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Funny detail: Magic the gathering hits very close to home by accident.

One of the (back then) dominating bitcoin exchanges used the domain mtgox.com which was an acronym for "magic the gathering online exchange".

Yeah, it was previously a Magic The Gathering exchange, and then converted to a Bitcoin exchange.

They learned the hard way you need a higher standard of engineering for a financial exchange.

Wasn’t it an inside job? Or Arles the heavily speculated?

Nobody knows for sure, but the postmortem suggests that it might have been straight up incompetence. However, it's certainly possible to consider that the "incompetence" was on purpose to hide the fact that he was stealing from the company.

https://www.youtube.com/watch?v=l70iRcSxqzo

"defi" is an interesting concept that gained a lot of traction over the summer. Over $10 billion in crypto assets has been deposited in various protocols such as Aave which is like a decentralised bank operating on ethereum.

Sounds like magic the gathering card econ.

Does this mean you can only make real money if you got in at the very beginning?