Bitcoin Forum
June 20, 2019, 06:25:35 AM *
News: Latest Bitcoin Core release: 0.18.0 [Torrent] (New!)
 
   Home   Help Search Login Register More  
Pages: [1] 2 »  All
  Print  
Author Topic: Can Gox buy their way out of this mess?  (Read 2376 times)
Money Raccoon
Member
**
Offline Offline

Activity: 67
Merit: 10



View Profile
February 24, 2014, 10:35:30 AM
 #1

Now I'm not talking about peoples money, I mean profit. Money that Mark can reinvest into the company to buy coins and become solvent.

I believe the bug is long fixed but extra work is being done to improve standards. I also believe that Gox lost a lot of coins that need to be replaced in order to survive, a challenge that Gox is/should be working on. I also think this so called lawsuit will be dropped once withdraws are opened and I don't believe that Mark will disappear as that would pi$$ off a lot of ruthless individuals. So my only concern is that Gox has enough funds to buy their way out of this mess but how much funds are needed? At what price? does Gox have enough? Essentially, can they buy their way out of this?

Your thoughts.

Please no fud or trolling and no trolling or fud please.
1561011935
Hero Member
*
Offline Offline

Posts: 1561011935

View Profile Personal Message (Offline)

Ignore
1561011935
Reply with quote  #2

1561011935
Report to moderator
PLAY NOW
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1561011935
Hero Member
*
Offline Offline

Posts: 1561011935

View Profile Personal Message (Offline)

Ignore
1561011935
Reply with quote  #2

1561011935
Report to moderator
1561011935
Hero Member
*
Offline Offline

Posts: 1561011935

View Profile Personal Message (Offline)

Ignore
1561011935
Reply with quote  #2

1561011935
Report to moderator
1561011935
Hero Member
*
Offline Offline

Posts: 1561011935

View Profile Personal Message (Offline)

Ignore
1561011935
Reply with quote  #2

1561011935
Report to moderator
GeniuSxBoY
Hero Member
*****
Offline Offline

Activity: 616
Merit: 500


View Profile
February 24, 2014, 10:38:33 AM
 #2



Let us see his books and we can tell you definitively

Be humble!
T.Stuart
Hero Member
*****
Offline Offline

Activity: 644
Merit: 500


One Token to Move Anything Anywhere


View Profile
February 24, 2014, 10:53:21 AM
 #3

Who knows?

But perhaps look at it another way: if there is a big hole in the books, how would it have got there?

IMO only a fraction of what should be there could have been mistakenly given out to people abusing the malleability thing.

I also find it hard to believe that Mark Karpeles could be re-investing all his customer funds in other ventures (as banks do) - I just don't see him interested in or capable of setting up properly a fractional reserve system and then using the bulk of funds for other endeavours.

I know there's a lot of hate out there for him but I don't think he would just steal coins.

So perhaps there are no good reasons to think there is a hole in the accounts and that this is simply bad management, overwhelmed by new customers from all over the world, regulation issues, etc.

I also believe that the pressure of negative public opinion is getting to Mark Karpeles very personally but that he is the kind of stubborn guy who will just refuse to be pushed into being open and resents many of his customers, leading to big communication problems.

Ideas?

                                                                               
███████████████▄▄▄                     ▄█▄     ▀█████▄                     ▄█████▀
████████████████████▄                ▄█████▄     ▀█████▄                 ▄█████▀
              ▀▀█████▄             ▄█████████▄     ▀█████▄             ▄█████▀
                 █████▌          ▄█████▀ ▀█████▄     ▀█████▄         ▄█████▀
                 ▐█████        ▄█████▀     ▀█████▄     ▀█████▄     ▄█████▀
                 █████▌      ▄█████▀         ▀█████▄     ▀█████▄ ▄█████▀
              ▄▄█████▀     ▄█████▀     ▄█▄     ▀█████▄     ▀█████████▀
████████████████████▀    ▄█████▀     ▄█████▄     ▀█████▄     ▀█████▀
███████████████▀▀▀     ▄█████▀     ▄█████████▄     ▀█████▄     ▀█▀
                                    ▀███████▀
                                      ▀███▀
                                        ▀
.
▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔
.◆ ◆ ◆ ONE TOKEN TO MOVE ANYTHING ANYWHERE ◆ ◆ ◆.
▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁
dg2010
Sr. Member
****
Offline Offline

Activity: 406
Merit: 250


Look ARROUND!


View Profile
February 24, 2014, 11:51:23 AM
 #4

It's been clear for a long time that the management team at MtGox aren't capable of running such a business.

Most likely it's sheer incompetence rather than malicious intent but the end result will be much the same.

At this stage their reputation is gone. Even if they get withdrawals back online I don't believe MtGox will survive another 12 months in it's current form.

The best thing that could happen would be for MtGox to be sold to a team with good technical and financial backing who will be able to salvage what is left, otherwise it will be a slow decline into obsolescence.



.........................................
             █████████████████
         ███ ██     █     ██ ███
       ██ █████     █     █████ ██
     ███   █   █  █████  █   █   ███
   ███     █    ███ █ ███    █     ███
  ██  ███ ██ ███    █    ███ ██ ███  ██
  ██     ████       █      █████     ██
 ███   ██ █  ███    █    ███  █ ██   ███
 █ █ ██   █     ██  █  ██     █   ██ █ █
█████     █       █████       █     █████
 █ █ ██   █   ████  █  ████   █   ██ █ █
 ███   ████ ██      █      ██ ████   ███
  ██  █  █████      █      █████  █  ██
  ██ ██   ██ ████   █  ████  ██   ██ ██
   ██      █     ██████      █     ███
     ████  █   ██████████    █  ████
       ██ █████     █    ██████ ██
         ███  ██    █   ███  ███
            █████████████████
ARROUND









.









.
Telegram
ANN Thread
Bounty Thread
Whitepaper
Money Raccoon
Member
**
Offline Offline

Activity: 67
Merit: 10



View Profile
February 24, 2014, 12:26:30 PM
 #5

The best thing that could happen would be for MtGox to be sold to a team with good technical and financial backing who will be able to salvage what is left, otherwise it will be a slow decline into obsolescence.

This would be a very interesting development and one which I hope happens. I've no interest seeing Gox crash and burn like some do. The more exchanges the better imo, so long as they're properly managed.
InCoinsITrust
Member
**
Offline Offline

Activity: 112
Merit: 10


View Profile
February 24, 2014, 12:33:40 PM
 #6

It would be easy for the current owner just buy coins from gox and sell them in other exchange, he could earn a lot doing that.

It would be better if gox could be sold to good team, who nows what they are doing.
rmines
Full Member
***
Offline Offline

Activity: 140
Merit: 100


View Profile
February 24, 2014, 12:35:11 PM
 #7

I don't think they can buy their way out of this.
There has been so many negative PR for them the last weeks that I believe nobody is going to trust them anymore.

♔ PrimeDice : The Premier Bitcoin Gambling Experience @PrimeDice
Spare some change? 1LkqfvQTLAEiiCwTqkPRcvUdEmkCR11QDE
Mythul
Sr. Member
****
Offline Offline

Activity: 644
Merit: 250


View Profile
February 24, 2014, 12:36:09 PM
 #8

Depends very much on the sum of $$$ that they need. I think that is their strategy right now, trying to buy cheap coins and selling them on other exchanges. They can't do this with large sums at a time so they need time to do this. I bet we will be in limbo for months until Gox either quits or reborns.
InCoinsITrust
Member
**
Offline Offline

Activity: 112
Merit: 10


View Profile
February 24, 2014, 12:42:49 PM
 #9

Depends very much on the sum of $$$ that they need. I think that is their strategy right now, trying to buy cheap coins and selling them on other exchanges. They can't do this with large sums at a time so they need time to do this. I bet we will be in limbo for months until Gox either quits or reborns.

I think they are doing it with large enough sums, not to mention that they could use those frozen BTC in the gox from the moment they were frozen.
Money Raccoon
Member
**
Offline Offline

Activity: 67
Merit: 10



View Profile
February 24, 2014, 01:10:28 PM
 #10

I don't think they can buy their way out of this.
There has been so many negative PR for them the last weeks that I believe nobody is going to trust them anymore.
Using funds they have they could buy cheap coin and sell on other exchanges thus creating enough capital to replace lost coins.

Once Gox was back up an running a savy investor could come in and turn Gox around.

they could use those frozen BTC in the gox from the moment they were frozen.

If they sold the frozen BTC on another exchange they wouldn't have any left on Gox to replace the frozen and lost BTC. This is not an option
InCoinsITrust
Member
**
Offline Offline

Activity: 112
Merit: 10


View Profile
February 24, 2014, 01:43:45 PM
 #11

I don't think they can buy their way out of this.
There has been so many negative PR for them the last weeks that I believe nobody is going to trust them anymore.
Using funds they have they could buy cheap coin and sell on other exchanges thus creating enough capital to replace lost coins.

Once Gox was back up an running a savy investor could come in and turn Gox around.

they could use those frozen BTC in the gox from the moment they were frozen.

If they sold the frozen BTC on another exchange they wouldn't have any left on Gox to replace the frozen and lost BTC. This is not an option

Why do you think, that they can not replace frozen and lost coins ?
Money Raccoon
Member
**
Offline Offline

Activity: 67
Merit: 10



View Profile
February 24, 2014, 01:57:35 PM
 #12

Why do you think, that they can not replace frozen and lost coins ?

As I said, If they sold the frozen BTC on another exchange they wouldn't have any left on Gox to replace the frozen and lost BTC.

The only other option I see is they buy BTC on Gox at a discount, sell them on another exchange, use the profit to buy more again on Gox and repeat until they have enough capital and BTC to reopen withdraws.
anu
Legendary
*
Offline Offline

Activity: 1218
Merit: 1001


RepuX - Enterprise Blockchain Protocol


View Profile
February 24, 2014, 02:47:52 PM
 #13

Now I'm not talking about peoples money, I mean profit. Money that Mark can reinvest into the company to buy coins and become solvent.

I believe the bug is long fixed but extra work is being done to improve standards. I also believe that Gox lost a lot of coins that need to be replaced in order to survive, a challenge that Gox is/should be working on. I also think this so called lawsuit will be dropped once withdraws are opened and I don't believe that Mark will disappear as that would pi$$ off a lot of ruthless individuals. So my only concern is that Gox has enough funds to buy their way out of this mess but how much funds are needed? At what price? does Gox have enough? Essentially, can they buy their way out of this?

Your thoughts.

Please no fud or trolling and no trolling or fud please.

In my country its illegal to run an insolvent business. I assume its the same in Japan. So either Gox is solvent, then there is no problem, or it is / was insolvent, then the legal damage is done and they won't add much to it if they arb since 8 months. If they did that, they should have made enough, especially during the last couple of days to return to solvency, assuming they were short only these 5 Million.

In addition, the brand "MtGox" and their customer base should be worth a lot still if it is sold to a new team. Mark's reputation is below zero, but that of MtGox is not. Given that, I am completely puzzled about what is going on. It makes no sense to me.

▄▄▄▄▄▄▄▄▄▄        ▄▄▄▄▄▄▄▄▄
███████████▄    ▄███████████
█████████████▄▄█████████████
████████████████████████████
████████████████████████████
▀█████████████████████████▀
  ▀█████████████████████▀
   ▄████████████████████▄
 ████████████████████████▄
████████████████████████████
████████████████████████████
█████████████▀▀█████████████
███████████▀    ▀███████████
▀▀▀▀▀▀▀▀▀▀        ▀▀▀▀▀▀▀▀▀
RepuX▄██▄
████
████
████
████
████
████
████
▀██▀
.Decentralized Data & Applications Protocol For SMEs.
.
▔▔▔▔  ●  Twitter  ●  Facebook  ●  Bitcointalk  ●  Reddit  ●  ▔▔▔▔
▄██▄
████
████
████
████
████
████
████
▀██▀
Enterprise Blockchain Protocol
.GET WHITELISTED.
Token Sale starts 6th of February 2018
Bugpowder
Sr. Member
****
Offline Offline

Activity: 394
Merit: 250


View Profile
February 24, 2014, 03:03:17 PM
 #14

Why do you think, that they can not replace frozen and lost coins ?

As I said, If they sold the frozen BTC on another exchange they wouldn't have any left on Gox to replace the frozen and lost BTC.

The only other option I see is they buy BTC on Gox at a discount, sell them on another exchange, use the profit to buy more again on Gox and repeat until they have enough capital and BTC to reopen withdraws.

The most obvious option is they are selling frozen BTC on Bitstamp and then trying to withdraw it to a shell corporation they control in the Cook Islands.   Why should they even try to replace customer funds.  They never replaced the Bitcoinica funds.
RoadTrain
Legendary
*
Offline Offline

Activity: 1386
Merit: 1005


View Profile
February 24, 2014, 04:44:54 PM
 #15

Still they made a bit less than 1000 BTC in fees in the last 24h.
That's very good business if ran properly.
They can buy their way out but the question is more like "will they?"
Do they want to keep the business they created?

I'd want if it was mine, heh.
Manticore
Member
**
Offline Offline

Activity: 70
Merit: 10



View Profile
February 24, 2014, 06:12:15 PM
 #16

It's interesting that for the first time yesterday, Jon Matonis read the ongoing forum debate regarding the resignation petition (below, according to him) and within 24 hours Karpeles resigns. Jon Matonis released the resignation statement this morning.

https://bitcoinfoundation.org/forum/index.php?/topic/740-petition-to-remove-mark-karpeles-from-the-bitcoin-foundation-board/page__st__20

I think we can safely assume that Jon called Mark. We can only speculate as to how that call transpired, but one would have to believe that solvency was an important focus of the conversation. It seems like a very fast resolution (less than 24 hours), which makes one wonder

  • Did Karpeles throw his hands up and say 'to hell with it, I'm sick of dealing with the public' then resigned or
  • Did he reveal that things were so dire at Mt. Gox that Matonis basically told him that he must resign immediately?
  • Or did Mark resign for the sake of the Foundation, as he knows that the tarnish will be impossible to remove regardless of the outcome

One would think that if things were going to improve (vis–à–vis buying their way out, etc.) at Mt. Gox, Karpeles would have at least thought about the resignation for a day or two before resigning.....
T.Stuart
Hero Member
*****
Offline Offline

Activity: 644
Merit: 500


One Token to Move Anything Anywhere


View Profile
February 24, 2014, 06:15:42 PM
 #17

It's interesting that for the first time yesterday, Jon Matonis read the ongoing forum debate regarding the resignation petition (below, according to him) and within 24 hours Karpeles resigns. Jon Matonis released the resignation statement this morning.

https://bitcoinfoundation.org/forum/index.php?/topic/740-petition-to-remove-mark-karpeles-from-the-bitcoin-foundation-board/page__st__20

I think we can safely assume that Jon called Mark. We can only speculate as to how that call transpired, but one would have to believe that solvency was an important focus of the conversation. It seems like a very fast resolution (less than 24 hours), which makes one wonder

  • Did Karpeles throw his hands up and say 'to hell with it, I'm sick of dealing with the public' then resigned or
  • Did he reveal that things were so dire at Mt. Gox that Matonis basically told him that he must resign immediately?
  • Or did Mark resign for the sake of the Foundation, as he knows that the tarnish will be impossible to remove regardless of the outcome

One would think that if things were going to improve (vis–à–vis buying their way out, etc.) at Mt. Gox, Karpeles would have at least thought about the resignation for a day or two before resigning.....

He must have been aware of this for at least a day or two don't you reckon?

                                                                               
███████████████▄▄▄                     ▄█▄     ▀█████▄                     ▄█████▀
████████████████████▄                ▄█████▄     ▀█████▄                 ▄█████▀
              ▀▀█████▄             ▄█████████▄     ▀█████▄             ▄█████▀
                 █████▌          ▄█████▀ ▀█████▄     ▀█████▄         ▄█████▀
                 ▐█████        ▄█████▀     ▀█████▄     ▀█████▄     ▄█████▀
                 █████▌      ▄█████▀         ▀█████▄     ▀█████▄ ▄█████▀
              ▄▄█████▀     ▄█████▀     ▄█▄     ▀█████▄     ▀█████████▀
████████████████████▀    ▄█████▀     ▄█████▄     ▀█████▄     ▀█████▀
███████████████▀▀▀     ▄█████▀     ▄█████████▄     ▀█████▄     ▀█▀
                                    ▀███████▀
                                      ▀███▀
                                        ▀
.
▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔
.◆ ◆ ◆ ONE TOKEN TO MOVE ANYTHING ANYWHERE ◆ ◆ ◆.
▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁
DPoS
Sr. Member
****
Offline Offline

Activity: 462
Merit: 250



View Profile
February 24, 2014, 06:40:13 PM
 #18


I also believe that the pressure of negative public opinion is getting to Mark Karpeles very personally but that he is the kind of stubborn guy who will just refuse to be pushed into being open and resents many of his customers, leading to big communication problems.

I think he is stress eating like a mad man


Ideas?

open a doughnut shop next to his home that takes bitcoins


~~BTC~~GAMBIT~~BTC~~Play Boardgames for Bitcoins!!~~BTC~~GAMBIT~~BTC~~ Something I say help? Donate BTC! 1KN1K1xStzsgfYxdArSX4PEjFfcLEuYhid
DPoS
Sr. Member
****
Offline Offline

Activity: 462
Merit: 250



View Profile
February 24, 2014, 06:43:54 PM
 #19

Still they made a bit less than 1000 BTC in fees in the last 24h.
That's very good business if ran properly.
They can buy their way out but the question is more like "will they?"
Do they want to keep the business they created?

I'd want if it was mine, heh.

how do you know 90% of those transactions aren't just Mt Gox coins creating liquidity back and forth to itself?

and who's to say there aren't some special VIP whales that are allowed really cheap if zero price on doing the same?



~~BTC~~GAMBIT~~BTC~~Play Boardgames for Bitcoins!!~~BTC~~GAMBIT~~BTC~~ Something I say help? Donate BTC! 1KN1K1xStzsgfYxdArSX4PEjFfcLEuYhid
bassclef
Hero Member
*****
Offline Offline

Activity: 924
Merit: 1000



View Profile
February 24, 2014, 06:44:09 PM
 #20

It's interesting that for the first time yesterday, Jon Matonis read the ongoing forum debate regarding the resignation petition (below, according to him) and within 24 hours Karpeles resigns. Jon Matonis released the resignation statement this morning.

https://bitcoinfoundation.org/forum/index.php?/topic/740-petition-to-remove-mark-karpeles-from-the-bitcoin-foundation-board/page__st__20

I think we can safely assume that Jon called Mark. We can only speculate as to how that call transpired, but one would have to believe that solvency was an important focus of the conversation. It seems like a very fast resolution (less than 24 hours), which makes one wonder

  • Did Karpeles throw his hands up and say 'to hell with it, I'm sick of dealing with the public' then resigned or
  • Did he reveal that things were so dire at Mt. Gox that Matonis basically told him that he must resign immediately?
  • Or did Mark resign for the sake of the Foundation, as he knows that the tarnish will be impossible to remove regardless of the outcome

One would think that if things were going to improve (vis–à–vis buying their way out, etc.) at Mt. Gox, Karpeles would have at least thought about the resignation for a day or two before resigning.....

Perhaps Mark sees it as a way to distance himself from the Foundation and attract a segment of the "anti-centralized Foundation" market at the same time.
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!