Gox Gone, Insolvent

[darkmule]

So basically, aside from some corpspeak bibble-babble, their strategy is to change their name.  Because that's all I took away from that load of happy horseshit.

[ex-trader]

If that document is correct they have lost 90% of all customer assets, though they may have recovered some by buying back at the low prices.

Under the laws of every major country, at this point they cannot simply carry on trading and hope to get out of it. They are insolvent and have done so negligently with customer assets. They should be closed, liquidated and the remaining assets distributed. No one will ever trust them and the moment they re-open only a fool would do anything other than withdraw any coins/cash they could.

What does it take for the Bitcoin world to realise that many of the rules and regulations that exist with Fiat and Banks are there to protect customers. All exchanges should be properly audited and publish audited statements proving their solvency.

Bitcoin = wild west = scam/idiots, sadly yet again..... (so much promise that continues to be wasted by a community that accepts these behaviours)

[darkmule]

Bitcoin = wild west = scam/idiots, sadly yet again..... (so much promise that continues to be wasted by a community that accepts these behaviours)

There was the occasional sheriff in the Wild West.  And malefactors got strung up or at least horse whipped, tarred and feathered, and run out of town on a rail.

In any event, this amateur hour bullshit needs to end.  How difficult is it to comprehend the idea that people who run an online trading game card exchange are not necessarily to be trusted with hundreds of thousands of other people's BTC and millions in fiat?

[Thylacine]

I'm barracking for Gox to die as much as the next person, but is there any proof that this document is legitimate?

There's are some pretty amateurish tone and some cagey sentences in there. Is this really how people write documents for multi-million dollar businesses?

I'm just a software developer but my meeting minutes read better than this. I mean it is a draft... but still. So who's the source? Good Guy Greg the filing clerk, just wanting to get the truth out to the bitcoin community?

Also, loved these, under 'Other Assets':
1.1 million of account and 550,000 verified customers
High publicity (broken but customers are still buying coins and depositing)

[Sheldor333]

I never had any business with Mt.Gox. and I understand a lot of people did and will loose money on this but, I can't wait for this exchange to disappear so their incompetence will stop affecting the price so much.
We need stability and trustworthy business.
So, is this whole thing actually good news? Well, for a lot of people it would be hurtful but, in the end, I believe the weeding out will be good.
The price will bounce back up folks and we'll be stronger, don't give up!

[e4xit]

Can anybody shed any light on the coins at this address:
https://blockchain.info/address/1Drt3c8pSdrkyjuBiwVcSSixZwQtMZ3Tew?offset=0&filter=0

Co-incidental number of coins don't you think  

First deposit in 2012 though so perhaps unrelated

[weryo]

The source code of the empty page on https://www.mtgox.com/ says: 'put announce for mtgox acq here'


maybe they're spnning it as a takeover

[grifferz]

A lot of people are having a good time laughing at us, but they don't appreciate that several weeks ago Gox started disallowing BTC withdrawals.  In other words, they closed the god damned bank door.

Plenty of people were still putting funds in, even with the "bank door closed". Greed beyond reason.

But given the years of troubles MtGox has had it is hard to have sympathy for people still using it at the point where they halted withdrawals.

[equinox9]

Out of curiosity - the logo they are using for the new site, is that their official logo or a placeholder?

[grifferz]

Out of curiosity - the logo they are using for the new site, is that their official logo or a placeholder?

How can we possibly know until it is published on an actual mtgox site (mtgox.com or gox.com) or that document is verified or Karpeles makes a verified statement? I'm sure when any of that happens it will be all over these boards.

[harkonnen]

You guys are too damn funny...

How are your other exchanges doing, BTW... Rising like a bat out of hell... right... lol.

Gox will be back up in a few minutes. As always.

Stage one!
http://en.wikipedia.org/wiki/K%C3%BCbler-Ross_model#Stages

[harkonnen]

Honestly,

If they don't make people whole, this WILL be the end of Bitcoin.  It could be the fatal flaw of bitcoin, its too hard to secure.  

You simply do not understand the bitcoin. Bitcoin is designed so that 'trust' can be out of formula in transactions. People 'trusted' MtGox. That's the problem, not with bitcoin. One of our intern recommended MtGox as trustworthy when I was searching for exchange services. I didn't trust it and I was right.

But in order to make a transaction, trust must be somewhere in the process, paradoxical, it seems. Because our society, whether you like it or not, is based on trust.

[dewdeded]

Which means they are still short 312K BTC.

It's a strategy draft from outsiders. It's a target, they want/propose to cover 50%.
It's not the current situation.

[Lauda]

rebranding with 1 month downtime

This is why we should sue them for every single cent that was stolen, so that they never come back.

[dewdeded]

Out of curiosity - the logo they are using for the new site, is that their official logo or a placeholder?

It's so ugly it must be a placeholder.

[Klestin]

From their facebook page:

We are in a process of being acquired, at the current time I am not in the position to give you further information. I can only reassure you, that your funds are securely kept in our cold storage.

An official statement is to be released tomorrow.

[Minor Miner]

If that document is correct they have lost 90% of all customer assets, though they may have recovered some by buying back at the low prices.

Under the laws of every major country, at this point they cannot simply carry on trading and hope to get out of it. They are insolvent and have done so negligently with customer assets. They should be closed, liquidated and the remaining assets distributed. No one will ever trust them and the moment they re-open only a fool would do anything other than withdraw any coins/cash they could.

What does it take for the Bitcoin world to realise that many of the rules and regulations that exist with Fiat and Banks are there to protect customers. All exchanges should be properly audited and publish audited statements proving their solvency.

Bitcoin = wild west = scam/idiots, sadly yet again..... (so much promise that continues to be wasted by a community that accepts these behaviours)

If you read their documents, you will see that Mt Gox STILL does not understand that customer deposits are NOT "assets of Mt. Gox".   It is a complete shit show and I cannot wait for the perp walks because maybe that will wake some idiots up that this is not a game.

[atta2k15]

[digimag]

Like if I needed protection

Thanks Gox, very helpful.

[atta2k15]

Like if I needed protection

Thanks Gox, very helpful.

...at least its safe....somewhere....