MtGox withdrawal delays [Gathering]

[Newar]

Understood. My point is if someone (ie: John Doe) has GoxBTC, what are the chances he ends up with REAL BTCs under these circumstances. I'm not talking about outsiders; just insiders (and the site owner). It's all about trust and good will (that everything goes OK)... or not...

I'm not 100% sure what you trying to say. My understanding was that bitoinbuilder pays BTC for GoxBTc right on the spot.

[macsga]

Understood. My point is if someone (ie: John Doe) has GoxBTC, what are the chances he ends up with REAL BTCs under these circumstances. I'm not talking about outsiders; just insiders (and the site owner). It's all about trust and good will (that everything goes OK)... or not...

I'm not 100% sure what you trying to say. My understanding was that bitoinbuilder pays BTC for GoxBTc right on the spot.

As I have lack of information, I will believe what you're saying. I thought that if someone possesses some GOXBTCs there, he'll be able to withdraw them WHEN and IF MtGOX distribute theirs. But, as I said; I don't know the details.

[Newar]

Understood. My point is if someone (ie: John Doe) has GoxBTC, what are the chances he ends up with REAL BTCs under these circumstances. I'm not talking about outsiders; just insiders (and the site owner). It's all about trust and good will (that everything goes OK)... or not...

I'm not 100% sure what you trying to say. My understanding was that bitoinbuilder pays BTC for GoxBTc right on the spot.

As I have lack of information, I will believe what you're saying. I thought that if someone possesses some GOXBTCs there, he'll be able to withdraw them WHEN and IF MtGOX distribute theirs. But, as I said; I don't know the details.

I don't have GoxBTC there so can't test. However during the tumble to 100 that's how it worked. Bitcoinbuilder was established because many people wanted out at the time and goxcoins could still be transferred between accounts. First this was done person to person and then bitcoinbuilder automated the process. https://bitcointalk.org/index.php?topic=459714.0

What has changed in the meanwhile is that bitcoinbuilder themselves are buying the GoxBTC: The announcement email @bitcoinvest was on about was pasted here: https://bitcointalk.org/index.php?topic=486142.msg10527910#msg10527910

Builder's Back
Get .11 BTC per GOXBTC.

Heya!

I know it's been a long time since you've heard anything from Bitcoin Builder, but I promise... a lot has been going on behind the scenes!

We've re-launched as a "Bitcoin Exchange Aggregator" that pulls in the best prices from multiple exchanges and allows you to trade without fee.

But more importantly, from now through February 24th, 2015, we are offering the option to sell the GOXBTC you have "locked" in Mt. Gox to us at the rate of .11 BTC per GOXBTC.

Just based on public information, we of course expect the value of a GOXBTC to be higher than this when the claims process is complete. We also expect distributions perhaps by September or even earlier.

However, if you would like to get some liquidity now and remove some potential risk, simply visit https://bitcoinbuilder.com/sellgox to take us up on our offer.

You will be able to trade or withdraw your BTC immediately after being verified and agreeing to the Assignment of Claim.

If you'd rather not sell, do nothing, and whenever any Mt. Gox bankruptcy funds are distributed to Bitcoin Builder, your account will automatically be credited with whatever your portion turned out to be worth at that time.

To check it all out, just visit Bitcoin Builder:
https://bitcoinbuilder.com

Thanks,
Josh Jones
Founder, Bitcoin Builder, Inc.

[cafminer1]

IMHO, one year ago, Josh Jones (CEO and Founder Bitcoin Builder, Inc.) trusted MtGox would recover somehow and accepted buying GoxBTC with real BTC at a price, thus offering a way out of Gox for the (desperate?) people. Of course that would make no sense if GoxBTC was to completely evaporate. Some, like me for a few BTC, also bet that way.

The simple thing to me now is Josh again thinks GoxBTC can somehow recover from the present zero. From inside information or just as another bet, he must be trying that again.

I would not be so optimistic as to think 200K/800K = 0.25 BTC per GoxBTC (for there will be a lot of money spent with lawyers, experts, theft, etc.), but that s a number, why not. On the other hand, with current BTC value, maybe a lot more can come out. I would not exclude 100% recovering of BTCs @ the present 200-250 USD range.

For Josh, when BTC was around 1000 USD, GoxBTC went down to around 100 USD, so 0.1 rate. Now, at 0.1 BTC per GoxBTX it is again 0.1, what makes 1 cent of original BTC per GoxBTC, what is not bad. And of course Bitcoin Builder got trade commissions as well at that time.

Finally, about withdrawal etc, for what I know about Bitcoin Builder, I bet yes, it is probably instant cash for those wanting to sell BitcoinBuilder-GoxBTCs. Just a feeling, but I trust them.

[DrApricot]

IMHO, one year ago, Josh Jones (CEO and Founder Bitcoin Builder, Inc.) trusted MtGox would recover somehow and accepted buying GoxBTC with real BTC at a price, thus offering a way out of Gox for the (desperate?) people.

I read somewhere that bitcoinbuilder is the largest Mt. Gox creditor in California. Maybe that's why Josh has been clued in. It may indicate that the trustee is negotiating deals with the largest creditors. That's only a guess, but seems logical.

[Kava_Kauboi]

I haven't heard a thing from anyone about Gox. It would be nice to get something back one day but I'm not holding my breath.

[joesmoe2012]

IMHO, one year ago, Josh Jones (CEO and Founder Bitcoin Builder, Inc.) trusted MtGox would recover somehow and accepted buying GoxBTC with real BTC at a price, thus offering a way out of Gox for the (desperate?) people.

I read somewhere that bitcoinbuilder is the largest Mt. Gox creditor in California. Maybe that's why Josh has been clued in. It may indicate that the trustee is negotiating deals with the largest creditors. That's only a guess, but seems logical.

That wouldn't suprise me.

[DrApricot]

IMHO, one year ago, Josh Jones (CEO and Founder Bitcoin Builder, Inc.) trusted MtGox would recover somehow and accepted buying GoxBTC with real BTC at a price, thus offering a way out of Gox for the (desperate?) people.

I read somewhere that bitcoinbuilder is the largest Mt. Gox creditor in California. Maybe that's why Josh has been clued in. It may indicate that the trustee is negotiating deals with the largest creditors. That's only a guess, but seems logical.

That wouldn't suprise me.

Wink wink nudge nudge. Kobayashi would tell you all about it, but he doesn't want to break his NDA.

It'S aul Good-man sez:

"As they say in Silicon Valley, 'It's not a bug, it's a feature.'

Ever hear of a bargaining chip? Well, what we have here is the mother of all bargaining chips!"

[Amitabh S]

Although I have nothing against bitcoinbuilder, I have stopped trusting anyone named "Josh".

[macsga]

Although I have nothing against bitcoinbuilder, I have stopped trusting anyone named "Josh".

Yeah, me too... since BFL deliveries went 1 year back from expected time.

[bitcoinvest]

it's been a long time with no updates....
or did miss something?? still nothing on their website and nothing in the news...
when are we going to learn the truth and of course get our bitcoins back?

[DrApricot]

According to your explanation [theory], someone in China must be sitting on a huge pile of stranded yuan that they got for selling their unpaid-for bitcoins extracted from Mt. Gox.

Note that is is not an "explanation", just a "theory".  Precise language is preferable.    Many others are possible, but this one seems more likely to me.

The boundaries of theft and fraud are kinda fuzzy, and they often overlap.  I could say that buying bitcoins from customers with non-existent money was fraud, taking possession of those coins was theft.

In that theory, the CNY from the sale of those coins may have been confiscated by the Chinese government, may be sitting in an account of a Chinese exchange, may have been withdrawn by Willy's owner or by an accomplice.  In the latter case, the money may be in possession of any person involved, in CNY or laundered into other currencies.

In that theory, at least one of the Chinese exchange managers must have been aware of the massive transfers from MtGOX.  However, at the time it probably looked legitimate arbitrage.  The fault was that the arbitrager stole the coins from MtGOX clients, instead of buying them with real dollars; and the Chinese need not have been aware of that.

From the perspective of the Chinese government, during Nov/2013 the amateur Chinese traders imported at least a million  totally unproductive pieces of nothing, without going through customs, and were about to pay the equivalent of half a billion dollars or more in CNY to foreign sellers.  Obviously the PBoC must have been extremely unhappy about that.  So, in my mind it is not unlikely that one of the goals of the December decrees was to block this sizable leak in their national trade balance and prevent that pile of CNY from leaving the country.

I find your theory quite compelling. If so, we are dealing with the actions of a state with some possible diplomatic ramifications.

See "Beijing has a bitcoin problem on its hands" http://www.scmp.com/business/article/1735594/beijing-has-bitcoin-problem-its-hands

In a new report, Goldman Sachs says the yuan is now used in 80 per cent of transactions into and out of the cyber currency, topping the US dollar, yen and euro. Given that the Communist Party’s highest priority is stability, and the rampant use of bitcoin represents nothing if not the opposite, it’s probably only a matter of time until Beijing tries to crack down.

This article definitely lends a bit of support to what you've been saying. I suppose the creditors' could simply ask Kobayashi directly if their money has been held up by the Chinese government. He might not give an answer, but at least the question would be out there. The hacker attack/transaction malleability one seems like a weaker and weaker explanation by the day for the Mt. Gox collapse. In fact, it has been directly refuted by the Tokyo police who have blamed it on insider fraud.

[macsga]

^^
Interesting theory. What's even more interesting though is that the process has been stalled for quite sometime now. No announcements, no assurances, no explanation whatsoever. The most significant part of the story so far is, that ONE YEAR LATER nobody can say for sure, WTF happened. Period.

[bitcoinvest]

I don't agree with you that one year later nobady can say for sure....
in fact, days after hacker attack/transaction malleability news from Mark ALL the community and experts denied and one year later we had those news from Tokyo police that also said it was an inside job. The newspaper (if i remember well was the newspaper or an online article ) wrote that after the news in 2-3 days would post more about the case... but nothing happened since... it's clear from this point of view that someone is covering the hole case.

Let's not forget about that!
And also we have to have some news from Kraken side right?



by the way very nice article....
http://www.scmp.com/business/article/1735594/beijing-has-bitcoin-problem-its-hands

[DrApricot]

I don't agree with you that one year later nobady can say for sure....
in fact, days after hacker attack/transaction malleability news from Mark ALL the community and experts denied and one year later we had those news from Tokyo police that also said it was an inside job. The newspaper (if i remember well was the newspaper or an online article ) wrote that after the news in 2-3 days would post more about the case... but nothing happened since... it's clear from this point of view that someone is covering the hole case.

Let's not forget about that!
And also we have to have some news from Kraken side right?



by the way very nice article....
http://www.scmp.com/business/article/1735594/beijing-has-bitcoin-problem-its-hands

From that same article:

But now that it’s [Beijing's] facing a stealthier threat in bitcoin, its options are more limited. Zhou is undoubtedly aware of the problem posed by bitcoin, but he may not yet know what he should do about it.

Could be a similar type of situation with the Mt. Gox coins. They're still trying to figure out what to do--hence, the cover-up while the PTB try to keep their options open. One wonders what their original plan could have been--obviously, it has gone awry.

The only point of leverage the depositors have is to expose their game. The situation is clearly much more complicated than has generally been given any credit. If it were merely a matter of hacker(s) stealing bitcoins, it would have long since been resolved, and someone would be sitting behind bars.

The present situation suggests a stalemate of some kind, and playing for time until it ends. Those parties holding missing Mt. Gox coins need to be smoked out ASAP.

[bitcoinvest]

Could be a similar situation with the Mt. Gox coins. They're still trying to figure out what to do--hence, the cover-up as the PTB try to leave their options open. The only point of leverage the creditors have is to expose their game. The situation is obviously much more complicated than has generally been given credit. If it were merely a matter of hacker(s) stealing bitcoins, it would have long since been resolved, and someone would be sitting behind bars.

i agree 100%!
this is the reason they do not publish something, they examine what is the best senario to publish....

[bitcoinvest]

After a long time away from internet access yesterday i finally was able to read the news.
if you haven't heard about it have a look on that..

http://www.reddit.com/r/Bitcoin/comments/30xb6s/courtesy_of_mark_karpeles/

Seems that Mark is trying to tell us something

[RaTTuS]

http://techcrunch.com/2015/04/01/feds-nabbed-for-big-bitcoin-heist-involving-gox-and-silk-road/

[NUFCrichard]

http://techcrunch.com/2015/04/01/feds-nabbed-for-big-bitcoin-heist-involving-gox-and-silk-road/

Do we know how many they are supposed to have stolen?  I had heard that they were arrested about the silk road theft but I didn't know it could be Gox related.
Are there any actual updates about getting money back from Gox?  Or is that about as likely as it ever was to be allowed to withdraw money from Gox?!

[bri912678]

http://techcrunch.com/2015/04/01/feds-nabbed-for-big-bitcoin-heist-involving-gox-and-silk-road/

Do we know how many they are supposed to have stolen?  I had heard that they were arrested about the silk road theft but I didn't know it could be Gox related.
Are there any actual updates about getting money back from Gox?  Or is that about as likely as it ever was to be allowed to withdraw money from Gox?!

The Feds involvement could make the Japanese Mt Gox court case even longer. The Japanese court will have to take the news into account and debate if it effects the case, which could take months.