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Author Topic: Copy of the alleged MTGox Crisis draft strategy  (Read 7314 times)
traderCJ
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February 25, 2014, 05:57:35 AM
 #21

BTW, I've been holding back something on BitcoinBuilder, something of which is important, and I'm not a very happy camper about it. Not happy at all.

Run by Gox?
derpinheimer
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February 25, 2014, 05:58:17 AM
 #22

Very disturbing document, freaky as fuck. Be careful before reading if u cant stomach this

I was suppose to stomach it? Hell, I jacked off all over it. Now, somebody push my face into it and make me swallow.

BTW, I've been holding back something on BitcoinBuilder, something of which is important, and I'm not a very happy camper about it. Not happy at all.

What in the fuck is wrong with you? LOL

Also,.. leave everyone hanging on that second part. Totally helps.
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February 25, 2014, 06:01:06 AM
 #23

Rebranding after a month?   That is really funny.
"you can polish a turd as much as you want, but it still is just a shiny piece of shit"

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February 25, 2014, 07:30:30 AM
 #24

Rebranding after a month?   That is really funny.
"you can polish a turd as much as you want, but it still is just a shiny piece of shit"
You say that like it's a bad thing.


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Chang Hum
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February 25, 2014, 07:45:25 AM
 #25

How is Bitcoinbuilder still trading with no notification given that it works by sending bitcoins inter account on a site that's down?
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February 25, 2014, 08:07:51 AM
 #26

These numbers aren't believable.  Surely, even by the most ridiculously optimistic estimates, that would have to be like half of the Bitcoins on deposit at Gox.  How can they lose half of their Bitcoins, slowly, over a period of several years?  It's simply not credible.  No one would trust MtGox to store millions of Bitcoins, especially after the first hack.  This is nonsense.

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February 25, 2014, 09:34:00 AM
 #27

What an amazing business plan.

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Maxed out Raspberry Pi 4 8GB at 120$ a Day Revenue with ~15K XTZ Bonds in Summer of 2021.
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February 25, 2014, 07:23:54 PM
 #28

Quote
2- Switch off the MtGox exchange temporarily (1 month) while announcing a restructuring and re-branding
 On a freshly branded static homepage, post a letter from Mark Karpelès stepping down as CEO of MtGox, bringing in transition advisors, and citing poor organization and technology. Moving to a new country (Singapore?) could be helpful.

3- Push the new branding (ready) and reset all SNS channels for communication:
 Using Facebook, Twitter, etc with the new branding, we will give constant updates, changing the tone of communications and informing stakeholders on all progress: new advisors, team members, location, fee structure. We need to inspire confidence.

4- Set up a competent team and redesign the service and codebase:
 Announce a new CEO, talented developers, and trusted business people to establish a new business model. ( Finance, marketing strategy, IT, developers, Customer support). Build a low-cost, profitable business again that gives customers a reason to stay (low fees, stability, etc) while we work off our debts to stakeholders.


New branding, means that there are future-forward plans already in the works, and customers will see that MtGox actually has a plan in motion
 


This leaked document seems to be coming true.

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February 25, 2014, 07:27:11 PM
 #29

Quote
2- Switch off the MtGox exchange temporarily (1 month) while announcing a restructuring and re-branding
 On a freshly branded static homepage, post a letter from Mark Karpelès stepping down as CEO of MtGox, bringing in transition advisors, and citing poor organization and technology. Moving to a new country (Singapore?) could be helpful.

3- Push the new branding (ready) and reset all SNS channels for communication:
 Using Facebook, Twitter, etc with the new branding, we will give constant updates, changing the tone of communications and informing stakeholders on all progress: new advisors, team members, location, fee structure. We need to inspire confidence.

4- Set up a competent team and redesign the service and codebase:
 Announce a new CEO, talented developers, and trusted business people to establish a new business model. ( Finance, marketing strategy, IT, developers, Customer support). Build a low-cost, profitable business again that gives customers a reason to stay (low fees, stability, etc) while we work off our debts to stakeholders.


New branding, means that there are future-forward plans already in the works, and customers will see that MtGox actually has a plan in motion
 


This leaked document seems to be coming true.

Just a bit concerned about the "plan", that's all.

                                                                               
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February 25, 2014, 07:35:12 PM
 #30

serious question...... I have an armory wallet. I have a "watching only " wallet that watches my offline wallet. My offline wallet is composed of many keys.  So is it really that difficult for an exchange who have funds in cold storage to have some kind of live ticker that shows their cold storage balance? Wouldn't it be incredibly easy to watch your balance of your cold storage even though it may be spread across many keys or even broken into several part keys (The public key isn't broken right? )

This is a great post, and I couldn't agree more.

I'm in the camp that would say that the malleability issue could not account for the shutdown. Gox is incompetent, but "losing" (or losing track of) that many coins just doesn't seem believable.
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February 25, 2014, 07:42:25 PM
 #31

How is Bitcoinbuilder still trading with no notification given that it works by sending bitcoins inter account on a site that's down?

Do you think a single person on there doesn't know this? Why would you buy something if you don't know what it is? Either way, if Gox never comes back whatever you buy there now will be worth zero. So it doesn't really matter that it is currently impossible to add more Goxcoins or withdraw them.

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February 25, 2014, 07:58:12 PM
 #32

Gox would need a total enema and move to Singapore (the new Swiss banking) for people to go back there.  And also to see Karpeles on the other side of hell as well to be sure he isn't anyway associated with them

I dont have anything in Gox.. just have a Yubi Key as a keepsake


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February 25, 2014, 08:31:57 PM
 #33

The document is so clearly fake that I can only assume Two-Bit-Idiot, the "reputable" writer for Coindesk, is in on the FUD.

If you read his blog he's busy spinning the wildest doomsday scenarios, the "rabbit hole runs deep" bullshit:

http://two-bit-idiot.tumblr.com/

Seriously I find it hard to believe that no-one has known the real situation at Gox for weeks and then suddenly Two-Bit-Idiot comes along with a hyperbolic document and assurances that he has confirmed all the figures with "multiple sources" close to Gox.

Coindesk then pumped his stuff. They should be brought to task over this.

                                                                               
███████████████▄▄▄                     ▄█▄     ▀█████▄                     ▄█████▀
████████████████████▄                ▄█████▄     ▀█████▄                 ▄█████▀
              ▀▀█████▄             ▄█████████▄     ▀█████▄             ▄█████▀
                 █████▌          ▄█████▀ ▀█████▄     ▀█████▄         ▄█████▀
                 ▐█████        ▄█████▀     ▀█████▄     ▀█████▄     ▄█████▀
                 █████▌      ▄█████▀         ▀█████▄     ▀█████▄ ▄█████▀
              ▄▄█████▀     ▄█████▀     ▄█▄     ▀█████▄     ▀█████████▀
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███████████████▀▀▀     ▄█████▀     ▄█████████▄     ▀█████▄     ▀█▀
                                    ▀███████▀
                                      ▀███▀
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.◆ ◆ ◆ ONE TOKEN TO MOVE ANYTHING ANYWHERE ◆ ◆ ◆.
▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁
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February 25, 2014, 08:40:00 PM
 #34

I agree it reads like BS but why would Gox react to it the way they did? It doesn't make sense. Perhaps they can't come out with the truth because they're halfway in negotiations for a takeover but either way something isn't right. I would still bet a real bitcoin that they didn't actually get taken for 750k via the malleability issue though.

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February 25, 2014, 08:51:56 PM
 #35

The document is so clearly fake that I can only assume Two-Bit-Idiot, the "reputable" writer for Coindesk, is in on the FUD.

If you read his blog he's busy spinning the wildest doomsday scenarios, the "rabbit hole runs deep" bullshit:

http://two-bit-idiot.tumblr.com/

Seriously I find it hard to believe that no-one has known the real situation at Gox for weeks and then suddenly Two-Bit-Idiot comes along with a hyperbolic document and assurances that he has confirmed all the figures with "multiple sources" close to Gox.

Coindesk then pumped his stuff. They should be brought to task over this.

Indeed, I think the article only does only one thing; lends legitimacy to the idea that gox is being taken over. It suggests to me that the other exchanges are so desperately afraid because they know that if gox is brought back, then there number one competitor is still in the running.

So the acquisition part is probably true, but I suspect those number shave been fudged as an attempt to try and kick gox while they are down so to speak.

Course I haven't ruled out that it's all true, and whilst the numbers might look scary big to bitcoinland, there are nothing in the grands scheme of things. Not to mention that there is no need for any high drama. What has happened is still well within the realms of general incompetence, which gox appears to have plenty of. If that's the case it is no surprise to me that somebody with deep pockets is quite happy to bankroll the losses, because they know that when run properly gox is a money printing machine.

A ready made 100k customer base, those 0.5% trading fees stack up. If there is another x,000% run up in BTC price then all of a sudden few hundred million liability on the glance sheet is chump change compared to the revenue that a revitalised gox could pull in.

There are people in the world with very deep pockets, How much do you think MK got for gox $1m, $10m ... $100m even? A would be purchaser would otherwise find it a nightmare trying to deploy that much fiat to buy BTC on the open market. Why not just buy the exchange, then you *know* they aren't going to run off with your cash Wink And if everyone panics when they flip the on switch then you can just buy up all that cheap ass BTC, as well as collecting the trading fees!

This is business, its just how shit goes down. All the headless chickens running around the place shouting the sky is falling need to step outside the bitcointalk forum sometime, and take a look at the big wide world out there.

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February 25, 2014, 10:46:14 PM
 #36

can anyone succesfully log in and see the order book on bitcoinbuilder? think it's been hacked due to maliability
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February 25, 2014, 11:33:20 PM
 #37


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February 26, 2014, 12:37:28 AM
 #38

https://bitcointalk.org/index.php?topic=487829.0


BTC.sx - Leveraged Bitcoin Trading. Simply use Bitcoin to take advantage of a rising or falling Bitcoin price.
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February 26, 2014, 12:39:13 AM
 #39


"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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February 26, 2014, 12:42:54 AM
 #40


So every journalist will start reading at 750k bitcoins and stop reading at "set back for 5-10 years" - thanks for that strategy writer

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