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(The Raw Story)   Here's a job you should really only take if all the janitorial positions at your local adult bookstore are already filed: MtGox, which recently lost $340 million of depositor's Bitcoins, opens a call center to field customer complaints   (rawstory.com) divider line 253
    More: Fail, bitcoins, customer complaint, deposits  
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3422 clicks; posted to Main » on 04 Mar 2014 at 12:45 PM (42 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



253 Comments   (+0 »)
   
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2014-03-04 12:46:47 PM  
But, hey. BitCoins are no different than any other Fiat Currency*, right?


*except for the fact that modern currencies are backed by the GNP of a country.
 
2014-03-04 12:48:07 PM  
Script for Call Center Employees:


"SUCKERS"
 
2014-03-04 12:48:35 PM  
Mt. Gox customer service, can I help you? Oh, you bought BitCoins and figured we'd be as safe as a real bank for your savings? HAHAHAHAHAHAHAHA!!! G'bye, dumbass! ::click::

Mt. Gox customer service, can I help you?
 
2014-03-04 12:48:39 PM  
F*cking owned.
 
2014-03-04 12:48:44 PM  
Mocking people who lost their money trading bitcoins sounds like fun. And I could practice my Indian accent. "I am being Rupert from Des Moines. Dez Moyns. How may I be of assist to you today?"
 
2014-03-04 12:49:08 PM  
Nah, it's cool, the call center employees get paid in BitCoins.
 
2014-03-04 12:49:22 PM  

hardinparamedic: But, hey. BitCoins are no different than any other Fiat Currency*, right?


*except for the fact that modern currencies are backed by the GNP of a country.


Good thing Bernie Madoff 's customers had their deposits denominated in USD, so they magically got all their money back, right?  Blame the company, not the currency.
 
2014-03-04 12:50:15 PM  

hardinparamedic: But, hey. BitCoins are no different than any other Fiat Currency*, right?


*except for the fact that modern currencies are backed by the GNP of a country.


Not that I buy into or understand bitcoins, but what does it mean to you to have a currency "backed by the GDP of a country"?
 
2014-03-04 12:50:34 PM  

rumpelstiltskin: Mocking people who lost their money trading bitcoins sounds like fun. And I could practice my Indian accent. "I am being Rupert from Des Moines. Dez Moyns. How may I be of assist to you today?"


blogs.suntimes.com

THANK YOU FOR CALLING MtGOX. THIS IS PEGGY! HOW CAN I BE HELPING YOU?
 
2014-03-04 12:51:27 PM  

Belias: hardinparamedic: But, hey. BitCoins are no different than any other Fiat Currency*, right?


*except for the fact that modern currencies are backed by the GNP of a country.

Good thing Bernie Madoff 's customers had their deposits denominated in USD, so they magically got all their money back, right?  Blame the company, not the currency.


If they were actual deposits they would have.  That's why on every investment fund ad they carefully state "NOT FEDERALLY INSURED.  MAY LOSE VALUE."
 
2014-03-04 12:51:28 PM  
How the fark do you lose a virtual currency?  I don't understand that.  I can understand how someone can steal you cash or gold, but this?
 
2014-03-04 12:52:57 PM  

Debeo Summa Credo: Not that I buy into or understand bitcoins, but what does it mean to you to have a currency "backed by the GDP of a country"?


Because it's not just a piece of paper backed by a finite resource such as Gold. IANAE, but the production power and financhial potential of a first world country seems a little more safer a bet than a barter commodity who's only value is what the community itsself places on it, and which encourages hoarding due to it's numerical cap.

But yeah. I'm still going to point and laugh.
 
2014-03-04 12:53:46 PM  
I wonder how many drug traffickers and child pornographers will be caught by this sting.
 
2014-03-04 12:54:09 PM  
Yeah, employment office? You can have my jizz-mop when you pry it from my cold head hands on this one.
 
2014-03-04 12:54:36 PM  
Virtual currency highly involved with the legal drug trade? What's the lifespan of an employee that screws those people over?
 
2014-03-04 12:54:50 PM  
Oh yes, I see the bitcoins in your account right here... aaannnd they're gone!
 
2014-03-04 12:55:11 PM  
This whole situation just gets more and more amusing. I love it.
 
2014-03-04 12:55:14 PM  

Chagrin: Virtual currency highly involved with the legal drug trade? What's the lifespan of an employee that screws those people over?


Argh. Illegal drug trade.
 
2014-03-04 12:55:38 PM  
Everyone, please just keep in mind that Bitcoins and MtGox are two different things, and that you're probably using the tulip mania reference all wrong.
 
2014-03-04 12:55:58 PM  

ArkPanda: Belias: hardinparamedic: But, hey. BitCoins are no different than any other Fiat Currency*, right?


*except for the fact that modern currencies are backed by the GNP of a country.

Good thing Bernie Madoff 's customers had their deposits denominated in USD, so they magically got all their money back, right?  Blame the company, not the currency.

If they were actual deposits they would have.  That's why on every investment fund ad they carefully state "NOT FEDERALLY INSURED.  MAY LOSE VALUE."


I believe you mean to say "if they were federally insured". They were not, and thus they did not get their money back.

Conflating MtGox's incompetence with the currency itself is disingenuous.  Their customers lost Bitcon and dollars.  Are those lost dollars "backed by the GNP of a country"? No.
 
2014-03-04 12:56:10 PM  

Pumpernickel bread: How the fark do you lose a virtual currency?  I don't understand that.  I can understand how someone can steal you cash or gold, but this?


There are numbers inside computers that are your bitcoin - literally.

The thieves broke into the (poorly secured) vault and stole all the numbers (Bitcoins).

Think of your favorite heist movie, but instead everyone has laptops and looks like Boris from Goldeneye.

The mistake individuals made was trusting a third party with the storage of what was essentially just numbers, when in practicality there was no need too.
 
2014-03-04 12:57:00 PM  
Shiatcoin
 
2014-03-04 12:57:06 PM  

Pumpernickel bread: How the fark do you lose a virtual currency?  I don't understand that.  I can understand how someone can steal you cash or gold, but this?


There was a flaw I the banking software that gave hackers the ability to resubmit prior approved transactions, basically paying twice on one transaction. Or more than twice.
 
2014-03-04 12:57:14 PM  
Sometimes I prefer going to the call center in person. The equipment there quite often comes in handy. But the important thing is to be precise and clear when you converse with the call center employee in person.

berichtenuithetverleden.files.wordpress.com

Give me the farking money, You hear me? You hear me, I gotta come here and you bust my balls? Give me the farking money.
 
2014-03-04 12:58:04 PM  

Pumpernickel bread: How the fark do you lose a virtual currency?  I don't understand that.  I can understand how someone can steal you cash or gold, but this?


They held more virtual currency than the money the currency was worth is how I understand the situation. Suddenly, a lot of that currency "vanished" (read: Ended up in someone else's wallet), and now the bank didn't have funds to pay the virtual currency holders who suddenly wanted to dump their investment and pull their money out in usable national currencies.
 
2014-03-04 12:58:41 PM  
What about people that lost all their magic cards?  At least those had some use.
 
2014-03-04 12:59:51 PM  
Okay, so this is what happens when a lot of people start trusting Magic:The Gathering traders with real money.

(MTGOX = Magic The Gathering Online eXchange).

Bunch of nerds with not enough security.
 
2014-03-04 01:00:08 PM  
img.fark.net
I have recently taken an interest in online banking.
 
2014-03-04 01:00:18 PM  

OldRod: Oh yes, I see the bitcoins in your account right here... aaannnd they're gone!


cdn.meme.li
 
2014-03-04 01:02:05 PM  

Belias: Good thing Bernie Madoff 's customers had their deposits denominated in USD, so they magically got all their money back, right? Blame the company, not the currency.


Well, it's also a good thing that I can pretty much count on not getting a call from my bank telling me my USD are now worthless and missing, isn't it?
 
2014-03-04 01:02:32 PM  

hardinparamedic: Debeo Summa Credo: Not that I buy into or understand bitcoins, but what does it mean to you to have a currency "backed by the GDP of a country"?

Because it's not just a piece of paper backed by a finite resource such as Gold. IANAE, but the production power and financhial potential of a first world country seems a little more safer a bet than a barter commodity who's only value is what the community itsself places on it, and which encourages hoarding due to it's numerical cap.

But yeah. I'm still going to point and laugh.


But why does the "productive power and financial potential" of a country give any more value to a fiat currency? If nobody will accept my $20 bill, how do I trade it in for $20 worth of GDP? If i bring it to down to the treasury will Jacob Lew give me some steel and wheat? How much steel and wheat?

I think we both view bitcoins as a "bigger idiot theory" type alternative currency. The only thing that gives them value is the demand of other idiots for them.

But conceptually, the dollar is not dissimilar. It's just that there are alot more "idiots" out there who use dollars and have been using dollars for a very very long time. Therefore we can be much more confident that there will always be a fellow idiot to which to trade our intrinsically worthless dollars to for tangible goods.

The only thing IMO that gives dollar bills a floor value is that the US government can require tax payments to be made in dollars. So by requiring tax payments in these worthless pieces of paper, the government can actually force people to need them, giving them a non-zero value.
 
2014-03-04 01:02:35 PM  
Second bitcoin site bites the dust.

http://www.cnbc.com/id/101463888
 
2014-03-04 01:04:03 PM  
Leaked picture of a phone rep at the call center:

i148.photobucket.com
 
2014-03-04 01:04:39 PM  
"Lost" is an interesting choice of words, Subby.
 
2014-03-04 01:04:51 PM  
Is it a coincidence that these thefts began right after Zynga announced it would accept Bitcoins for their games?

Follow the Cheetos and Mountain Dew.
 
2014-03-04 01:04:57 PM  
I assume the customer service reps will be paid in something that has actual value; you know, like Dogecoins.
 
2014-03-04 01:05:16 PM  
What's more worrying is that it appears MtGox was also hacked and if you've done the "verification process" with them, your information is now out in the wild.

To be blunt there's a lot of good opportunities here for smart people to make some honest money.  One of the big problems I always had with MtGox was that it took an old-world view on a very new, very alien technology.
 
2014-03-04 01:06:15 PM  

DrKillPatient: Second bitcoin site bites the dust.

http://www.cnbc.com/id/101463888


"But that one was tiny.  It's doesn't count."
"What about Mt Gox?"
"Mount gox is just one site, it doesn't represent a trend!!!"
"What about other major exchanges having smaller breakins"
"BITCOINS ARE FOREVER LALALALALA, JUST BECAUSE THEY'RE NOT SAFE IN REALITY DOESN'T MEAN THE THEORY IS BAD"
 
2014-03-04 01:06:51 PM  
omgobama.files.wordpress.com

I like money.
 
2014-03-04 01:06:58 PM  

Debeo Summa Credo: hardinparamedic: Debeo Summa Credo: Not that I buy into or understand bitcoins, but what does it mean to you to have a currency "backed by the GDP of a country"?

Because it's not just a piece of paper backed by a finite resource such as Gold. IANAE, but the production power and financhial potential of a first world country seems a little more safer a bet than a barter commodity who's only value is what the community itsself places on it, and which encourages hoarding due to it's numerical cap.

But yeah. I'm still going to point and laugh.

But why does the "productive power and financial potential" of a country give any more value to a fiat currency? If nobody will accept my $20 bill, how do I trade it in for $20 worth of GDP? If i bring it to down to the treasury will Jacob Lew give me some steel and wheat? How much steel and wheat?

I think we both view bitcoins as a "bigger idiot theory" type alternative currency. The only thing that gives them value is the demand of other idiots for them.

But conceptually, the dollar is not dissimilar. It's just that there are alot more "idiots" out there who use dollars and have been using dollars for a very very long time. Therefore we can be much more confident that there will always be a fellow idiot to which to trade our intrinsically worthless dollars to for tangible goods.

The only thing IMO that gives dollar bills a floor value is that the US government can require tax payments to be made in dollars. So by requiring tax payments in these worthless pieces of paper, the government can actually force people to need them, giving them a non-zero value.


Yeah but the U.S. Gov't only accepts USD for taxes. That alone is enough to give the currency value. That's much more than what BitCoin has going for it.
 
2014-03-04 01:07:30 PM  
Does it tie things together a bit to mention that the heist may have been perpetrated by a government agency? They could discredit competing currency, steal from people supporting it and use the stolen currency for clandestine operations.

Hell, they could have used the proceeds from the first bitcoin theft to buy zero days exploits to pull this one off. Now they've got a self funding continuous attack with far less hard work and without exposing any security weaknesses a three letter agency already knows about.

Agencies that can create Stuxnet or Uroburos could certainly manage this. Wealthy private organizations like the Fed might see value in it too.
 
2014-03-04 01:08:23 PM  
Hah, maybe I should have finished reading your post...
 
2014-03-04 01:08:28 PM  

John the Magnificent: Script for Call Center Employees:


"SUCKERS"


Yeah, actually this would be a pretty easy job. Unlike a job for instance explaining to customers why the cable company screwed them, or telling people why their house got repossessed by the bank with one payment left, why the television they bought blew up and no the extended warranty isn't valid for this - times when you actually have sympathy and a little hatred of your company. This is like telling people that their lotto tickets didn't win.
 
2014-03-04 01:08:38 PM  

Belias: Blame the company, not the currency.


No. It's correct to blame what you call "currency".
 
2014-03-04 01:08:55 PM  

hardinparamedic: But, hey. BitCoins are no different than any other Fiat Currency*, right?


*except for the fact that modern currencies are backed by the GNP of a country.


Well in fairness, Citi DID just announce that its Mexican subsidiary Banamerica  was just scammed out of $400 million too, and it too is also being investigated for money laundering, so while Bitcoins are stupid for a lot of reasons, Mt Gox looks no more sleazy or amateurish than the big boys
 
2014-03-04 01:09:59 PM  
I still do not understand the situation, even after the explanations here. I think I am a prime bitcoin user.
 
2014-03-04 01:11:35 PM  

Magorn: Well in fairness, Citi DID just announce that its Mexican subsidiary Banamerica was just scammed out of $400 million too, and it too is also being investigated for money laundering, so while Bitcoins are stupid for a lot of reasons, Mt Gox looks no more sleazy or amateurish than the big boys


BankOfAmerica: Son, why are you doing this?
BitCoin: YOU, ALRIGHT! I LEARNED IT FROM WATCHING YOU!

www.quickmeme.com
 
2014-03-04 01:13:28 PM  

Chagrin: Virtual currency highly involved with the legal drug trade? What's the lifespan of an employee that screws those people over?


These were my first two thoughts when I heard of the Mt Gox theft:
When that news hit the wire, I would SO not want to be the bright young cartel member or mob soldier who convinced my boss to stash the family's profits in Bitcoins because they were so safe an untraceable.  and then following on the heels of that, the idea that these people are not noted for their forgiving and generous natures, and that whoever DID make off with those had better be goddamn sure they can trust their laundering/fencing operation
 
2014-03-04 01:14:09 PM  
What they need is a MtGox federal exchange. Then they could just program in more bitcoins.
 
2014-03-04 01:14:33 PM  

rumpelstiltskin: Mocking people who lost their money trading bitcoins sounds like fun. And I could practice my Indian accent. "I am being Rupert from Des Moines. Dez Moyns. How may I be of assist to you today?"


"Thank you for being on hold."
 
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