UPDATE: For anybody following Bitcoin news, this is obviously satire, replacing MtGox with CoinBase. Surprised people downvoted this.
There are rumors that a joint statement will be released at 5PM Pacific Time...
Joint Statement Regarding CoinBase
Apr 1st, 2014
The purpose of this document is to summarize a joint statement to the Bitcoin community regarding CoinBase.
This tragic violation of the trust of users of CoinBase was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today. CoinBase has confirmed its issues in private discussions with other members of the bitcoin community
We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.
In order to re-establish the trust squandered by the failings of CoinBase, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following services will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Kraken, BitStamp, Circle, and BTC China.
We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.
Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.
The following industry leaders stand by this statement:
Jesse Powell — CEO of Kraken
Nejc Kodrič — CEO of Bitstamp.net
Bobby Lee — CEO of BTC China
Nicolas Cary — CEO of Blockchain.info
Jeremy Allaire — CEO of Circle
p.s. Yes, this is the MtGox letter... who will be the last man standing? :-)
The possibility of this being misinterpreted as valid is rather high. I think your point could have been made well with a single explaining sentence up front and without the name substitution in the actual content.
These guys stuck the knife into MtGox... when they themselves are no better.
Check the forums over at BitcoinTalk, for months now, people using Kraken have been unable to withdraw their money, and deposits have been going 'missing'. The fact that support is conducted over a public forum, out of sheer desperation on the customers part, tells you something.
If CoinBase did go down, would you bet against the other providers crafting a public relations message to drum up business for themselves? It's dog eat dog out there - the idea that there is a community of Bitcoin businesses looking out for each other is a joke.
What does that have to do with what I said? I think the manner in which you made your point has too high a chance of being misinterpreted to be acceptable here, which is probably why it was being downvoted.
I get your point, yet somebody misinterpreting a joke should have no impact on the company...
Unless the company actually had inadequate reserves to meet customer withdrawals, thus leaving the solvency of the company at risk of a good old-fashioned fractional reserve style bank-run...
Oh, I could care less about the company, but I do care about the integrity of HN as a whole. That doesn't mean I don't like the occasional joke on here either, but since that story seemed a bit light on details and people were looking for information, posting satire that looks very much like valid information can be unintentionally misleading.
There are rumors that a joint statement will be released at 5PM Pacific Time...
Joint Statement Regarding CoinBase
Apr 1st, 2014
The purpose of this document is to summarize a joint statement to the Bitcoin community regarding CoinBase.
This tragic violation of the trust of users of CoinBase was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today. CoinBase has confirmed its issues in private discussions with other members of the bitcoin community
We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.
In order to re-establish the trust squandered by the failings of CoinBase, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following services will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Kraken, BitStamp, Circle, and BTC China.
We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.
Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.
The following industry leaders stand by this statement:
Jesse Powell — CEO of Kraken
Nejc Kodrič — CEO of Bitstamp.net
Bobby Lee — CEO of BTC China
Nicolas Cary — CEO of Blockchain.info
Jeremy Allaire — CEO of Circle
p.s. Yes, this is the MtGox letter... who will be the last man standing? :-)