Bitcoin Forum
June 20, 2018, 11:08:36 PM *
News: Latest stable version of Bitcoin Core: 0.16.1  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 [20] 21 »  All
  Print  
Author Topic: Bitcoinica liquidator wants to hear from users  (Read 46446 times)
zero3112
Hero Member
*****
Offline Offline

Activity: 588
Merit: 500



View Profile
June 11, 2016, 03:46:02 AM
 #381

I wonder how their going to handle open leveraged positions.

The World's Betting Exchange

Bet with play money. Win real Bitcoin. 5BTC Prize Fund for World Cup 2018.

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1529536116
Hero Member
*
Offline Offline

Posts: 1529536116

View Profile Personal Message (Offline)

Ignore
1529536116
Reply with quote  #2

1529536116
Report to moderator
1529536116
Hero Member
*
Offline Offline

Posts: 1529536116

View Profile Personal Message (Offline)

Ignore
1529536116
Reply with quote  #2

1529536116
Report to moderator
nrd525
Legendary
*
Offline Offline

Activity: 1543
Merit: 1011


View Profile
December 05, 2016, 03:49:40 AM
 #382

So the 9th liquidators report is interesting.  
Claims against Bitcoinica are: 91,300 BTC
$248,000 cash
$276,000 leveraged trading positions (hmm, I wonder if they are ignoring people with negative trading positions?  Maybe not a big deal as they were probably 1/10th of this amount)

But the MtGox trustee values the claims at $6.8 million (USD)!

The bitcoins were only worth around $10 when Bitcoinica went bankrupt, so this claim is equal to all the cash ($524k) and roughly 6.3 million left over for 91k bitcoins - or $690/bitcoin.

If the liquidation ever goes through, it looks like the NZ liquidators will get a sizable amount of money.

This $690/bitcoin is also a major increase from the previously announced value of $483.  So either they changed the Bitcoin valuation or Bitcoinica had a sizable number of bitcoins on the exchange that weren't subject to claims.  Maybe this is best explained by the leveraged trading positions!  As those trading positions should have been backed by purchases of bitcoins.  

If you take $6.8 million, subtract the $250k cash.  You have $6.55 million.  Divide by $483 - and you get 135,600 BTC.  So it is possible that the open positions were equal to 44,300 BTC long (and you have to remember that back then they were only worth $10 - so it wasn't as crazy as this would be now).  That makes more sense than the liquidators changing their valuation of BTC. If they changed their valuation all the time based on market conditions, they'd never be able to liquidate.

Don't day trade.
dancingnancy
Hero Member
*****
Offline Offline

Activity: 674
Merit: 500


View Profile
December 27, 2016, 10:21:58 PM
 #383

So the 9th liquidators report is interesting. 
Claims against Bitcoinica are: 91,300 BTC
$248,000 cash
$276,000 leveraged trading positions (hmm, I wonder if they are ignoring people with negative trading positions?  Maybe not a big deal as they were probably 1/10th of this amount)

But the MtGox trustee values the claims at $6.8 million (USD)!

The bitcoins were only worth around $10 when Bitcoinica went bankrupt, so this claim is equal to all the cash ($524k) and roughly 6.3 million left over for 91k bitcoins - or $690/bitcoin.

If the liquidation ever goes through, it looks like the NZ liquidators will get a sizable amount of money.

This $690/bitcoin is also a major increase from the previously announced value of $483.  So either they changed the Bitcoin valuation or Bitcoinica had a sizable number of bitcoins on the exchange that weren't subject to claims.  Maybe this is best explained by the leveraged trading positions!  As those trading positions should have been backed by purchases of bitcoins. 

If you take $6.8 million, subtract the $250k cash.  You have $6.55 million.  Divide by $483 - and you get 135,600 BTC.  So it is possible that the open positions were equal to 44,300 BTC long (and you have to remember that back then they were only worth $10 - so it wasn't as crazy as this would be now).  That makes more sense than the liquidators changing their valuation of BTC. If they changed their valuation all the time based on market conditions, they'd never be able to liquidate.


I found this interesting, as well.  Impossible to get anything else from the liquidators, though, at this point.
disclaimer201
Legendary
*
Offline Offline

Activity: 1470
Merit: 1000


View Profile
January 08, 2017, 02:27:08 PM
 #384

There is only one way this is even worth waiting for after all these years. If we can get back any half-way considerable amount in Bitcoins. I lost about 50 Bitcoins back then and at ten bucks a piece, why would one even bother to still care for 500 bucks so many years later?! I understand some of the claimants are owed hundreds or thousands of bitcoins. Everyone probably went long on with their lives...
dancingnancy
Hero Member
*****
Offline Offline

Activity: 674
Merit: 500


View Profile
March 08, 2017, 03:50:09 PM
 #385

From latest report, without subtracting lawyer fees, I think it grosses around 25%.
nrd525
Legendary
*
Offline Offline

Activity: 1543
Merit: 1011


View Profile
June 06, 2017, 08:13:12 PM
 #386

Latest report
1) People have made inquiries about buying Bitcoinica's claim.
2) The liquidators are trying to figure out how to value BTC claims in USD.  This could mean they are worth anything from $10 to $2000+.  Though obviously if we use the current market price, we'll only get a percentage of our claims.

Don't day trade.
dancingnancy
Hero Member
*****
Offline Offline

Activity: 674
Merit: 500


View Profile
June 12, 2017, 08:28:04 PM
 #387

Looks like Mark has setup some sort of website for claimants.. not sure where this is heading

https://www.mtgoxrecovery.org/l/en_US/
HI-TEC99
Legendary
*
Offline Offline

Activity: 1232
Merit: 1022



View Profile
June 13, 2017, 11:10:45 PM
 #388

Looks like Mark has setup some sort of website for claimants.. not sure where this is heading

https://www.mtgoxrecovery.org/l/en_US/

Where did you find that website address? MagicalTux on reddit mentioned something about a site being up, but I couldn't find a link to it, or details about it.
dancingnancy
Hero Member
*****
Offline Offline

Activity: 674
Merit: 500


View Profile
June 15, 2017, 02:41:58 PM
 #389

Looks like Mark has setup some sort of website for claimants.. not sure where this is heading

https://www.mtgoxrecovery.org/l/en_US/

I found it on reddit.com/mtgoxinsolvency

Where did you find that website address? MagicalTux on reddit mentioned something about a site being up, but I couldn't find a link to it, or details about it.
nrd525
Legendary
*
Offline Offline

Activity: 1543
Merit: 1011


View Profile
July 26, 2017, 08:35:00 PM
 #390

The alleged money-launderer at BTCe is accused of having laundered the Bitcoinica hack:
http://blog.wizsec.jp/2017/07/breaking-open-mtgox-1.html

Don't day trade.
dancingnancy
Hero Member
*****
Offline Offline

Activity: 674
Merit: 500


View Profile
July 26, 2017, 08:38:46 PM
 #391

The alleged money-launderer at BTCe is accused of having laundered the Bitcoinica hack:
http://blog.wizsec.jp/2017/07/breaking-open-mtgox-1.html

wow, i wonder if we will be able to claim any more btc from this??
Koekiemonster
Sr. Member
****
Offline Offline

Activity: 322
Merit: 250


Bitbuy.nl!


View Profile
July 31, 2017, 02:06:42 PM
 #392

Did anyone receive any request for additional information in relation to their claim from the liquidator as they stated they would in their letter from 17 July?

I haven't so far.

https://www.bitbuy.nl - Koop eenvoudig, snel en goedkoop bitcoins bij Bitbuy!
Bitcointalk topic over Bitbuy!
dancingnancy
Hero Member
*****
Offline Offline

Activity: 674
Merit: 500


View Profile
July 31, 2017, 08:37:44 PM
 #393

Did anyone receive any request for additional information in relation to their claim from the liquidator as they stated they would in their letter from 17 July?

I haven't so far.

I actually sent the liquidator an email asking this. Here is their reply:

Quote
We will advise you if we require more information. At this stage we are still reviewing documentation.
2GOOD
Hero Member
*****
Offline Offline

Activity: 523
Merit: 501


First bits: 12good


View Profile WWW
October 16, 2017, 11:02:23 PM
 #394

Did anyone receive any request for additional information in relation to their claim from the liquidator as they stated they would in their letter from 17 July?

I haven't so far.

I actually sent the liquidator an email asking this. Here is their reply:

Quote
We will advise you if we require more information. At this stage we are still reviewing documentation.

This is taking ages to be resolved, I guess they all wait for MtGox first.

Български Биткойн Форум - BitcoinBG.eu
Tips accepted at: 12good4Buys8cvTj6EB4MTGNTSC4w9Swnz
nrd525
Legendary
*
Offline Offline

Activity: 1543
Merit: 1011


View Profile
November 03, 2017, 01:29:21 AM
 #395

So they sent out another round of letters. Looks like they are planning on doing distributions soonish.

"and the amounts I received between 11 May 2012 and the date of Bitcoinica’s liquidation on 2 November 2012, were as follows:"

Why are they so concerned with these two sets of dates?   Do they have records from May 2012, but not from Nov 2012?  

Also  - you are meant to list your BTC Account balance and USD account balance.  Unfortunately I had a small (6 btc) short. Do I list that as a negative balance?   Otherwise, I know my USD balance.

My main documentation is my claim form submitted to Bitcoinica as I mostly transferred USD there.  I sent the money via Dwolla. So my Dwolla records have it going to Mutum Sigillum LLC.  Was that a MtGox LLC?    Did we use "MtGox Money" to transer funds to Bitcoinica?  I remember something like that.


I also don't understand their form for bank numbers.  I've got a nine digit number (on my check book) and then a 8 digit account number.  A US bank.
 I know how to break it into "routing number" and "account number".  
How do I convert that into their Bank, Branch, Account Number system?

I think they might be using the British system for checks, which differs from the US one.

Don't day trade.
disclaimer201
Legendary
*
Offline Offline

Activity: 1470
Merit: 1000


View Profile
November 05, 2017, 09:43:01 AM
 #396

Can we be certain our documents will be safe?

I'm not comfortable giving out my documents like my passport and proof of address, birth certificate or a utility bill for "just" 50 BTC at a price of what, a few Dollars per BTC. If there would be any distribution of the original amount of BTC in BTC that would be an entirely different story, however it doesn't look like this is anywhere near happening after all these years.
nrd525
Legendary
*
Offline Offline

Activity: 1543
Merit: 1011


View Profile
November 06, 2017, 10:38:57 PM
 #397

If they value BTC at $10, you might be getting back several times what you lost as they should have a massive surplus.  MtGox itself should be in surplus with BTC over $3000 or $4000.  MtGox should be able to pay out 100% of the Bitcoinica claim and then that may be 10 - 100 times more than the claims (with BTC valued at $10 by the Bitcoinica liquidators and $600 - I think? - by the MtGox liquidators).

This is just a hypothesis.  I am not experienced with liquidations.  Maybe the Bitcoinica owners will get the surplus.  Maybe the BTC owners will be compensated with the surplus (for their loss in excess of the $10 cost basis). Or maybe we'll need to settle this in court with a class action suit.

Don't day trade.
tbcoin
Legendary
*
Offline Offline

Activity: 994
Merit: 1000



View Profile WWW
November 08, 2017, 12:00:38 PM
 #398

Bitcoinica die at may 2012, I dont understant why are they asking about received between 11 May 2012 and 2 November 2012 Huh Huh

Sorry for my bad english Wink
Bitcoin card for deposit and payment + Little POS
Donations:1N65efiNUhH6sEQg7Z6oUC76kJS9Yhevyf
nrd525
Legendary
*
Offline Offline

Activity: 1543
Merit: 1011


View Profile
November 24, 2017, 09:37:41 PM
 #399

So my US bank gave me
-a Swift code
-my routing number
-my account number

The rest of the codes don't seem to apply to US banks. Also the format that they provide for the numbers is bad.

I'm going to email the liquidators to ask them about this. My guess is they won't respond, but if other US residents want to email them - perhaps we could get some clarification.

If they don't clarify, I will amend the form myself.

I also notarized a copy of my passport which fortunately only cost $5.

Don't day trade.
nrd525
Legendary
*
Offline Offline

Activity: 1543
Merit: 1011


View Profile
November 27, 2017, 08:17:37 PM
 #400

The wording is very unclear, but maybe they are asking about the difference in your account balance from May 11, 2012 to November 2, 2012 to cover people who received a partial reimbursement from Zhou Tong.    He was giving out an approximately 50% reimbursement (which I received).


Don't day trade.
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 [20] 21 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!