Official End of Mt Gox thread

[YipYip]

I bet those people who thought "I'm gonna buy all these cheap goxcoins because they're gonna be worth a ton when gox resumes withdrawls" are bashing their heads against a wall right now

...lolz u think

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[cosmofly]

Its all over, very sad for the 1 Million investors involved in goz trading

[Manticore]

I love that under any other circumstance they would've halted trading. They've done it countless time during mini BTC crashes.

I suppose holding their customer's coins hostage and letting the price go down to nothing is their best exit. At this point, they know their days are numbered even in a best case scenario.

So they bide time, let the price crash, buy cheap coins, potentially arb them to make money for themselves and possibly pay back the customers that haven't sold out of panic, and they also attract new money from clients with enormous appetites for risk, enabling them to buy even more coins. So, they enrich themselves and possibly manipulate their way out of liability (possibly returning coins after they've flipped everyone else's coins several times over), then close shop?

This is essentially exactly what they described doing in their crisis strategy --

http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft

'1- Immediately reduce liabilities as much as possible with partners
 With actual assets using arbitrage/ injecting new coins to erase them from the books. Informing and asking selected Bitcoin main players to ask for their help. The MtGox price is low, making it possible to erase a significant portion of the debt, but it needs to be done quickly. Injections in coin are most useful (enough to run the exchange) but some cash is also needed to not run a fractional reserve'

[jasonjm]

for the record I am going to say; EITHER -

1) mtgox is possibly one of the most incompetent businesses ever formed (makes BFL look pro).

2) someone at MTGOX is an evil genius, and is now rich and laughing.


I am leaning towards option 1.


the sad truth is that if gox has truly had 750k coins recently "stolen" from them, then this will not be good for bitcoin prices. you now have 750k coins that have a cost of zero, whichever parties are holding them can sell them or spend them for literally any price and still make fortunes as they have a zero cost.

[Syke]

for the record I am going to say; EITHER -

1) mtgox is possibly one of the most incompetent businesses ever formed (makes BFL look pro).

2) someone at MTGOX is an evil genius, and is now rich and laughing.

Whether the evil genius was inside or outside, Mark was in on it. There's absolutely no way all their cold wallets could be drained without them noticing.

[jasonjm]

for the record I am going to say; EITHER -

1) mtgox is possibly one of the most incompetent businesses ever formed (makes BFL look pro).

2) someone at MTGOX is an evil genius, and is now rich and laughing.

Whether the evil genius was inside or outside, Mark was in on it. There's absolutely no way all their cold wallets could be drained without them noticing.

agree with that logic. Not sure if its the truth, but logic is sound.

[traderCJ]

for the record I am going to say; EITHER -

1) mtgox is possibly one of the most incompetent businesses ever formed (makes BFL look pro).

2) someone at MTGOX is an evil genius, and is now rich and laughing.

Whether the evil genius was inside or outside, Mark was in on it. There's absolutely no way all their cold wallets could be drained without them noticing.

Assuming this happened over the course of a few years .. they noticed, but as coins left their wallet, they saw their fiat holdings rise.  Obviously nobody checked the details.  Woops.

[CryptoGuy2014]

Mt. Gox website down?

RIP

[fonzie]

ROT IN HELL!

[mccorvic]

Gox is dead! WOOHOO! This is the last Goxxing ever!

[Satyre_Noir]

Gox is dead! WOOHOO! This is the last Goxxing ever!

Have a mercy for victims.  

[CryptoGuy2014]

That's what happens when you have trust in Magic The Gathering Online eXchange for anything other than trading cards, what it was actually capable of operating as, but then to switch business models and turn into a currency exchange, it just isn't what it was meant to do...

But now we know....

[YipYip]

Gox is dead! WOOHOO! This is the last Goxxing ever!

yay ... no more of that fat fuck bring crypto down !!

[derpinheimer]

Gox is dead! WOOHOO! This is the last Goxxing ever!

yay ... no more of that fat fuck bring crypto down !!

Please, wait until the funeral is over. People are still mourning over the loss of our beloved.

[Lloydie]

Karpeles should be going to jail for insolvent trading and defrauding people, IMHO.

[Searing]

Karpeles should be going to jail for insolvent trading and defrauding people, IMHO.

Japanese regulators this last week said they have NO power to regulate bitcoin ..in that it is not real $$$....(google it)

so...he can walk with it all and no one can touch him it seems

I assume he will pay his debts pad his pockets and give some back or he'd never be able to leave his house again

but that would be down the road if/when he chooses to do so

well played well played indeed

Searing