Adding to the above i said. The new investors could be those having funds stuck in Gox.

They would have to get in contact with infamous Karpeles and get him to sign a contract to pass the ownership to those that have funds stuck on gox in the appropriate percentage relative to their funds in there.

Then they would have to vote on a new CEO, whoever they think would be viewed as the most trustworthy by the community as well as being willing to do the job.

In the long run, having a share in a big exchange that is run by a trusted member of the community they are very likely to even draw out profits of this currently miserable situation.

As i said, i am no lawyer, and my words should be taken with a pint of salt. I am just trying to add my 2 cents and state my view so some might potentially benefit of this.

edit: The exchange when opening up again, could trade shares on top of just BTC, so those who do not want to keep their share, could directly trade it for BTC and get out of it.

Karpeles has no choice, there will be too much pressure on him from people having serious funds in Gox. They will soon see as well that this is a reasonable solution to possibly get their funds out.
Whatever business Karpeles touches from this day, will turn to dirt. He adds negative value to a business.

Maybe they will have to put some money in to get this parasite out once and for all, he doesn't deserve, but sometimes you have to dance with the devil to get to something better.

At the same time, there are many early BTC adopters which have immense amounts of bitcoins they were honorable enough to keep instead of flooding the market and crash the price.

They would love to invest their BTC in a business that would on top restore BTC's reputation and give their remaining coins more value in the process i would guess. Also with a very good chance of profiting from it in the next 5 years unless something more sinister happens in the BTC world.

They will also see very quickly that this can be done only with a new fully trusted CEO by the community which will be given full control of how the exchange runs without strings attached.
I named two candidates which would be perfect in my opinion, however i have no clue if they are even interested.

There are certainly more issues as in how feasible this is in terms of legal issues. I am no lawyer, and i do not have all the data related to gox.

This is just my take on what i would consider perfect both for the new investors and those having funds stuck in the exchange.

Personally i have nothing in MtGox and drew out all i had long ago when they started delaying withdrawals, but i won't hide that it is in my interest for BTC to thrive as i am holding a medium sized amount of BTC as well as me considering BTC a great way to escape the quantitative easing (money printing) of the FED and the likes.

I don't think you can hold against him that he is reading from a speech he himself composed with the help of others, as long as he read it and agreed with the content. Not everyone can remember every word he wrote down himself or asked others to help him write down something he agrees with.
I don't think he is trying to hide anything there, as it's just too obvious he is reading of the screen. You know he can look at the video himself which is NOT live and do another recording if he really wanted to hide it.

With Roger Ver while i am leaning towards him having profited from this situation, i cannot in any way be 100% certain and there is a chance he just wasn't smart enough to not say anything when there was doubt about mtgox's financial situation.
His posts certainly ruined many peoples' lives that took it as an affirmation of gox being solvent.

Him talking about MtGox being incompetent when himself was incompetent (given it was no outright attempt to lie/fraud) is certainly ironic.

I give him the benefit of doubt, and hope he will watch his moves more carefully in the future.

I think you are wrong.

With a trusted new CEO, like gmaxwell or antonopoulos MtGox would be far more worth than just 300m.

It would be the easiest way for investors to get hold of a major exchange with high enough volume.

With karpeles as CEO the value is exactly ZERO because noone except a few fools left over would use any service he runs again.


In my opinion it is all about who will be the CEO. If they choose someone noone knows or even worse, continue to use Karpeles, they are just wasting their money.

just when you think he is done, he always finds new ways to extract more coins out of you... genius!

all karpeles has to do to prove how many bitcoins he has left, is to create a wallet he publicly announces the public wallet address of, and then fills it with whatever bitcoin he has controll over still.

He won't do that of course, because his motive was to harm BTC all along this time. Even if he does, it would be just an attempt to get back in and do more harm to BTC.


Hopefully if this miracle happens, people will draw out their funds of any service this evil clown touches again.

omg, it was the CATs!

They are taking over the world while stealing our BTC in the process... it all makes sense now.

When Karpeles is awake, the cat pretends to be sleeping near the keyboard, but when he is sleeping it takes control of the PC and steals the bitcoins at night to fund the catluminati network!

this is the end...

The foundation can be both positive and negative. I just don't think they had the right to use "foundation" as a name. They are not the founders. The founder is satoshi nakamoto whoever person or group is behind this.

However, a lot of good things can come out of it as well. The platinum member bitcoinstore for example is extremely valueable to the whole bitcoin environment. They keep a bit of an order in all this chaos, but i fully agree with you that they should be putting way more pressure on getting REAL answers from karpeles even if that means them losing the income from the gold membership.
So we have a conflict of interest here, which should not stop them from being more pressuring on the foul apples, as only this will give them a long term right to exist.

I don't think he is ashamed. He is quite shameless when lying and pretends we are all braindead not being able to see through his continuous lying.

He just knew that everyone would go berserk having to see his face again, so he abused his cat to chill people down.

I trust none of the exchanges fully. It will be somewhat better when they get audited by trusted people of the bitcoin community (gmaxwell, antonopoulos but certainly many others i unfortunately did not monitor so closely), but no 100% guarantee still.

After watching all the exchanges for some time now, coinbase and btc-e are my favors.

I was in favor for bitstamp for some time over btc-e, until they pulled some strange maneuvers which were similar to what gox pulled. Freezing withdrawals for days/weeks without any public announcement about what is going on, leaving people fearing for their funds hanging.

Shortly after they pulled another two strange maneuvers, like the site being inaccessible for some time when the price was tanking hard, not allowing to sell, and AGAIN inaccessible when it shoot up, not allowing to buy back in.
This is the works of how manipulators do it, faking a ddos attack being responsible for it, and the way gox did it when the price shoot down from 266 to 50 in the major crash, and back up after.


BTC-e even if slowed by ddos at times, always allowed me to buy in or out so far. So i am going with BTC-e knowing very well that even this is not 100% secure, but in a world of blind, the one eyed is king.


With the newest BTC-e statement


i feel a lot more secure now. Again... not 100% secure


p.s : It's best to buy coins on coinbase if you are from the US and use them on btc-e to trade, then cash out via coinbase again. The reason for that is that coinbase fully complies with US laws, while btc-e might not.

None of these options apply.

There is a third option which makes most sense

3.) Mission to deliberately harm/kill BTC - Mission taker Karpeles

the insolvent theory makes no sense, because noone can be THAT incompetent.

outright fraud makes no sense because the exchange had so many options to fraud people of their money, WITHOUT killing itself. Simple example, by keeping up the withdrawal delays of USD they themselves or via insider friends cooperating with them, were able to almost instant withdraw and therefore do some insane arbitrage as in buying at bistamp/btc-e/coinbase and sell for 10-20% up. Rinse and repeat.
Many other ways to use the exchange power in order to profit, like for example doing your own trades without fees, allowing you to profit on the smallest differences in buy/sell and many more i am not going to list here.

So fraud option is not an option either.

To me, it only leaves the option of deliberate trying to harm BTC. And if you look at the way karpeles acted, this is the most likely option BY FAR.

just to complete the picture of what i am thinking, i quote myself from another thread

Implying that not being anonymous protects people from losing their money. Wasn't the case with bitinstant and won't be the case with MtGox either if it goes down. If people knew they had a chance to get anything out of gox, they would all haste to sue them.

The only thing you can trust in, is if the service had a long history of being secure and fulfilling it's obligations. With Gox this was almost never the case in the last few months. Bitstamp also did some strange maneuvers with withdrawals not being possible for weeks without ANY public information to people fearing for their funds. Also, there were strange service outages very often in times of BTC tanking/shooting up. Could be ddos but could also be deliberate manipulation.

None of that happened with btc-e so far, and i was able to deposit/withdraw and cash out without issues in the past. That does not mean i trust btc-e. It just means i trust them more than any of the above mentioned services. 


As for the OP. I am pretty sure he is part of the smear campaign against btc-e that has been running for quite some time now. Including the hackers that got hold of a website to spread FUD


there are also many fraudsters in btc-e chat, which post links to malware, them getting their account shut and funds confiscated (you have to have at least $100 to chat).

Unless OP can give more details on what actually happened, btc-e could reply to, i fear he is part of a smear campaign i see unfolding since quite some time now, which his name also implies. (not being of some long term user with some history)

I don't think karpeles is out for your money. If money was his motive, he could have made fortunes just of the fees when he had 80%+ of the market.

If he was just corrupt, there were plenty of chances for him to make fortunes by abusing the exchange powers. Just a simple example. He could have made millions through arbitrage, as there was a huge price difference because of USD withdrawal delays caused artificially most likely.
Karpeles being the owner of the exchange certainly did not have such withdrawal delays himself, or any of his insider friends he could have cooperated with.


No really, money is not his motive, because he could have made enough for several lifetimes and then some.

What is more likely, seeing the way he acts, is him being a paid assassin to harm/kill BTC. Guess by who.

That's nonsense, because i said he created goxBTC out of thin air, by entering numbers into the MtGox database. You have no means to know if the BTC you are trading on Gox are backed by real BTC or not. Same goes for the USD. It's just numbers in their server database.

The real BTC and real USD might be long gone.

please take a minute to think before posting such nonsense

Since we get little to no info from Karpeles, one can only guess what is going on behind the scenes..

Here is what I think is going on. I could be wrong, but the signs seem to point this way. I will explain why if i am right, this could get bitcoin back to $100 or even less.


MtGox shut down both USD/BTC withdrawals, followed by a sharp decline in BTC price which however made no sense at all.
Since USD withdrawals were not possible either, why would someone turn his BTC into USD, when getting out BTC if and when they open up again, would be way easier than getting out USD and having to wait who knows how many months IF they would get any USD out at all. With BTC it would be a quick transaction to another wallet within an hour.


While a small drop in BTC price on MtGox would have been justified, a drop to $91.5 at the lowest point made no sense to me, so here is what i think happened.


Karpeles created goxBTC out of thin air(entered a few numbers in the server database not backed by real BTC), and went with it through all the buy orders. This allowed him to drop the BTC price dramatically, resulting in many panicking and selling their BTC in the process.

Now one might think he did this to cause others to panic and sell their real BTC, but i believe the real BTC he already keeps dumping on the other major exchanges like bitstamp and btc-e.


So why did he drop the price of BTC on gox deliberately when he already ate up the real BTC? The answer is simple. He knew that this would get people to try to interchange their real BTC for very cheap goxBTC created out of thin air, them thinking they would eventually get their BTC out with some luck (a calculated gamble).

Each time karpeles sees no new real BTC coming in, he creates a few more goxBTC out of thin air, and lowers the price with that, which results in greed taking over many, trying to get the cheap goxBTC, they believe the odds are in their favor to make a profit out of it.

There are also people which believe that buying that goxBTC will eventually allow them to multiply it and sell to others, which might have the same plan.
The real problem is that this actually WORKS. It's a ponzi where the last few that buy in too late might not be able to sell to the next...

...while karpeles keeps creating the fake goxBTC, he keeps dumping the real BTC he got on the exchanges.

A process which can go forever until people stop buying fake goxBTC. But why should they if it makes them profit through the sharp up and downs we have seen in the last few days, the price going bananas from 91.5 to 300 in just a few hours, while there are people willing to buy the fake coins off of them for real BTC?

This is a self perpetuating process that will continue while the price of BTC will keep going down, supposed my theory is correct. It will stop when the price is far too low on the other major exchanges, making it impossible to lure more people into buying goxBTC at prices which would be worth anyone's time.


Someone will have to shut down MtGox with a court order and put the whole gang into jail should it turn out that i am right, or we are looking at veeeery cheap BTC in the future.

Note that this is just my opinion of what MIGHT be going on with Gox. It might seem far fetched to some, but this is what the signs point to as i see it.

This is partly up to us.

I suggest anyone who wants bitcoin to succeed to move their accounts to bitcoin friendly banks, and avoid banks that block like the pest.

If they ask for the reason, tell them it is their lack of support for bitcoins.

Interesting question, but i assume you could on top of requiring a pin, allow to encrypt the wallet on the device. So even if you break into it using the pin, you are faced with brute forcing the wallet which cannot be done easy if a secure enough password was chosen.

That's what all the evidence points at.

The difficulty keeps going back to 1, rising slowly to about 800, then back to 1 again. Coins that were mined keep vanishing indicating someone is forking it over and over again.

The exchanges that had this coin on will most likely have to either create their own fork and continue the coin with only the oldest entries that were mined fair, or they will have to tell the owners that their coins are simply lost.