new update on mtgox.com what it means: http://www.dcmagnates.com/mtgox-gets-more-time-as-court-approves-civil-rehabilitation-request/When entering its bankruptcy case, MtGox filed for a Procedure of Civil Rehabilitation with the Tokyo District Court. Under terms of the filing, MtGox assets would more or less be frozen, with the company being given time to assess its business before a liquidation would take place. In MtGox’s case, the company stated that they discovered customer cash missing from accounts at their banking partners as well as the loss of bitcoins which they sought additional time to investigate. Updating customers today, MtGox posted results of their request, with the court approving the procedure of civil rehabilitation and stating: No forced execution or preliminary attachment or disposition shall be made by a rehabilitation creditor on the basis of a rehabilitation debt with regard to the properties of the rehabilitation debtor during the period until a decision shall be made with regard to the application for commencement of civil rehabilitation.Per terms of the court answer, MtGox will now be given additional time to investigate the location of its customer cash and bitcoins, before a forced liquidation would take place. As per their initial filing with the court, MtGox may also use the current period to create and bring forward to its creditors a business proposal of how they could remain an ongoing entity, while providing benefits to creditors. Such a plan would possibly entail the providing of equity in the firm to its debtors or creating a proposal of repayment based on future profits. good post anyone considering go in business with that guy is a moron nevertheless, the money must be found. |
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Thats the nature of the market and btc/alt currencies they go up and down and upp and down etc. nothing new really
Personally I expected the coin to take a dive far earlier than it did, so I'm pleased to see it outperform my expectations, now let's see how low it will go. |
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It's funny, the two closely linked best current coins (AUR and MZC) are in a spectacular freefall with some very intriguing numbers. Alas, that is the nature of the Pump and Dump...How low will it go? I personally prescribe to the 1/16th rule:
AUR: High of 0.17 BTC with a 24 hour-mark value that after ATH went to ~0.09. Using the 1/16th rule, probably a crest of a round 0.011-0.014 at the absolute lowest before following a different type of trend. Do I think it can rebound back to 1/2 of its high (0.085) from where it is right now? Sure. Will it sustain that? I would be surprised.
MZC: High of 0.17 mBTC, with a 24 hour-mark value after ATH that went to about ~0.09 mBTC. Using the 1/16th rule, likely a crest of 0.011-0.014 mBTC. Same other comments as with AUR.
Once again, both of these coins were hyped, pumped, dumped and now it's in a consistent short-term downward trend. Kinda like a lot of other coins in the alt-scene. Isn't it funny how they both hit a high-target and a 24 hour mark value that were nearly identical? Oh well, happy coincidence right?
sharp market analysis |
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You must be kidding.... MY ADVICE IS SELL WHILE YOU CAN GET THIS PRICE !!!
What drove you to this conclusion?If you ask me I'd buy because the trend used to be above 700$ -this was visible when bitcoin crashed in December, quickly came back to prices between $700 and $800, and remained there for almost a month until the Gox fail. If there are no bad news like a large theft, hack, bug the price will slowly go up. Before a war starts both sides think they will win, once the death toll rises on both sides they are stuck by the true value of human life, and human resources. The most recent Mt Gox matter financially destroyed very many people, they were very big, they had the best (phony) rates, and they were the oldest in the industry. What happened to them could easily be repeated with any other exchange as it stands now, so the market that you remember is no longer the market that you are in, this is a redeveloping BTC market as I indicated above " ... this one has less ignorance, ... demanding more accountability" The media hype of yesterday no longer effects this new market in the same old fashioned way. |
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Obviously you don't understand the BTC market.
My friend, the BTC market is brand new, it only looks like the btc market of a month ago or before, but it is SUBSTANTIALLY different, this one has less ignorance, far more casualties, is demanding more accountability, and not willing to just throw money around based on a good idea, this new market is demanding respect. The less respect afforded it the lower the price will go, disrespect is represented as weak security, unresponsive customer service, irresponsible management, falsified documentation, uncertified status, etc ... Media hype wears thin quicker, this new market wants meaningful development. |
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We should create a bitcoin credit union.
indeed, and that is far easier to start, maintain, and community control. Govt regs are not as onerous. if you can do the web development I could organize the mgmt, marketing, and compliance. |
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Probably wouldn't work. 1. It would be more than a couple hundred thousand. Deloitte would want a fee for the audit, and then they would demand that the company hire a ton of staff and create a compliance department to ensure these controls were maintained throughout the year. Additionally, a company would have to hire additional staff to handle all of the annual documentation around the controls (Deloitte won't just want to see that a company has controls, Deloitte will want to see evidence for every transaction that the control is being followed). 2. If it's not industry wide, people will flock to the unaudited exchanges. Unaudited exchanges, or exchanges audited by non-reputable firms like the guy who audited Madoff, will be able to charge lower transaction fees than any exchange audited by a major auditor. People currently have no issue throwing cash into unaudited exchanges, so what makes you think people would suddenly pay more to go into an audited exchange? It would work well. The problem is no one is willing to pay for quality. They would much rather bitch that they lost it all rather than pay a high fee. These fucking idiots don't deserve Deloitte or Price Waterhouse. They deserve exactly what they get - worthless fucking peer review. Two respected TBF members went to help MtFux in 2011, found a shambles with a clueless CEO and said nothing about it to anyone. the simple fact is Deloitte knows less than a 1/1000th of what this community knows about btc, the fact is all this community needs is organization to solve ALL of it's current problems all of the answers are in the blockchain if the community scrubbed it they will find all of the answers, the blockchain could be used in many different ways |
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So many people who panic at every drop.
what ... you wait for the flood before you panic? |
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here we go again, the old $666 is back
lucky me got some $659 moments ago, could $650 be in sight?
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The staunch holders are holding, the day-traders are trading, the victims of Gox are in shock, and everyone else is slowly selling off holdings trying to get the most they could get.
Every time the rate inches up past $680 a bunch of inventory drives the rate down, not so much to drag it down to $650 yet but you can tell the market is tired, it's itching to move, up or down it doesn't matter, my guess is if it does get to $650 we will see another drop into the $500s because at that point a good segment of the panic sellers will have given up on seeing anything above $700 anytime soon.
So what you saying is we need some good news..! It is around 650$ but i don't think it is going down to 500$ , even if it goes down to 500$ most will hit buy button nd it will surely climb back to 600$ ..! you could have 1000 buyers and only 2 sellers if the available merchandise is more than what the buyers want the price drops. or if you have 1 buyers and 1000 sellers if the available merchandise is more than what the buyers want the price will drop. so it has nothing to do with what "most will [do]" in terms of buy and sell, it only has to do with supply vr demand |
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Where did he get money for personal security...he' spending other people's cash?
+1 Mark will be sued for his personal wealth http://www.coindesk.com/mt-gox-lawsuit-target-mark-karpeles-personal-wealth/ if he spends the money now, nothing will be left for the lawsuit. But, if he were locked up, he would be safe and wouldn't need a bodyguard. If his personal wealth would be seized, he wouldn't be able to spend anything. I agree that Mark's incarceration is the best solution for everyone, but even if you lock down his money all he need do is prove that the expenses are necessary to defend himself and it disappears. Nevertheless, it is best that he and all of the funds in his control be locked down. The class action should seek that otherwise it is just waiting in line behind the reorganization effort. pressure could also be brought to bear on the US Feds to lock down any US funds he may control All of those outside efforts are good, however it is most important to know where the money is via the blockchain otherwise other exchanges could do the exact same thing. |
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you knew it had to happen at some point ... now how low will it go ?
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Domain Name For Sale #23 ---> www.CRYPTOCURRENCYECONOMY.COM $100,000. I will consider all offers, including but not limited to: trade, a partnership arrangement with the domain being my equity contribution. or good old (or new) fashion currency Yes, I have other cryptocurrency domains available for sale and am willing to bundle, click above link to see other names. |
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We have to wait a bit longer.
Yeah its Thursday here in India , so i don't think its going anywhere in 1day , its around 645$ at this moment, so OP's speculation was wrong , but no problem in being optimistic ..! Maybe next week. maybe... but quite skeptical about that too..! even if it reaches around 700$ and stays there i'll be happy with that. The staunch holders are holding, the day-traders are trading, the victims of Gox are in shock, and everyone else is slowly selling off holdings trying to get the most they could get. Every time the rate inches up past $680 a bunch of inventory drives the rate down, not so much to drag it down to $650 yet but you can tell the market is tired, it's itching to move, up or down it doesn't matter, my guess is if it does get to $650 we will see another drop into the $500s because at that point a good segment of the panic sellers will have given up on seeing anything above $700 anytime soon. |
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Sorry but iam not throwing up any of my personal information without knowing where it is going !!
Oh, I can tell you exactly where it will going. Straight on to massive databases sitting on insecure govt. servers. Big fat, centralised ripe targets of personal ID information criminals and espionage agencies (are they different?) salivate over and spend all their efforts changing/breaking laws and trying to hack into .... I need you to talk to my neighbor who thinks the whole bunch are lazy do nothings. That should be fun to watch. |
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We have to wait a bit longer.
Yeah its Thursday here in India , so i don't think its going anywhere in 1day , its around 645$ at this moment, so OP's speculation was wrong , but no problem in being optimistic ..! are you saying you could get btc for $645 USD right now? The best I could do is $670 USD |
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request a certified return -- essentially a sword statement as to the truth of the facts
You still have to "trust" the person who made the sworn statement. Do you trust an entity setup whose purpose is to defraud you by making false sworn statements? You can't have a system interact with fiat without some degree of trust. That's just the nature of the game. You can, however, reduce the necessary trust down to something very basic, e.g. a sworn statement from a prestigious bank that has much more to lose from lying. If that doesn't satsify you, it should more than do to satisfy Lloyd's of London or some other insurance company which will happily insure those deposits against a bank theft.that's how you enable the oil to reach the chain that turn the wheels that move the vehicle that brings everyone to where they want to go faster and easier than an untrustworthy system whose brand new chain keeps falling off resulting in a really unstable, unreliable, and uncomfortable trip. |
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No. 11 No. 5, Shibuya-ku, Tokyo, Shibuya 2-chome
, Inc. MTGOX
Representative Director Karupuresu-Marc Mari Robeto
Notice of petition for civil rehabilitation proceedings
Today filed a motion for civil rehabilitation proceedings in the Tokyo District Court, the Company was accepted. In addition, from the court, and an instruction that disables a comprehensive temporary restraining order to prohibit the Company will reimburse you for the debt, to the transfer of assets, and to the collateral assets, the enforcement by creditors against the assets of the Company , so we received the order of investigation to order supervision order to order supervision by the regulatory committee, the investigation by the investigation committee, as described below, will be announced. Become a place where it becomes a situation like this, to apologize for the great deal of worry and inconvenience of everyone user, regarding. Everyone of the other parties concerned, so sorry truly, deeply apologize. Our company, so we are in full compliance with the instructions of the court, future property will continue to be conservation properly.
Ki
Reasons and circumstances that led to the petition and our financial condition
We have to determine is as follows, and is said to be in a situation of insolvency the company's financial position to be aware of (1) the present time.
Total assets 3,841,866,163 yen
Total current liabilities 6,501,119,371 yen
In the background of current liabilities (2) The Company has increased, causing loss of bit coin, that the disappearance of the deposits can be considered, for this, hit with full force in the elucidation of the truth by, for example, requested an investigation by experts You. For trouble with the impetus of the complaint are as follows.
By the unauthorized access to early February 2014, to exploit a bug in the system of bit coin, transactions (withdrawals bit coin) remittance of bit coin does not complete successfully, and also increased, by the unauthorized access to successfully exploited such bug , that may have been pulled out improperly bit coins were found.
it can be seen that then, bit coin of mass were gone by the investigation of the Company, the exact circumstances are not known still, but by February 24 or about 2014, bit coin holdings of transaction history on the user approximately 750 000 bit coin, and that nearly all of the approximately 100 000 bit coins are carriers bit of coin transaction history on our own is gone've found is. The Company believes the possibility that the bugs have been stolen by the abuse is high bit coin that is no longer, now, consider the criminal complaint, and we ask the expert procedures.
In addition, the 24th month, that there is a discrepancy heavily in the total amount of deposits to a financial institution that manages the total amount of deposits of reality from the user, such deposits, deposit balance is insufficient to significantly (subject to change high amount of money is under investigation, but about 2.8 billion yen at maximum) were found. Because it is expected the Company is currently investigating the cause of the problem, including the damage caused by hacking by a third party, then the problem is probably more than one, you need to investigate a huge deal in the past in order to find the cause there. Therefore, at this time, the cause of the problem is not possible to do also confirm the amount of deposits that are insufficient for the deposits and balances the total number of bit coin, let alone gone.
Since the discrepancy deposit balances and deposits balance and loss of bit coin above is discovered, it is determined that business operations of normal is difficult, the Company, our site (Japan time) in the middle of the day of the 25th month I stopped across the board access to.
For submission of complaint or submission (3) offense report, and ask the expert has already launched an investigation and study. Then, the proper criminal punishment is carried out, and we strive damage recover as is achieved.
In addition, the present invention is not limited to Japan, the survey of each relevant authorities and investigation on this matter, we will continue to cooperate fully.
In order to perform a high payment as possible to everyone creditors, it is necessary to explore the possibility of being able to stay in business, we select the playback procedure.
In addition, it is that through the legal bankruptcy proceedings, you go through the effort of reconstruction while doing their accountability under the supervision of the court, but also for our, you need even on the industry of bit coin will develop healthily I am and understanding.
Future, to be able to repay as much as possible to everyone of creditors, because it is committed to strive investigation of the case, recovery of damages, the recovery of the business, you would like to ask for your understanding in civil rehabilitation proceedings of the Company, for your cooperation.
Summary of petition
February 28, 2014 (1) monkey standing Date
(2) a court of competent jurisdiction Tokyo District Court
(3) complaint agent Baker & McKenzie law firm (Foreign Law Joint Enterprise)
lawyer Hideyuki Yamamoto, the end of wealth Junko
legal professional corporation Yodoyabashi-Yamagami Joint
lawyer Shinomiya Akio, the Kawai Kazumasa
(4) Supervisory Nagashima Ohno & Tsunematsu Nobuaki Kobayashi lawyer
(5) Same as above investigation committee
26 years (6) Case No. Heisei (re) No. 12 rehabilitation proceedings alleged incident
For more information, please contact
(is scheduled March 3, 2014 (Mon) opened), is an inquiry to the company as more information, please contact, as follows, the Company, so that we can set up a call center If you have, I ask to have you call the call center or less.
(Japanese) telephone number 03-4588-3921
phone number 03-4588-3922 (English-speaking)
10:00 to 17:00 Monday to Friday Hours
In addition, I ask to have you refrain from inquiries to the office of supervisor and research committee.
Or more
[Translation from the Japanese]
February 28, 2014
To anyone concerned
Mark Karpeles
Representative Director
MtGox Co., Ltd.
2-11-5 Shibuya
Shibuya-ku, Tokyo
ANNOUNCEMENT REGARDING AN APPLICATION FOR COMMENCEMENT OF A PROCEDURE OF CIVIL REHABILITATION
MtGox Co., Ltd. Made today an application for commencement of a procedure of civil rehabilitation (minji saisei) at the Tokyo District Court. This application was accepted on the same day. Further, MtGox Co., Ltd is under several orders issued by the Court:. a preservative order prohibiting it from paying its debts, transferring its assets or establishing security over its assets, an order establishing a comprehensive prohibition of forced attachment of its assets by its creditors and a supervisory order ordering supervision by a supervisory committee In Consequence, MtGox hereby informs you as FOLLOWS.
We first Express Our most sincere Regrets and Apologies for this situation and for Causing so much Inconvenience to all users and Our Other interested Parties. We Will Respect fully the Above Orders and Maintain Our assets with all the necessary care.
Financial situation, reasons and timeline leading to this application
. (1) As of now, the liabilities of MtGox Co, Ltd exceed its assets and its financial situation is as follows:
Total amount of assets 3,841,866,163
Total amount of current liabilities 6,501,119,371
.. (2) The increase of current liabilities may be linked to a loss of bitcoins and customer funds These are now investigated by an expert and all efforts are made to discover the truth This application was prompted by the following troubles:
At the start of February 2014, illegal access through the abuse of a bug in the bitcoin system Resulted in an Increase in incomplete bitcoin Transfer transactions and we Discovered That There WAS a Possibility That Bitcoins had Illicitly Been Moved through the abuse of this bug.
As a result of Our internal Investigation, we found a large That Amount of Bitcoins had Disappeared. Complete Although the extent IS not yet known, we found That Approximately 750,000 Bitcoins DEPOSITED by users and Approximately 100,000 Bitcoins Belonging to U.S. had Disappeared.
We Believe That There IS a high probability That Were THESE Bitcoins stolen as a result of an abuse of this bug and we Have Asked an Expert to look at the Possibility of a Criminal complaint and undertook proper Procedures.
On the same day (24th), we found out large Discrepancies Between the Amount of Cash Held in financial Institutions and the Amount DEPOSITED from Our users. The Amounts Are Still under Investigation and May Vary but They approximate JPY 2.8 billion.
We Are Investigating the Causes of Problems THESE. Since There Are probably a Variety of Causes INCLUDING Hacking by Third Parties, we need to Investigate a Huge Amount of Transaction Reports in order to ESTABLISH the Truth. As of this date, we can not confirm the exact Amount of missing deposit Funds and the Total Amount of Bitcoins Which Disappeared.
Once we discovered that bitcoins had disappeared and the discrepancies between cash funds and deposit balances, we judged that it would be difficult to continue our activities normally and we therefore closed our site at noon on the 25th (Japan time).
(3) Regarding the Filing of a complaint or report Damages, an Expert HAS Been mandated and Investigations Have started. We Will make all Efforts to Ensure That Crimes Are punished and Damages Recovered.
Further on we Will Cooperate fully with inquiries from Authorities and Investigations related to this matter, in Japan or overseas.
In order to increase repayments to our creditors, it is necessary to explore the possibility of having MtGox Co., Ltd. Continue its business. This is why the civil rehabilitation procedure has been chosen, Rebuilding MtGox Co., Ltd under the supervision of the Court in a Legally organized procedure while giving proper Explanations Will not BE for the Sole Benefit of the company but for the whole of That bitcoin Community.
All Efforts Will Now BE made to restore the business and recover Damages to Repay Debts to Creditors. We Hope for the understanding and cooperation of all.
Outline of the application
(1) Application date February 28, 2014
(2) Jurisdiction Tokyo District Court
(3) Counsel of applicant
Baker & McKenzie (Gaikokuho Joint Enterprise)
Attorney-at-law Junko Suetomi
Attorney-at-law Hideyuki Yamamoto
Yodoyabashi & Yamagami Legal Professional Corporation
Attorney-at-law Akio Shinomiya
Attorney-at-law Kazumasa Kawai
(4) Supervisor Nagashima Ohno & Tsunematsu
Attorney-at-law Nobuaki Kobayashi
(5) Investigator idem
(6) Case no. 2014 (sai) 12Civil rehabilitation commencement application
Contact information
. A Call Center HAS Been established to respond to all inquiries The Call Center IS Planned to start on March 3, 2014 All inquiries to MtGox Co, Ltd SHOULD BE made to the telephone number Following:...
Telephone number +81 3-4588 -3921 (in Japanese)
Telephone number +81 3-4588-3922 (in English)
Working hours Monday to Friday 10am to 5pm (Japan time)
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request a certified return -- essentially a sword statement as to the truth of the facts
You still have to "trust" the person who made the sworn statement. Do you trust an entity setup whose purpose is to defraud you by making false sworn statements? are you looking for a business situation in which you won't have to exercise any degree of trust? |
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You don't need host security if there is nothing to be kept secure - no client funds on the server, no personal data. With a fully trustless exchange you don't trust the server with *anything*, so why care at all of it is secure?
systems security and host security are also different as it covers business systems and processes and not just a server. In yout reddit post you say the following about a gateway; As shown by gmaxwell/nullc, you can do zero knowledge proofs of summation of user balances to get clear knowledge about their liabilities, and they can publish bank statements to show that they have enough assets to cover a bank run.How do you determine if a gateways published bank statements are legitimate or forged? request a certified return -- essentially a sword statement as to the truth of the facts |
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