back to article Lost your shirt in the MtGox Bitcoin mess? Release the Kraken!

The operators of the Kraken alt-coin exchange will distribute $91m in Bitcoins to people left out of pocket by the 2014 MtGox collapse. Kraken, appointed to oversee what remains of the MtGox estate, says it has reviewed thousands of claims by MtGox's customers, who want their BTC back. Kraken will now hand out millions of …

  1. David Roberts Silver badge
    Coat

    Must have been down the back

    of a very big sofa!

  2. jonnycando
    Facepalm

    I am pretty sure it was an inside job.

  3. Anonymous Coward
    Anonymous Coward

    Is this....

    Even still a thing? That magical new currency, free from political control and taxation that would set the world free.... Yeah, that never really happened did it?

    Just another scam controlled by and used mainly by criminals and mugs.

    1. TheSkunkyMonk

      Re: Is this....

      it may be free from political control but whoever has the biggest rig can control the market.

  4. Sorry that handle is already taken. Silver badge

    "claimants seeking exactly $2,411,412,137,427 in total losses."

    They've received more than two trillion dollars in claims? That's only out by 3.6 orders of magnitude...

    Bitcoin, scams all the way down.

    1. Anonymous Coward
      Pirate

      > scams all the way down

      Unfair! That was actually a conservative valuation for the claimant's future stake when fiat currency has inevitably been displaced by Bitcoin. It was precisely this scenario which led to the Rothschilds conspiring with transnational corporations to commission the Illuminati to operate MtGox as a false flag/black bag operation to discredit libertarianism, so affirming that the deployment of even classical allegory in networked rhetorical situations is intimately interconnected with the production of immaterial labor value.

      Or something like that.

    2. Jedit
      FAIL

      Re: "claimants seeking exactly $2,411,412,137,427 in total losses."

      On average each claimant is claiming to have owned more than a third of the missing BitCoins. Says everything about the kind of person who would use them, really.

    3. Sorry that handle is already taken. Silver badge

      Re: "claimants seeking exactly $2,411,412,137,427 in total losses."

      According to New York Times, almost all of that $2.4 trillion was a single claim. I'm not sure why that wasn't mentioned in this article but the ¥2 trillion claim was. Assuming anyone knows what's going on here (it is bitcoin after all).

      However, the remaining claims, $27 billion according to NYT, still exceed the actual losses by a factor of ~5. NYT goes on to say that $414 million worth of claims have been approved.

  5. frank ly Silver badge

    Blockchain accounting history?

    "... more than 650,000 Bitcoins had gone missing ..."

    I may have misunderstood everything I've read about Bitcoin but doesn't the blockchain show all transactions and thus reveal where the Bitcoins have gone to in some way?

    1. TeeCee Gold badge

      Re: Blockchain accounting history?

      IIRC most people don't keep the entire blockchain for their Bitcoins, as it's seriously fucking huge[1].

      Fortunately there exists a mechanism whereby you can avoid each Bitcoin being a virtual Triganic Pu. You can allow an exchange to handle the heavy lifting for you.

      The slight snag there is that if the exchange should happen to deliberately destroylose that data, you're a bit fucked.

      [1] This is the elephant in the room, only it's a lot bigger than an elephant and chewing disk space. Presumably the idea here is to ensure that, like all other currencies, real control is held by people of wealth and power.

    2. Sorry that handle is already taken. Silver badge

      Re: Blockchain accounting history?

      I may have misunderstood everything I've read about Bitcoin but doesn't the blockchain show all transactions and thus reveal where the Bitcoins have gone to in some way?

      Sure, now you have a destination address. However, you might now know which address the coins are "in", but you don't know who owns that address and there's still no way you can get them back.

  6. J Bourne
    Mushroom

    Get back to real distributed computing?

    Any chance that 'digital currency' can be swept under the carpet for the South sea bubble that it is and all that wasted processing power can be put to some sort of good use? (like working out how the increasing population is going to survive in a world of reducing finite resources?)

    Just thought perhaps melting the poles is a plan to introduce a new usable fertile continent to feed the world? Should keep us going for another 500 years or so eh?

    1. Sorry that handle is already taken. Silver badge

      Re: Get back to real distributed computing?

      Unfortunately, all those ASICs that have been developed to mine bitcoins as efficiently as possible do one job; SHA256(SHA256(x)).

  7. genecat

    Mt. Gox

    The bitcoin blockchain seems to have failed to keep an accurate ledger of who paid/received what from whom. Wasn't that one of the basic ideas of a blockchain? I lost about 10 bitcoins from Mt.Gox a few years back and even with my email address and account number I cannot recover or even file a claim with Mt. Gox anymore. Regardless of the theory behind blockchains, implementation, in reality, is still problematic and maybe it will always be so. The blockchain has lost my trust. It's a far cry from proven versitility of fiat currency.

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