Blockchain.info CONFIRMS MTGOX INSOLVENCY

[yomofo]

http://blog.blockchain.info/2014/02/25/joint-statement/

The purpose of this document is to summarize a joint statement to the Bitcoin community regarding the insolvency of Mt.Gox.

[myself]

Joint Statement Regarding MtGox
Posted on February 25, 2014 by Blockchain Team   

For immediate distribution: February 24th, 2014 — 10:00 PM ET

The purpose of this document is to summarize a joint statement to the Bitcoin community regarding the insolvency of Mt.Gox.

This tragic violation of the trust of users of Mt.Gox was the result of one company’s abhorrent actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today.

We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.

In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following exchanges will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China.

We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.

Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading. It does not appear to any of us that MtGox followed any these essential requirements as a financial services provider.

The following industry leaders stand by this statement:

Fred Ehrsam — Co-founder of Coinbase
Jesse Powell — CEO of Kraken
Nejc Kodrič — CEO of Bitstamp.net
Bobby Lee — CEO of BTC China
Nicolas Cary — CEO of Blockchain.info
Jeremy Allaire — CEO of Circle

[dropt]

http://blog.blockchain.info/2014/02/25/joint-statement/

The purpose of this document is to summarize a joint statement to the Bitcoin community regarding the insolvency of Mt.Gox.

It may not have been intended to be a statement of fact.

[Torque]

This is on the Coinbase blog, wording is different (no "insolvency" mentioned):

http://blog.coinbase.com/

[derpinheimer]

This is on the Coinbase blog, wording is different (no "insolvency" mentioned):

http://blog.coinbase.com/

please. fcking. read.

the articles have been edited. but screencaps show the originals if you cared to even take 1 minute to research.

[pungopete468]

It was mentioned...

[Torque]

Yeah, it was mentioned alright... by a bunch of low life scumbags trying to spread more FUD with fake screen caps.

Neither the Blockchain blog nor the Coinbase blog officially mention the word "insolvency".

[CryptoMinter]

Yeah, it was mentioned alright... by a bunch of low life scumbags trying to spread more FUD with fake screen caps.

Neither the Blockchain blog nor the Coinbase blog officially mention the word "insolvency".

And this one? http://www.circle.com/2014/02/24/joint-statement-regarding-insolvency-mt-gox/

[dropt]

Yeah, it was mentioned alright... by a bunch of low life scumbags trying to spread more FUD with fake screen caps.

Neither the Blockchain blog nor the Coinbase blog officially mention the word "insolvency".

And this one? https://vip.btcchina.com/page/notice20140225

[pungopete468]

Yeah, it was mentioned alright... by a bunch of low life scumbags trying to spread more FUD with fake screen caps.

Neither the Blockchain blog nor the Coinbase blog officially mention the word "insolvency".

If you say so...

[RickJamesBTC]

Yeah, it was mentioned alright... by a bunch of low life scumbags trying to spread more FUD with fake screen caps.

Neither the Blockchain blog nor the Coinbase blog officially mention the word "insolvency".

Are you just being stupid? Both said "insolvency" before they were edited.

[Oldminer]

words lol

[Asrael999]

Yeah, it was mentioned alright... by a bunch of low life scumbags trying to spread more FUD with fake screen caps.

Neither the Blockchain blog nor the Coinbase blog officially mention the word "insolvency".

Are you just being stupid? Both said "insolvency" before they were edited.

The point being they were edited and no longer say insolvency - if it was confirmed that EmptyGox was insolvent do you think they would have made the edit?

[RickJamesBTC]

Yeah, it was mentioned alright... by a bunch of low life scumbags trying to spread more FUD with fake screen caps.

Neither the Blockchain blog nor the Coinbase blog officially mention the word "insolvency".

Are you just being stupid? Both said "insolvency" before they were edited.

The point being they were edited and no longer say insolvency - if it was confirmed that EmptyGox was insolvent do you think they would have made the edit?

That's actually NOT the point. He was accusing people of fake screen caps for the insolvent word, but thousands of people saw it before it was changed. Come on people, use that lump of jelly between your ears.

[TERA]

Bitfinex is not on that statement. Should I be moving off of Bitfinex?

[myself]

Joint Statement Regarding the Insolvency of Mt.Gox

The purpose of this document is to summarize a joint statement to the Bitcoin community regarding the insolvency of Mt.Gox.

This tragic violation of the trust of users of Mt.Gox was the result of one company’s abhorrent actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today.

We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.

In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following exchanges will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China.

We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.

Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading. It does not appear to any of us that MtGox followed any these essential requirements as a financial services provider.

The following industry leaders stand by this statement:

Fred Ehrsam — Co-founder of Coinbase
Jesse Powell — CEO of Kraken
Nejc Kodrič — CEO of Bitstamp.net
Bobby Lee — CEO of BTC China
Nicolas Cary — CEO of Blockchain.info
Jeremy Allaire — CEO of Circle

http://www.circle.com/2014/02/24/joint-statement-regarding-insolvency-mt-gox/

[Satyre_Noir]

Yeah, it was mentioned alright... by a bunch of low life scumbags trying to spread more FUD with fake screen caps.

Neither the Blockchain blog nor the Coinbase blog officially mention the word "insolvency".

Are you just being stupid? Both said "insolvency" before they were edited.

The point being they were edited and no longer say insolvency - if it was confirmed that EmptyGox was insolvent do you think they would have made the edit?

That's actually NOT the point. He was accusing people of fake screen caps for the insolvent word, but thousands of people saw it before it was changed. Come on people, use that lump of jelly between your ears.

Gox, Bitcoin Foundation and other big exchanges are in collusion, they all knew for long time that Gox is insolvent, it's obvious now.

[WompRat]

It might not be that bad.  They are almost certainly going to declare bankruptcy today,  but that may very well be because the price of coins has collapsed so much that the fees are insufficient to cover their debts and expenses.  They may not be able to continue trading, not because of theft or malleability, but because of their response to those events.  Of course, they could have lost a huge number of coins as well, we will just have to wait and see.

[T.Stuart]

I fear that the only reason they removed the word "insolvency" is because technically this could be used against them if Gox decided to try to get money any which way possible including suing companies or people that publicly stated that they were insolvent, claiming it caused a run etc.

Coinbase etc. are just covering themselves legally until the moment when (if it ever happens) Gox makes a statement admitting to being insolvent.

[Mythul]

So the price will go up since real BTC are now more scarce than ever