the problem with all the above proposals is that we do not know all the liabilities of MtGox.
What if there are hidden liabilities that would make MtGox extremely toxic to own?
But it can't really be much worse than what is being said already: that they have almost zero of all funds held by customers!  So it's a start-from-scratch scenario. Those who want in for the long - terms have shares equivalent to their holdings. Effectively they get nothing back now. Those who want out take an almighty haircut - I'm thinking somewhere between grade 2-4 with the clippers. It's the only way to split the remaining funds up evenly. |
|
|
|
|
In my case, don't get blinded by greed.
|
|
|
|
its obviously realistic he has to get something from the deal no?
If he really loses 750k btc he have no right to benefit from this deal, he should step away and leave the company so the new managment try to clean up the balance sheets. WHat is in for him is not financial, it is peace. I think it worth a lot more that millions of dollars and the fear of murder at every corner. He also has a stash somewhere of course. I don't think the 700k but let's just say a very healthy retirement fund that he has been carefully building just like every other Bitcoiner tries to do. He states on that irc talk that every btc he have is on gox. http://www.wickedfire.com/shooting-shit/179038-my-conversation-mark-karpeles-mtgox-2.html#post2164682It's a bit of a mute point to carry on but of course he has some somewhere. If you had been involved in Bitcoin for all that time, running the biggest exchange, making the most BTC, would you never have taken some off the exchange? He is having trouble admitting clearly that everything is gone although it's clear that's what he is going to have to say. Of course he is not going to say "Some of my BTC is on Gox, and some is in my personal cold storage". Anyway as I said its not such an important point (to me anyway). Whatever he says I'm sure he has something somewhere for himself. The big question is where is the Gox balance? |
|
|
|
|
Bitcoin has been used by some ponzi schemers.
Bitcoin is not a ponzi scheme. It is a highly deflationary currency.
|
|
|
|
its obviously realistic he has to get something from the deal no?
If he really loses 750k btc he have no right to benefit from this deal, he should step away and leave the company so the new managment try to clean up the balance sheets. WHat is in for him is not financial, it is peace. I think it worth a lot more that millions of dollars and the fear of murder at every corner. He also has a stash somewhere of course. I don't think the 700k but let's just say a very healthy retirement fund that he has been carefully building just like every other Bitcoiner tries to do. |
|
|
|
The guy is a fraud. Don't believe a word he says. Even if he told the truth up there, he didn't specify if he was talking about the money on gox or his own personal money. Read closer.
In the chat he said all his bitcoins were at Gox. IF you believe him. He did not say all the Bitcoins are at Gox. He said they are not "lost yet" just "temporarily unavailable". Man it's got to be hard to say "all gone" but he's trying! |
|
|
|
If someone buys Mt.Gox and decides to make good on debts, assuming the rumours are true and they lost 750kBTC, how exactly are they going to get people their BTCs?
People say it's $400mil, try buying 750kBTC from somewhere without effecting the price! It would surely rise greatly, maybe even to $1000 making increasing their $ debt towards $750mil!
I guess they would have to offer cash for BTC at the market rate or a % of that rate.
Best-case scenario the new acquirer offers between 100 to 200 $ per BTC. But I fear I'm dreaming here. |
|
|
|
|
At least he put his name on this one. A step in the right direction.
|
|
|
|
meh
Life changing amount of money lost by who?....him? he probably lost 2% at most, same with eric voorhees moaning about losing 550, its a tough loss but both multi millionaires.
These early adopters could help alot more, bitcoin is gunna lose alot of hardcore enthusiasts who got burnt by gox. There will be new blood at some point sure...
If im roger ver id be looking into a gox take over, limit withdraws & get it up and running, remove CEO & staff... its no longer gox then & customers dont get burned.
Smoothie i know you may probably disagree, i dont want to argue ok really cant be bothered:)
Yeah I can't stand it when they say "lost a life-changing amount of money" when they have at least several more "life-changing amount of money" left! Some people really have lost their entire savings through this. Of course it is everyone's own decision what they do with their money but we are talking real "life-changing" amounts here. Rather than all the distancing going on why don't some of these guys club together to at least openly discuss options to take over as you suggest? At least to show that they are looking at ways they might help. Investigating ways to help actively - not just trying to cover the fact that he publicly backed a totally insolvent company by spinning this into a "so that we don't have to trust others we need more decentralization for a better world" crap philosophy! Not the right time for you to talk about how we shouldn't have to trust people IMO Roger. |
|
|
|
|
At least threads like this take my mind of the mundane reality of what really happened.
|
|
|
|
Same here. I mailed Josh about it.
I find this all very amateurish and foolish. He didn't thought about the consequences that his message could have/has.
And first his database issue, and now troubles with a simple agree checkbox form..
Why do people don't have and use a test environment before launching it...
Sorry Josh!
You've got to give the guy credit for what he's done I think. He set the thing up on the fly and all in all it's worked very well. He had to put up a message like that at some point. Come on, he's dealing with millions of dollars from probably thousands of people, many of whom are losing huge amounts this week. I'm willing to bet you someone will try to claim their Gox BTC from him when Gox doesn't pay out. Oh hold on..., I've got nothing left to bet. Shit.  |
|
|
|
|
I had a lot of money tied up - utterly foolish - in Gox, and this is going to set me back.
I've been an idiot. Now I've got to do the best I can and what's right with the rest and focus on what's important.
This morning I've come to terms with the fact that we are not going to see any of our funds.
Also while there may be or might have been discussions to rescue Gox somehow, I now don't expect anyone to do so. Why on Earth should they? It's not the fault of any external actor.
I rode the denial wave like many others. I even tried to turn a profit from this shitty situation and made a very stupid judgement.
There is now absolutely no reason to hope for a rosy outcome. It's time for clarity of thought; time to draw a line - a very low line! - underneath the utter collapse of Mt Gox.
Gox is leaving the arena empty-handed and objectively I don't think this will effect Bitcoin in the long-term: this is in fact great news for the community as a whole.
Good luck!
|
|
|
|
Same problem. Let's see who gets in first! Stu (Disclaimer: I've been a f***ing idiot leaving GOX BTC on the books overnight!) |
|
|
|
Why would you bid on Gox.
The liabilities are at what like $300M?
You are telling me that for $300M you couldn't setup and market a new exchange that would totally dominate the marketplace...
We already know that the Gox backend is basically unusable and would need to be totally re-coded for anyone to even consider using it again. So they are taking on $300M in debt for what...the "Mt. Gox" brand and customer database...lol
The customer database is not to be sniffed at. There is no great rush of people trying to get into crypto at the moment. Look at the volume on Kraken - good exchange open for a while but... And a lot of the Gox users are experienced and rich. Butter them up the right way and they will just keep on trading. |
|
|
|
Dutchman Paul Buitink from debitcoin.org tweets: "Just heard from a source close to the potential investors that the @twobitidiot document is authentic. 3 companies now bidding on @MtGox" https://twitter.com/paulbuitinkSays he will update when further info available. |
|
|
|
It means the coins still exist; somewhere... He just doesn't own the private key for them...
Then why say temporarily? That indicates to me that they weren't stolen It's the "not just yet" that bothers me. |
|
|
|
Whatever the situation is at Gox the cat is nice  Saved by a cat meme! |
|
|
|
Karpeles said: "We should have an official announcement ready soon-ish. We are currently at a turning point for the business. I can't tell much more for now as this also involves other parties." He is selling the company .... that's obvious Hope that the company buying this auwful mess doesn't get Goxxed!. That actually sounds a lot like he is selling.. Who would want to buy exchange with so bad reputation? I would buy it if I were able to lay out all of the terms to the site member/customers, so that they know exactly what is happening every reconstruction, rebranding, and repositioning step of the way. I would not buy it unless I had the actual cooperation of the membership. Rest assured, everything would go up: service quality, security, rates, value, and appreciation. Take special note, the price would be no higher than $1, but no one would lose a dime from insolvency or foul play. If I would buy MtGOX for $1 (providing most money was lost and I am full owner from the GO) I would give out shares/dividend in BTC/USD to all people who have a debt. This way you can repay everyone over time even compensating them if they have faith in the company over time. The company would remain to have money to operate. Ofcourse hire capable people for running the show in a safe and secure manner. No more lost cold wallets  Hire a trusted external party(s) to regularly audit the company (incl. books) and take advise seriously. Put up an apology to all people who got screwed over and commit to a repay through shares/dividend system. Make internal changes like restaffing allmost everyone (atleast management and programmers). Provide social media and good and regular updates of the status. Communicate to the world in an open manner. Limit witdrawls and ease open the gates until a full free flow of money is allowed. (this is necessary to stop mass withdrawl) I would not bother to change the name MtGOX, I would rebrand the logo to signify change in management. But then again I've never run a company.... Oh no. Don't tell us we're going to be long-term shareholders in Gox! Is that our punishment? |
|
|
|
"more or less" "not from within" So, tell me, where do you see confirmation on that piece of information? No confirmation, but I am starting to wonder if Mark didn't spill his coffee on the cold storage hard drive. |
|
|
|
|
Show Posts
