"Whew, wondered where we'd put those 200,000 BTC!"

[Kelly John Rose]

On Fri, Mar 21, 2014 at 8:59 AM, rysiek <rysiek at hackerspace.pl> wrote:

> Dnia piątek, 21 marca 2014 08:20:02 Kelly John Rose pisze:
> > On Thu, Mar 20, 2014 at 11:25 PM, jim bell <jamesdbell9 at yahoo.com>
> wrote:
> > >
> http://www.engadget.com/2014/03/20/mt-gox-apparently-found-200-000-bitcoin
> > > -in-an-old-wallet-shoul/?ncid=txtlnkusaolp00000589
> > >
> > > "In a bit of news that's familiar to anyone who ever put on an old
> jacket
> > > and found $20 in the pocket, embattled Bitcoin exchange Mt. Gox has
> made a
> > > fortuitous discovery. The company announced
> > > (PDF)<https://www.mtgox.com/img/pdf/20140320-btc-announce.pdf> in
> Japan
> > > that it found 200,000 Bitcoin (worth nearly $116 million at the moment)
> > > in a wallet from 2011 that it no longer used. That's less than a
> quarter
> > > of the 850,000 Bitcoins CEO Mark Karpeles reported were missing, but at
> > > the moment, at least it's something. According to its statement, the
> > > coins were moved to online wallets on the 7th, and then to offline
> > > wallets on the 14th and 15th. The mystery of what happened to Mt. Gox's
> > > funds<http://www.engadget.com/2014/03/11/mt-gox-us-assets-frozen/> is
> > > still far from solved, but between this news and reports of updated
> > > balances for account
> > > holders<http://www.engadget.com/2014/03/17/mt-gox-login-page-returns/
> >,
> > > it seems possible that there's something to be recovered from the
> > > shuttered exchange. Next up, removing all of the cushions from the sofa
> > > and pulling it away from the wall."
> >
> > If that doesn't inspire confidence in you, I don't know what will!
> >
> > Honestly, I really wonder what would happen if some developers who
> > understand financial cryptography and how banks properly work built a
> real
> > bitcoin exchange. Considering how well it has done with incompetents like
> > this, I'm betting a properly programmed and vetted system may be quite
> > successful.
>
> I'm betting the exactly other way. "First to the market" and some snakeoil
> usually, unfortunately, win by leaps and bounds with "well-designed and
> properly implemented".
>
> --
> Pozdr
> rysiek



Snakeoil will be good at sucking money out of suckers with more dollars
than sense. Bitcoin, or some other cryptocurrency, really does have
potential as a way to grease the gears of international finance or
micropayments, but not really as a complete currency replacement in my
opinion.

The problem here is that there is no legitimate or reasonable way to buy
into the market without going through these snakeoil-like dealers.

-- 
Kelly John Rose
Twitter: @kjrose
Skype: kjrose.pr
Gtalk: iam at kjro.se
MSN: msn at kjro.se

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