Gox.com could come back if it was insured

[dan123]

Like that wallet backed by loyds of london.  There's still a chance MtGox still has everyone's money or 90% of it.  They probably didn't have enough time to re-write their software, so they stopped all transactions.  Coming back insured by a company like lloyds of london is probably the only way anyone would ever use them again.

Now I know nothing of what's going on and I wouldn't put money on this, but I'm trying to figure out why they bought Gox.com

[MakeBelieve]

Their didn't stop all transactions you could still deposit but not withdraw and stop mtgox will never return the money that they took.

[faiza1990]

Their didn't stop all transactions you could still deposit but not withdraw and stop mtgox will never return the money that they took.

yes if once they stop this all then all coins under their control and its never recoverable for any one just we have one more biggest scam

[darkmule]

Like that wallet backed by loyds of london.  There's still a chance MtGox still has everyone's money or 90% of it.  They probably didn't have enough time to re-write their software, so they stopped all transactions.  Coming back insured by a company like lloyds of london is probably the only way anyone would ever use them again.

Now I know nothing of what's going on and I wouldn't put money on this, but I'm trying to figure out why they bought Gox.com

I wouldn't trust an insurance company dumb enough to insure those bozos.  Lloyd's also would charge a rate commensurate to the risk, that is, it would be exorbitant, because the risk would be insane.

We do not need a vampire Gox rising from the dead to suck more blood.  Just put a stake through its heart and bury it at a crossroads.

[Musent]

Like that wallet backed by loyds of london.  There's still a chance MtGox still has everyone's money or 90% of it.  They probably didn't have enough time to re-write their software, so they stopped all transactions.  Coming back insured by a company like lloyds of london is probably the only way anyone would ever use them again.

Now I know nothing of what's going on and I wouldn't put money on this, but I'm trying to figure out why they bought Gox.com

They didn't stop all transactions at first, it was all withdrawals. Something totally different. You could still deposit money and buy from there.

[dan123]

The insurance for that other wallet was 3% a year.  That's a lot, but it's an option.  Maybe an insurance company is bringing in their own staff to take over mt gox.  Maybe this company buying it will pay for any missing bitcoins or offer free insurance and make money on trades to cover the insurance for 1 year (big ifs).

As for the loss.  I'm sure they have a record of each customer and what amount they should have.  If they still have the coins or money, they can give it back to these people anytime they want or send it to an address they give them.

[darkmule]

Like that wallet backed by loyds of london.  There's still a chance MtGox still has everyone's money or 90% of it.  They probably didn't have enough time to re-write their software, so they stopped all transactions.  Coming back insured by a company like lloyds of london is probably the only way anyone would ever use them again.

Now I know nothing of what's going on and I wouldn't put money on this, but I'm trying to figure out why they bought Gox.com

They didn't stop all transactions at first, it was all withdrawals. Something totally different. You could still deposit money and buy from there.

I don't know about other countries, such as Japan, but in many countries, that would be felony fraud or its equivalent.

[hilariousandco]

Like that wallet backed by loyds of london.  There's still a chance MtGox still has everyone's money or 90% of it.  They probably didn't have enough time to re-write their software, so they stopped all transactions.  Coming back insured by a company like lloyds of london is probably the only way anyone would ever use them again.

Now I know nothing of what's going on and I wouldn't put money on this, but I'm trying to figure out why they bought Gox.com

How do you know they're not insured? Surely they'll have to have some kind of insurance to even run a business like this? I also very much doubt people will trust Mark with anything Bitcoin related again.

[darkmule]

How do you know they're not insured? Surely they'll have to have some kind of insurance to even run a business like this? I also very much doubt people will trust Mark with anything Bitcoin related again.

Even if they did, and I'd doubt the judgment of anyone who would insure a fly by night operation like Gox, I seriously doubt they'll pay out on a loss of, supposedly, $409 million when that loss resulted from the willful and possibly criminal actions of the insured.

[LiteCoinGuy]

Their didn't stop all transactions you could still deposit but not withdraw and stop mtgox will never return the money that they took.

oh cool, i can still deposit ! nice idea for an "exchange" 

[dan123]

Like that wallet backed by loyds of london.  There's still a chance MtGox still has everyone's money or 90% of it.  They probably didn't have enough time to re-write their software, so they stopped all transactions.  Coming back insured by a company like lloyds of london is probably the only way anyone would ever use them again.

Now I know nothing of what's going on and I wouldn't put money on this, but I'm trying to figure out why they bought Gox.com

They didn't stop all transactions at first, it was all withdrawals. Something totally different. You could still deposit money and buy from there.

I don't know about other countries, such as Japan, but in many countries, that would be felony fraud or its equivalent.

I think in some asian countries, if your company goes bankrupt you go to jail.

[hilariousandco]

How do you know they're not insured? Surely they'll have to have some kind of insurance to even run a business like this? I also very much doubt people will trust Mark with anything Bitcoin related again.

Even if they did, and I'd doubt the judgment of anyone who would insure a fly by night operation like Gox, I seriously doubt they'll pay out on a loss of, supposedly, $409 million when that loss resulted from the willful and possibly criminal actions of the insured.

I wouldn't really call Gox a 'fly by night operation', but as insurance companies tend to do, they always try wrangle out of big payments. It's going to be very interesting to see what happens if they do go under and how much their debts and assets are valued at, especially with the fluctuations in value of Bitcoin.

[darkmule]

I wouldn't really call Gox a 'fly by night operation', but as insurance companies tend to do, they always try wrangle out of big payments.

I would.  They just, in fact, literally flew by night, moving from their main offices (because they were getting protested) to an undisclosed location.  Can't get more fly by night than literally flying by night.

[chinacoinbase]

Poor management issue, should setup blocklist that Mt.Gox management team

[bitcoinminer]

Yes, I'm sure any insurance company would be happy to insure hundreds of millions of dollars, with completely unaudited books, and no financial transparency, in an unregulated market.

Why wouldn't they?

[BITCOIN-PIZZA-DAY]

https://bitcointalk.org/index.php?topic=23938.msg1177353#msg1177353

MagicalTux:
Fiat balances and Bitcoin balances would be accounted separately based on current rules, especially because of the difficulty to give a value to a given balance in Bitcoin (value at current rate or based on depth). This may change as we are discussing with a large insurance company in Japan to get all funds deposited on MtGox insured. This will however be only possible once the Japanese FSA provides its position on Bitcoin - which we expect to happen in the next months.

[hilariousandco]

I wouldn't really call Gox a 'fly by night operation', but as insurance companies tend to do, they always try wrangle out of big payments.

I would.  They just, in fact, literally flew by night, moving from their main offices (because they were getting protested) to an undisclosed location.  Can't get more fly by night than literally flying by night.

Moving office isn't exactly packing up and disappearing... at least not yet  .

[bitcoinminer]

I wouldn't really call Gox a 'fly by night operation', but as insurance companies tend to do, they always try wrangle out of big payments.

I would.  They just, in fact, literally flew by night, moving from their main offices (because they were getting protested) to an undisclosed location.  Can't get more fly by night than literally flying by night.

Moving office isn't exactly packing up and disappearing... at least not yet  .

Right.  And disappearing without packing up... what's that called?

[hilariousandco]

I wouldn't really call Gox a 'fly by night operation', but as insurance companies tend to do, they always try wrangle out of big payments.

I would.  They just, in fact, literally flew by night, moving from their main offices (because they were getting protested) to an undisclosed location.  Can't get more fly by night than literally flying by night.

Moving office isn't exactly packing up and disappearing... at least not yet  .

Right.  And disappearing without packing up... what's that called?

Getting evicted because you can't afford to pay the rent? 

[bitcoinminer]

I wouldn't really call Gox a 'fly by night operation', but as insurance companies tend to do, they always try wrangle out of big payments.

I would.  They just, in fact, literally flew by night, moving from their main offices (because they were getting protested) to an undisclosed location.  Can't get more fly by night than literally flying by night.

Moving office isn't exactly packing up and disappearing... at least not yet  .

Right.  And disappearing without packing up... what's that called?

Getting evicted because you can't afford to pay the rent? 

Take my word for it, you still get your shit packed up, it's just not by you