Mt.Gox Multi-plaintiff Suit

[dust]

I won't support any suit that seeks preferential treatment of USD holders over BTC holders.

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[raskul]

I won't support any suit that seeks preferential treatment of USD holders over BTC holders.

a good point. can someone find a different lawyer who will be happy to pursue for BTC funds?

[almused]

I just PMed you.

I really hope, this brings us somewhere!

[superduh]

bad decision. your chances of having less money and btc is higher! i don't understand why the OP doesn't realize that simple truth

[raskul]

bad decision. your chances of having less money and btc is higher! i don't understand why the OP doesn't realize that simple truth

perhaps because 'the simple truth' has not been offered by gox?

[igorr]

MtGox 111 usd, and what will happen when of these 500,000 Bitcoin comes to Bitstamp I can only imagine.


View Screen Capture

[dust]

I won't support any suit that seeks preferential treatment of USD holders over BTC holders.

a good point. can someone find a different lawyer who will be happy to pursue for BTC funds?

I'm researching it, but no promises.  I have no experience working with lawyers and no connections, just a lot of money on the line.  It looks like it will be a battle for BTC holders against not only against MtGox but against the OP's legal team as well.

[nmersulypnem]

I won't support any suit that seeks preferential treatment of USD holders over BTC holders.

a good point. can someone find a different lawyer who will be happy to pursue for BTC funds?

I totally get it and I will clarify with the lawyer tonight.  ...but from his perspective, BTC is property whereas fiat is fiat.  What BTC is worth will be an additional point of negotiation and litigation, whereas USD/EUR/JPY is very cut and dry, and I'd rather have this case settled quickly before anything else falls apart.  If you're still in BTC and you'd rather try to recoup the losses so far on Gox, then, yes maybe an alternative lawyer would be better.  

From *my* perspective, I've been in fiat for a couple months, so for me, this is a no brainer.  I just want my F*ing money.  Maybe this particular suit is best for those in cash.

[nmersulypnem]

I won't support any suit that seeks preferential treatment of USD holders over BTC holders.

a good point. can someone find a different lawyer who will be happy to pursue for BTC funds?

I'm researching it, but no promises.  I have no experience working with lawyers and no connections, just a lot of money on the line.  It looks like it will be a battle for BTC holders against not only against MtGox but against the OP's legal team as well.

I was lucky to have an existing relationship with a large litigation firm that has an office in Tokyo.  I was able to call my normal lawyer here, who pointed me to his colleague in the Tokyo office (english fluent speaking).  so it was easy.

If you want to find a lawyer at an English speaking firm, then I'd suggest finding a reputable large litigation firm in the US and googling to see if they have an office in Tokyo.  It's not as hard as it sounds.  You don't need "connections", but you may need to explain bitcoin (keep it simple - just say it's your digital property).

[superduh]

bad decision. your chances of having less money and btc is higher! i don't understand why the OP doesn't realize that simple truth

perhaps because 'the simple truth' has not been offered by gox?

mtgox stated they are working on fixing things and resuming withdrawls.
it is the OP's choice to "buy or sell" during this time.
if withdrawls resume and they cover whatever losses they had then OP will be damaging HIMSELF more and the mtgox users by pushing his suit through. he will also likely get nothing, or close to nothing.
everyone wants to sue in this world but don't understand what outcomes they are facing.. they aren't suing a multibillion multinational company.
people will act with emotions and hear whatever bs their "lawyer" will try selling them to get their fees. that's all.

[dust]

I won't support any suit that seeks preferential treatment of USD holders over BTC holders.

a good point. can someone find a different lawyer who will be happy to pursue for BTC funds?

I totally get it and I will clarify with the lawyer tonight.  ...but from his perspective, BTC is property whereas fiat is fiat.  What BTC is worth will be an additional point of negotiation and litigation, whereas USD/EUR/JPY is very cut and dry, and I'd rather have this case settled quickly before anything else falls apart.  If you're still in BTC and you'd rather try to recoup the losses so far on Gox, then, yes maybe an alternative lawyer would be better.  

From *my* perspective, I've been in fiat for a couple months, so for me, this is a no brainer.  I just want my F*ing money.  Maybe this particular suit is best for those in cash.

I understand your point of view.  The reason I have BTC stuck in gox is because my USD was stuck there for months.  I bought BTC at a 33% discount after the initial announcements about withdrawal delays because I figured my money was stuck anyway.  It is just a shame that we will be fighting each other for a share of Mtgox's assets.

[quone17]

At least in the US, any law firm should work on a contingency basis.  That is, they'd get 1/3 of anything you recover but you won't have to pay legal bills/fees upfront.

[misiu_mp]

I had a lot of cash at mtgox. I was slowly buying coins as it was dropping and now I have mostly bitcoins at mtgox.
What are the chances of participating in this suit by suing for the current actual market value of those coins in USD?

[renee25]

yes!
 send your id's to some random guy that will then identity thief. 

[Vandroiy]

I understand your point of view.  The reason I have BTC stuck in gox is because my USD was stuck there for months.  I bought BTC at a 33% discount after the initial announcements about withdrawal delays because I figured my money was stuck anyway.  It is just a shame that we will be fighting each other for a share of Mtgox's assets.

I did similar trades when the spread became large, but only for a portion of my money.

I'm interested in any details from either plan; just trying to figure out options.

[igorr]

I had a lot of cash at mtgox. I was slowly buying coins as it was dropping and now I have mostly bitcoins at mtgox.
What are the chances of participating in this suit by suing for the current actual market value of those coins in USD?

you do not have any contract with MtGox, so you do not have any chances to get back your money.

[withnail]

After Joey Zasa took out the Commission Michael observed:

Joey Zasa would never pull something like this without backing. He's just muscle, he's an enforcer, he's nothing. He doesn't have the wit for that helicopter attack. He doesn't even have the ambition to wipe out the whole Commission. Certainly not the balls.

So now I put the question to you, gentlemen: Who is backing Mark Krap?

[CompNsci]

Another question for the OP. Will your attorney ask for an order freezing all Mt. Gox accounts immediately?

It seems like one could make the argument for irretrievable harm given the possibility of someone taking off with the BTC. This could possibly justify freezing all their accounts, both their fiat accounts and BTC wallets.

At this point, I suspect it would be best for all concerned, and the BTC markets in general, if some legal authority was over-seeing this process.

[FrictionlessCoin]

UPDATE:

MTGOX @ $123

This could also mean the $1 in MtGox is actually worth 20 cents in the real world.

[raskul]

Another question for the OP. Will your attorney ask for an order freezing all Mt. Gox accounts immediately?

It seems like one could make the argument for irretrievable harm given the possibility of someone taking off with the BTC. This could possibly justify freezing all their accounts, both their fiat accounts and BTC wallets.

At this point, I suspect it would be best for all concerned, and the BTC markets in general, if some legal authority was over-seeing this process.

I think the freezing of all assets is the only way gox customers are ever going to see their funds again.
I know some people will disagree, but this is how the world works. If gox have positive assets (BTC & Fiat) then all their accounts should be frozen immediately, and time given on a proper audit to ensure ALL customers who have funds in their system receive them back. It may take a while, but at least it will take. we are in a situation where the only one doing the taking is Gox itself.