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Mt. Gox CEO Returns To Twitter, Enrages Burned Investors 281

Posted by samzenpus
from the poking-the-bear dept.
An anonymous reader writes Mark Karpeles doesn't seem to understand how much anger and trouble the $400 million Mt. Gox fiasco caused his customers. According to Wired: "After a long absence, the Mt Gox CEO has returned to Twitter with a bizarre string of tone-deaf tweets that were either written by a Turing test chat bot, or by a man completely oblivious to the economic chaos he has wrought. His first message after losing hundreds of millions of dollars worth of bitcoins? 'What would we do without busybox?'—a reference to a slimmed-down Linux operating system used on devices such as routers. He's also Tweeted about a noodle dish called yakisoba and Japanese transportation systems." Andreas Antonopoulos, the CSO with Blockchain says, "He continues to be oblivious about his own failure and the pain he has caused others. He is confirming that he is a self-absorbed narcissist with an inflated sense of self-confidence who has no remorse."
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Mt. Gox CEO Returns To Twitter, Enrages Burned Investors

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  • by BlueKitties (1541613) <bluekitties616@gmail.com> on Thursday June 19, 2014 @07:26PM (#47277447)
    We all know after any wrong doing, a person must offer up at least three goats to the Social Justice Warrior spirits in order to quench their bloodlust.
  • This just in. (Score:4, Insightful)

    by Anonymous Coward on Thursday June 19, 2014 @07:32PM (#47277501)

    Man who quite obviously ran an elaborate scam and legally (as far as I'm concerned) stole money from a bunch of morons and suckers is a narcissist and sociopath. Are we supposed to be surprised?
    This guy is like people who rob little old ladies and see nothing wrong with it.

  • Re:This just in. (Score:1, Insightful)

    by sexconker (1179573) on Thursday June 19, 2014 @07:40PM (#47277577)

    Man who quite obviously ran an elaborate scam and legally (as far as I'm concerned) stole money from a bunch of morons and suckers is a narcissist and sociopath. Are we supposed to be surprised?
    This guy is like people who rob little old ladies and see nothing wrong with it.

    How was it legal? He stole people's property.

  • by Anonymous Coward on Thursday June 19, 2014 @07:42PM (#47277589)

    OR.....the Twitter account could be compromised, and the attacker is trolling you. I mean, they don't exactly have a stellar security record.

  • by robocord (15497) on Thursday June 19, 2014 @07:44PM (#47277601)

    "...he is a self-absorbed narcissist with an inflated sense of self-confidence who has no remorse."

    So you're saying he has what it takes to be a Fortune 100 CEO?

  • So? (Score:5, Insightful)

    by Vyse of Arcadia (1220278) on Thursday June 19, 2014 @08:11PM (#47277775)

    He's also Tweeted about a noodle dish called yakisoba and Japanese transportation systems. Andreas Antonopoulos, the CSO with Blockchain says, "He continues to be oblivious about his own failure and the pain he has caused others. He is confirming that he is a self-absorbed narcissist with an inflated sense of self-confidence who has no remorse."

    Sounds to me like he's just using Twitter the same way everyone else uses Twitter. Why does tweeting about yakisoba make him a remorseless narcissist? He may be that, but regardless Twitter isn't the best venue for heartfelt apologies. I bet he also failed to take responsibility for Mt Gox last time he sent a text or wrote a sticky note.

  • by Tailhook (98486) on Thursday June 19, 2014 @08:48PM (#47278021)

    I'm evil incarnate and I'm about to punish myself on behalf of the Twitterverse

    Ok... I'm cutting. I'm slicing my wrists right now

    That was pretty deep. Blood everywhere. Hard to type

    I'm so sorry. Your virtual money went to virtual money heaven and it's all my fault.

    Getting dizzy now. cant..... focus

    keyboard so sticky

    i dndt thk that woold hepeen we tried too stipthem and it

    i'm sorry

    Bitcoin is not a place one goes to enjoy the protections of traditional state issued currency and state regulated banking. Twitter is not a place one goes to find sincerity. Slashdot is not the place to indulge your fake outrage.

  • Why is this flamebait? Bitcoins were practically MADE for shady deals and businesses and these people threw their "property" into the hands of a guy who anybody with even a teeny tiny bit of due diligence would have been able to find out he knows less about financial exchanges and Internet security than my southern ass knows about snowblowers so they lost their e-gambling money...and? Why should he give a fuck? I'm sure HE made out like a bandit, HE got paid, should why should he care about those that threw their e-money on the table and lost?

    Frankly this whole thing reminds me of those "only in FLA" stories where somebody goes bitching to the cops that their coke was cut with baby powder. If you use Bitcoins you are dealing with a currency that has ZERO safety nets, hell the reason why it became popular was places like Silk Road where you could buy anything and everything from drugs and CP to hitmen, and you trusted your BC to some yahoo that ran a fricking Magic:The Gathering trading club...really? And we are supposed to feel bad you got buttfucked after doing something so incredibly fucking stupid?

    I'm sorry but I can't feel any more sorry for these geniuses than I can the stupid bitch that sent her life savings to a Nigerian prince...you threw it away on a scam, learn from your stupidity and move on. this guy isn't gonna care anymore than the 419 guys care about who they scammed, so why go on about it?

  • Re:Really? (Score:5, Insightful)

    by fuzzyfuzzyfungus (1223518) on Thursday June 19, 2014 @09:16PM (#47278179) Journal
    What is absolutely adorable is the (perennial, for some reason) crop of people who are attracted to bitcoins' interesting mathematical properties; but assume that these properties somehow magically transfer to mere paper that is merely denominated in bitcoins rather than in USD, bushels of wheat, Euros, or whatever.

    You put a bitcoin in an account at one of these 'exchanges'? Well kid, I'm afraid I have some bad news: from the perspective of the bitcoin system, the exchange now owns the bitcoin. You just gave it to them. You now own some flavor of promissory note that's probably roughly on par with really shit commercial paper, except that it probably doesn't even offer interest to compensate you for the risk and time value. Good work on that.

    If you want to enjoy the properties of bitcoins, You. Must. Hold. Bitcoins. IOUs, however you dress them up, do not have the properties of the currency or commodity in which they are denominated. If you want to bank, try a bank. Yes, they are abhuman scumweasels that enjoy massive regulatory capture in most markets; but unfortunately you don't really have better options.
  • by Anguirel (58085) on Thursday June 19, 2014 @09:21PM (#47278207)

    This reads like it should be an Onion article. He's using Twitter for what it is typically used for -- self-absorbed useless posts. Why is anyone surprised? If they were all about how awesome his new $400 million yacht is, then I could see the issues. This is just that he came back to Twitter, and started using it normally.

  • Re:This just in. (Score:4, Insightful)

    by Anonymous Coward on Thursday June 19, 2014 @09:21PM (#47278211)

    I know. I've been rolling on the floor watching these bitcoin reports go by. Someone creates an anonymous, untraceable and intentionally unregulated way of exchanging money. That should be your first clue to run the other way as quickly as possible. But instead, a bunch of people start shouting "hurray! this is wonderful! those damn governments and their rules! No we can put it to "the man" and not be burdened by their silly rules! Being anti-establishment makes us so cool!" somehow thinking that anonymous people on the internet are somehow more trustworthy. Then when the blind sheep are fleeced, the first thing that happens is a great hue and cry for "Call the police! I've been robbed! They've broken the law! Justice! I demand justice!" - going right back to the same governments they had decried before, back to the same rules and regulations that they had scoffed at before - all for the very same reasons that those rules and regulations and agencies had been setup in the first place - because anonymous people will rob you blind if you give them a chance. A lesson learned by most people ages ago - but something that is apparently news to the new generation of ever-so-wise, anti-establishment, internet geeks who somehow thing that basic human behavior is now different because they have a computer...

    Sadly, no lesson was learned, no wisdom won. I've yet to see a post saying "oh, well, I guess there is a reason for those laws and regulations. I guess that thinking that a trick of technology could fix human behavior was naive. I guess this is what I should have expected all along." Alas, this also fails to surprise - it is also human nature to close one's eyes and fervently believe that the reason that one's pants are on fire couldn't possibly have anything to do with one's decision to walk through puddles of gasoline while smoking a cigarette...

  • Re:So? (Score:5, Insightful)

    by Bite The Pillow (3087109) on Thursday June 19, 2014 @09:52PM (#47278377)

    Twitter shaming has always felt wrong to me. There is a whole story of a person's day, and life, that went into whatever that tweet was.

    And Wired just assumes that everything somehow is in the context of MTGOX, and should be interpreted that way.

    Karpeles seems to think the internet will happily retweet his thoughts on the weather, and that speaks to the strangely disassociated character of the man who build the worldâ(TM)s most successful bitcoin exchange, and then lost it all.

    Nope, not buying it. Your magical ability to decide what people are thinking is stupid and doesn't work right.

    To be fair, Karpeles has answered some investors, telling them that thereâ(TM)s an inquiry going on and to check with the companyâ(TM)s website for updates.

    That's not being fair. Does every post have to have a "PS Sorry for losing your money" appended to it?

    I don't read replies to my tweets. Celebrities don't. Sponsors of tweets don't. People who have their friends on twitter do. Which camp is this guy in? Hint: he's not just tweeting to his buddy. That's pretty obvious.

    He couldnâ(TM)t be reached for this story.

    Did you try twitter? Did he just ignore you like he ignores most of the responses? Oh, I'm guessing this isn't really a two-way communication system for him like you use it. In fact, it may be possible that people use communication platforms in entirely different ways compared to how one reporter at Wired does.

    Fuckhats.

    Sure this guy's a major douche canoe. That doesn't mean we can read intent into every inane unrelated tweet he sends into the void.

  • MtGOX stood for Magic the Gathering Online eXchange...see what I mean about due diligence? You are trusting millions of dollars in virtual property to a guy whose ONLY previous experience of note was running a trading club for a card game...really? NO experience in financial markets, NO experience in Internet Security or crypto, and THIS is whom you are gonna trust with a truckload of untraceable cash?

    I'm sorry if this hurts somebody's feelings or is too rough of a wake up call but there is stupid, fucking stupid, and pants on head "WTF ARE YOU DOING DUMBASS???" levels of stupid and this whole thing? Firmly in the latter. It would be like saying that because I have run a little PC shop for years that qualifies me to be the head of the IMF...hell I've handled money, made change, not THAT much different...right?

  • Re: This just in. (Score:0, Insightful)

    by Anonymous Coward on Thursday June 19, 2014 @10:35PM (#47278601)

    You're right. We should only use approved credit cards because it is better to have all your transactions traced. Middlemen are great! Bonus for you is that *you* get to pay *them* to track you. Oh, and they can decline your card without any reason if it suits them. Digital currencies are coming and one day we will use them every day and say "Meh. What was the big commotion about?"

  • by dbIII (701233) on Thursday June 19, 2014 @11:46PM (#47278909)
    The news that not every tweet is an insightful font of wisdom is old news.
  • Re:Really? (Score:4, Insightful)

    by exomondo (1725132) on Friday June 20, 2014 @12:34AM (#47279075)

    So, pretty much the same thing as if you put gold or cash in a bank?

    No, I'm not quite sure how this isn't obvious to you but banks are regulated and insured by the government.

  • Re:Really? (Score:5, Insightful)

    by fuzzyfuzzyfungus (1223518) on Friday June 20, 2014 @02:12AM (#47279359) Journal
    Yes and no.

    Yes in that putting something in a bank turns it into a promise from the bank, whatever it is, assuming the bank will take it.

    No in two main senses:

    One, purely pragmatically, most countries that issue fiat currencies recognize that banks are de-facto extensions of ordinary currency circulation and regulate accordingly. This is probably all kinds of moral hazard; but it does mean that the IOU you get from a bank deposit has almost exactly the same backing as cash, up to whatever the FDIC's account threshold is. A bitcoin exchange, or any other generic commercial debt is in a distinctly different regulatory category, usually one that involves getting less of your money out when things go south.

    The other, architectural, is that bitcoins derive much of their charm (for many, not all, users) from possessing certain interesting inherent properties: no central issuer, known supply, no double-spending or transaction reversal, etc. All enforced either by the protocol or by the cryptography. Very nice, invariant across jurisdictions, apparently well regarded in terms of design. Someone's IOU, whatever it's denominated in, has none of those properties. The fact that they tend to be downright dodgy as well is just a bonus.

    I'd hazard a guess that there are plenty of unhappy Mt. Gox accountholders who would have looked at me like I was crazy if I'd asked "Would you like to make a non-diversified, unsecured, investment in a speculative-grade Japanese security?"; but blithly did exactly that, because bitcoins, missing the minor detail that all the bitcoiny goodness disappeared the moment they handed them over.
  • Re:This just in. (Score:4, Insightful)

    by coaxial (28297) on Friday June 20, 2014 @03:08AM (#47279485) Homepage
  • by Sycraft-fu (314770) on Friday June 20, 2014 @03:48AM (#47279605)

    The funny, though rather predictable, thing about the bitcoin faithful is that this did nothing to shake their faith in it. The problem, according to them, wasn't the lack of tracking, regulation, oversight, or any of that, no it was clearly that MtGox "did it wrong" and that this "makes bitcoin stronger" and so on.

    They see this an as anomaly, not an inherent risk of their chosen currency. They have a poor understanding of economics. Same reason why they think BTC's built in deflation is a GOOD thing.

We warn the reader in advance that the proof presented here depends on a clever but highly unmotivated trick. -- Howard Anton, "Elementary Linear Algebra"

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