Quote from: itsunderstood on March 11, 2014, 04:37:02 AM

Quote from: Armis on March 11, 2014, 04:20:30 AM

Just by the evidence I see on this one thread so far I have already determined that it was EXTREMELY easy for Mt Gox to have GIVEN IN to the enormous temptation to steal the funds from himself. He saw so many scams, he saw it go uncorrected, and unpunished for years. He clearly wrestled with the good and bad thoughts for quite some time, but probably found himself siding with bad more often than good. It's very likely that this was his wacky retirement plan since the last time he screwed the community.

But here's the thing, now that a half billion is gone, the system is lined up for BTC-e to be next, and to take it to a higher level. But unless they do it within the next few months it will likely be no more btc because the market is shrinking down to nothing.

Who would think $800+ would be the high for 2014 when in 2013 projections were $50K+ btc for 2014?

The system simply cannot tolerate any more mass blunders or plunders, that's why the money must be found AND the exchanges must initiate massive change.

I agree with your salient analysis, but would also add this bit: BTC-e isn't the same because they have other crypto, I mean, I have very little BTC there but I do have a few LTC there. So your comparison does bear a bit more discussion, but I am not worried about btc-e because their product is and was far superior to Gox imo. I never used Gox but a tiny bit, never verified. But I do use BTC-e and I have no problem with them.

But your point is valid, how much outright theft (even if by the holy FBI themslefes) can a blockchain bear?

Oh well, even if BTC goes south I have divested into other blockchains as well, I believe in cryptocoin so really it is just a question of where the money flows. I wouldn't be surprised also, if the BTC blockchain is suddenly managed by better people. I suspect they might fight to bring back SR? I myself felt that BTC was synonymous with freedom but also there needs to be a self-policing factor, like what they tried to do by hahaha supposedly threatening some dude's life. Well, that's kinda okay if it was the dude who stole 800k coins from Gox, let that asshole be cut down slowly. But also the self policing is NOT transparent, so it is like SR = freedom = black market money ...And now that's not only over, but the gag orders and lawyer-feast is causing all coins to be snatched up or captured by law enforcement actors.

I don't agree that this was his retirement plan, lol. He'd have to be as stupid as fuck to think that. I think he is acting like a captured pawn, totally unafraid so long as he obeys the cops who hold his nutsack. Just like Sabu who got turned right around and used like a little bitch and then what?

I appreciate how you pointed out that he would have been able to watch the previous fiascos and think to himself, "Hmmm..." Haha, you really described that to a t. It is possible, but I just think he's being weak and cooperating with the strength and the strength is the FBI prosecuting what they call "The Holy Drug War of Earth 21st Century". They have the power to snatch up another 1 million bitcoins in a similar way. I bet in the end it might be tremendously profitable for some clever rogue agent or lawyer or gangster. Yes my friend, you make great points about how crime goes unpunished on this world. It sure does.

My friend when btc catches a cold, litecoin get's pneumonia, most other coins are either dead or on life-support.

Trust is what enables the protocol to scale, without the trust mechanism only a few tech-heads around the world will use the protocol, via P2P, OT, and the like.

None of that is worth VC money, or attractive to associated service companies ... long story short, if the system wasn't created with built-in trust, isn't reinforced by trust, or trust cannot be guaranteed then it will never scale.

The BTC community, and by extension the whole cryptocurrency industry must prove that trust reasonably exists within the btc system for it to survive.

If done right, the cryptocurrency industry can produce TRILLIONAIRES not just millionaires, or billionaires.