Roger Ver : Gox "worst-run business in the history of the world".

[repentance]

“Gox is the worst-run business in the history of the world,” said Roger Ver, in an instant message interview. Ver is a bitcoin advocate who lives across the street from Mt. Gox’s Tokyo offices and tried to help out the troubled exchange the last time it was hacked, back in 2011.

http://www.wired.com/wiredenterprise/2014/02/bitcoins-mt-gox-implodes/

The shit has truly hit the fan.

[rat]

lol. he was endorsing them not too long ago.

http://www.youtube.com/watch?v=UP1YsMlrfF0

[repentance]

lol. he was endorsing them not too long ago.

Charlie Shrem was sticking up for them earlier today and hours later claiming he'd been "lied to".

People can't distance themselves from MtGox fast enough today.

[WuttWutt]

it's incredible that pretty much everyone in this bitcoin community from the bottom to the top is a motherfucker

[greyhawk]

lol. he was endorsing them not too long ago.

http://www.youtube.com/watch?v=UP1YsMlrfF0

if by "endorse" you mean "drugged and forced to read a statement at gunpoint", then yeah sure

[BitCoinNutJob]

why dont these early adopters buy up the business & help the little guys out ? re-staff & limit the BTC withdraws.

its been done before.

[greyhawk]

its been done before.

yes

i remember

2008 - The Bear Stearns Companies, Inc.
2008 - Fannie Mae and Freddie Mac
2008 - The Goldman Sachs Group, Inc. bailed out by the federal government and Berkshire Hathaway
2008 - Morgan Stanley bailed out by The Bank of Tokyo-Mitsubishi UFJ
2008-2009 - American International Group, Inc. multiple times
2008 - 2008 United Kingdom bank rescue package
2008 - Citigroup Inc.
2009 - Bank of America
2009 - CIT Group $3 billion by its bondholders in a failed attempt to avoid a bankruptcy. This bailout only delayed the bankruptcy.

[repentance]

why dont these early adopters buy up the business & help the little guys out ? re-staff & limit the BTC withdraws.

its been done before.

MtGox is up to its neck in legal dramas.  Why would anyone buy a company which regulators or law enforcement might shut down any day?

People are already furious about MtGox being unable to process withdrawals in a timely manner.  Any new owners who tried to limit withdrawals would quickly find themselves facing lawsuits.

[BitCoinNutJob]

why dont these early adopters buy up the business & help the little guys out ? re-staff & limit the BTC withdraws.

its been done before.

MtGox is up to its neck in legal dramas.  Why would anyone buy a company which regulators or law enforcement might shut down any day?

People are already furious about MtGox being unable to process withdrawals in a timely manner.  Any new owners who tried to limit withdrawals would quickly find themselves facing lawsuits.

They said the same about fulltilt, also facing legal issues.

Personally i'd rather a re-branded gox with new CEO up & working vs trying to fight funds recovery legally.  I wouldnt be complaining even with a 1 btc withdraw limit per day.  Cant speak for anyone else.

[pleiotropik]

Jon Corzine and Mark Karpeles walk into a bar...

[heskey]

lol. he was endorsing them not too long ago.

http://www.youtube.com/watch?v=UP1YsMlrfF0

Lol, you can even see that he's reading from a teleprompt! Probably got a good amount of btc for doing that. Just terrific.

[ninjarobot]

Roger had at least 24000 bitcoins tied up in MtGox since 2012 due to the Bitcoinica liquidation. (MtGox refused to hand over the keys to the account to the court appointed liquidator citing 'privacy reasons' so the funds remained 'frozen' until the demise of MtGox yesterday).

He also released a new 'teleprompter' video today distancing himself from Gox and clarifying statements made in his earlier video:

http://www.youtube.com/watch?v=GRIJ_jpmwzo

[Jeronimus]

lol. he was endorsing them not too long ago.

http://www.youtube.com/watch?v=UP1YsMlrfF0

Lol, you can even see that he's reading from a teleprompt! Probably got a good amount of btc for doing that. Just terrific.

I don't think you can hold against him that he is reading from a speech he himself composed with the help of others, as long as he read it and agreed with the content. Not everyone can remember every word he wrote down himself or asked others to help him write down something he agrees with.
I don't think he is trying to hide anything there, as it's just too obvious he is reading of the screen. You know he can look at the video himself which is NOT live and do another recording if he really wanted to hide it.

With Roger Ver while i am leaning towards him having profited from this situation, i cannot in any way be 100% certain and there is a chance he just wasn't smart enough to not say anything when there was doubt about mtgox's financial situation.
His posts certainly ruined many peoples' lives that took it as an affirmation of gox being solvent.

Him talking about MtGox being incompetent when himself was incompetent (given it was no outright attempt to lie/fraud) is certainly ironic.

I give him the benefit of doubt, and hope he will watch his moves more carefully in the future.

[paradigm_smasher]

i Have zero coins in mtgox but I am pretty sure a lot of people would like an explanation from Roger Ver why he fucked over people to gain fame/btcs/who knows..

With Roger Ver while i am leaning towards him having profited from this situation, i cannot in any way be 100% certain and there is a chance he just wasn't smart enough to not say anything when there was doubt about mtgox's financial situation.

but he DID say something. he actually said mtgox was a healthy company when he should have shut his whore mouth.

[borgfish]

isn't he the one with nick memorydealers ?
well, guess you gotta see where you are in this hostile shark ridden sea. He has lost 110k btc in bitcoinica only to hear the "safe funds" within mtgox dissappeared also.

[Armis]

Roger had at least 24000 bitcoins tied up in MtGox since 2012 due to the Bitcoinica liquidation. (MtGox refused to hand over the keys to the account to the court appointed liquidator citing 'privacy reasons' so the funds remained 'frozen' until the demise of MtGox yesterday).

He also released a new 'teleprompter' video today distancing himself from Gox and clarifying statements made in his earlier video:

http://www.youtube.com/watch?v=GRIJ_jpmwzo

We need to understand the whole picture -- I agree Roger, kindly share the WHOLE picture.

You said you did the video purely as a favor to Mt Gox, kindly tell us who at Mt Gox asked you to do the video?  Who wrote the words that you read in that video?  What was your relationship with Mt Gox, and it's CEO at the time of the first video? 

You specifically said: "I made a video stating that their fiat withdrawal problems were not being caused by a lack of liquidity. I made no claims regarding their solvency."  You do realize that, "liquidity' and "solvency" are symbiotic, and that any statement by you about Mt Gox at that sensitive time would be construed as an endorsement?   Why would you endorse Mt Gox at that troubled time in their development? 

In this video you said: "This issue was caused by poor programming skills and a total lack of book keeping on the part of Mtgox", is it true that Mt Gox allowed you to see their books, some of their financial records?  What did you know about their programming and bookkeeping and when did you know it?   Was it before you invested the "... life changing amount of bitcoins stuck in Mtgox" or just before making this new video.

BTW: did you sign the petition to remove MT Gox CEO from the btc foundation.  In what ways if any did you support the protesters at Mt Gox?  When did you stop trading at Mt Gox?   

With answers to those questions we could get a glimpse of that picture you are talking about.

[MemoryDealers]

You said you did the video purely as a favor to Mt Gox, kindly tell us who at Mt Gox asked you to do the video?

Either Mark or Gonzague.

Who wrote the words that you read in that video?

I wrote it all myself.

What was your relationship with Mt Gox, and it's CEO at the time of the first video?

Nothing other than a customer of Mtgox.  

You specifically said: "I made a video stating that their fiat withdrawal problems were not being caused by a lack of liquidity. I made no claims regarding their solvency."  You do realize that, "liquidity' and "solvency" are symbiotic, and that any statement by you about Mt Gox at that sensitive time would be construed as an endorsement?

Having liquidity is no guarantee of solvency.  In hindsight, we now know that Mtgox has likely been insolvent for years.
I'm sorry you have a hard time understanding the difference.

Why would you endorse Mt Gox at that troubled time in their development?  

Because as stated in the video, I am sure the fiat withdrawal delays at that time were not caused by a lack of liquidity.
In hindsight,  I feel terrible about having made the video.  I was deceived by Mtgox,  and my video led to who knows how many more people trusting Mtgox, and losing money because of it.  If I could go back in time, I would never have made the video.

In this video you said: "This issue was caused by poor programming skills and a total lack of book keeping on the part of Mtgox", is it true that Mt Gox allowed you to see their books, some of their financial records?

Isn't it clear to anyone who is paying attention?  Mtgox lost everyones bitcoins and didn't notice until 99% of them were gone.

What did you know about their programming and bookkeeping and when did you know it?

I found out this week as well.

Was it before you invested the "... life changing amount of bitcoins stuck in Mtgox" or just before making this new video.

I have had about 24,000 BTC from Bitcoinica stuck in Mtgox for over a year.  Mark refused to turn over those funds to the liquidator.  Now any chance I had of getting those back are gone too.  That likely makes me one of the people who lost the most money out of everyone involved with this MtGox nightmare.

BTW: did you sign the petition to remove MT Gox CEO from the btc foundation.

I'm the one who directly asked Mark to step down.  

In what ways if any did you support the protesters at Mt Gox?  

I wasn't in Tokyo for most of the protest,  but the one day I was,  I tried to bring them hot tea.
https://twitter.com/rogerkver/status/436663439214120960  

With answers to those questions we could get a glimpse of that picture you are talking about.

The picture I am talking about is Bitcoin,  not my interactions with Mtgox.

[ninjarobot]

I'm sorry for your loss Roger. Losing 24000 BTC in a single day must be tough. Especially in the way it happened.

Isn't it clear to anyone who is paying attention?  Mtgox lost everyones bitcoins and didn't notice until 99% of them were gone.

Actually no that is not obvious to me at all. How do you lose everyone's bitcoins without noticing exactly?

[Jeronimus]

I'm sorry for your loss Roger. Losing 24000 BTC in a single day must be tough. Especially in the way it happened.

Isn't it clear to anyone who is paying attention?  Mtgox lost everyones bitcoins and didn't notice until 99% of them were gone.

Actually no that is not obvious to me at all. How do you lose everyone's bitcoins without noticing exactly?

I agree. I can swallow everything else, but this particular point is nonsense/not well thought out. Again, i give the benefit of doubt.

There is no way 99% of the coins would vanish slowly without them going "Oh wait, 30% of the coins in our database are NOT backed by real BTC we are holding in all our wallets combined"

Maybe if not at 30% at 50% they SURELY should have noticed SOMETHING.

It's a complete garbage theory which no judge in court would buy even for a second, even if Karpeles had the IQ of fruit.
He cannot be THAT stupid given he knows how to program and has been running some business before.

For the incompetence theory to hold, we would have to be looking at the stupidest people walking earth to run MtGox.

If not karpeles, SOMEONE there would have noticed....

[Phinnaeus Gage]

Jon Corzine and Mark Karpeles walk into a bar...

...but don't hit me as hard as you hit the monkey.