Poll: Who should acquire & bailout MtGox?

[coins101]

My small BTC exposure just fcuking exodussed out with Gox.

Bankruptcy protection just means wiping the slate clean. No chance of recovering assets.

Whoever buys Gox will just get the customers accounts and the domain names. The administrators and lawyers will rape the company of the cash it has.

The platform is fcuked. By the time someone fixes it or replaces it, other exchanges will be up and the existing ones will take over the market share.

Who is going to trade with Gox again after wiping out so many people and $5bn off BTC market cap?

Value is sub $5m.

[johnny211]

why would anyone pay $420mill (744k coin at ~ $570) for a website that has lost customer confidence, that does noy have banking licences in each country.

Just the KYC archives would be worth billions to someone like google, esp. combined with blockchain forensics and other google data mining efforts. But why would they pay off the holders?

[johnny211]

why would anyone pay $420mill (744k coin at ~ $570) for a website that has lost customer confidence, that does noy have banking licences in each country.

Just the KYC archives would be worth billions to someone like google, esp. combined with blockchain forensics and other google data mining efforts. But why would they pay off the holders?

Come to think of it, coughing up a few hundred mil to provide some recovery for holders and then watching where the money goes might be a reason

[techstorm3]

True unregulated capitalism - let the infection that is MtGox die and rot...  please!

ditto

[gollum]

why would anyone pay $420mill (744k coin at ~ $570) for a website that has lost customer confidence, that does noy have banking licences in each country.

Just the KYC archives would be worth billions to someone like google, esp. combined with blockchain forensics and other google data mining efforts. But why would they pay off the holders?

NSA would be the highest bidders of course But they don't buy it directly, instead through several layers of middlemen so nobody finds out.
Or through Google that will handle over the info directly

[thelema93]

I think the fact that most users of this forum voted "Nobody. Let MtGox die and clients lose all BTC and fiat." reflect very badly on the character of these individuals.

[shadyz]

Everyone that got dooped needs to acquire gox including all famous bitcoiners and all creditors (they already should be given at least equity in the company)

[StarfishPrime]

Anyone who's cheering the demise of Mt.Gox and thinks that this is somehow "good for bitcoin" etc. has seriously misread the current situation.

6-7% of all bitcoins in the hands of unknown criminals is very, very bad for bitcoin and will have repercussions, both short and long term, that we can't even begin to fathom at this point.

Exchanges worldwide have already been served with subpoenas. There is ample evidence that large scale blockchain mapping efforts have been underway for quite some time now. Some groups already have evidence to at least partially substantiate Mt.Gox's "malleability" hacking claims.

Hopefully at least some of these coins will be traced/seized/recovered. It's difficult to completely obfuscate 6-7% of all bitcoins over several years without slipping up somewhere.

[gollum]

Anyone who's cheering the demise of Mt.Gox and thinks that this is somehow "good for bitcoin" etc. has seriously misread the current situation.

6-7% of all bitcoins in the hands of unknown criminals is very, very bad for bitcoin and will have repercussions, both short and long term, that we can't even begin to fathom at this point.

Exchanges worldwide have already been served with subpoenas. There is ample evidence that large scale blockchain mapping efforts have been underway for quite some time now. Some groups already have evidence to at least partially substantiate Mt.Gox's "malleability" hacking claims.

Hopefully at least some of these coins will be traced/seized/recovered. It's difficult to completely obfuscate 6-7% of all bitcoins over several years without slipping up somewhere.

That's why we should consider inflating away the bitcoins held by thieves: raise the max bitcoins to 21 billions ( 1 BTC will be worth $0,5)

[johnyj]

That is the beauty of bitcoin: No bail out, no too big to fail

And also a lesson to be very careful about centralized exchanges, users should never have large exposure on those platforms

[StarfishPrime]

Anyone who's cheering the demise of Mt.Gox and thinks that this is somehow "good for bitcoin" etc. has seriously misread the current situation.

6-7% of all bitcoins in the hands of unknown criminals is very, very bad for bitcoin and will have repercussions, both short and long term, that we can't even begin to fathom at this point.

Exchanges worldwide have already been served with subpoenas. There is ample evidence that large scale blockchain mapping efforts have been underway for quite some time now. Some groups already have evidence to at least partially substantiate Mt.Gox's "malleability" hacking claims.

Hopefully at least some of these coins will be traced/seized/recovered. It's difficult to completely obfuscate 6-7% of all bitcoins over several years without slipping up somewhere.

That's why we should consider inflating away the bitcoins held by thieves: raise the max bitcoins to 21 billions ( 1 BTC will be worth $0,5)

... or maybe we could just peg them to Dogecoin at 1:1.

But seriously - this could be a difficult test for the 'fungibility' of bitcoin. If the coins are somehow tracked, should they really be considered untainted or could this lead to legitimization of the black- or redlisting that's been previously proposed?

[gollum]

Anyone who's cheering the demise of Mt.Gox and thinks that this is somehow "good for bitcoin" etc. has seriously misread the current situation.

6-7% of all bitcoins in the hands of unknown criminals is very, very bad for bitcoin and will have repercussions, both short and long term, that we can't even begin to fathom at this point.

Exchanges worldwide have already been served with subpoenas. There is ample evidence that large scale blockchain mapping efforts have been underway for quite some time now. Some groups already have evidence to at least partially substantiate Mt.Gox's "malleability" hacking claims.

Hopefully at least some of these coins will be traced/seized/recovered. It's difficult to completely obfuscate 6-7% of all bitcoins over several years without slipping up somewhere.

That's why we should consider inflating away the bitcoins held by thieves: raise the max bitcoins to 21 billions ( 1 BTC will be worth $0,5)

... or maybe we could just peg them to Dogecoin at 1:1.

But seriously - this could be a difficult test for the 'fungibility' of bitcoin. If the coins are somehow tracked, should they really be considered untainted or could this lead to legitimization of the black- or redlisting that's been previously proposed?

Blacklisting 1 million coins implies that they are out of the market, therefore we need to raise the max limit of bitcoin supply corresponding ( 21 + 1 million btc = 22 million btc max)

[joehal]

To users with holdings in gox:

https://bitcointalk.org/index.php?topic=489949.0  (Voluntary Reorganization Best Option for Us All)

http://www.reddit.com/r/Bitcoin/comments/1yyrvf/open_letter_to_mark_karpeles_voluntary/

Now is the chance for the first time to build a truly transparent and crowd sourced exchange. 1 million people have the interest in doing so.
  No need for external investors. Take whatever money they still have, kick Karpeles out and elect a capable committee for running the safest and most transparent exchange ever.
  After a few years, there is a chance the fees will gather enough profit to pay the 1 million owners.


"Nobody. Let MtGox die and clients lose all BTC and fiat."  this is a stupid idea for everyone

While a GOX rebirth will encourage the newbies that a private bank can fail, but a public run exchange (like bitcoin itself) is better, and it cannot fail.

It will be a great example to the world. All the news/media proclaiming the death of bitcoin because of GOX, will look like idiots.

[shawshankinmate37927]

I think the fact that most users of this forum voted "Nobody. Let MtGox die and clients lose all BTC and fiat." reflect very badly on the character of these individuals.

It's only 42% that have voted for this, most are actually voting for a bailout.  I wonder how many of them would be willing to put their money where their mouth is and contribute to a bailout fund.  Seems pretty silly to vote for what someone else should do with their money.

[shawshankinmate37927]

That is the beauty of bitcoin: No bail out, no too big to fail

And also a lesson to be very careful about centralized exchanges, users should never have large exposure on those platforms

+1

Those who are looking for a bailout are in the wrong currency.

[btcxyzzz]

Risky move, but Winkle bros could maybe bailout Gox and that would have huge positive effect on price, I think it would skyrocket immediately and actually the could earn something.

[overc]

Mt.Gox do not need to be bailed-out.
They have 22M cash and well-know brand.
No external investors need.
There is the clear and simple plan how to ressurect Mt.Gox:
https://bitcointalk.org/index.php?topic=492748.0

[d5000]

Satoshi!

He could launder his premine and all are happy. Pure win-win.

[caston]

That premine might not even be Satoshis. He posted bitcoin on a cryptography mailing list so anyone on that list could have potentially been an early miner.

[CoinCidental]

Anyone who's cheering the demise of Mt.Gox and thinks that this is somehow "good for bitcoin" etc. has seriously misread the current situation.

6-7% of all bitcoins in the hands of unknown criminals is very, very bad for bitcoin and will have repercussions, both short and long term, that we can't even begin to fathom at this point.

Exchanges worldwide have already been served with subpoenas. There is ample evidence that large scale blockchain mapping efforts have been underway for quite some time now. Some groups already have evidence to at least partially substantiate Mt.Gox's "malleability" hacking claims.

Hopefully at least some of these coins will be traced/seized/recovered. It's difficult to completely obfuscate 6-7% of all bitcoins over several years without slipping up somewhere.

That's why we should consider inflating away the bitcoins held by thieves: raise the max bitcoins to 21 billions ( 1 BTC will be worth $0,5)

... or maybe we could just peg them to Dogecoin at 1:1.

But seriously - this could be a difficult test for the 'fungibility' of bitcoin. If the coins are somehow tracked, should they really be considered untainted or could this lead to legitimization of the black- or redlisting that's been previously proposed?

Blacklisting 1 million coins implies that they are out of the market, therefore we need to raise the max limit of bitcoin supply corresponding ( 21 + 1 million btc = 22 million btc max)

once they hit a big mixer like satoshi dice or btc-e,it would be more or less impossible to prove they were anybodys from gox

also changing the core principals of bitcoin is wrong imo ,the coins can be split down to 0.000000001
which leaves 21 billion satoshis ? theres no need for everyone to keep thinking of full coins as they become
harder to mine and more valuable