-Utah's softball team.
Aaaaaaaaaaaaaand its gone... Next in line please! Sir, this line is only for people who have money in this bank...
RECALCULATING
Rednecks like me own gold and silver 'cause it never goes out of style. I can ALWAYS trade my PMs for virtually anything anytime I want.
Gold and silver bitchez. It's the only real money.
hairball
Right. And last month you could trade those PMs for 40% less stuff than you could 2 years ago.
A properly managed Medium of Exchange (MOE) guarantees zero inflation (of the MOE) over all time and space. A properly managed MOE stands for "promises to complete trades"; not for digging and refining of dirt or wasting of electrical energy to find prime numbers or a twice daily meeting of a clique in New York or London making up numbers and calling the printer.
"for 40% less stuff... 2 years ago"... Y'mean versus BitCoin at 100% less ?
NSA had nothing to do with the demise of BITCOIN.... but but but i thought there was a recorded chain of transacitons that can be TRACED.... but but but some pimply faced teen hacker can now drop out of high school and live the life.. sure... so who at Mt Gox has the bits or spent them???????
what demise? this was an exchange... like a failed savings and loan bank.
no we dont ahve your BITS sir but would you like a pair of KICKING MYSELF IN THE ASS SHOES size 11 D ???????
Hilarious statement #1: "Currency needs to be backed by a strong authority or it simply cannot function. Economists have proved this over and over again ....."
followed by its (direct) contradiction shortly thereafter...
"gold has intrinsic value. Gold has the major advantage of being physical and tangeable, which is how it derives its intrinsic value."
Now, really, I ask you, can you ask for better proof of dumb-assity than that? Not only does he not know which side he is on, he doesn't even know he is on both sides at the same time. Or... wait... will he say he (she?) REALLY knows the difference between "currency" and "money"? Hmmmm. I doubt it.
Jonathan Waller, a 30-year-old game developer who said he had had 211 bitcoin in Mt. Gox
Yep, that's your bitcoin demographic in a nutshell....
You will say LITERALLY anything to attack things you don't like, won't you?