Oh aye?

Japanese police on Saturday arrested Mark Karpeles, head of the collapsed MtGox Bitcoin exchange, over the disappearance of about $390 (£250 million) worth of the virtual currency, local media said.

The Japanese justice system is said to be pretty rigorous in its interrogation techniques. So we might actually find out what really happened.

At present I’m entirely undecided between insider fraud and gross incompetence.

All I’ve really managed to grasp about alt-coins is that every scam, fraud, mistake and unintelligibly stupid decision that anyone has ever made in a monetary or banking system has played out in that little world over the past few years. They’ve recapitaluated the accumulated human experience of millennia.

6 thoughts on “Oh aye?”

  1. “every scam, fraud, mistake and unintelligibly stupid decision that anyone has ever made in a monetary or banking system has played out in that little world over the past few years”

    Yes, but everything else invented in banking over the last 300 years is being re-discovered from scratch too. The ‘exchanges’ are goldsmiths-morphing-into-banks. I expect someone will propose coffeeshop located insurance underwriting soon.

  2. “All I’ve really managed to grasp about alt-coins is that every scam, fraud, mistake and unintelligibly stupid decision that anyone has ever made in a monetary or banking system has played out in that little world over the past few years.”

    I thought this is how capitalism is supposed to work. Creative destruction at work. In the end the money and success will flow to those who make the Blockchain work and are trustworthy.

    The fools and charlatans will go to the wall. And then the Govts will wake up and try to spoil it.

    BTW, the Ethereum tester network went public this week. The world may well have just changed significantly and nobody ‘important’ noticed. I think it’s an extremely significant moment in history.

    But we’ll see.

  3. The Japanese justice system is said to be pretty rigorous in its interrogation techniques.

    does not necessarily fit with

    So we might actually find out what really happened.

  4. ‘Also involves humans’ and ‘subject to the same stuff everything else is’ aren’t the strongest criticisms that could be brought against something. The blockchain is interesting. It’s going to be important.

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