No, dude. Further marketing speak isn't what you were told you needed to present. This is bitcoin, not McDonald's. You'll have to actually read, actually work, and actually produce something of value if you propose to have it.

In the theory I just posted, the 750,000 coins aren't destroyed.  It's just that the market has been behaving as though there were 750,000 more coins than there actually were since 2011.  The "effective" monetary base of bitcoin would have just shrunken by 750,000 BTC.

WARNING: PURE SPECULATION

I'm changing my tune.  Yesterday I thought the 750,000 BTC figure was FUD to get certain Gox creditors to voluntarily accept 10 cents on the dollar for their GoxBTC.  The theory I'm leaning towards now is that the 750,000 BTC figure is true and Gox has indeed been operating as a fraction reserve.    

The theory is that sometime in 2011--probably after the crash from $30 to $10--MtGox was lax with security and a group of thieves or hackers was able to steal about 500,000 to 1,000,000 BTC.  At the time, this only represented $10 million dollars.  

To avoid discrediting bitcoin and embarrassing himself, Mark pretended that nothing happened.  He knew that BTC withdrawals were roughly balanced by BTC deposits (typical fraction reserve banking) and he hoped to slowly earn back the bitcoins through trading fees.  

Meanwhile, the thieves worked to mix their coins with non-stolen coins and slowly sold them off, thereby driving the bitcoin price eventually to $2 later in the fall of 2011.  It was this extra selling pressure that continued through the remainder of 2011 and 2012 that kept the price of bitcoin artificially depressed.

Meanwhile MtGox was buying coins whenever it had spare cash.  But as the price of bitcoin exploded in the spring of 2013 they saw their liabilities in $ terms increase tremendously.  But at this point they had to keep going, even using customer deposit money to buy coins from other exchanges or individuals.

The problems at MtGox (probably due to extreme stress of MK) got worse, and MtGox lost market share, slowly dwindling down MtGox's small supply of coins.  

MtGox purposely mixed immature coins into withdrawal transactions, and later used the malleability excuses, all to buy time to somehow get more coins and make good on withdrawals.  

But eventually all hope was lost.  Their supply of coins dwindled down to 2,000 BTC while their bitcoin liability were a huge 750,000 BTC.  

And here we are today.  If this theory is correct, there are 750,000 less bitcoins in existence than what everyone thought.  

i guess you only have 49,995 bitcoin now? still not bad...

As soon as I put my hardware there, I will send pictures of the place. At launch there will be six Avalon Batch 2, two BFL Mini Rigs, and twenty AntMiner S1 systems. I would be willing to do escrow. I hope to attract mostly miners that are at the edge of profitability in the USA and EU. Southern hemisphere electricity, hosting and Internet tends to be cheaper, so there’s not so much pressure for them to move their hardware to a more cost-effective jurisdiction.

It must be noted that if your hardware has already been “spent” and you’re at the edge of profitability, the risk of sending your equipment to Venezuela is a lot lower.

I don’t have mining credentials, whatever that means. 

What's this about, can you elaborate?

BFL customers also believed 'Josh' when he said two weeks...

IMO MtGox is obviously insolvent, and those arbing GOXBTC are just asking for trouble.

I am building a Bitcoin mining data center in Venezuela, a country with very cheap electricity. I am planning on offering full hosting at first for the equivalent of 0.20 USD per KW/h to cover initial costs, then reducing the fee to 0.15 USD per KW/h, or even lower, including space, Internet, electricity, and cooling. No setup costs. You send the equipment, and we plug it in and set it hashing. I would like to gauge interest in such an arrangement.

Naturally there are some risks. As many of you already know, Venezuela is a country with a hybrid regime, terrible property rights, violent crime, civil unrest, very high inflation, censorship, and electricity brown-outs that are a bit more frequent than they should (1-2 times per month for a couple of hours).

Nonetheless, cheap electricity is what a miner needs, not necessarily a very stable supply. If electricity falters too often, I will install power generators since petrol is extremely cheap in Venezuela as well.

Would you put your miners in Venezuela if I were to offer such a service?

http://i.kinja-img.com/gawker-media/image/upload/iqopt1ausg9uscfd5dha.jpg
http://valleywag.gawker.com/if-you-have-bitcoin-in-mt-gox-you-are-probably-fucked-1529946212/@sarah-hedgecock
>>>>>>>>>>>>>>>>>>>>

Anyone here using bitcoinbuilder to buy or sell GOX? Anyone care to vouch for the site?