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241  Bitcoin / Legal / CoinLab vs. Mt. Gox lawsuit for $75 million is still underway. on: February 20, 2014, 04:13:33 PM
It hasn't been in the news in months, but the $75 million suit by CoinLab against Mt. Gox is still underway and headed for trial in November 2014. This is a big hammer hanging over Mt. Gox.

Jury Trial is set for 11/3/2014 at 09:00 AM in Courtroom 14206 before Judge Marsha J. Pechman.
United States District Court, Western District of Washington at Seattle.

Length of Trial: 10 days

Schedule:
Joinder of Parties due by 11/14/2013,
Amended Pleadings due by 11/25/2013,
Expert Witness Disclosure/Reports under FRCP 26(a)(2) due by 4/7/2014,
Motions due by 5/7/2014
Discovery completed by 6/6/2014
Dispositive motions due by 7/7/2014
Motions in Limine due by 9/29/2014
Pretrial Order due by 10/22/2014
Trial briefs to be submitted by 10/22/2014
Proposed voir dire/jury instructions due by 10/22/2014
Pretrial Conference set for 10/24/2014 at 02:30 PM before Judge Marsha J. Pechman

Mt. Gox and Tibanne are represented by two US law firms, and various routine motions have been filed by both sides. There's no claim that the US courts don't have jurisdiction. One party is a US company, and that's good enough. So, yes, you can sue Mt. Gox in a US Federal Court.
242  Economy / Service Discussion / Re: NEWS: MtGox resuming withdrawals on: February 20, 2014, 02:34:35 PM
Mt. Gox is not resuming withdrawals. Again.

The February 20th announcement has less information than the previous one. There's not even a date for the next excuse.
243  Economy / Service Discussion / Where is Mt. Gox now? on: February 20, 2014, 07:50:38 AM
Mt Gox claims to have moved their offices to Cerulean Tower 15F, 26­1 Sakuragaoka­cho, 150­8512 Shibuya Tokyo. They've used that address before; it's a short-term office space rental / virtual office location. Here's office rental info.

It's possible that Karpeles is holed up in there (they have enough building security and enough building exits to avoid protesters), but I doubt their whole staff is there. So where are they?
244  Economy / Service Discussion / BitcoinCharts "Low" numbers behave strangely, at least for Mt. Gox. on: February 20, 2014, 07:26:40 AM
I'm watching the Mt. Gox BTC/USD price crash on BitcoinCharts (which is run by Mt. Gox) at http://bitcoincharts.com/markets/currency/USD.html. Sometimes, the value in the "Low" column takes a jump upward briefly, but it seems to come back down after a few trades.

Right now, MtGox $180/BTC; low of $176. It was around 230 an hour ago.
245  Bitcoin / Development & Technical Discussion / Re: New Digital CB "band" for cryptosystems, i.e. offline bitcoin transactions on: February 20, 2014, 02:28:40 AM
As a Bitcoin network, packet forwarding ought to cost some small fee, paid in Bitcoins. The problem is that the Bitcoin system chokes on micropayments. But think about that as an idea for congestion control. Maybe you have to do some proof of work to send packets.
246  Bitcoin / Development & Technical Discussion / Re: New Digital CB "band" for cryptosystems, i.e. offline bitcoin transactions on: February 20, 2014, 02:26:13 AM
The filing isn't quite done, but I have the frequency allocation proposal finished.  It's filling number with the FCC is 0158-EX-PL-2014, if anyone is interested.  I filed it as an experimental license application, because there really wasn't a better method.  The FCC doesn't have a method for suggesting completely new ideas.
That's how the FCC does do new ideas. Digital AM radio and digital cellular telephony started under experimental licenses. You usually get two years, with a possible 5 year extension. If you propose a geographical limit on your stations, it's more likely to be approved, because applications are checked against a database of every other licensed service for conflicts. If you don't limit, you'll get a conflict with any other 27MHz station in the US.
247  Economy / Service Discussion / Re: mtgox announcement on: February 20, 2014, 12:49:15 AM
I may be an optimist, but the fact that Karpeles hasn't gone into complete hiding yet, may be a sign that they are really trying to make an effort to right the ship.
It's hard for a gaijin to hide in Japan, and it's hard to get off the islands if the Japanese authorities are looking for you.
248  Economy / Service Discussion / Re: NEWS: MtGox resuming withdrawals on: February 19, 2014, 10:01:56 PM
Roger Ver is a decent target.  Roger Ver associates with gox. Fuck gox.
Roger Ver is a convicted felon.
249  Economy / Service Discussion / Re: NEWS: MtGox resuming withdrawals on: February 19, 2014, 09:59:20 PM
Mt. Gox is not resuming withdrawals.

Mt. Gox is claiming they will issue a statement about resuming withdrawals at some future time.

There's a big difference.
250  Economy / Service Discussion / Re: Why is MT. GOX selling at $300? on: February 19, 2014, 09:54:58 PM
Right. When you can't get anything out, the price is meaningless. Although there are some people trying to make a market in GoxBucks and GoxCoins.
251  Economy / Service Discussion / Re: What are the remaining reliable exchanges? on: February 19, 2014, 08:17:17 PM
In my experience all of the following exchanges are 100% reliable (in alphabetical order):

[blank]
Agreed. Keep no funds in any exchange for more than 24 hours.
252  Economy / Service Discussion / Re: Trading btc for goxbtc; is there any risk of MtGox reversing internal transfers? on: February 19, 2014, 08:14:55 PM
Can Mtgox reverse internal bitcoin transactions?
That's a very good question. 

It's more like "can they get away with it if they do it?" Given the reluctance of Gox suckers customers to sue, probably yes.
253  Economy / Service Discussion / Re: MtGox withdrawal delays [Gathering] on: February 19, 2014, 04:25:03 AM
Surprisingly I received the cash withdrawal requested on Jan15 today Feb19  
About how big an amount? It's been observed for months that little withdrawals are more likely to get through than big ones.
254  Economy / Service Discussion / Re: Mt. Gox being hammered in the financial press on: February 18, 2014, 07:32:11 AM
Those are the weekend stories. It's going to be even worse for Mt. Gox on Monday, when the financial papers are back at work.
Monday's coverage was bad enough, but Monday was a holiday in the US and the financial papers didn't publish. Tuesday, reporters will be back at work.

The Wall Street Journal is now asking the right question - is Mt. Gox broke? Karpeles has been stonewalling the WSJ reporters, UPI, NHK (the biggest TV network in  Japan) and the South China Morning Post. Each of those outlets reports that Mt. Gox refuses to discuss their financial stability and questions whether Mt. Gox is in financial trouble. There's talk of the Bank of Japan becoming involved.

Mt. Gox is the 4th most popular story on UPI right now. This isn't going away.

This is playing out like Enron, Lehman, and Madoff. Trouble, denial, excuses, stonewalling, more trouble. We're close to the point where law enforcement gets involved.
255  Bitcoin / Press / [2014-02-17] Mt. Gox Shows Bitcoin's Growing Pains -- Update on: February 18, 2014, 05:55:10 AM
"Mt. Gox Shows Bitcoin's Growing Pains -- Update" - Wall Street Journal
Quotes:

Investors are increasingly concerned about the status of their Mt. Gox accounts.

In the email interview, Mr. Karpelès responded to questions about the company's solvency or protection for customers' funds by saying that the matter is confidential.

Japanese officials are cautious about making any comments about bitcoins as they wait for the Bank of Japan to finish a study about the virtual currency. Still, some Japan-based lawyers say certain restrictions, especially on exchange platforms, should be considered in order to prevent criminal use of the currency, such as for money-laundering.

"I believe that regulating exchanges would be the best way to address these problems," said So Saito, a lawyer at the Tokyo law firm of Nishimura & Asahi.
256  Economy / Service Discussion / Re: MtGox withdrawal delays [Gathering] on: February 17, 2014, 09:47:50 PM
Many of you suckers people are not getting this: You are not going to be paid by Mt. Gox until you either apply serious pressure to them or they come up with some way to underpay you.

If Mt. Gox owes you money, you need to be suing in Delaware and complaining to the SEC and complaining to the Japan FSA and  talking to a collection agency in Japan and talking to the Japan External Trade Organization and the financial press.  You can apply pain to Mt. Gox until they pay up. And you should. Now. While the world financial press is watching.

I've collected amounts in six figures across borders. It was a headache, but eventually they paid 100%. It took a lawyer and threats of taking them into bankruptcy, but I didn't have to go to court.
257  Economy / Service Discussion / Re: MtGox withdrawal delays [Gathering] on: February 17, 2014, 07:51:01 PM
unfortunately, I agree as well. It is more and more clear that they don't have enough cash and/or BTC...
Agreed.  All Mt. Gox's actions are in the direction of desperately trying to stop withdrawals.

Stalling may not work this time. The financial press is watching too closely, and they interpret "stopping withdrawals" by financial firms as "bankrupt".

Understand that when a real brokerage house or bank stalls on withdrawals, they are effectively out of business within hours and closed within days. The financial press is now treating Bitcoin like a real investment, which means those standards are applied to Bitcoin exchanges.  This is good for Bitcoin, but bad for Mt. Gox.
258  Bitcoin / Legal / Re: Mt. Gox and Japan Laws on: February 17, 2014, 07:18:38 PM
The way Mt. Gox is holding customer deposits, is it allowed in Japan. Cant there be any lawsuit ? (I'm sorry I dunno if there's already one !!!)
Mt. Gox can be sued in the US, in Delaware, where they have a legal presence for FinCen purposes. They can be sued in Japan. The Japan Financial Services Agency has the authority to regulate them. Yet there are no published reports of anything happening.

I suspect that there have been legal actions, and that anyone who files suit is paid off immediately if they sign a nondisclosure agreement.
259  Economy / Service Discussion / Mt. Gox being hammered in the financial press on: February 17, 2014, 07:21:06 AM
Press reports over the weekend are coming in. The financial press is saying "Bitcoin is OK, Mt. Gox is dead".

* "Bitcoin plunges 50% on Mt. Gox to hit USD230 as troubles continue" (From "Investing,com". The NASDAQ put this article on their web site.)
* "Bitcoin’s largest exchange is dying. Here’s why that’s not a problem for Bitcoin." (Washington Post)
* "Biggest Bitcoin Exchange Restores Service" (Wall Street Journal. They mean Bitstamp, not Mt. Gox.)
* "Bitcoin Protester Confronts Mt. Gox Executive. (Wall Street Journal. The WSJ itself writes: "In an email on Thursday, Reina Matsushita, a Mt.Gox spokeswoman, said the company would issue a statement later that day, but by Friday morning no new statement had appeared on the company’s website. Phone calls to the company’s office rang unanswered on Friday.")

Those are the weekend stories. It's going to be even worse for Mt. Gox on Monday, when the financial papers are back at work. Now that Bitcoin stories are being treated as regular financial stories, Bitcoin exchanges are being held to the standards of regular financial companies. Press coverage like that is usually followed by "Company declares bankruptcy" or "CEO arrested". We're past the point where excuses will work.
260  Economy / Service Discussion / Re: Get your fiat out of Gox in 1 day and make a profit while you're at it on: February 17, 2014, 06:47:11 AM
Unfortunately, the most plausible explanation seems to be that they want to prevent a whale, in this case BitcoinBuilder, from amassing too large a share of GoxBTC (or GoxUSD).  A whale might be in a better position to identify suspicious market behavior, might have more financial incentive to pursue means to put pressure on MtGox, and might be a more formidable enemy in court.
BitcoinBuilder is just matching buyers and sellers; they're not taking any risk or position in this. But they do have custody of a lot of coins on Mt. Gox.
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