Odds are a pump and dump.  can't be bothered looking it up.

So I just read five pages to catch up to find out nothing happened but name calling. 

Good to see things are normal here today.

Can someone give me a brief background on the 2011 crash?   Was it just a hack of Gox driving the price from $30 to $2 over an extended period?

And for the record I don't accept code based solutions for fiat - far too easy to cook the books.  A code based solution might be acceptable for btc but frankly I have my doubts there too.

The *proof* of solvency by Mark Karpeles back in 2011 where he moved 42424242 btc could easily have been generated by collusion with a couple of whales.

And we have already seen that Roger Ver's "audit" of Gox in 2013 where he looked at a bank statement and then made a YouTube video about it was not worth the paper it was not written on.

Speaking of fraud I assume people still have copies of the email Gox sent out a couple weeks ago where they said they were not operating a fractional reserve?

The point being there needs to be a trusted third party doing an audit.

I would prefer not Andreas - too hard to sue any individual if they have been bought off.  Much easier to sue PWC.  No reflection on Andreas just a statement of fact that individuals aren't good for liabilities over $100 million.

And this doesn't need to be hard. Add up all the fiat in the bank accounts and all the fiat held by customer accounts. Then add up all the btc in cold storage / hot wallet / on account with BSP and all the btc credited to customer accounts.  Done.

Of course your BSP holdings are exposed if BSP is running a fractions reserve but that's another audit.

There are plenty of bitcoiners working inside the big 4 accounting firms - they can get their head around it.

Bankruptcy stops civil actions. 

It does not stop criminal investigations which is where this is headed.

Any exchange that is exposed to margin trading is probably more dangerous so BFX and BTCE are higher risk than Bitstamp.  And don't tell me BFX is safe because it's only peer to peer lending because the temptation for them to make up lender losses just to keep the lenders onside is just too high.

I am not suggesting a return to price stability in the $8 - $12 range. But goddamn the market is going to take a shit kicking if comes out that both the April bubble and December bubble were driven by fiat stolen by Mt Gox.

BFX is 0.15% and decreases from there to 0.1% for high volume.

Start out trading with millbits.  That way no one gets hurt and you have real data.  Also use an exchange with low fees.  Fees can kill your profitability. 

If this is correct then all price points since 2011 are invalid data.

I think you all appreciate the enormity of this.

Bank records of wire transfers going in or coming out. 

People that used fake IDs are probably out of luck.

The troll box has standards.

It's a Ponzi.

+1

There will be months of this.

I think the press conference on Friday was the "meeting" for the "explanation" to the creditors.  Which if true shows just how weak the Japanese insolvency system is.  

My best guess is it will be procedural about how to file a claim. No actual information about the business.  The market (if it has any brains which is questionable) should shrug it off.

So is there anything Mt Gox can actually say that will crash the market?