Bitcoin Forum

Full story here:

Just Google "WSJ: Investor Group Seeks Court OK to Buy, Revive Bankrupt Bitcoin Exchange Mt. Gox" for this Wall Street Journal (WSJ) Story

So is this also linked with the recent rebound from the $350 price? I can see that BTC is now trading at $400+.

woooo hoooo!!!! I think ??

no other explanaition. it happened within minutes

Hmm...I have mixed feelings about any MtGox revival...

The rally to almost $420 was really fast.
Don't know if it's directly related to the Gox story.

Why?  It would be under completely new ownership and management.  It would probably even be renamed.

It's not getting bought out (for 1 BTC) - it's just a proposal that Karpeles will turn down. So, fix your title - it's misleading!

maybe they get the lost coins?

No kidding!  Fix title...so misleading.  That group only offered 1 BTC for Mtgox.  I can't see that happening anytime soon.

wow how long did d price stay @ 350

Just for a few hours only.

It does not matter as they are taking burden of a major portion of the account holders' investment.

Your title:
Re: Breaking News: Mt.Gox to be Bought & Revived by a U.S. based Investors Group

Mtgox is not being "bought & revived by a US based investors group".

There was just an offer put on the table according to the article.  I am sure there probably has been several offers already.

http://www.reuters.com/article/2014/04/10/us-bitcoin-mtgox-investorgroup-idUSBREA3922Q20140410
(Linked to reuters because of stupid WSJ paywall blocks some people)

You also forgot to mention this from the article:

"The acquisition must be approved by a Japanese bankruptcy court. However, the near-zero valuation of the proposed deal could prove to be a hurdle, the Journal said."

Please note that in OP I have referred everyone to the actual Wall Street Journal article so everyone can read for themselves.

In my view Mt.Gox is eventually going to be bought & revived by a investors group anyways.

Furthermore, almost all acquisitions of bankrupt companies in Japan have to seek court permission. This is common sense.

Interesting that the WSJ covered this so quickly.
Are they "promoting" this deal for a reason?

Updated title looks lot better Mktrader.  Thanks for revising.

What will happen to the 650,000 coins which were stolen by Carpeles and his goons? Who is going to compensate the users who lost their coins? I think this is just another ploy by Karpeles to escape from prosecution.

Why some people are so concerned that worried Mt.Gox investors finally have something to cheer about?


I've now edited the title for more clarity:

Old title:  Mt.Gox to be Bought & Revived by a U.S. based Investors Group

New title: U.S. Based Group Offers Mt.Gox Acquisition + Revival

We'll never seen those again regardless who revives Mt. Cocks.

OK... read the news. So they are planning to compensate the users with about 20% of their lost coins. Much better than the BTCT.co scam, where we received only 2% compensation.  ;D

...and this can be negotiated upwards to 40% or may be even higher because 20% is just their initial offer. The acquisition may also result in recovery of most stolen coins. Unlike fiat, Bitcoin has a way better money trail in the Blockchain.

But Mt Gox have already recovered 200,000+ coins.
Customers lost 650,000 coins.

So an average user should receive 30% compensation, isn't it?

200,000 / 650,000 ==> 30%+

That is correct. However, at this time it will all depend on whether Karpales accepts this offer or not. IMO, Japanese court should make a decision based on 'Account Holders' Best Interest' rather than Karpales' acceptance or otherwise of such offers. An account holders voting can be organized by Japanese authorities for any decision on an offer. Each account holder's vote may be weighted according to their holding in Mt.Gox.

They can make a different choice and pay only their favorite buyers. Or something ridiculuous like that.

Probably main reason why bitcoin went up from 350 to 410.

It is very good information, especially since mtgox clients now have two ways to get they money back.

If the news of the death of Mt.Gox had only a temporary negative effect, one may assume that the possible revival would have an equally temporary pop.

Possibly more potential downside going into the Chinese April 14-18th deadline.

Interesting development! Of course you will get all the coins back but over time not this year but the next 3 year;)

Why would they associate themselves with an entity despised so much by the Bitcoin community? The Gox brand is tainted forever.

If they can do right to give people the coins back, not the value, the amount they had that would be fair, I dont care if the coins go up 20,000 each they still should compensate the interest of it, It wont be fair to the users.

From this 650k btc mtgox has 100k. Correct? I wonder why and how mtgox include own coins? Is that commisions and why so much was kept online? Mtgox was not allowed to trade so what is an origin of this 100k btc?
Imo, these 100k btc mtgox claim to have lost should be just an figure of overall loss. In other words, mtgox can not have anything from 200k what found in old wallets or in other future ''found''.
So actully users had 750.000 - 200.000=550.000 btc ( not counting mtgox 100k coins, they lost it, why would users pay it)

This is what caused the spike up, not the Mt Gox news:

http://www.coindesk.com/chinas-central-bank-governor-pboc-wont-ban-bitcoin/ (http://www.coindesk.com/chinas-central-bank-governor-pboc-wont-ban-bitcoin/)


Hate that China affects BTC price so much, but I'd rather have them allow it then not at all.

I think this investor group is related to this bitcoinstarter project

https://bitcoinstarter.com/projects/635

hate that sheeple affect the price so much, over things they dont understand, rumours they hear and things that dont personally affect them.
if you* sold at a loss, and you* personally dont have a chinese bank account, nor have the desire to deposit into a chinese bank in the past or future. then you* have sold due to "sheeple panic"

*generalised people, not personal attack

Strictly speaking, there was no spike. The rumors from China crashed the exchange rate from $450 to $340. Then the denial came, and BTC rose to $420. Now we have a net loss of $30. I will not call this a spike.

Retracement?  Sorry, I'm not a trader so don't know the technical term for it.

Either way, it's "recovered" from it's $340 price in a matter of hours from the China announcement:

http://bitcoincharts.com/charts/chart.png?width=940&m=bitstampUSD&SubmitButton=Draw&r=2&i=5-min&c=0&s=&e=&Prev=&Next=&t=S&b=&a1=&m1=10&a2=&m2=25&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&

Bitcoin had enough -ve news in last few months. Lets hope a season of good news will start after 15 April. Nobody knows if one day Mt.Gox will announce that they had found rest of the missing coins. Although it's unlikely, but you never know! Remember that we never expected them to find those 200k missing coins!