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Author Topic: When MTGOX creditors are given remaining BTC/fiat what will happen?  (Read 2540 times)
gotmilk_
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September 24, 2015, 05:11:49 PM
 #21

I thought Gox abruptly stopped all Bitcoin withdrawals in response to the transaction malleability bug over a month before it went bankrupt. According to a Gox press release users could still withdraw EUR/PLN/JPY after Bitcoin withdrawals were stopped, although I think Gox had a monthly limit on fiat withdrawals.

I know that Gox was selectively delaying fiat withdrawals for months before it went bankrupt. Nonetheless users probably stood a better chance of withdrawing fiat than Bitcoins after transaction malleability.

http://www.businessinsider.com/mtgox-statement-on-withdrawals-2014-2?IR=T

Quote
Dear MtGox Customers and Bitcoiners,

As you are aware, the MtGox team has been working hard to address an issue with the way that bitcoin withdrawals are processed. By "bitcoin withdrawal" we are referring to transactions from a MtGox bitcoin wallet to an external bitcoin address. Bitcoin transactions to any MtGox bitcoin address, and currency withdrawals (Yen, Euro, etc) are not affected by this issue.

As far as I know it was a bit different in real worl... MtGox wrote some crazy shit at that time.

Do you agree that there is a huge gap between crypto world and traditional world.. We're launching an ICO that will change this: https://bitcointalk.org/index.php?topic=2212650.msg22292459#msg22292459
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September 24, 2015, 09:05:49 PM
 #22

What would you do if a portion of money you had lost access to were back at your control? It's not money you were counting on for sure, but neat to have part of it bag. I don't think it'll cause any effect on the market as most will likely seek to pull the money out securely and leave the topic to rest after what they've been through.
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September 24, 2015, 09:21:42 PM
 #23

What would you do if a portion of money you had lost access to were back at your control? It's not money you were counting on for sure, but neat to have part of it bag. I don't think it'll cause any effect on the market as most will likely seek to pull the money out securely and leave the topic to rest after what they've been through.

I remember that guy who used to stand outside the Gox offices protesting. There's a well known picture of him holding up a sign that said "where's our money" while Mark Karpeles walked past holding a cup of coffee and an umbrella. That guy said he considered himself semi-retired because of all the coins he had on Gox. He said if he didn't get his money back he'd have to consider going back to work.

That guy was counting on his Gox money for sure. I don't know if he planned to sell immediately, hold it, or trade it, but his whole future depended on it. This is the guy.

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September 25, 2015, 07:47:38 AM
 #24

Will happen more of everything. The people with do somersault for having bitcoin that they considered lost. But initially they need to have they money.

So, in few words first depends how much will receive. If will be to many I bet that there will be invested in some place (to be loose again because according to me today are not possibility to invest bitcoin in serious company). If there are few will be leave in the wallet with the hope that the price will go high and then selling to recover some of losses.

Maybe some of those will trade directly to Kraken (which will give the bitcoins) in the moment of having their "richness". They, if experts or connected with experts, may earn something. Even to make trade is very difficult to be done.
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September 25, 2015, 09:40:17 AM
 #25

Never i'm afradi.
That was a very bad story.
This is the correct answer imo. If you are expecting that they will make a difference in the future and use this money to buy more BTC therefore impacting bitcoin price, you are probably wrong.
Mieehayii
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September 25, 2015, 09:55:17 AM
 #26

if there is such a day, MtGox will be back.

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MF Doom
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September 25, 2015, 12:26:31 PM
 #27

probably they will go to the next sketchiest exchange and shoot for the moon again, or donate to the next most incompetent btc company, which right now appears to be bitpay!

OR, they could preorder a bunch of coins that they will never receive.  The possibilities are endless!
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September 25, 2015, 12:31:55 PM
 #28

People who lost money with MTGOX are probably hurting right now financially so I would think they would cash out what they can just to pay bills etc.

Some people probably have families and this hit them hard.

 Angry

O c'mon. They had more than half of a year to take their coins out. Only speculators lost coins because of MtGox.  
What do you mean?
No we aren't speculators. We are mid-adopters who got betrayed by our faith in centrally controlled financial institutions.

When MtGox suspended USD deposits/withdraws that was a clear sign for leaving it. Even after they suspended EUR/PLN/JPY deposits/withdraws users have enough time to withdraw coins.
Sorry but those who left coins on MtGox after those events are speculators for me...

I thought Gox abruptly stopped all Bitcoin withdrawals in response to the transaction malleability bug over a month before it went bankrupt. According to a Gox press release users could still withdraw EUR/PLN/JPY after Bitcoin withdrawals were stopped, although I think Gox had a monthly limit on fiat withdrawals.

I know that Gox was selectively delaying fiat withdrawals for months before it went bankrupt. Nonetheless users probably stood a better chance of withdrawing fiat than Bitcoins after transaction malleability.

http://www.businessinsider.com/mtgox-statement-on-withdrawals-2014-2?IR=T

Quote
Dear MtGox Customers and Bitcoiners,

As you are aware, the MtGox team has been working hard to address an issue with the way that bitcoin withdrawals are processed. By "bitcoin withdrawal" we are referring to transactions from a MtGox bitcoin wallet to an external bitcoin address. Bitcoin transactions to any MtGox bitcoin address, and currency withdrawals (Yen, Euro, etc) are not affected by this issue.

You are true. Mt Gox had a long history on delayed fiat withdrawals.
When the USD deposits/withdrawals were suspended, most people didn't panic as they were heavily delayed even before the incident.
So we continued to deposit/withdraw bitcoin.

When the bitcoin withdrawals were stopped being processed was a surprise though.
We couldn't know. We are not speculators. Calm down.
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September 25, 2015, 02:15:11 PM
 #29

I withdrew BTC and left a little for a FIAT withdrawal to test whether it still worked.  They don't owe me any BTC, only FIAT, but if by some lame chance I did get paid out, I'd prefer that they paid me in BTC even though it's roughly double the price that it was at the time.

FIAT I can earn from many places, but BTC is now a scarce resource that I value more.
ilikemandarin
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October 11, 2015, 08:21:06 PM
 #30

It will be very hard i think.
n2004al
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October 13, 2015, 01:08:31 PM
 #31

I withdrew BTC and left a little for a FIAT withdrawal to test whether it still worked.  They don't owe me any BTC, only FIAT, but if by some lame chance I did get paid out, I'd prefer that they paid me in BTC even though it's roughly double the price that it was at the time.

FIAT I can earn from many places, but BTC is now a scarce resource that I value more.

It will be the same even you will have the fiat money. You can use those to buy bitcoin and it will be the same. If they will give you bitcoin and not fiat the change will be the same of the exchanges. So the results will be the same whether you will have fiat and whether you will bitcoin from those. Only one thing it is not the same. To not take nothing. This is not the same like having all that you have at MtGox.  Wink
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October 13, 2015, 01:48:40 PM
 #32

They celebrate and decide to invest in something that actually has potential and value.

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October 13, 2015, 05:40:53 PM
 #33

I withdrew BTC and left a little for a FIAT withdrawal to test whether it still worked.  They don't owe me any BTC, only FIAT, but if by some lame chance I did get paid out, I'd prefer that they paid me in BTC even though it's roughly double the price that it was at the time.

FIAT I can earn from many places, but BTC is now a scarce resource that I value more.

Has Kraken or anyone else made a statement about the fiat deposits? I've heard very little mention of it and it must make up a huge percentage of the liability.

Shiver
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October 15, 2015, 01:41:19 PM
 #34

I withdrew BTC and left a little for a FIAT withdrawal to test whether it still worked.  They don't owe me any BTC, only FIAT, but if by some lame chance I did get paid out, I'd prefer that they paid me in BTC even though it's roughly double the price that it was at the time.

FIAT I can earn from many places, but BTC is now a scarce resource that I value more.

It will be the same even you will have the fiat money. You can use those to buy bitcoin and it will be the same. If they will give you bitcoin and not fiat the change will be the same of the exchanges. So the results will be the same whether you will have fiat and whether you will bitcoin from those. Only one thing it is not the same. To not take nothing. This is not the same like having all that you have at MtGox.  Wink

The country I live in it is very easy to bring FIAT in, but not so easy to take out, so I'd rather go straight to BTC if there were such a way.

It's not a large amount anyhow, and I don't really ever expect to see it, it's just that the number of BTC I have is a round number that I don't want to go below at this point, and I'd like a bit of bunce BTC just to use for purchases online.

n2004al
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October 16, 2015, 12:54:39 PM
 #35

I withdrew BTC and left a little for a FIAT withdrawal to test whether it still worked.  They don't owe me any BTC, only FIAT, but if by some lame chance I did get paid out, I'd prefer that they paid me in BTC even though it's roughly double the price that it was at the time.

FIAT I can earn from many places, but BTC is now a scarce resource that I value more.

It will be the same even you will have the fiat money. You can use those to buy bitcoin and it will be the same. If they will give you bitcoin and not fiat the change will be the same of the exchanges. So the results will be the same whether you will have fiat and whether you will bitcoin from those. Only one thing it is not the same. To not take nothing. This is not the same like having all that you have at MtGox.  Wink

The country I live in it is very easy to bring FIAT in, but not so easy to take out, so I'd rather go straight to BTC if there were such a way.

It's not a large amount anyhow, and I don't really ever expect to see it, it's just that the number of BTC I have is a round number that I don't want to go below at this point, and I'd like a bit of bunce BTC just to use for purchases online.

It you will get those out it is for sure better to have bitcoin but in my post is not discussed about this. There is told that even you will have fiat money (and this is not problem in your country according to your post) you can change those in bitcoin and then make with those what you want. Hold in your wallet or sent out. Even, if hold will can be hold online so are out of your country.
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October 17, 2015, 03:10:38 AM
 #36

The question should be if, not when.  Tongue

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