Bids on BFX are offering parachutes for those who would like to get out.
There is some serious denial going on at Finex. Denial of what? I'd call it denying the option to care about China like its the world BTC leader. It wont be long before there's not that many coins in China and no one will care anymore, it might just take a while but the order books on the Chinese exchanges are already looking thinner. People said ah we cant go up off a bottom like that without a retrace and then are bewildered when it does retrace  So are you calling the low 441? Because, once we get up to the 470s and 480s I'm going to short about 1500 btc. Did I say that ? I asked what they were in denial of as you seem to think there's some "serious denial" but without saying anything to back it up. Short away post some proof when you do it. Ok.   Brave. Fair enough at least your not the usual sort of 'pro trader' we have around here throwing around claims of large trades, I hope it works out for you. Looks like we might not even reach there atm! And also at least everyone knows that all the negativity to come will be you talking your book  oh and I did mean some proof when you actually short not just that you places some orders. |
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Bids on BFX are offering parachutes for those who would like to get out.
There is some serious denial going on at Finex. Denial of what? I'd call it denying the option to care about China like its the world BTC leader. It wont be long before there's not that many coins in China and no one will care anymore, it might just take a while but the order books on the Chinese exchanges are already looking thinner. People said ah we cant go up off a bottom like that without a retrace and then are bewildered when it does retrace So are you calling the low 441? Because, once we get up to the 470s and 480s I'm going to short about 1500 btc. Did I say that ? I asked what they were in denial of as you seem to think there's some "serious denial" but without saying anything to back it up. Short away post some proof when you do it. |
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Bids on BFX are offering parachutes for those who would like to get out.
There is some serious denial going on at Finex. Denial of what? I'd call it denying the option to care about China like its the world BTC leader. It wont be long before there's not that many coins in China and no one will care anymore, it might just take a while but the order books on the Chinese exchanges are already looking thinner. People said ah we cant go up off a bottom like that without a retrace and then are bewildered when it does retrace |
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In short though the reason the liquidator can sell the coins is because he is the creditors representative and so is selling his own assets so to speak its all legal and was explain by an attorney who has been in contact with Mark, Sunlot (savegox.com) and Okcoin. The liquidator or bankruptcy trustee is appointed by the court to represent the creditors of Gox.
The court must ensure a fair trial. If it is not capable of this, it is useless. To mix the remaining assets is the stupidest possible solution with major drawbacks for most debtees. A relatively fair solution would be to treat Bitcoin and FIAT assets separately and to pay an appropriate compensation to the respective debtees. Before, however, the court must determine whether or not Gox delayed filing of insolvency. This is very important for a proper procedure. If so then all trades from a certain date are irrelevant. This could, for example, be the 7th of February. Any other approach I think is debatable. Thus, another court has to deal with it then. Every court is supposed to ensure a fair trial, how are you to determine that this one isn't? And then how would you go about getting another court involved. I agree with this and in particular the delaying of filing of their insolvency, if thats the case it could get very interesting for trades to be rolled back for a number of reasons. The first one that springs to mind is Bitcoin Builder. Yes I know it shouldn't be considered and people using it were doing so at their own risk but people walked away with real BTC for their gox BTC so that put that side of things in a very sticky situation as far as rolling back trades goes. This is also true for people who sold coins via internal transfer without the use of BB. If I sent 100BTC to someones Gox account in exchange for them sending me 30 real BTC after the roll back date, if everything is rolled back I would then have the 100 Gox BTC back in my account as well as walking off with the 30 real BTC. |
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Any speculation on how high this bounce goes?
It doesn't look strong, but I never want to underestimate Houbi.
Personal guess is a grind up to around $480-$485 unless Huobi and Okcoin make their announcements and then Im thinking another $50 drop is likely. |
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Okgox or MtCoin would be so funny to see!
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Hello guys,
I'm french, ( french forum talk about everything except coins...)
-I placed an order at 448 this morning on Kraken, and I realised that it passed while I was eating at restaurant...I would have canceled it when I see how it's going down, but it's done, my first BTC !
So what would you do if you had about 950 dollars to buy BTC? Buy now ? Wait ?
Dont take investment advice from people on the internet, especailly from people in a speculation forum where almost everyone is talking their book. |
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The Coins are not going to be sold at auction or by any other means, PERIOD. "...the assets of the bankrupt entity will be managed and converted into cash..." It is well established that customer deposits are not assets of Gox; actually the opposite is true. Customer deposits are customer assets and LIABILITIES of Gox.
The Trustee has no authority to liquidate non Gox assets. To put it simply, the Trustee cannot "steal" customer assets in order to pay off Gox liabilities, which would be the same thing as stealing customer assets, then selling them with slippage, commissions, and garbage fees, then disbursing what remains back to the customers???
When you think about it, it is beyond illogical and is not what will happen.
If the Trustee attempts to unlawfully sell assets that don't belong to the entity that he has authority over, he would be liable and open to massive civil suits and this is not going to happen. This is not complicated "high finance."
Gox is international news and the world is watching, the last thing the Japanese government wants is to create some scandal, they media would eat it up. When the creditors meeting happens in July, this will be very thoroughly discussed and with 127,000 voices advising the Trustee of their wishes, it would be as close to impossible for him to go against them as you can get.
What we really should be discussing is how we are going to handle the group that is trying to buy Gox. As I understand, they have been speaking with the supervisor on a daily basis and are not disclosing anything of their discussions as far as I am aware.
I personally think it is a good idea, although I think that all of us with a financial interest should make sure we pay very close attention and start trying to negotiate our best deal with the investors now.
We need to nail them down and get them to commit to a certain course of action now. If we wait, we may be forced to be stuck with what ever deal they give us. Their position is that they do not want to make firm commitments because they do not know what the accounting is going to look like, which is completely understandable. However, there is nothing wrong with us throwing out about 10 hypotheticals that would cover almost all possible outcomes and then getting them to agree to certain terms based on those conditions.
They are putting a lot of effort into this deal and there are a lot of them and they deserve to be well compensated for their efforts and what they bring to the table, however, it is very important for us to start talking about how best to negotiate with them instead of worrying about coins being sold by the Trustee so he can give us fiat so we can buy our coins back nonsense.
If another couple hundred thousand BTC are found, after they buy Bitcoin for 1 BTC and we don't have a commitment from them on how those coins will be distributed/invested/whatever, we could be looking at paying a very high management fee to the new owners.
It is my understanding that they will be purchasing Gox, "subject to liabilities" and they intend to pay those liabilities. If they give us options for stock, it won't include voting rights and management can run the company how they see fit, because they own it.
I can think of a dozen other things that I would like to have hammered out before we commit to blindly supporting the buyout, which is what I believe most of us have already done based solely on the fact that it is the best/only option we have at the present time.
I am interested to hear what you guys think about this and what our next steps should be.
You should head over to the #mtgox-talk IRC channel and you will see an answer to a lot of those questions including the new proposal from OKcoin to buy it. In short though the reason the liquidator can sell the coins is because he is the creditors representative and so is selling his own assets so to speak its all legal and was explain by an attorney who has been in contact with Mark, Sunlot (savegox.com) and Okcoin. The liquidator or bankruptcy trustee is appointed by the court to represent the creditors of Gox. |
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Green lines even when price is declining, I like that! |
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apparently not only the sunlot is trying to propose a plan to resurrect Gox, but Okcoin too.
Got a source to the OKcoin story? Im sure there will be something more official but just IRC atm, apparently Okcoin were creditors as well so have a vested interest, appartenly the Sunlot people were trying to make a deal with Mark to buy the company before it all broke but it sounds like a very shady deal from the Mark and Sunlot perspective. OKCoin certainly makes sense with the China ban situation. |
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apparently not only the sunlot is trying to propose a plan to resurrect Gox, but Okcoin too.
Did you see the IRC chat log when someone was talking to Olivier Janssens where he also shows some emails between him and mark? He claims to have been the most valuable account holder at the time of closure as well as waiting on $5mill that Mark personally told him would be transfered. He says that he didnt file his lawsuit as it would have crippled gox guaranted. He has alot to say about all the people who are trying to resurect gox. |
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actually the dump was predictable by the TA, its the pre-pump that confused ppl
Nice one. Also, relax people. After the 340 bottom quite a few in here pointed out that, at the very least, we would see a re-test of low 400s, maybe 400 itself before moving on. I honestly don't get where this major indignation comes from, that some of you in here show. Wait, actually, I do know: because every time we move up 10 USD you start posting rocket.jpeg. This is/was a major bear market, and getting out of it will probably be a bit more painful than simply going back through all the major (former) support levels in one go :/ Precisely there are people in here who turned bullish after the $340 bottom then called a retrace to around $460 when we are at around $510 and are now being super bearish because what they thought would happen did! |
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With no money able to get into Chinese exchanges this can only go on for so long, its almost like arbers have one chance to do it as once they've sent their BTC out of a Chinese exchange theres no way to get any cash back in. Surely coins are going back over to the west theres no other way for it to be.
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Where is the best place to get an accurate view of the Chinese exchnages order books?
Don't forget that any "accurate view" would still be prone to manipulation on the exchange operators' behalf. Agreed, maybe I should re phrase that to where is the best place to at least attempt to get a semi accurate view of the Chinese order books |
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Lol Ritz at least give the Prime Dicers a few hours to celebrate being the highest paid!
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Where is the best place to get an accurate view of the Chinese exchnages order books?
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our system is showing that surfer43 has been changing the signature back and forward. From us to pd and back.
sorry dude, you broke the terms and conditions.
I switched it to advertising my pool for a few hours then switched it back. I did not try to join both signature programs simultaneously. Glad to see it works. Fair enough I'd clarfy with Ritz then but it does say on the front page "If you remove the signature before the month is up, you forfeit all btc payments for posts. " Hope you sort it out if it was honest. |
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1k dump on Stamp  |
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450 under pressure, let's see if it holds.
pshhh this is going down for a while yet I feel. |
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Time to pump the salary up.  Not sure if that matters for you anymore mate... our system is showing that surfer43 has been changing the signature back and forward. From us to pd and back.
sorry dude, you broke the terms and conditions.
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