I'm bearish because this Gox crap is going to grind on and on and on.
You know I keep hearing reading a lot of statements like this. Please keep in mind that real people lost incredible amounts of money either due to theft or incompetence. Some of these people lost a good portion of their bitcoin investment, others lost their entire life savings, and some lost more than you could dream of making in a lifetime. This is not just some more bad news, some whale shit crap, some media hype. This is a real and very unfortunate event that took an insanely large amount of money from the members of this community. Whether the were "newbies" who "deserved it for not securing their assets" or "traders" or "old money that trusted the oldest exchange to handle their coins". Please have some respect for the fact that this was absolutely detrimental to a large group of investors, investors and community members that support(ed) bitcoin and put their hard earned money into it. Could you imagine the agony you would feel if you lost the kind of money these guys did? Some of you couldn't stomach the agony of losing 5 bitcoins, let alone a few hundred bitcoins. I have spoken to some of these people first hand, I am one of those people who also lost some coins, I will tell you this; speaking with a long time bitcoiner and hearing his voice crack and crumble as he comes to terms with the fact that he lost more money then he earns in 10 years worth of paychecks is heartbreaking. It is not "Gox crap"
Sorry for the rant but that's my two sense on the topic.
My apologies it was a thoughtless remark. I should know better (I do know better).
You have my sympathy. If anything it was an expression of anger because I have some knowledge of how the Japanese bankruptcy system works and it simply is not up to Western standards. I am angry that Mt Gox has gone for bankruptcy protection and that management is permitted to remain in place. I am also angry that for the moment it appears that no detailed balance sheet will be forthcoming and no decent explanation of the theft will be provided because the Japanese system is built around saving face and sweeping everything under the carpet. Mr Karpeles could not have picked a better country to blow up an exchange if he had tried.
Regarding the time frame please take it as an observation that the bankruptcy proceedings will continue for one to two years and that this will invite extended media coverage particularly if Mr Karpeles is jailed which is a distinct possibility. Putting two members of the Bitcoin Foundation Board in jail *cough Shrem* for financial fraud would not be good for image particularly as Mr Nakamoto would be one of the few remaining members and he does not attend board meetings for some reason.
The Bitcoin Foundation had to be dragged kicking and screaming to get Karpeles to resign and some of them are still in denial that he was running a ponzi scheme. Right now I am starting to feel like the entire Bitcoin Foundation board is a pack of crooks. which means the Bitcoin Foundation Board needs a serious kick up the ass but I have too many other projects on the go to devote time to that.
Nonetheless my anger at Gox and the Bitcoin Foundation for actively defending him despite serious evidence of wrong doing does not detract from my sympathy for the clients of the exchange who got done over by one of the biggest financial frauds this decade.
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