Helping Gox

[LarryLiu]

Lost, stolen, embezzled, confiscated or frozen? Depending on the technical nature of what really happened, contrary to many popular beliefs, there almost always a way of recourse. I see the possibility of some radical but consensual measures being warranted and justified in this case given the unprecedented amount of interest of the bitcoin community is at stake now.  Perhaps Mark is working on transforming his business, perhaps he is under some kind of court order, perhaps he is trying to settle some sort of legal dispute, perhaps he is going after the suspected thief, or perhaps Mt.Gox is in the process of filing a bankruptcy... whatever the reason that refrains him from talking too much to the public at this point I feel this is the time the community should extend help toward him if he is open to accepting them. I truly hope Mark not to give up on this one easily before exhausting all the possible recourses first. He needs a really good group of advisers today.

[T.Stuart]

Here here!

[digimag]

what if mtgox identifies the invalid transfers and all of the miners decide to rewrite the blockchain invalidating those transactions, so that mtgox gets their money back?

[DeadwoodDan]

Lost, stolen, embezzled, confiscated or frozen? Depending on the technical nature of what really happened, contrary to many popular beliefs, there almost always a way of recourse. I see the possibility of some radical but consensual measures being warranted and justified in this case given the unprecedented amount of interest of the bitcoin community is at stake now.  Perhaps Mark is working on transforming his business, perhaps he is under some kind of court order, perhaps he is trying to settle some sort of legal dispute, perhaps he is going after the suspected thief, or perhaps Mt.Gox is in the process of filing a bankruptcy... whatever the reason that refrains him from talking too much to the public at this point I feel this is the time the community should extend help toward him if he is open to accepting them. I truly hope Mark not to give up on this one easily before exhausting all the possible recourses first. He needs a really good group of advisers today.

LOL

(If you were serious (one never knows on bitcointalk):

What in the fuck is wrong in your brain.

)

[bitcool]

what if mtgox identifies the invalid transfers and all of the miners decide to rewrite the blockchain invalidating those transactions, so that mtgox gets their money back?

It's called killing the patient to cure the disease.

[itsunderstood]

In terms of vulnerabilities, some exchanges were exploited, and some not.

But, sure OP.  Just like in the real world, you need an impartial team to descend upon the situation, exit interview everyone, and determine what happened.  Probably Gox has X amount of real coins, X amount of real dollars/equity, and XXXXXXX amount of liabilities.

HOWEVER, they do only have to pay 135 USD per BTC as per last bid, and therefore, the ship of Gox does 'list' somewhat upon ye fair rockes of fortune.  Therefore, if windfall big investor comes in and buys their whole sack of frosting+shit, then somehow separates the two and makes it nice for Goxxies, then, I am for it.  But whom has the cashbag to come in and 'rescue' Goxxies, when lots of folks like me saw it was a pretty options-free interface and therefor did not use it?  Even though I am glad I had .2 BTC, I still would like to value it at whatever, say, as little as 20 USD, and have that much coin, at least.

In terms of BTC at 1000 USD then my .2 BTC is worth 200 bucks but in terms of usability of exchanges, Gox could have been bought and upgraded anyway, so, let's see what the real damage is and then maybe there is a value there.  I guess what I am saying OP is that all people who had BTC at Gox now have 'buy-in' automatically for any ideas people have.

[LarryLiu]

what if mtgox identifies the invalid transfers and all of the miners decide to rewrite the blockchain invalidating those transactions, so that mtgox gets their money back?

It depends. If the bitcoins were stolen and then spent you can't get them back. Still if Gox can produce all relevant transaction information it shouldn't be too difficult to verify their theft claim. However if say they've lost the wallet key, then there is a feasible recourse for that.  

[hostmaster]

good idea to help gox.

[DeadwoodDan]

yes we should help gox

let us send all our remaining money to gox to fight these lawsuits

also let us absolve gox of any wrong doing (replier to this message does what?  absolves mtgox of all responsibility to return his funds?  well, that's for the courts to decide but thanks mr. Ryan)

[LarryLiu]

Lost, stolen, embezzled, confiscated or frozen? Depending on the technical nature of what really happened, contrary to many popular beliefs, there almost always a way of recourse. I see the possibility of some radical but consensual measures being warranted and justified in this case given the unprecedented amount of interest of the bitcoin community is at stake now.  Perhaps Mark is working on transforming his business, perhaps he is under some kind of court order, perhaps he is trying to settle some sort of legal dispute, perhaps he is going after the suspected thief, or perhaps Mt.Gox is in the process of filing a bankruptcy... whatever the reason that refrains him from talking too much to the public at this point I feel this is the time the community should extend help toward him if he is open to accepting them. I truly hope Mark not to give up on this one easily before exhausting all the possible recourses first. He needs a really good group of advisers today.

LOL

(If you were serious (one never knows on bitcointalk):

What in the fuck is wrong in your brain.

)

Which part of my post don't you understand or cannot comprehend? Be brave to ask.

[DeadwoodDan]

lol jesus christ

[Nagle]

It looks like Mt. Gox is about to get "help" in finding the missing Bitcoins. Japan's Chief Cabinet Secretary Yoshihide Suga (#2 in the Government of Japan) announced in today's press conference that "At this stage the relevant financial authorities, the police, the Finance Ministry and others are gathering information on the case."

Mt. Gox just became a top priority for several ministries that have cops, auditors, computer experts, and the authority to use them on Mt. Gox. The era of Mt. Gox being able to control the situation just ended.

[LarryLiu]

In terms of vulnerabilities, some exchanges were exploited, and some not.

But, sure OP.  Just like in the real world, you need an impartial team to descend upon the situation, exit interview everyone, and determine what happened.  Probably Gox has X amount of real coins, X amount of real dollars/equity, and XXXXXXX amount of liabilities.

HOWEVER, they do only have to pay 135 USD per BTC as per last bid, and therefore, the ship of Gox does 'list' somewhat upon ye fair rockes of fortune.  Therefore, if windfall big investor comes in and buys their whole sack of frosting+shit, then somehow separates the two and makes it nice for Goxxies, then, I am for it.  But whom has the cashbag to come in and 'rescue' Goxxies, when lots of folks like me saw it was a pretty options-free interface and therefor did not use it?  Even though I am glad I had .2 BTC, I still would like to value it at whatever, say, as little as 20 USD, and have that much coin, at least.

In terms of BTC at 1000 USD then my .2 BTC is worth 200 bucks but in terms of usability of exchanges, Gox could have been bought and upgraded anyway, so, let's see what the real damage is and then maybe there is a value there.  I guess what I am saying OP is that all people who had BTC at Gox now have 'buy-in' automatically for any ideas people have.

Like I said there're many options, but all hinges on restoring faith and trust. To get that you will need a completely different leadership and management group first. They can tell you there are all kinds of deferred payment programs that investors can voluntarily opt in. Say if they guarantee an annual 10% payback of the funds owed plus a 20% interest on the balance, or 20% payback with a 10% annual interest, or a 50% annual payback with 5% interest, or a one-time 80% payback of the total amount owed. Do you not like that? Doing so not only stabilizes the market some long-term investors may even earn more profits that they may not otherwise be able to get. Just one quick a dirty example..

[grifferz]

Mt. Gox just became a top priority for several ministries that have cops, auditors, computer experts, and the authority to use them on Mt. Gox. The era of Mt. Gox being able to control the situation just ended.

I have a feeling that means the end of any acquisition talks (if there ever were any), and whatever's left gets seized by government to be sorted out later.

[LarryLiu]

It looks like Mt. Gox is about to get "help" in finding the missing Bitcoins. Japan's Chief Cabinet Secretary Yoshihide Suga (#2 in the Government of Japan) announced in today's press conference that "At this stage the relevant financial authorities, the police, the Finance Ministry and others are gathering information on the case."

Mt. Gox just became a top priority for several ministries that have cops, auditors, computer experts, and the authority to use them on Mt. Gox. The era of Mt. Gox being able to control the situation just ended.

No kidding. They should be treating this VERY seriously. Does anybody recall when was last time a $350M worth of asset was stolen from a single company? Like I said, if rumor holds true this is unprecedented. Regardless there is a regulation for Bitcoin or not  people's real lives are at stake here, so far we've been fortunate that there is no human tragedy as the result of this tragedy of business. I just hope Japan handles this one transparently in front of the wold. The cloud from the Fukushima Daiichi plan still hangs over the world's nuclear industry up until this day.