MTGOX LEGAL CHALLENGE

[taiping]

As a "Newbie" I expect to be shot down in flames, but rather than speculate and moan about MtGox, why don't we mount a legal challenge in Japan?
I have in mind the following:

1. A legal challenge in Japan using a Japanese lawyer to request timely repayment of all BTC and fiat MtGox withdrawals to those that require them.
2. Crowd funding (Kickstarter?).
3. A respected member of the BTC community, without any connection or positions in MtGox, to act as escrow for all donations, and to be "Chairman" (see Item 4).
4. A committee of (say) five to seven members to decide strategy and approve payments. In case of a tie, the Chairman may cast the deciding vote.
5. Donations in BTC for any amount. For those with positions in MtGox, the suggested donation is 1% of the total value based on the Coinbase Bitcoin Price Index (currently USD 578.10). In the interests of transparency, my own position with MtGox (BTC + USD Cash) is currently USD 12,085 (BTC = USD 578.1), so my contribution would be 1% of that or USD 121 = BTC 0.21.
6. Any excess funds to be donated to a charity as decided by the committee.
7. New "MtGox Legal Challenge" web site for exchange of information and views.

[taiping]

I have just seen a legal remedy at https://bitcointalk.org/index.php?topic=476535.0

I have some issues with this approach:

a) It seems the law suit would be to recover MtGoxFiat only and not MtGoxBTC.
b) The minimum cash account to join the "Multi-plaintiff Suit" is USD 10,000.
This excludes small investors and those who wish to retain MtGoxBTC.
c) Those who join have little or no control over the strategy and actions taken. I think my proposal is more transparent.
Why hide the name of the lawyer?
d) The suit will effectively drive down the price of MtGoxBTC which is unfair to BTC holders.

Still, the thread has clarified that class-action suits are not recognized in Japan, which is why they call it a "Multi-plaintiff Suit."
If there is anything I have misunderstood, please correct me.

[TrailingComet]

Fiat claims are apparently easier to enforce than btc claims. Precedents and all.

Complex situation overall

[hostmaster]

good idea!

[Bitcoin_Mafia]

I hope that there are consequences for what these crooked jackwagons have done. There *can* be a positive outcome from the MtGox debacle if a precedent for accountability is set. Right now new people are hesitant to get into Bitcoin and altcoins in no small part due to this scandal. They are afraid that they will spend their hard earned money to buy Bitcoin and then not be able to withdraw it. The media has gone into full fearmongering overdrive about it too. If a clear precedent is set and people start to have legal recourse when they get screwed, it will go a long way towards 'legitimizing' Bitcoin in the eyes of the wary masses.

Just my two cents...

[beegatewood]

I believe mtgox just need more time to fix their problem?

[taiping]

To be clear, I did not mean to suggest that I would organize this challenge.
I do not have the necessary technical expertise to set up a web site etc, and have no contacts with a reliable known bitcoin person to act as "Chairman."
It was only a suggestion of how more competent people could address the issue.

[Sheldor333]

I would suggest posting this in the discussion part of the forums as well on reddit. There are a lot of people would would like to join you I assume.

[greyhawk]

how are thy gonna pay any withdrawals? they're bankrupt, there's nothing left