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Author Topic: Suing MtGox for $75m is a dick move.  (Read 2223 times)
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.
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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.
dumbflex
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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.
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May 04, 2013, 02:59:33 PM
 #27

LOL @dumbflex

It would be a pretty smart idea to do that.
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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.   
MiningUnited
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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.
yuyu123
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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
Malawi
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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.
JoeChmoe
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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.
bornloser
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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.
TiagoTiago
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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?

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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 
supercoins
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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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