Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Piper67]

The lawsuit isn't a good news. The possibility that MtGox remains in Japan is.

And no, this didn't affect the price.

They're not immune just because they're in Japan. Various interlocutories and especially Judgment in favour of the Plaintiff could easily result in Gox having to suspend trading privileges to US/Canadian clients.

The "good" part of the news is that a) lawsuits are very slow; and b) the more hopeless Gox's side of the case is the more likely they are to settle before shit gets real.

There's very little evidence this is an actual lawsuit. The timing is highly suspect (at the close of day just before a long weekend in Japan), the suit doesn't appear in the database in the jurisdiction where it was filed, there's no court seal on the document itself and there's no indication on the CoinLab site (which would obviously be there if the matter has already gone public).

Anyone can draw up an official-looking statement of claim and "leak" it.

EDIT: on another thread, it appears the suit has popped up on the database after all. That would mean the statement of claim, at least, is legit.

[Ultraviolet]

They are not immune, but that's better than being directly on US soil.
I'm not talking about any lawsuit evasion here, but rather vulnerabilities to US laws.

"FINCEN now declares Bitcoin illegal because <protect children/terrorist>. MtGox accounts seized."

Yes, but think about what would happen if tomorrow Gox, the largest exchange, no longer allowed trading to all Canadian/US clients. It would pretty much be what happened to online poker after UIGEA, at least until someone sets up a legitimate, trustworthy exchange and establishes it as the new #1. Thus, it's a non-trivial lawsuit imo.

[Frozenlock]

Wouldn't that also require a judgment in Canada?

[Ultraviolet]

There's very little evidence this is an actual lawsuit. The timing is highly suspect (at the close of day just before a long weekend in Japan), the suit doesn't appear in the database in the jurisdiction where it was filed, there's no court seal on the document itself and there's no indication on the CoinLab site (which would obviously be there if the matter has already gone public).

Anyone can draw up an official-looking statement of claim and "leak" it.

In a lot of jurisdictions you can file a Claim and have several months before you have to serve it. This is usually done to try to leverage your position without having to go through with the trouble of actually starting a suit since the clocks on response, examinations etc don't start to tick until after service. That would also be why you don't see an announcement on Coinlab's site. It's entirely possible that they'd rather get what they want out of Gox than burn years and millions of dollars in court.

As for it not showing up on searches, it was supposedly filed today. I highly doubt any North American court system is so efficient that online searches are updated within hours of pleadings being filed. This is especially true if the suit was filed near the end of the day.

Anyone should be able to order a copy of the pleadings when the court house opens tomorrow if they exist. I suppose it will be clear then.

[canton]

Anyone else unable to login to mtgox? For the past 20 minutes have been trying, and login button on home page does nothing. Click. Click. Reclick. Nothing.

[underground_]

Anyone else unable to login to mtgox? For the past 20 minutes have been trying, and login button on home page does nothing. Click. Click. Reclick. Nothing.

Same here.

Anyone from inside the USA able to log in?

[just1nmc]

Anyone else unable to login to mtgox? For the past 20 minutes have been trying, and login button on home page does nothing. Click. Click. Reclick. Nothing.

Many are confirming this, including myself.

Is there anyone in US/Canada that can login on gox right now?

People in the UK seem to be able to.

[bayamos]

The login widget on the home page is broken. I was able to get in by going to mtgox.com/login, which uses a different form (I am in USA).

[seleme]

already logged in,  europe

[underground_]

The login widget on the home page is broken. I was able to get in by going to mtgox.com/login, which uses a different form (I am in USA).

Success!!

[canton]

The login widget on the home page is broken. I was able to get in by going to mtgox.com/login, which uses a different form (I am in USA).

Confirmed http://mtgox.com/login works. Phew! Got to panic dump some coins in light of this coinlab news. I could kiss you! Or tip you if you put your bitcoin address in your sig.

[True___Blue]

The login widget on the home page is broken. I was able to get in by going to mtgox.com/login, which uses a different form (I am in USA).

This! Thanks! 

[Ultraviolet]

Apparently is legit: http://coinlab.com/status

[True___Blue]

The login widget on the home page is broken. I was able to get in by going to mtgox.com/login, which uses a different form (I am in USA).

Confirmed http://mtgox.com/login works. Phew! Got to panic dump some coins in light of this coinlab news. I could kiss you! Or tip you if you put your bitcoin address in your sig.

I'm worried about them freezing funds in the USA as a result of the lawsuit, though I don't know how likely that is.

[420]

Anyone else unable to login to mtgox? For the past 20 minutes have been trying, and login button on home page does nothing. Click. Click. Reclick. Nothing.

same problem. uh oh

[telemaco]

These are horrible news:

http://gawker.com/massive-bitcoin-business-partnership-devolves-into-75-487857656

Some investors will avoid bitcoin like pest after this and price will resent for a long time.


I think bitcoin does not have much future until people in masse abandon mtgox.
They have had failure after failure. You cannot leave the future of the "currency revolution" in the hands of Magic Card-minded-teenagers (my maximum respect for people that enjoy that game, but a currency revolution needs some knowhow and some commitment and to play hard against level 20 banksters you cannot just show the wizard card)

The Ceo of MtGox has traded here a big part of the future of bitcoin + 75 million $ for just not being able to read or just comply with a contract they signed in february. That is awful for a professional trying to deal or negociate with this guys. You have to be serious, not break the card deck when you don't like things.

A guy that in the latest press release on tv was saying (being interviewed while sit in a plastic ball) when questioned about the future of bitcoin that it could go from thousands to 0 (not very reassuring to possible customers or investors i would say) is somebody that probably should not be there as ceo of the biggest bitcoin exchange.

just my two cents.

excuse my poor english please.

[bobdude17]

I think BTCGlobal.com will be the future #1 exchange. Set to open up in South America first and then globally, can't happen fast enough for me. Fuck Gox.

[Ultraviolet]

You almost definitely don't have to worry about account freezes if you're a US/Canadian account holder at Gox. The suit was only filed today. It hasn't been served, it hasn't been replied to, it hasn't moved forward at all.

Law suits take a very long time. I would expect the worst case scenario for Gox suspending trading activity to US/Canadian customers to be a few months down the road if Coinlab files and wins a motion for an injunction forcing Gox to suspend trading activity until the suit has been settled, but I have no idea if that is even possible in this jurisdiction or if Coinlab would even have grounds.

[Kazu]

I think bitcoin does not have much future until people in masse abandon mtgox.

Basically this. Literally every downtrend in the history of everything has either been caused, or accentuated, by mtgox noobing.

[Fiery Winds]

These are horrible news:

http://gawker.com/massive-bitcoin-business-partnership-devolves-into-75-487857656

Some investors will avoid bitcoin like pest after this and price will resent for a long time.


I think bitcoin does not have much future until people in masse abandon mtgox.
They have had failure after failure. You cannot leave the future of the "currency revolution" in the hands of Magic Card-minded-teenagers (my maximum respect for people that enjoy that game, but a currency revolution needs some knowhow and some commitment and to play hard against level 20 banksters you cannot just show the wizard card)

The Ceo of MtGox has traded here a big part of the future of bitcoin + 75 million $ for just not being able to read or just comply with a contract they signed in february. That is awful for a professional trying to deal or negociate with this guys. You have to be serious, not break the card deck when you don't like things.

A guy that in the latest press release on tv was saying (being interviewed while sit in a plastic ball) when questioned about the future of bitcoin that it could go from thousands to 0 (not very reassuring to possible customers or investors i would say) is somebody that probably should not be there as ceo of the biggest bitcoin exchange.

just my two cents.

excuse my poor english please.

I would say that this is a bad thing for Mt. Gox and a good thing for Bitcoin.  Mt. Gox is dying and everyone knows it.  Diversifying exchanges, even if it has to come through lawsuits, is what is needed for Bitcoin to succeed.