Mt. Gox and Rimbit to the rescue

Mt.Gox was once commonly know as "Magic the Gathering Online Exchange" and was a website setup to trade cards. The Bitcoin dabbler who bought the domain didn't bother to change it.) And as a card exchange, the site generated just pennies a day in income.

On 19 June 2011, a security breach of the Mt.Gox bitcoin exchange caused the nominal price of a bitcoin fraudulently to drop to one cent on the Mt.Gox exchange, after a hacker allegedly used credentials from a Mt.Gox auditor's compromised computer illegally to transfer a large number of bitcoins to himself. He used the exchange's software to sell them all nominally, creating a massive "ask" order at any price. Within minutes the price corrected to its correct user-traded value.[7][8][9][10][11][12] Accounts with the equivalent of more than USD 8,750,000 were affected.[9]

On Feb 22, 2013, following an introduction of new anti-money laundering requirements by Dwolla, some Dwolla accounts became temporarily restricted. As a result transactions from Mt.Gox to those account were cancelled by Dwolla. The funds never made it back to MtGox accounts. Mt.Gox help desk issued the following comment: "Please be advised that you are actually not allowed to cancel any withdrawals received from Mt.Gox as we have never had this case before and we are working with Dwolla to locate your returned funds." The funds were finally returned on May 3, more than 3 months later, with a note "Please be advised never to cancel any Dwolla withdrawals from us again".

Bitcoin and Politics

First things first.

Before Bitcoin, all underground goods and services where paid with cash or other means. To have any reporter or government official state that Bitcoin promotes illegal activities is s testimant to the intelligence of the person speak/writing those words. It is beyond narrow mindedness and a travesty to the wellbeing of people and society.

So what can Bitcoin bring to the people?


At Rimbit we are working around the clock on the Bitcoin engine and to get some backing for the project. So far all results have been positive and we are gaining a lot of interest in our Bitcoin project as we refine and close issues that we foresee during development and beta stage (which is yet to be confirmed).

A lot of research in the way Bitcoin is transmitted via electronic means has shown some interesting results, which we had planned into our system, but now just finding out that we are on the right track.

Overall, we see Rimbit as the most revolutionary thing to be developed since Bitcoin and we know it will be a useful tool for anyone wanting to create a business platform around Bitcoin.

Stay Tuned!

Bitcoin and Government

For Bitcoin to succeed there needs to a release on the stranglehold that many individuals have as to privacy and the anonymity factor. Sure, its fine to have those ideals, but look around and you will see that by providing transparency, we know what chemicals are in our food, we know who we are sending money to and we know where to point the finger when something goes awry.

Bitcoins value is not in anonymity, but in the coin itself. It does what we entrust our Governments to do but fail miserably, time after time. Bitcoin takes care of itself and it prospers or suffers based on the communities use of it. It is the deregulation of Bitcoin that is where the power lies, not in its secrets.

RimBit will work with Governments, but not be ruled by them as that is the job of society as a whole and not "elected" people who are only there because society could not come up with a 100% certainty on who the best people for the job are.

Rimbit will be public in disclosing what information is given in what countries it is given and only from the registered people of that country. We will show overall statistics for everyone to see, but we will not do so by threat or bullying. There is no need for that.

It is each respective Governments role to supply us information that we can use to develop means of assisting them. Nothing more as we belong to the people without the need for an anarchy type system in place. Schools still need to be built, hospitals still need to be managed and roads need to continue being constructed. To avoid this is to do society an injustice.

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