MtGox withdrawal delays [Gathering]

[samson]

I will add to the above post that if you haven't joined the legal action group which is funding itself as I write this then the time to act is now.

We don't know what the situation will be once the initial funding is completed but 'hope' to be able to continue to add new members once the funds are raised. Of course this may not be possible.

Nice idea but it's just not worth it for a large number of creditors, 85 pounds would be a large portion of what many people are looking at getting back. Don't take it as an attack against you, but why should I pay the same fees as you when you stand to get back almost 100x what I will.

What Japanese law is this case being based on by the way?

The legal details are being left to the lawyers. From what I understand some of the things the trustee has done are optional and up to him and the lawyer we're speaking to was surprised at the announcements made at the recent meeting in Japan. The idea is to change the route that is being taken. I'm not a lawyer.

If you want to know more, go to the google group and read the discussions there.

My claim is for about 145 Bitcoin and there are 1000's of people with larger claims than me.

With this claim I consider doing something to be much better than doing nothing, even if it fails - it only costs about $100 so it's worth a shot.

[K-Money]

Aside from bitcointalk,  does this topic have a forum/chatroom on slack,  telegraph etc ?

Tknx in advance

Sidenote; I'd really be happy with I get my lost btc back, hopefully in its entirety.

[el_rlee]

Aside from bitcointalk,  does this topic have a forum/chatroom on slack,  telegraph etc ?

Tknx in advance

Sidenote; I'd really be happy with I get my lost btc back, hopefully in its entirety.

I guess there is little you can do beyond registering your claim at kraken

[samson]

There is a forum on www.mtgoxlegal.com - at the moment it's open to contributors only.

I believe it's going to be at least partially opened up to everyone sometime next week

[bitjoin]

I've taken a couple month break since the mtgox meeting from looking at anything mtgox.  I guess the aim of the legal group is to get bitcoin paid out as bitcoin? or is it to just make sure all surplus goes to the creditors?

[samson]

I've taken a couple month break since the mtgox meeting from looking at anything mtgox.  I guess the aim of the legal group is to get bitcoin paid out as bitcoin? or is it to just make sure all surplus goes to the creditors?

The most important thing is to try and get our fair share of what they're calling 'the surplus'.

The lawyers will be reporting back to the group on Tuesday, 7th November after doing a couple of weeks research on the case.

We would also like payment in Bitcoin but that's a minor point compared to giving all that money to Mark Karpeles instead of the claimants.

Right now they plan on paying us $480 / 50,000 JPY per Bitcoin claimed based on the Bitcoin price in 2014.

[K-Money]

I've taken a couple month break since the mtgox meeting from looking at anything mtgox.  I guess the aim of the legal group is to get bitcoin paid out as bitcoin? or is it to just make sure all surplus goes to the creditors?

The most important thing is to try and get our fair share of what they're calling 'the surplus'.

The lawyers will be reporting back to the group on Tuesday, 7th November after doing a couple of weeks research on the case.

We would also like payment in Bitcoin but that's a minor point compared to giving all that money to Mark Karpeles instead of the claimants.

Right now they plan on paying us $480 / 50,000 JPY per Bitcoin claimed based on the Bitcoin price in 2014.

Now I understand they're not doing this for free,but to give us 480 each seems very unfair .  Mathematically, can everyone who had a valid and approved claim recieve lost btc ,coin for coin and dollar for dollar? Are there enough ? The surplus, does that include bitcoin cash ,bitcoin gold as well as the difference in price from 2014 to present day ,all 3 ? 

I understand the lawyers want to get paid like the rest of us but to "bend us over " this is like mtgox 2.0

Once we figure out the lawyers fees and such ,they should be paid by the claimants ( us ) plus some of our btc cash (10%) as a sign of good faith . I just hope this gets resolved and claimants get their BTC and fiat back,  respectively .

[samson]

I've taken a couple month break since the mtgox meeting from looking at anything mtgox.  I guess the aim of the legal group is to get bitcoin paid out as bitcoin? or is it to just make sure all surplus goes to the creditors?

The most important thing is to try and get our fair share of what they're calling 'the surplus'.

The lawyers will be reporting back to the group on Tuesday, 7th November after doing a couple of weeks research on the case.

We would also like payment in Bitcoin but that's a minor point compared to giving all that money to Mark Karpeles instead of the claimants.

Right now they plan on paying us $480 / 50,000 JPY per Bitcoin claimed based on the Bitcoin price in 2014.

Now I understand they're not doing this for free,but to give us 480 each seems very unfair .  Mathematically, can everyone who had a valid and approved claim recieve lost btc ,coin for coin and dollar for dollar? Are there enough ? The surplus, does that include bitcoin cash ,bitcoin gold as well as the difference in price from 2014 to present day ,all 3 ? 

I understand the lawyers want to get paid like the rest of us but to "bend us over " this is like mtgox 2.0

Once we figure out the lawyers fees and such ,they should be paid by the claimants ( us ) plus some of our btc cash (10%) as a sign of good faith . I just hope this gets resolved and claimants get their BTC and fiat back,  respectively .

It is MtGox 2, all initial claims were valued at about $500 Million, the Bitcoin alone are currently worth $1,500 Million, and that's before you add in other things like BCH.

So there is a court in Japan which is planning on giving the surplus to the MtGox shareholders.

Yes, that's right : The Japanese Govenrment is planning to give Mark Karpeles, the guy who is responsible for this whole mess the vast majority of $1 Billion as confirmed at the Septemeber creditors meeting and they don't seem to give a fuck about what we think.

This is why the mtgoxlegal.com group has hired lawyers as we intend to change this bullshit.

[mayax]

I've taken a couple month break since the mtgox meeting from looking at anything mtgox.  I guess the aim of the legal group is to get bitcoin paid out as bitcoin? or is it to just make sure all surplus goes to the creditors?

The most important thing is to try and get our fair share of what they're calling 'the surplus'.

The lawyers will be reporting back to the group on Tuesday, 7th November after doing a couple of weeks research on the case.

We would also like payment in Bitcoin but that's a minor point compared to giving all that money to Mark Karpeles instead of the claimants.

Right now they plan on paying us $480 / 50,000 JPY per Bitcoin claimed based on the Bitcoin price in 2014.

Now I understand they're not doing this for free,but to give us 480 each seems very unfair .  Mathematically, can everyone who had a valid and approved claim recieve lost btc ,coin for coin and dollar for dollar? Are there enough ? The surplus, does that include bitcoin cash ,bitcoin gold as well as the difference in price from 2014 to present day ,all 3 ?  

I understand the lawyers want to get paid like the rest of us but to "bend us over " this is like mtgox 2.0

Once we figure out the lawyers fees and such ,they should be paid by the claimants ( us ) plus some of our btc cash (10%) as a sign of good faith . I just hope this gets resolved and claimants get their BTC and fiat back,  respectively .

It is MtGox 2, all initial claims were valued at about $500 Million, the Bitcoin alone are currently worth $1,500 Million, and that's before you add in other things like BCH.

So there is a court in Japan which is planning on giving the surplus to the MtGox shareholders.

Yes, that's right : The Japanese Govenrment is planning to give Mark Karpeles, the guy who is responsible for this whole mess the vast majority of $1 Billion as confirmed at the Septemeber creditors meeting and they don't seem to give a fuck about what we think.

This is why the mtgoxlegal.com group has hired lawyers as we intend to change this bullshit.

when you use an unlicensed exchanger you should take all these risks. so, chill and walk away with your loss.  

are you not a libertarian who do not trust the gov/justice and so on? why are you looking for their help now?

[bitjoin]

I've taken a couple month break since the mtgox meeting from looking at anything mtgox.  I guess the aim of the legal group is to get bitcoin paid out as bitcoin? or is it to just make sure all surplus goes to the creditors?

The most important thing is to try and get our fair share of what they're calling 'the surplus'.

The lawyers will be reporting back to the group on Tuesday, 7th November after doing a couple of weeks research on the case.

We would also like payment in Bitcoin but that's a minor point compared to giving all that money to Mark Karpeles instead of the claimants.

Right now they plan on paying us $480 / 50,000 JPY per Bitcoin claimed based on the Bitcoin price in 2014.

Yeah we'd defo all be better off with the surplus going our way vs karpeles. I knew he was up to something fishy with his reddit activity. I will be looking to get involved in the group in the coming weeks. Thanks for update.

[samson]

when you use an unlicensed exchanger you should take all these risks. so, chill and walk away with your loss.  

are you not a libertarian who do not trust the gov/justice and so on? why are you looking for their help now?

No, I'm not a libertarian.

We're taking this to court and will use everything we can to prevent Mark Karpeles from getting his hands on our money.

Libertarian  

[erk]

Paul Wasensteiner, a Mt. Gox creditor, told CCN that creditors were not made aware that their claims were limited to a maximum value of $480 and that the bankruptcy would settle the proceedings based on the price of bitcoin three years ago. Creditors have expressed their concerns over the process of the Mt. Gox bankruptcy, and the possibility that Karpeles, who is directly responsible for the loss of $7 billion in funds, might take away $859 million from the $1.3 billion that has been recovered.

https://www.cryptocoinsnews.com/mark-karpeles-will-end-taking-859-million-mt-gox-bankruptcy/


Gee, you would think the $859million could be returned to the people who are owed it, not Karpeles.

[samson]

Paul Wasensteiner, a Mt. Gox creditor, told CCN that creditors were not made aware that their claims were limited to a maximum value of $480 and that the bankruptcy would settle the proceedings based on the price of bitcoin three years ago. Creditors have expressed their concerns over the process of the Mt. Gox bankruptcy, and the possibility that Karpeles, who is directly responsible for the loss of $7 billion in funds, might take away $859 million from the $1.3 billion that has been recovered.

https://www.cryptocoinsnews.com/mark-karpeles-will-end-taking-859-million-mt-gox-bankruptcy/


Gee, you would think the $859million could be returned to the people who are owed it, not Karpeles.

There's nothing new in this recently reported story, the https://mtgoxlegal.com group has formed, raised funds and grew to around 500 people in size since the last creditors meeting.

There are ways to prevent an unfair distribution and we're working towards that right now.

[bitcoinvest]

This is one of the BEST i ever heard from Mark.     https://blog.magicaltux.net/article/MtGox-Bankruptcy

This is a plan so that MtGox recover and we get our FIAT / BTC back!  Well done Mark, i have to admit this is good.

[samson]

This is one of the BEST i ever heard from Mark.     https://blog.magicaltux.net/article/MtGox-Bankruptcy

This is a plan so that MtGox recover and we get our FIAT / BTC back!  Well done Mark, i have to admit this is good.

Yeah, right like that's going to happen.

[bitcoinvest]

if in any case you missed https://www.reddit.com/r/mtgoxinsolvency/comments/7dyr74/re_inquiries_about_mtgox_disbursements_and/?utm_content=title&utm_medium=hot&utm_source=reddit&utm_name=mtgoxinsolvency

Kraken CEO wrote some interesting thoughts and Mark also replied and Andy also from Mtgoxlegal.com

What are your thoughts?

[Hen0xyd]

if in any case you missed https://www.reddit.com/r/mtgoxinsolvency/comments/7dyr74/re_inquiries_about_mtgox_disbursements_and/?utm_content=title&utm_medium=hot&utm_source=reddit&utm_name=mtgoxinsolvency

Kraken CEO wrote some interesting thoughts and Mark also replied and Andy also from Mtgoxlegal.com

Thanks for sharing bitcoinvest !

It's been quite a long time I didn't pay attention to the slow paced resolution of the mtgox mess.
The movie will get some more scenes and twists...

Glad to see Jesse Powell's position and reflexions.

It's really interesting to learn about this "buy the 200K bitcoin for 2500$/coin" offer - proposed to the shareholders.
I'm trying not to be too upset or ironic, but can someone correct me in my summary ?

- Japanese law and the bitcoin's status at resolution time made the trustee set a Yen designated value for each claim.
- the rate as been set around 400$/btc and isn't reevaluted
- there is a certain amount of yen which is considered to be suffisant to repay fully the creditors
- any additionnal gains (btc price increase and bch/btg forks) occured since the claims are considered to be the shareholders' property

What are your thoughts?

I could understand kobayashi's move to get as much money he can so he can fullfill its mission to distribute a better percentage - "let's sell the BTC and then easier to give the real money back".
But why this offer would profit and would be proposed to shareholders ? why not to claimants ? why not an auction to the highest bidder ?
I assume the vast majority of the dollars/euros/yen/btc were coming from the creditors who deposited, so how is that possible to "sell" this property to some other parties ?

I'm asking a lot of questions, but to me here is the main one :
- if the surplus isn't distributed to the victims, where will it flows, who will get it ?

Mark Karpeles, who was in charge, responsible, declared the bankrupcy ? That would be a terrible jurisprudence.
The Japanese state ?

PS : I'm a creditor, with a validated claim, asked for "btc repay" when prompted by the trustee.

[bitcoinvest]

Have a look on that.... we all remember those chain reactions after MtGox collapse... now someone is connecting the dots....
interesting article. or not? we will see

https://www.rt.com/business/415044-mt-gox-collapse-bitcoin/

[Breeze]

So is there any chance to get back your money/BTC?

Can't login anymore at mtgox.com

[Tzupy]

So is there any chance to get back your money/BTC?

Can't login anymore at mtgox.com

Wait another ~15 days, the next creditor meeting should clarify if civil rehabilitation gets approved or not (bankruptcy goes on).
The outcome may be known sooner, check the reddit mtgoxinsolvency in ~10 days.
https://www.reddit.com/r/mtgoxinsolvency/