Mt Gox CEO Karpeles says bitcoin exchange is at "turning point"

[rustyh17]

http://www.reuters.com/article/2014/02/25/us-bitcoin-mtgox-ceo-idUSBREA1O12T20140225

This dance ain't over...

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[miketonic]

Interesting, I already thought it was dead.

[Cluster2k]

Turning point?  Maybe he means going down the s-bend.

I don't buy it.  If he really cared about the MtGox brand he wouldn't have pulled the plug on the exchange like he did.

[mvdheuvel1983]

Ah, an official announcement will be made soon-ish  

[rustyh17]

Interesting, I already thought it was dead.

"Turning point" still sounds painful to Gox user's account balance...

[hostmaster]

i still have some hope and want to believe they are back.

[seleme]

They'll be bought.

[jamesb777]

The sooner we get this over with the better.

[Wilhelm]

Karpeles said: "We should have an official announcement ready soon-ish. We are currently at a turning point for the business. I can't tell much more for now as this also involves other parties."

He is selling the company .... that's obvious

Hope that the company buying this auwful mess doesn't get Goxxed!.

[pungopete468]

It would be cheaper to start a new exchange...

The cost of liabilities must be staggering at this point.

[miketonic]

Karpeles said: "We should have an official announcement ready soon-ish. We are currently at a turning point for the business. I can't tell much more for now as this also involves other parties."

He is selling the company .... that's obvious

Hope that the company buying this auwful mess doesn't get Goxxed!.

That actually sounds a lot like he is selling.. Who would want to buy exchange with so bad reputation?

[Cyberlight]

soon-ish

[anu]

It would be cheaper to start a new exchange...

The cost of liabilities must be staggering at this point.

Remember, that the 700K Bitcoin are gone is only a rumor. We seem to take a lot of rumors for facts here. But the truth of the matter is, we don't know and we don't know who is spinning what for which purpose. For all we know it might be the thief of the 700K who is taking over.

[404notfound]

Thief buys mtgox with his 700k bitcoins and assasins gunning for mtgox staff. Runs the exchange better for months. Runs off with 1000k bitcoins after a few months of money laundering. Most banks shut their doors to bitcoin withdrawals and adopt much of the technology in bitcoin that they can freely get from the source code. The bank wins, the thieves win, everyone else gets goxed.

[pungopete468]

It would be cheaper to start a new exchange...

The cost of liabilities must be staggering at this point.

Remember, that the 700K Bitcoin are gone is only a rumor. We seem to take a lot of rumors for facts here. But the truth of the matter is, we don't know and we don't know who is spinning what for which purpose. For all we know it might be the thief of the 700K who is taking over.

I don't think it's anywhere near that bad but I believe they have major problems that a potential investor would shy away from. I don't know how bad it really is, but I know at the current volume and in the near foreseeable future, the money they lost to the FBI alone makes the business unprofitable if they wish to repay this debt in any reasonable time frame.

The trading fees will need to double or triple at minimum to even have a hope of recovery before civil action.

[anu]

It would be cheaper to start a new exchange...

The cost of liabilities must be staggering at this point.

Remember, that the 700K Bitcoin are gone is only a rumor. We seem to take a lot of rumors for facts here. But the truth of the matter is, we don't know and we don't know who is spinning what for which purpose. For all we know it might be the thief of the 700K who is taking over.

I don't think it's anywhere near that bad but I believe they have major problems that a potential investor would shy away from. I don't know how bad it really is, but I know at the current volume and in the near foreseeable future, the money they lost to the FBI alone makes the business unprofitable if they wish to repay this debt in any reasonable time frame.

The trading fees will need to double or triple at minimum to even have a hope of recovery before civil action.

Thats why I made up this story of the thief taking over Gox - if all the Bitcoins are stolen, he is the only "investor" who could possibly be interested. Entertaining thought, although it falls over Occam's razor. Should write a novel about it...

[meanig]

It would be cheaper to start a new exchange...

The cost of liabilities must be staggering at this point.

Unless the new owners have been buying GOXBTC on bitcoinbuilder at an 80% discount. This is going to be a bigger conspiracy than JFK.

[Rygon]

It would be cheaper to start a new exchange...

The cost of liabilities must be staggering at this point.

Unless the new owners have been buying GOXBTC on bitcoinbuilder at an 80% discount. This is going to be a bigger conspiracy than JFK.

Here is a fact that I just made up. Gox has actually been using customer funds to build the biggest mining machine ever. But they made it too powerful, and it ruptured the space-time continuum which caused JFK to be "goxxed."

[meanig]

It would be cheaper to start a new exchange...

The cost of liabilities must be staggering at this point.

Unless the new owners have been buying GOXBTC on bitcoinbuilder at an 80% discount. This is going to be a bigger conspiracy than JFK.

Here is a fact that I just made up. Gox has actually been using customer funds to build the biggest mining machine ever. But they made it too powerful, and it ruptured the space-time continuum which caused JFK to be "goxxed."

No way man. JFK was definitely aliens.

[rustyh17]

soon-ish