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Author Topic: Suing MtGox for $75m is a dick move.  (Read 2223 times)
Stringer Bell
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May 03, 2013, 03:08:44 AM
 #1

I doubt whoever is doing that has the best interests of Bitcoin at heart.

CoinLab could have been very successful without any MtGox partnership, if they wanted to be.

This is weak, very weak.
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Mike Christ
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May 03, 2013, 03:09:15 AM
 #2

Who's doing what now?

limitless
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May 03, 2013, 03:09:48 AM
 #3

Coinlab is suing mtgox but I don't know what for...

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Stringer Bell
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May 03, 2013, 03:09:57 AM
 #4

http://gawker.com/massive-bitcoin-business-partnership-devolves-into-75-487857656
Jerry from Rochester
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May 03, 2013, 03:11:10 AM
 #5

I found this.

https://twitter.com/NeocashRadio/status/330156752790249472
Mike Christ
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May 03, 2013, 03:12:02 AM
 #6

Lame.  None of my business anyway; more incentive to stop using the Gox.

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May 03, 2013, 03:13:40 AM
 #7

For some reason, I chose to not use Gox.

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Stringer Bell
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May 03, 2013, 03:15:59 AM
 #8

That's an excellent idea.
Lethos
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May 03, 2013, 03:17:16 AM
 #9

Considering the sort of contract they had in place, repeated breaches tends to lead to lawsuits.
It is sad, but yes it had to be done if everything is factually true with what has been said on the matter so far.

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May 03, 2013, 03:19:22 AM
 #10

I don't think they should do that, but then again, if they think they could win the law suit, then they'll do it. No they probably don't have the best interests of bitcoin at heart, but most people don't, most people only care about the money.
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May 03, 2013, 03:24:07 AM
 #11

Huge bummer, I like MtGox but so far it's been difficult to get money out of the exchange in a timely manner.
Peleus
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May 03, 2013, 03:28:51 AM
 #12

Suing someone for not living up to their contact (apparently) is a dick move? Since when?
BIGMERVE
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May 03, 2013, 03:37:47 AM
 #13

We'll see eh. I don't think Mt Gox are at fault here.

They should both have the same ultimate goals here.

If things were taking a little longer, there were delays (as always with Gox, and most new businesses), they should be understanding - if they both actually want Bitcoin to succeed.

It appears CoinLab are unskilled business people, causing more problems than they've fixed (zero?).

What good have they actually done for Bitcoin so far?

You're really just talking out your ass. You have no idea what's going on behind the scenes. Coinlab would not spend the money on filing a lawsuit if they didn't have good reason to. It's going to cost a hell of a lot of money to sue a large company like MtGox. MtGox must have done something really wrong for them to take it to this level.

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May 03, 2013, 04:07:10 AM
 #14

They probably have Bear intentions for the current price per coin. Or are really upset over money lost as a result of their foolishness.
Stringer Bell
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May 03, 2013, 05:30:51 AM
 #15

You're really just talking out your ass.

I sure am mate, and I hope I'm wrong  Wink
Stringer Bell
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May 03, 2013, 06:02:51 AM
 #16

Maybe that's taking it a bit far.. ^  Tongue

I recommended a couple friends use CoinLab a few months back. They were able to buy 10 coins or so, maybe a few times, after that none were available for sale.

Their operation looks very professional, Bitcoin badly needs operators like this. But so far they have not delivered.

Oh well, I am curious to see what MtGox have to say after reading the complaint.
Stringer Bell
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May 03, 2013, 06:03:51 AM
 #17

So CoinLab couldn't even sell a few coins to my American friends..

Couldn't they get their hands on enough bitcoin? It's really that hard?
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May 03, 2013, 06:13:45 AM
 #18

Hmm.. I am curious if the price is going to 80$ tomorrow/today... wherever u are.

I mean in about 12 hours.
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May 03, 2013, 06:15:02 AM
 #19

I'd give them about tree fidy.
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May 03, 2013, 06:26:23 AM
 #20

One can't help but wonder if this was their plan all along.

Enter business relationship, write contracts in a specific way which can never be fulfilled - possibly a less experienced Gox signs, thinking they are on the same team anyway.

When they don't comply 100%, they bring out their lawyers and cause them hell.

Prove me wrong children, prove me wrong.. *principal Skinner voice*

This is pretty much my thoughts on the matter as well.

Was mtgox supposed to instantly stop servicing existing customers after signing the contract ?  
How could any sane business do this and expect to survive, Coinlab is not set up to handle gox clients yet - why is Coinlab being such a little bitch about it unless they are simply planning to profit by repeated lawsuits against their "business partners".

IANAL just a grumpy outspoken bastard.

MiningUnited
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May 03, 2013, 06:32:11 AM
 #21

From stories I have read in the media, it would appear this was their intention all along.
Stringer Bell
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May 03, 2013, 07:23:34 AM
 #22

Maybe they just want to destroy Mt Gox and make way for themselves?

Simple greed at work or something more sinister?
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May 03, 2013, 08:30:54 AM
 #23

it seems that gox got greedy and wouldn't provide what they could easily provide, and agreed to in the contract

hopefully this makes coins cheaper and kills gox quicker Cheesy

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May 03, 2013, 04:04:02 PM
 #24

I wonder if the 500k investment to coinlab has something to do with the lawsuit..
Malawi
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May 03, 2013, 04:06:21 PM
 #25

From stories I have read in the media, it would appear this was their intention all along.

As if they would come out as trustworthy?

Edit:
BTW: How will this affect americans?
Can they continue as before, or do they need to buy BTC to get away from Coinlab/MtGox and then return to MtGox/other exchange with  a new BTC-account?

BitCoin is NOT a pyramid - it's a pagoda.
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May 04, 2013, 02:40:44 PM
 #26

I bet that they made a lot of money by selling their bitcoins before the lawsuit was published and then buying them back at the bottom.
Evolekam
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May 04, 2013, 02:59:33 PM
 #27

LOL @dumbflex

It would be a pretty smart idea to do that.
dbcch0
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May 04, 2013, 03:55:45 PM
 #28

I bet that they made a lot of money by selling their bitcoins before the lawsuit was published and then buying them back at the bottom.

Cynical, but maybe true. Actions like that are another reason that the exchanges need to be properly regulated. There's a reason all traditional markets are regulated; and it's not 'just because'. Regulations were in response to people abusing, defrauding, and manipulating the markets. Since humans aren't saints, you have to have reasonable 'laws' to ensure fair play.

As for the lawsuit, Coinlab should have just terminated their contract with Mt.Gox and started soliciting customers on their own. I don't see why they wouldn't do this. There are enough people either disillusioned with Mt.Gox or wanting to operate with an exchange in North America that I'm sure they'd succeed. For THIS reason, I am a little skeptical. It's almost as if CoinLab is more interested in milking Mt.Gox out of money than building their own profitable exchange.
JoeChmoe
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May 04, 2013, 04:36:02 PM
 #29

Its all about the money. It would be naive to believe everyone is truly behind Bitcoin and not its monetary potential. That includes a percentage of the members here as well.   
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May 04, 2013, 04:38:43 PM
 #30

Quote
Its all about the money. It would be naive to believe everyone is truly behind Bitcoin and not its monetary potential.

I am sure every single original BitCoin user had this in the back of their mind.
Namealreadyexists
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May 04, 2013, 05:10:52 PM
Last edit: May 04, 2013, 05:35:53 PM by Namealreadyexists
 #31

Sueing, or threatening to sue is just an invitation for a serious conversation. Otherwise Mt.Gox will feed you "we are working on it" line until the end of time. They should just create another check box in the help desk menu "I am not messing around, if you don't address my grievance right away I'll sue your Delaware registered subsidiary". Or are they actually going after the Japanese headquarters?
dbcch0
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May 04, 2013, 05:12:39 PM
 #32

I am sure every single original BitCoin user had this in the back of their mind.

There are those who are interested in more than profit. Not everything is profit (hate to tell you). There is more to life. Who knew, right?

Many are interested in the design of Bitcoin and its positive attributes as a potential currency. These type of people find reward in intellectual exercises, not simply profit.
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May 04, 2013, 05:20:25 PM
 #33

MTGOX would need to pay coinlab a lot of money but it'll take years to the sue to end
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May 04, 2013, 07:18:58 PM
 #34

Does anyone know if this is under US or Japanese jurisdiction?

They may have a bit different takes on setting up a trap and then sue. (If that is what have happened here.)

BitCoin is NOT a pyramid - it's a pagoda.
dbcch0
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May 04, 2013, 07:29:59 PM
 #35

Does anyone know if this is under US or Japanese jurisdiction?

I believe it was filed in the US, though I may be wrong. It does get somewhat problematic to file a lawsuit internationally, though Japan is one country where there are at least fewer barriers than in some other countries.
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May 04, 2013, 07:43:40 PM
 #36

I am sure every single original BitCoin user had this in the back of their mind.

There are those who are interested in more than profit. Not everything is profit (hate to tell you). There is more to life. Who knew, right?

Many are interested in the design of Bitcoin and its positive attributes as a potential currency. These type of people find reward in intellectual exercises, not simply profit.

My exact stance.
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May 04, 2013, 07:48:35 PM
 #37

I know they should have sued for alot more. according to all the pros on here we are talking billions upon billions. so 75 million is chump change.
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May 05, 2013, 12:31:38 AM
 #38

Does anyone know if this is under US or Japanese jurisdiction?

I believe it was filed in the US, though I may be wrong. It does get somewhat problematic to file a lawsuit internationally, though Japan is one country where there are at least fewer barriers than in some other countries.
Doesn't the contract specify they agree to use Washington as the jurisdiction for any dispute between them?

(I dont always get new reply notifications, pls send a pm when you think it has happened)

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May 05, 2013, 01:35:38 AM
 #39

I think that suing MtGox for $75m is unfortunate.  But the silver lining is that it serves to legitimize Bitcoin - grounding it in the existing social infrastructure. Smiley 
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May 05, 2013, 03:05:54 AM
 #40

I think both parties will sort the matter out of the courts
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May 05, 2013, 03:08:58 AM
 #41

meh cost me my summer school credit. was going to sell at 250 to pay for a course but it crashed so hard.
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May 05, 2013, 04:21:04 AM
 #42

If i were gox, id turn all my profits into BTC so they cant be stolen.
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May 05, 2013, 04:28:28 AM
 #43

meh, a contract's a contract. it'll all come out in court.

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May 05, 2013, 04:44:13 AM
 #44

I'd say many people interested in bitcoin are capable of such a 'dick move' - it is money after all. It brings the worst out in many of us. Not an excuse, just saying especially in the early adoption phase of a technology, innovators come for many different reasons. Often profit.
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May 05, 2013, 05:56:29 AM
 #45

Yeah but i had been better if mt gox hadnt done that deal.
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May 05, 2013, 03:32:34 PM
 #46

Doesn't the contract specify they agree to use Washington as the jurisdiction for any dispute between them?

I don't know, does it? ;p. If you read that, then that's where the lawsuit will be. That actually is another sign that Mt.Gox may not have been as big into business as Coinlab, something I suspect is a big part of the problem here. Mt.Gox grew very organically, and I'm just not convinced Mark whoever is an experienced businessman. While you wouldn't think that matters, when it comes to contracts, it's easy to 'get one over' on the other party, which is why everyone has buttloads of lawyers to review these things.

And, yea, I'm sure Mt.Gox regrets the deal, BUT they probably wanted isolation from the possibility of US and Canadian regulation. They hedged their bets to decrease risk, and then - seemingly - reneg'd when the risk abated.
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