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Re: New Mt Gox Press Release - Feb 10 - they are claiming flaw in bitcoin protocol !
by
seriouscoin
on 10/02/2014, 20:38:51 UTC

Sounds like he is basically saying Bitcoin is broken and that Gox should have implemented their own way to find out if a transaction is real or not.  I hate to say it but if a flaw like that really does exist how can one say it's not broken. 

Well imagine you pay a plumber $100 dollars with a check and a week later he says he lost the check and wants another one. What would you do??

If your answer is that you would write the plumber another check for $100 without thoroughly checking with the bank first, then you would be like Mt Gox.

They are stupid beyond belief.

That is a good analogy.  So basically Mt. Gox was supposed to but did not implement in their wallet software a way to verify the funds in that transaction.

Yes.... they just look for tx id on blockchain and assume thats enough. Well they're fcked. I bet they lost tons of btc due to someone exploit their system .