dave111223
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Activity: 1190
Merit: 1001
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May 03, 2013, 05:58:52 AM |
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I wonder how they came up with nice figure of $75 Million? I guess if you can get a couple of mil for spilling your hot coffee, then $75 mil is only fair. God Bless America  |
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romerun
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Activity: 1078
Merit: 1001
Bitcoin is new, makes sense to hodl.
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May 03, 2013, 11:47:23 AM |
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Coinlab start off great by showing legal weapon,
Imagine what would happen if us customers were moved to them.
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morningtime
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May 03, 2013, 12:32:27 PM |
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Does anyone how many users MtGox actually has currently? I'm wondering about the size of the entire Bitcoin market.
According to Bitcoinity market stats, http://bitcoincharts.com/markets/mtgoxUSD.htmlMtGox trades 560 million USD (volume) per 30 days. At their 0.60%-0.55% transaction fee, that's about 3 million USD per month turnover for MtGox. I assume their monthly expenses are below 100K? Those guys are doing fine. |
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jubalix
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Activity: 2618
Merit: 1022
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May 03, 2013, 01:18:34 PM |
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Does anyone how many users MtGox actually has currently? I'm wondering about the size of the entire Bitcoin market.
According to Bitcoinity market stats, http://bitcoincharts.com/markets/mtgoxUSD.htmlMtGox trades 560 million USD (volume) per 30 days. At their 0.60%-0.55% transaction fee, that's about 3 million USD per month turnover for MtGox. I assume their monthly expenses are below 100K? Those guys are doing fine. so it looks like CL went 24 x 3 = 75 or close enough |
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romerun
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Activity: 1078
Merit: 1001
Bitcoin is new, makes sense to hodl.
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May 03, 2013, 01:25:28 PM |
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Coinlab don't need 75 mils, they probably can get the same amount by unloading all their coins before filing the lawsuit, and take them back before withdrawing it.  |
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jubalix
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Activity: 2618
Merit: 1022
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May 03, 2013, 01:32:16 PM |
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Coinlab don't need 75 mils, they probably can get the same amount by unloading all their coins before filing the lawsuit, and take them back before withdrawing it. so No brainer lawsuit, sell coins fud market buy back = Win.... the law suit you had to have |
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leemar
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May 03, 2013, 02:57:47 PM |
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Does anyone how many users MtGox actually has currently? I'm wondering about the size of the entire Bitcoin market.
According to Bitcoinity market stats, http://bitcoincharts.com/markets/mtgoxUSD.htmlMtGox trades 560 million USD (volume) per 30 days. At their 0.60%-0.55% transaction fee, that's about 3 million USD per month turnover for MtGox. I assume their monthly expenses are below 100K? Those guys are doing fine. so it looks like CL went 24 x 3 = 75 or close enough you can double that I think as they charge on both sides off the trade. (gox I mean) |
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magnificat_mafia
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Activity: 36
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May 03, 2013, 05:54:00 PM |
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Now, lets take a look a month or so on. I recommended Don't Go to the US, Tux shot me down.[/b]
Just touch the US and get sued for $75M (not even Gov, by your "partner"), if that is a legit law suit (pacer has it but I expected to see an Official Court Stamp Somewhere)
BitCoin trades in CNY and CNC now comes out based in CNC, so much for "illegal" in CNY. The whole concept of Illegal in CNY is very different in CNY to West. I mean even Civil law and Common law are quite different.
If anything my position was way too conservative....stay clear of the US....until you are in a really really strong position, and have iron clad indemnity clauses from any US "partner" before you get in bed with them in anyway!!!
I hope I am wrong and some how this law suit is fake, or gets dismissed, but I humbly suggest you need to get some long term strategic planners in there at Gx, if your serious about seeing this all through....
Or, if you do business in the US, you will be expected to abide by any contracts you sign. |
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niko
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May 03, 2013, 07:05:16 PM |
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Coinlab don't need 75 mils, they probably can get the same amount by unloading all their coins before filing the lawsuit, and take them back before withdrawing it. so No brainer lawsuit, sell coins fud market buy back = Win.... the law suit you had to have Except- market is not falling for it by any significant measure. |
They're there, in their room.
Your mining rig is on fire, yet you're very calm.
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Aseras
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May 03, 2013, 07:55:11 PM |
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I just don't know why coinlab is bothering with mtgox. If they COULD make a decent exchange, they could bury gox easily. Just put the damn thing up and go. Mtgox is such a boatload of fail people would dump them in a heartbeat if something better and reliable were available.
they don't need customer account and passwords. That's BS no one should be handing that over anyways.
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dave111223
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Activity: 1190
Merit: 1001
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May 04, 2013, 01:13:15 AM |
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I just don't know why coinlab is bothering with mtgox. If they COULD make a decent exchange, they could bury gox easily. Just put the damn thing up and go. Mtgox is such a boatload of fail people would dump them in a heartbeat if something better and reliable were available.
they don't need customer account and passwords. That's BS no one should be handing that over anyways.
Why do real work and program a real exchange when you can just pay lawyers to sue someone else and take their money that they got from doing real work? |
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jubalix
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Activity: 2618
Merit: 1022
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May 04, 2013, 02:28:34 AM |
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I just don't know why coinlab is bothering with mtgox. If they COULD make a decent exchange, they could bury gox easily. Just put the damn thing up and go. Mtgox is such a boatload of fail people would dump them in a heartbeat if something better and reliable were available.
they don't need customer account and passwords. That's BS no one should be handing that over anyways.
I know this is kinda mind-boggling |
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Bitcoin Oz
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May 04, 2013, 04:15:58 AM |
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Mt Gox should settle the lawsuit in bfl miners. That way coinlab will never see a cent  |
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pyra-proxy
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May 04, 2013, 02:04:52 PM |
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Mt Gox should settle the lawsuit in bfl miners. That way coinlab will never see a cent Why do you think coin lab is the bad guy here? If there were contractually binding agreements that coin lab honored and mtgox wasn't then they deserve it no? |
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sturle
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Merit: 1002
https://bitmynt.no
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May 04, 2013, 05:27:33 PM |
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Mt Gox should settle the lawsuit in bfl miners. That way coinlab will never see a cent Why do you think coin lab is the bad guy here? If there were contractually binding agreements that coin lab honored and mtgox wasn't then they deserve it no? 75 million USD. Driving a competitor bankrupt through lawsuits is a very USAnian form of "free market competition" which the rest of the world don't understand. MtGox deserves it just like people sharing a few music files on the internet deserves to pay millions of USD in compensation to RIAA, or someone selling hot coffee deserves to pay millions of USD in compensation to someone spilling it on themselves. No court in the rest of the world would take this seriously. Which is probably the reason why CoinLab wanted a court in the USA, probably known for outrageous compensations like this, chosen in the contract. CoinLab has been a scam all the way. |
Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner. Trygt, billig, raskt og enkelt sidan 2010. I buy with EUR and other currencies at a fair market price when you want to sell. See http://bitmynt.no/eurprice.plWarning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills. |
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jubalix
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Activity: 2618
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October 22, 2013, 08:55:21 AM |
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Let be realistic CNY is a different social os, fraught with issues,
however, they are less likely to kill an enterprise that makes them money and gives the potential openings in emerging areas and outs they want.
Bitcoin is fully illegal in China, and our negotiations with the local government so far have been without success. Either way let's be realistic here. Most of our customers are located in countries such as US, Europe and others. Running away to Vietnam or China would make it basically impossible for us to receive or send funds to anyone in those countries. back to JPY....a nightmare for the US to try and enforce anything at all or at least quickly and not always on the friendliest terms with regional neighbors Japanese government is friendly to US, and also implements things such as FACTA. Also the US government can pressure any bank worldwide by threatening of cutting them off USD. A bank in any country that can not transfer USD anymore is of no use to anyone. US government has been doing this so far to get accounts held by "terrorists" (people linked to North Korea, mafia, actual terrorists, etc) and while Bitcoin is still too small to get this kind of response, it's a good idea to stay friendly with the US govt. at this point and let Bitcoin grow and gain in legitimacy. Anyway none of this advice is actually applicable as it would shut us from our customers, makes us unable to hold any USD and potentially limit our transfer solutions to non-conventional methods (liberty reserve, webmoney, etc...). We are doing our best to see Bitcoin grow as an actual alternative to the existing system, but until Bitcoin is large enough to stand on its own, we need the current system to accept and support us. Ok necroposting much, but may I point out how that volume on "Bitcoin is fully illegal in China," btcnCNY 42K v Gox 32K last 24Hrs |
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