thoughts on mt gox

[bornloser]

My initial thoughts are that mt gox is pretty much screwed. They basically are crooks who must have known from the beginning that they weren't going to follow through on the contract between them and coinlab. I am thinking mt gox received x number of dollars(bribe money) to go into business and reniged on the deal. Reading the filing, mt gox basically was supposed to have to hand over everything: passwords, accounting books, everything to coinlab, and seeing mt gox is so fucking shady and corrupt they probably had no intention of following through on any deal. I dont know anything about international law but when you are talking banks and north america and venture capitalists, I would imagine they know they have a shot at winning. BUT if mt gox goes away what can coinlab do?

[dreamhouse]

Well it's a business, and mtgox at least focus on the bit coin, and not involved in so many alt coins. Others (like btc-e) are more ridiculous, an alt coin created for a month is already trading there...

[BitcoinUK]

the main questions to ask are

1. will mtgox hand over the details to quash the court claim as they by law still have time to meet the demands of contract before it gets to the courtroom

2. will they pay up the $75m or run off to a non extradition country

[ardeay]

If mtgox goes down, others will rise, and others are rising now. If it causes the bitcoin to drop, then ill be getting in

[storm11]

I'm not a fan on how one exchange's problems, cause BTC price to drop. So much for a de-centralised currency when converting to fiat.

[bornloser]

the main questions to ask are

1. will mtgox hand over the details to quash the court claim as they by law still have time to meet the demands of contract before it gets to the courtroom

2. will they pay up the $75m or run off to a non extradition country

I think they close shop and are gone. This could be in the court system for a long time though. Mt gox doesnt want anyone to see what they are doing. Seeing coinlab is going to be heavily regulated here in the usa, so would mt gox and I would imagine they like doing whatever they want to.