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Bitcoin Businesses Japan The Almighty Buck The Courts United States

Mt. Gox Working With Japanese Cops; Creditors Want CEO To Testify In US 62

Posted by timothy
from the somewhere-someone-is-on-the-beach-with-a-margarita dept.
jfruh (300774) writes "The latest developments in the sad saga of Mt. Gox's missing bitcoins: the exchange has announced that it's working with Japanese police to try to determine who (if anyone) stole the bitcoins entrusted to Mt. Gox, resulting in the company's collapse. There are serious doubts as to Japanese law enforcement's abilities to deal with the technical issues involved. Meanwhile, Mt. Gox creditors [have rejected] Mt. Gox CEO Mark Karpeles offer to testify in their lawsuit against him from Taiwan, and have demanded that he come to the United States."
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Mt. Gox Working With Japanese Cops; Creditors Want CEO To Testify In US

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  • Re:Yeah right... (Score:5, Informative)

    by DarkOx (621550) on Thursday March 27, 2014 @10:11AM (#46592419) Journal

    Which is the wost part of it. At the end of the day there was at least a period where they were accepting money and promising to deliver bitcoins he did not have and had no plan to obtain.

    Yet everyone is jumping all over this to point out: see see you have to have regulations.

    Which is bullshit. What they were doing was simple fraud. It does not matter if bitcoin is a currency, commodity, security or anything else, it does not require additional banking laws. Already a crime without any fancy securities laws, or regulators.

    Common law fraud: is the intentional misrepresentation of material facts presented to and relied upon by another party to his detriment and in order to get them to act.

  • by QilessQi (2044624) on Thursday March 27, 2014 @01:27PM (#46594231)

    I find that most debunkers and detractors operate out of some kind of emotional offense

    Well, to be fair, most fans and defenders probably operate out of some kind of emotional defense. For example:

    I have no strong feelings about Bitcoin, for or against. Which is why I found it amusing that when I mentioned the transaction malleability issue in a recent discussion -- and subsequently quoted the 3rd party sources (Forbes and TechCrunch) which attributed Silk Road 2's problems to this issue -- one of Bitcoin's staunch defenders accused me of wearing a "tinfoil hat", which was odd because I was neither putting forth a conspiracy theory nor quoting a source which was. This individual said that I could either believe his facts or [what he asserted to be] non-facts from sources that I consider to be slightly more reliable than a random pseudoanonymous Slashdot user. Yes, "Appeal to Authority" may be a logical fallacy, but you can't counteract it simply by claiming to be more authoritative, all the while resorting to Argumentum ad Hominem.

    Has Bitcoin been demonized? Well, it has gotten bad press, because of various things. What it has been used to purchase. The problems with various exchanges. The perceived complexity of use compared to conventional fiat currency.

    Then there are the Bitcoin fellow-travelers, like the Winkelvoss twins and Bill Gates, who I think manage to turn a lot of Slashdot readers off Bitcoin simply by singing its praises. Sure, that's irrational too. If I found out that Steve Ballmer liked chocolate and kittens, I wouldn't immediately hate those things. True, I'd enjoy them a little less because of the uncomfortable association, and I wouldn't eat them in the same sandwich like he does, but still. Chocolate and kittens.

    Are non-Bitcoin adopters jealous of the ones who jumped on the mining bandwagon early? Maybe, in some cases, there's a fox-and-the-grapes issue at work. But mostly I think there's just a lot of eye-rolling at the picture of a bright, shiny, government-intervention-free financial future that some cryptocurrency advocates are hyping. See https://www.youtube.com/watch?... [youtube.com] to understand what this is like on the receiving end.

    So let's allow for a little irrationality on both sides of the fence.

Fools ignore complexity. Pragmatists suffer it. Some can avoid it. Geniuses remove it. -- Perlis's Programming Proverb #58, SIGPLAN Notices, Sept. 1982

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