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MtGox Finds 200,000 Bitcoins In Old Wallet

Soulskill posted about 4 months ago | from the left-it-in-their-other-cryptopants dept.

Bitcoin 227

thesandbender writes: "Today brings news that MtGox has 'found' 200,000 Bitcoins in a 'forgotten' wallet that they thought was empty (PDF). The value of the coins is estimated to be $116 million USD, which happens to cover their $64 million USD in outstanding debts nicely and might offer them the chance to emerge from bankruptcy. There is no explanation yet of why the sneaky thieves that 'stole' the bitcoins used a MtGox wallet to hide them."

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Smelling more fishy every day. (5, Insightful)

RobertM1968 (951074) | about 4 months ago | (#46542539)

It's amazing how they "found" these... I would have thought that computers would make it impossible to "lose" such funds - even with the most simplistic of accounting programs. The more I hear, the more it sounds like something else is going on (like the principles of Mt Gox trying to run off with as many BitCoins as they can). It's like watching a soap opera.

Re:Smelling more fishy every day. (5, Funny)

B33rNinj4 (666756) | about 4 months ago | (#46542561)

All we need is for MtGox to "disappear" after a tragic fall off a sailboat...only to return with amnesia later on...and begin a romantic relationship with his nighbor who actually turns out to be his unknown sister.

Re:Smelling more fishy every day. (2)

BitZtream (692029) | about 4 months ago | (#46542657)

Pardon the ignorance, what are you referencing?

Re:Smelling more fishy every day. (5, Funny)

Anonymous Coward | about 4 months ago | (#46542683)

It's autobiographical.

Re:Smelling more fishy every day. (1)

marcello_dl (667940) | about 4 months ago | (#46542725)

He's referencing a sizable portion of what we call literature, drama.

Re:Smelling more fishy every day. (4, Funny)

Marxist Hacker 42 (638312) | about 4 months ago | (#46542729)

Every single soap opera ever written.

Re:Smelling more fishy every day. (5, Funny)

Marginal Coward (3557951) | about 4 months ago | (#46542869)

Darn, I thought it was as an episode of "Arrested Development" I hadn't seen yet. Maebe not.

Re:Smelling more fishy every day. (1)

Joce640k (829181) | about 4 months ago | (#46542871)

Pardon the ignorance, what are you referencing?

It's called "popular culture".

It's what happens outside basements...

Re:Smelling more fishy every day. (5, Funny)

Mr0bvious (968303) | about 4 months ago | (#46542913)

No, no, popular cultures also grow in basements..

Re:Smelling more fishy every day. (1)

Enfixed (2423494) | about 4 months ago | (#46542993)

Pardon the ignorance, what are you referencing?

It's called "popular culture".

It's what happens outside basements...

Seems like a rough reply for one of the few people that would openly admit ignorance on Slashdot. ^_^ BitZtream, I commend your initial bravery!

Re:Smelling more fishy every day. (3, Interesting)

beelsebob (529313) | about 4 months ago | (#46542935)

He's referencing a couple that did exactly this in the UK a couple of years ago.

Re:Smelling more fishy every day. (5, Interesting)

Richard_at_work (517087) | about 4 months ago | (#46542961)

The first half is strikingly close to what happened recently in the UK - John Darwin went missing while canoeing in the North Sea during 2002. His canoe was found, but his body was never recovered and he was declared dead in 2003.

In 2007 he returned to life, having lived in the intermediate years as John Jones, firstly in the UK (living in a bedsit next door to his old home, then living with his supposed widow wife, before they moved overseas, eventually ending up in Panama. The catalyst for his return was a change in Panamanian visa law, which required British police confirmation of his identity.

So he came back to the UK, claimed he had amnesia and didn't know what had happened after his disappearance, and his widow wife and children played their part in the fantastic return - but it soon all unravelled when it was discovered that his wife knew all along and had lived with him in Panama for several years.

They are both now serving jail sentences for insurance fraud.

Re:Smelling more fishy every day. (5, Funny)

Richard_at_work (517087) | about 4 months ago | (#46543079)

Sorry, I left a parentheses open in my last post and its bugging the hell out of me. So heres the closing one. )

I apologise whole heartedly for all of the teeth-nashing this has caused.

Re:Smelling more fishy every day. (5, Funny)

Anonymous Coward | about 4 months ago | (#46543155)

In that same spirit, here's the g you missed out of 'gnashing' ;)

g

Re:Smelling more fishy every day. (1)

Zalbik (308903) | about 4 months ago | (#46543433)

In that same spirit, here's the g you missed out of 'gnashing' ;)

And the ' the GP missed out of here's

(I totally get it though. It drives me nuts when people don't close their parentheses

Re:Smelling more fishy every day. (1)

Anonymous Coward | about 4 months ago | (#46543431)

I understand your pain, and appreciate your belated closing parenthesis. Note that it is now in vogue to support "eventual consistency"!

Re:Smelling more fishy every day. (3, Informative)

Richard_at_work (517087) | about 4 months ago | (#46542987)

Also, he may be referencing Robert Maxwell, who disappeared from his boat while sailing off the Canary Islands, but his body was actually recovered a while after and positively identified - but his disappearance at the time was widely believed to be a deliberate act to avoid being prosecuted for discrepancies in his companies pension funds.

Re:Smelling more fishy every day. (1)

usuallylost (2468686) | about 4 months ago | (#46543193)

I remember the one with Robert Maxwell. Mostly because I had just interviewed for a position at one of his companies when it occurred. I was looking for a part time job in my field while I was in college. He was one of those guys who named everything Maxwell whatever. The company I had interviewed at pretty much vanished within a few months of his death. I always figured it was a suicide since he was in serious financial and legal trouble at the time. Though I guess he could have been drowning his sorrows and fell.

Re:Smelling more fishy every day. (1)

jeffasselin (566598) | about 4 months ago | (#46543089)

The Kalevala

Re:Smelling more fishy every day. (1)

Frosty Piss (770223) | about 4 months ago | (#46543163)

Pardon the ignorance, what are you referencing?

My life, you insensitive clod.

Re:Smelling more fishy every day. (4, Interesting)

mysidia (191772) | about 4 months ago | (#46542593)

Probably... they were 'magically discovered' when it became clear to Mark that the authorities might be contemplating criminal charges against him.

Re:Smelling more fishy every day. (1)

alphatel (1450715) | about 4 months ago | (#46542647)

Probably... they were 'magically discovered' when it became clear to Mark that the authorities might be contemplating criminal charges against him.

Or when it seemed obvious the rest of the world had hacked the sh$t out off his life and he was going to be terminated by the next silk road assassin within weeks.

Re:Smelling more fishy every day. (0)

Anonymous Coward | about 4 months ago | (#46542791)

"silk road assassin"

So nothing to worry about then?

More likely duplicates (4, Informative)

goombah99 (560566) | about 4 months ago | (#46543093)

Consider, What does it mean for a bitcoin to be lost or to be found or to exist. To be "lost" it means no one no longer knows the bitcoin's key. Yet you can also have more than one copy of the key. For example MagicTux might have "stolen" the coin (that is, transfered a coin to a key, deleted that key from the mtGox data base ("oopsie") but secretly kept a copy of the key somewhere else. But then suppose that not all copies of the key were deleted. Both the "found" key and the one lurking in MagicTux's hideout are the same valid key. Either one can spend the coin.

Thus there is not one copy of the coin to be found. there could be many.

If you give someone control of your wallet, so that they know your keys, you can never get back that control. They can always keep copies of it and have the authrority to spend. THe only way to recover control is to make a new key and transfer the coins to that. Thus these exchanges that manage your coins are scary.

Re:More likely duplicates (2)

jythie (914043) | about 4 months ago | (#46543209)

Though it almost sounds like in this case they thought the coins had been transferred out into a new wallet and never were, thus they old copy of what should be a useless key to an empty wallet turned out to be valuable.

Re:More likely duplicates (1)

goombah99 (560566) | about 4 months ago | (#46543345)

Though it almost sounds like in this case they thought the coins had been transferred out into a new wallet and never were, thus they old copy of what should be a useless key to an empty wallet turned out to be valuable.

I suspect they honestly did transfer the keys to a new wallet at some point. Then some time later they "stole" them by deleting those keys from the new wallet (keeping a backup in their hideout) but forgot there might be other copies of the key around when they deleted the keys in the new wallet. The person that stole them might not even realized there was an old wallet. That is how would anyone know the past wallets a key might have resided in. there's no history that tells you how many copies of a key exist. So if you think you have the only one, you might try to steal it.

Re:More likely duplicates (0)

Anonymous Coward | about 4 months ago | (#46543513)

Is that how it works? It sounds wrong, but maybe I misunderstood. If you transfer some coins to a new wallet, it makes sense that the coins would still be available with the backup. However, if the coins are transferred out of the wallet (such as by someone "stealing" them), they are no longer in the new wallet, and should be invalid in the old wallet (blockchain should see this as a double-spend and not confirm), right?

Re:Smelling more fishy every day. (1)

Princeofcups (150855) | about 4 months ago | (#46543315)

Probably... they were 'magically discovered' when it became clear to Mark that the authorities might be contemplating criminal charges against him.

There are more players in this. Nameless ones. The ones who make sure that no one accidentally sets fire to your house.

Re:Smelling more fishy every day. (1)

DarkOx (621550) | about 4 months ago | (#46543377)

That would be my guess as well. Others keep trying to make this about 'regulation' and such but even in the absence of specific securities are wire transfer laws that could apply to Bitcoin, there are still simple fraud charges to consider. Now this is Japan so the rules might be different there.

In general though if I say I'll take your $Y and give you Xbtc and don't do it, or if I say I'll take your Xbtc and give you $Y and don't do it. I have misrepresented what I am going to do in a contract with you. Its fraud and its a crime.

Re:Smelling more fishy every day. (3, Interesting)

Megane (129182) | about 4 months ago | (#46542649)

I would have thought that computers would make it impossible to "lose" such funds

Except that computers make it possible for idiots to screw up even worse than ever before. And given that the guy apparently cared more about opening a bitcoin restaurant than, say, using a programming language that wasn't crap COUGHPHPCOUGH, I'm just barely willing to believe they lost it. I'm really more surprised that they found that wallet before it got thrown out on a junked hard drive. [theverge.com]

Sure, it's a bit too convenient, especially after all the rumors of hacks that let people double-dip when withdrawing bitcoins, but it's not impossible that they came from a different source. So just how easy is it to look up the transaction records for 200,000 bitcoins, anyhow?

Re:Smelling more fishy every day. (3, Funny)

Joce640k (829181) | about 4 months ago | (#46542835)

Aka: "Never attribute to malice that which be adequately explained by stupidity".

Re:Smelling more fishy every day. (2)

AmiMoJo (196126) | about 4 months ago | (#46542689)

A Bitcoin wallet is just a text file. They moved it to offline storage to protect it from hacking. They had it in their accounting software, that's how they knew it was missing.

Man, I wish I could find $116m in an old wallet.

Re:Smelling more fishy every day. (2)

invictusvoyd (3546069) | about 4 months ago | (#46542713)

It's like watching a soap opera.

Its like watching a very dumb version of Monty python .. really ..

_____
This !! aint fishy . This is "sea food platter"

Re:Smelling more fishy every day. (1)

RobertM1968 (951074) | about 4 months ago | (#46542741)

It's like watching a soap opera.

Its like watching a very dumb version of Monty python .. really ..

LoL, I stand corrected!!! And now, I can't get Monty Python skits outta my head - this is going to make the work day a lot more fun! :-P

Re:Smelling more fishy every day. (2)

BlackPignouf (1017012) | about 4 months ago | (#46542715)

Exactly.
- Sorry, we lost $1B
- But, you owe us $50M
- What a coincidence! I just found $100M. But I promise you, I don't know where the other $900M are.

As Falkvinge says (5, Insightful)

Anonymous Coward | about 4 months ago | (#46542745)

As Falkvinge says, this looks like a copycat fraud.

In one of the first major bitcoin scams, mybitcoin com in 2011, the owner also said hackers took everything and "luckily" recovered a percentage of the funds some weeks later. This is a classic con man move, called cooling the mark out. You're supposed to accept that you were stupid, take your losses and go home, rather than pursue the scammers for the rest.

Hanlon's Razor... (1)

maz2331 (1104901) | about 4 months ago | (#46542753)

This looks like they were just incompetent and stupid rather than evil. Still, their credibility is now zero.

Re:Smelling more fishy every day. (1)

Big Hairy Ian (1155547) | about 4 months ago | (#46542831)

What next Bitcoins dow the back of the couch?

Re:Smelling more fishy every day. (5, Informative)

Michalson (638911) | about 4 months ago | (#46543025)

While the MtGox situation is very, very suspicious the way Bitcoin works it makes the stealing and 'finding' of bitcoins very strange compared to traditional currency. Imagine a dollar bill. Much like a Bitcoin it has a unique serial number at the bottom. You can deposit it in a bank where they will keep a ledger so they know how much money anyone can withdraw from the teller while keeping most of it in the vault. If the vault is robbed it will quickly be discovered when they open it up in the morning and find it empty.

But Bitcoin differs in that last part. When you spend or transfer a bitcoin you aren't handing over the original, you're making a copy and the person receiving it is adding an extra digit to the serial number. Even though you still have it your copy of the coin is no longer legal tender and if you go to a store and try to spend it the cashier will tell you the serial number is too short and someone else owns the legitimate digital copy of that coin. If a thief gets into the bitcoin vault he doesn't need to remove or change anything, he just copies all the serial numbers and immediately 'pays' it into wallets he owns or controls, making his copy the legitimate article and the coins in the vault useless bits of data. The owners of the vault don't know this - the contents of the vault have not been changed in any way and it's only when they remove some of the money from the vault and try to spend it that they'll discover they've got worthless old copies.

While less likely it is also possible, with ledgers being moved around and even manipulated by thieves, that bitcoins that where assumed withdrawn are in fact still legal tender - if the bank made a copy of a one of their coins to service an apparent withdrawal, but that copy was never 'spent' then the original is still good. This is one of the difficulties of Bitcoin, unlike physical currency or even centrally managed digital currency (what a lot of your money basically is) you can't determine if each coin is worth something or just a bunch of worthless numbers without asking for the opinion of a bunch of other people. The extra layer of security of a vault actually makes it harder, since you are trying to keep that data out of the wrong hands, not share it with others to get their daily opinion (imagine if a bank removed every bill from the vault daily to check them with those counterfeit pens - how many opportunities to steal the money would that add).

Re:Smelling more fishy every day. (0)

Anonymous Coward | about 4 months ago | (#46543041)

Haven't you ever looked down the back of your Sofa when you have been skint?

Re:Smelling more fishy every day. (2)

bill_mcgonigle (4333) | about 4 months ago | (#46543215)

I would have thought that computers would make it impossible to "lose" such funds - even with the most simplistic of accounting programs.

OK, look - for their infrastructure, they re-implemented ssh in php [archive.org] .

If somebody wants to argue "plausible deniability", then fine, but it would require an assertion of supergenius levels of foresight, planning, and cunning.

I lean more towards "you've got to be kidding me".

Re:Smelling more fishy every day. (2)

next_ghost (1868792) | about 4 months ago | (#46543503)

Mybitcoin.com copycat scam, right on schedule [falkvinge.net] .

How convenient (1)

Anonymous Coward | about 4 months ago | (#46542541)

Oh, look what's this. These aren't the embezzled coins you're looking for.

How much... (1)

Clyde Machine (1851570) | about 4 months ago | (#46542551)

How much of that bundle is theirs and how much of that bundle is the users'? Can't just go around spending anybody's money.

Like Politics (1)

Akratist (1080775) | about 4 months ago | (#46542563)

Steal from Peter to pay Paul...it works for the USG, right?

We just found it. (0)

Anonymous Coward | about 4 months ago | (#46542575)

Yes guys we just found it. It was just in my back pocket. No idea how it got there...

And they're gone (1)

MrKaos (858439) | about 4 months ago | (#46542583)

ooops, here they are

Inside job much? (0)

Anonymous Coward | about 4 months ago | (#46542589)

Wow, wasn't that lucky?!

Reminds me of the time... (5, Funny)

jittles (1613415) | about 4 months ago | (#46542599)

Oh I know how that is. The other day I put on one of my old winter coats from years ago and found 500,000 bitcoins in the pocket. It was completely unexpected. I used it to buy a pizza.

Re:Reminds me of the time... (2)

Megane (129182) | about 4 months ago | (#46542681)

If you had just waited a day longer for the price to fluctuate, you could have bought a thousand pizzas.

Re:Reminds me of the time... (3, Funny)

Anonymous Coward | about 4 months ago | (#46542813)

Or a thousandth of a pizza...

Thieves (4, Insightful)

Anonymous Coward | about 4 months ago | (#46542605)

Thieves often place stolen goods nearby so they can retrieve them later

Re:Thieves (2)

XxtraLarGe (551297) | about 4 months ago | (#46542989)

Thieves often place stolen goods nearby so they can retrieve them later

But is it really theft if they didn't actually "take" it? If you're at the store, and you take a jar of peanut butter and later place it on the shelf of the produce aisle, did you shoplift?

Re:Thieves (1)

geeper (883542) | about 4 months ago | (#46543137)

A defendant can commit the crime of shoplifting without actually leaving the store. All he needs to do is to move the property and exercise control over it in a way that is inconsistent with the shop owner's reasonable expectations as to how shoppers will handle merchandise.

Re:Thieves (0)

Anonymous Coward | about 4 months ago | (#46543445)

Not true in the UK. Security has to wait until people attempt to leave without paying. Which is actually how they catch people anyway. Observe, wait, stick arm out.

Re:Thieves (0)

Anonymous Coward | about 4 months ago | (#46543499)

Bullshit. It's all about intent. One side would try to prove intent to steal and the other would try to prove there was no intent. This is regardless of whatever the shop owner thinks is happening.

Re:Thieves (0)

Oligonicella (659917) | about 4 months ago | (#46543143)

Thieves also very frequently turn to solipsistic explanations to try to get out of things.

While I expect foul play... (3, Interesting)

jellomizer (103300) | about 4 months ago | (#46542617)

I could argue that the system probably was setup to save lost bitcoins into a wallet.
The CEO may not have known about it, as the programmers, probably felt that such an error could happen, so there was a mechanism to deal with it.

Re:While I expect foul play... (4, Interesting)

Charliemopps (1157495) | about 4 months ago | (#46543077)

Actually, I think there might be merit in your idea. We had a similar thing happen with one of our ticketing systems. Thousands of vanished tickets... They weren't even on the tables anymore! Oh no! Then we found them on some random table (there are thousands in the DB) and apparently, over 10 years ago, someone had conceived of the idea that something could go wrong, and instead of strait up deleting rows the system was throwing the deleted rows onto this "archive" table. The code that broke it was someone on another teams fault, but whomever wrote this way back in the day saved us a hell of a lot of trouble.

Of course, MtGox could just be a bunch of thieves as well.

Re:While I expect foul play... (2)

Sarten-X (1102295) | about 4 months ago | (#46543379)

Never one to assume malice, my guess is that it was a temporary wallet used for short-term transfer of funds. Back when I worked in finance, we fairly often set up accounts for a few days, just to receive an incoming transfer or to send out funds from the right name. Those accounts, by their published nature, became targets for attack. It was always enlightening when a client sent in an emailed request to withdraw money from the temporary account, after we'd just closed the account as planned a few days before.

Similarly, I'm thinking the wallet was opened, used, then emptied, but stuck around on their servers. It'd make a convenient place to hide stolen coins (regardless of who stole them). Those malleable transactions could be used to skim coins and push them into the wallet. If noticed, any investigation into the wallet would reveal that it was just an internal account, conducting low-volume business as usual. The thieves could then transfer the coins out at their leisure, in small similarly-innocuous amounts.

Then everything collapses, and the company faces bankruptcy. Step one is to look at every asset the company has, and figure out whatever value it may have. Naturally, that would include explicitly checking each wallet, rather than just relying on what the database says the balance is. Lo and behold, one wallet has coins still in it, and the company might have assets to cover its debts, which is exactly why that search is the first step.

Laundry (0)

Anonymous Coward | about 4 months ago | (#46542633)

I just love it when I stumble across $116 million in the back pocket of my jeans when doing laundry.

Possible (4, Insightful)

GoCrazy (1608235) | about 4 months ago | (#46542635)

While it's seems convenient and sketchy to magically find money after it was stolen, is it possible that MtGox is just that incompetent?

Re:Possible (2, Informative)

Anonymous Coward | about 4 months ago | (#46542749)

That's called plausible deniability

Re:Possible (1)

Megane (129182) | about 4 months ago | (#46542803)

Your sig makes me wonder if possibly Homer Simpson was somehow involved in the Mt. Gox problems. Maybe it was on the sofa and Homer sat on it, causing it to be lost in the cushions. Have they done a parody episode for bitcoin yet?

Re:Possible (1)

GoCrazy (1608235) | about 4 months ago | (#46542919)

From a previous post:

"Aw, 500 bitcoins, I wanted a pizza."
500 bitcoins can buy many pizzas!
"Explain how"
Bitcoins can be exchanged for limited goods and services!
"Woo hoo!"

Re:Possible (1)

NewWorldDan (899800) | about 4 months ago | (#46543049)

I place the odds at about 3:2 for incompetence over malfeasance. When you run that much money through a website for trading Magic cards, the probability of either is pretty good.

Re:Possible (1)

blueg3 (192743) | about 4 months ago | (#46543261)

...is it possible that MtGox is just that incompetent?

Absolutely. It's just a question of whether their incompetence happened to be the cause here.

Fraud charges inbound... oh wait (0)

hessian (467078) | about 4 months ago | (#46542641)

BitCoins remind me of bongs, etc. with stickers on them that say "for novelty use only."

They never claimed it was a currently, only that you could use it as one... you know, could, if you chose to and took on the risk yourself.

There's a reason people developed backing behind currencies. Do I hate modern society/government (same thing)? Yes, more than any of you. But making businesses to replace it isn't the solution.

Re:Fraud charges inbound... oh wait (0)

Anonymous Coward | about 4 months ago | (#46543151)

Shesh... I'd suggest you *proofread* a bit more before hitting submit... I really got confused the first time though this post, had to read it twice to realize that your usage and spelling where obscuring the meaning behind what you wanted to say... Please put the "For Novelty Use only" device away.

Re:Fraud charges inbound... oh wait (1)

geeper (883542) | about 4 months ago | (#46543521)

Agreed. It's no fun reading the ramblings of a stoned ESL student.

Forgotten by that sleazy lookin' moro that (1)

BitZtream (692029) | about 4 months ago | (#46542643)

runs the place.

If you didn't know he was going to rob you just by looking at him, you deserved it.

Re:Forgotten by that sleazy lookin' moro that (1)

kumanopuusan (698669) | about 4 months ago | (#46543361)

Did you mean mofo, or were you trying to pin this one on Muslim Filipinos?

Ooooohhhh theeeeere's your money! (2)

alexmogil (442209) | about 4 months ago | (#46542659)

They have the lying skills of a twelve year old.

Re:Ooooohhhh theeeeere's your money! (0)

Anonymous Coward | about 4 months ago | (#46543063)

So? It hardly matters, since they're going to get away with the theft anyway. Rich people lie all the time, and the lies can even be outrageous. You're powerless to do anything about it. Lying so blatantly is probably just a game; it's amusing to them to watch us 'lessers' try to stomach our outrage.

breaking news lol (1)

Anonymous Coward | about 4 months ago | (#46542705)

slashdot has become so lol and lagging. These 200k btc went through the mtgox api two weeks ago and there was numerous posts about it on /r/Bitcoin and bitcointalk at that time. Look forward to the breaking news that China announced new stricter Bitcoin regulation today at slashdot in a month or so.

Check behind the fridge (5, Funny)

Hognoxious (631665) | about 4 months ago | (#46542723)

I'm going to check behind the fridge and under the couch.

I hear someone's lost an airliner.

Re:Check behind the fridge (0)

Anonymous Coward | about 4 months ago | (#46543229)

I'm going to check behind the fridge and under the couch.

I hear someone's lost an airliner.

Naw, it was a black hole according to CNN. They just went though the even horizon and are not coming back.

Remember guys (1)

Dekonega (1606763) | about 4 months ago | (#46542763)

"It was an inside job, Like it always is, Chalk it up, To business as usual..." -- Don Henley

Re:Remember guys (0)

Anonymous Coward | about 4 months ago | (#46543005)

Come on, man. I had a rough night and I hate the fuckin' Eagles, man!

It's even more amazing... (1)

MindPrison (864299) | about 4 months ago | (#46542799)

...that news like that keeps surfacing every time someone "stumble" over their lost & found bitcoin-collection. Remember the Norwegian guy who forgot that he bought some bitcoins many years ago, and all of a sudden was a millionaire (just to see his bitcoin value drop to HALF the value the next month or so?)

Bitcoin is a perfect example of how easy it is to create something out of virtually nothing. It's essentially bits & bytes with a digitally encrypted keylock, it's nothing physical, most governments won't even recognize it as a currency, at best - it's a shady way of transferring money anonymously.

Re:It's even more amazing... (2)

jeffb (2.718) (1189693) | about 4 months ago | (#46542841)

it's a shady way of transferring money anonymously.

One man's "shady" is another man's "prudently concealed".

Re:It's even more amazing... (0)

Anonymous Coward | about 4 months ago | (#46543313)

Bitcoin is a perfect example of how easy it is to create something out of virtually nothing.

And the guy who invests 1K$ in a company and gets 100K$ in return didn't create something out of virtually nothing?

Sounds familliar... (1)

fellip_nectar (777092) | about 4 months ago | (#46542849)

Now they're just waiting for Milton to destroy all the evidence in an arson attack, then they're in the clear!

BS (0)

Anonymous Coward | about 4 months ago | (#46542873)

Forgotten wallet my ass.

Re:BS (2)

ArcadeMan (2766669) | about 4 months ago | (#46543323)

That's not a very safe place to keep your wallet.

Pothead banking isn't safe (-1)

Anonymous Coward | about 4 months ago | (#46542889)

No surprise that the currency of choice for drug-addled addicts is unstable and unreliable.

Would you trust a drug addict to handle your finances? Would you trust a form of money that was created solely for the exchange of illegal goods? Of course not.

Re:Pothead banking isn't safe (1)

ArcadeMan (2766669) | about 4 months ago | (#46543333)

We're talking about BitCoin, not LeafCoin or PotCoin.

Wow. (-1)

Anonymous Coward | about 4 months ago | (#46542897)

HAHAHAHAHAHAHAHAHA. Those are some massive balls on whoever came up with this plan

Easy (0)

nitehawk214 (222219) | about 4 months ago | (#46542903)

When they realized there was no way they would ever get away with stealing so many bitcoins and having a huge debt, MtGox "found" enough to cover their debts.

The account holders are still fucked, though. Why anyone would use bitcoin at this point is beyond me.

What does "stealing" bitcoins mean anyway? (2)

presidenteloco (659168) | about 4 months ago | (#46542945)

If you copy my wallet (cloudy or cold) and know the decryption password or whatever, presumably I still have it as well, since it's just digital data.

So it is a race to see who spends them first I guess, me, if I discover the "theft" quickly, or you right after you access the data.

Or I guess you could copy the coins data then do a secure wipe on my storage including my backups. That seems implausible if I have a decent backups policy.

Anyone know what "stealing" bit coins from MtGox actually meant in this case?

Re:What does "stealing" bitcoins mean anyway? (1)

Anonymous Coward | about 4 months ago | (#46543055)

Transferring them to a whallet owned by someone else.

Big mystery (2)

Wansu (846) | about 4 months ago | (#46542957)

"There is no explanation yet of why the sneaky thieves that 'stole' the bitcoins used a MtGox wallet to hide them."

Sure there is. The explanation is the whole thing is a huge swindle.

Moist von Lipwig was lucky like that! (0)

Anonymous Coward | about 4 months ago | (#46542965)

Does that mean gods are with MtGox and we should care for our Things That Get Stuck in Drawers ?

Just because (0)

Anonymous Coward | about 4 months ago | (#46543051)

It was somebody like the CEO of MT GOX itself?
And if it looked like their goose was cooked they could then discover and pay back the cash hoping against punishment if no proof was found.

Liar! (0)

Anonymous Coward | about 4 months ago | (#46543147)

I knew it! That fat fuck was lying to us!

Market manipulation (1)

John Syrinek (3586961) | about 4 months ago | (#46543249)

Karpeles: Sorry guys, we lost em'! *insider trading* Oh look, we found them! Their value has been restored! (Also, I'm rich)

Wow (1)

rebelwarlock (1319465) | about 4 months ago | (#46543295)

Do they really not realize that this is actually way scarier than simply saying that they were hiding this wallet all along?

That's why trust my bitcons to FRED'S BANK! (1)

RevWaldo (1186281) | about 4 months ago | (#46543383)

Hi, I'm Fred! I have a bank. Got 50 BTC? I'll keep it, er, right here on my smartphone, right here in my vest pocket, don't worry about it..

.
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