Bitcoin Forum

Can Chinese Exchange OKCoin Rescue Mt Gox Creditors?

http://webcache.googleusercontent.com/search?output=search&sclient=psy-ab&q=cache%3Ahttp%3A%2F%2Fwww.coindesk.com%2Fcan-chinese-exchange-okcoin-rescue-mt-gox-creditors%2F&oq=cache%3Ahttp%3A%2F%2Fwww.coindesk.com%2Fcan-chinese-exchange-okcoin-rescue-mt-gox-creditors%2F&gs_l=hp.3..0l4.22648.27927.0.28059.12.11.0.1.1.0.279.1189.2j1j4.7.0....4...1c.1.45.psy-ab


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can´t believe that some stupid people kept 5 million in mtgox... :-X

Why did coindesk deleted the articel right away?

Probably the news was fake, and CoinDesk quickly made the page offline. They do that time-to-time. At least, unlike the other major news outlets, they don't stick with the false news articles.  ;D

There is no News in the article that could possibly be fake.

its back online, check CD. strange.

One name that crops up whenever recovery plans for Mt. Gox are mentioned is one of China’s largest bitcoin exchanges, OKCoin.

That’s probably for a good reason. On an as-yet-unofficial basis, the company is known to be interested in backing its own team in Japan to put Gox back on its feet and take some steps towards making creditors whole.

OKCoin CEO Star Xu told CoinDesk during a recent interview in Beijing that the idea had been suggested to him by some Japan-based friends, and that he personally thought resurrecting the once-dominant exchange and attempting to return its customers’ funds was important to the entire bitcoin community.

He also added it would be a lengthy process that could take years to realise.

OKCoin says it is not considering a direct takeover of Mt. Gox, but rather it wants to leverage its experience by licencing exchange and security technology under a new team that would possibly feature some OKCoin personnel....



Here is the link, which isn't currently in this thread:
http://www.coindesk.com/can-chinese-exchange-okcoin-rescue-mt-gox-creditors


EDIT:
Sunlot vs. OKCoin?
Sunlot Holdings features several people clearly connected to the USA Gov't and others (at least one) who could easily be blackmailed/compromised.
OKCoin is already running an exchange and I know nothing about their leaders.
^^^Sounds like OKCoin is the much better choice, does anyone know info about who runs it?

IMO, Mt Gox needs to stay dead cos nobody will be confident to use an exchange with that name.

I feel if Gox's creditors were reimbursed they would immediately try to sell whatever bitcoins were received, causing a price crash

Let's think that one through:
1) People actually looking to sell their BTC for cash would have sold long ago (and been stuck waiting for fiat or sold on another exchange)
2) The coins sitting on Gox were for traders, a few merchants who wanted BTC not fiat, and "lazy" people who used Gox as a wallet with (maybe) occasional trading.
Why would they sell more than a little bit Bitcoin, when these are people who were not trying to sell in the first place?

These OK coin guys are also first class con artists, just like those Mt Gox guys. They have always inflated the trade data, and tried to manipulate the market exchange rates.