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overtheedge
Member since May 2012
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Bitcoin Exchange Goes “Dark” - $350 Million Theft Claim

- Mark O'Byrne - gold.ie

"Reports that hackers may have pilfered more than $375 million in Bitcoin from Mt. Gox prompted companies from San Francisco to London as well as their industry group, the Bitcoin Foundation, to assure Bitcoin users that their funds won’t disappear due to theft or mismanagement."

The only way these assurances can be made manifest is by the Bitcoin Foundation and the other exchanges making the owners of the wallets held by Mt Gox whole.
I would think the Bitcoin Foundation board chairman would be all over the world-wide news assuring everyone, bitcoin holders and non-holders, that bitcoins are safe, secure and secret.

I think it is a fair assumption that the bitcoins held in wallets at Mt Gox are safe from withdrawal, secure from all prying eyes and so secret that few, if any, know if and/or where they exist in cyber-space.

Do bitcoins clink when you stack them? How much does a bucket-full weigh?

As you can tell, I'm no fan of bitcoins. One reason why:
The only way you know if your bitcoins actually exist is by exchanging them for tangibles. This Mt Gox fandango provides pretty conclusive evidence that bitcoins don't really exist.

Can you imagine trying to prove in court that you owned bitcoins in a defunct exchange?
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Good article. However assets supposedly held in bitcoin wallets at Mt Gox obviously won't be sold to purchase physical PMs. But maybe the owners will get lucky. Mt Gox might get resurrected or the Bitcoin Foundation might make the bitcoin holders whole. In the words of Bobby McFerrin, "Don't worry, be happy."

Commented 3913 days ago

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Beginning of the headline :Webinar Today: Gerald Celente Topic: Strategies For Protecting Your Wealth In 2014 And Beyond Time: 20:00 GMT/12:00 PST/15:00 EST/14:00 CST Register Here Today’s AM fix was USD 1,340.00, EUR 975.33 and GBP 803.12 per ounce. Yesterday’s AM fix was USD 1,332.75, EUR 969.48 and GBP 798.53 per ounce. Gold rose $2.80 or 0.21% yesterday to $1,340.60/oz. Silver fell $0.15 or 0.68% at $21.86/oz. Gold reversed early losses and rose to its highest in four months today at $1,345.45/oz. Economic data ra... Read More

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