Support a Bailout for (MT)Gox.com

[btc237ftw]

What do you say, we show some support for a Bailout in the case of MTGox?
I think it will be the best thing for Bitcoin as we are in the transition stage from "innovative tech" to "regulated and trusted main stream innovative tech"...
In order to make this transition we need support from the community and the world.

Of course, on top of that... people (like me) who have funds @ MTGox would like to get access to those funds asap.

Let's get this thread a lot of positive support for a bailout for MTGox!

It is not the time to be cynical. It is not the time to say "told you". This is the time to help.

What do you say? help and show support for the Bitcoin ecosystem, Bitcoin holders and traders who spent money, time and effort supporting this business and also the public image? Everyone who traded on MTGox probably talked about Bitcoin a lot with friends, family and others helping the ecosystem and we are talking about A LOT OF PEOPLE.
If this works out, then the Bitcoin community will be stronger than ever and also, don't worry about the bail-outer/s, they will get their Bitcoin value increased, self recognition for knowing they did the right thing and also, a lot of commissions and future funds.

So please, for all the right reasons, show support for a bailout in this case!

I think this is a true test for Bitcoin and the community.

[1713882632]

1713882632

[coinbuyer2580]

Not gunna happen.

[arklan]

are you fucking insane?

[Nathonas]

Gox will first have to launder Mexican drug cartel money before I even consider bailing them out. What is this, the kiddies league? Rob some customers, do some business with criminals, pay off some politicians, do something interesting. You don't get to being too big to fail by being nice.

[mysidia]

What could actually motivate anyone with the resources to bail them out?

Other than turning over $400 million worth of cash,  only to cover existing debts,  with probably in return --- most likely nothing other than potential legal problems....

If you want to get into the exchange business,  the amount of cash it would require to bailout Gox,  would probably get you started within 12 months as a compelling alternative/replacement.

[toxicwaltz]

Stop smoking too much pot OP.

[btc237ftw]

I am talking about a "bailout" more like a take-over in the way described in the leaked document.

[BittBurger]

Bailouts, even in the form you're suggesting, are counter to what decentralized networks are all about.
Decentralized networks are superior because you don't have to bail out, or save any one entity.

If an arm or a leg dies and falls off, the organism grows new ones back, and continues thriving.
Bailouts are a mentality for the legacy centralized financial system where specific entities are needed so the whole system doesn't collapse.
Bitcoin was created for the explicit purpose of not needing such a process.

Bitcoin doesn't need to bail out MtGox.  Its just a limb that can fall off.  The organism will continue to thrive.
All this babble in the media about Bitcoins reputation being harmed for "years to come" is just that.  Babbling nonsense.

Highly recommend everyone watch this:  http://www.youtube.com/watch?v=wc1ZFTnSSVM

-B-

[Grover]

It appears you and all other people with money or coins at Gox are going to do a bail-in for Gox, like Cyprus did to account holders there.

MtGox is the problem with Bitcoin.  MtGox is at least the most inept group of people running an exchange, and likely the most corrupt.

If Gox was hacked and lost coins it because Gox's code sucked.  Personally, I don't believe a single thing Gox says, prints, posts, or claims, if you couldn't already tell.

I do feel real sorry for all the people who were so stupid as to keep on putting money into Gox thinking they were getting a good price on the coins.  Ehh no I don't it's Mt Gox.  Mt Gox is the Mos Eisley of Bitcoin, at least that's what Obi Wan says.


For the non Star Wars fan: "Mos Eisley spaceport. You will never find a more wretched hive of scum and villainy. We must be cautious." - Obi Wan

[Revelations86]

I completely and wholeheartedly support a Gox Bailout and believe it's the most ethical course of action..... as long as it's coming from Mark Karpeles' own stash Op, revise title to include the latter part and perhaps we can get a petition started.

[Swordsoffreedom]

Nope It's not like the Bitcoins can print themselves 

[lumierre]

Sorry if you lost you bitcoins but I feel it would be better to let mtgox fail. That way, we can show the world that in the Bitcoin wild west, there is no "too big to fail". When we come back out of this mess, people will think, "Hey, I think this Bitcoin thing is something serious, maybe I should learn about it." The next time a big exchange would get in trouble, it would have lesser impact on the price since people know Bitcoin don't care. Look at the time when China banned bitcoins. There was a huge sell off. However, when Russia followed by completely banning bitcoins, there was hardly a dump. Let's move on and show Bitcoin is unstoppable.

[Swordsoffreedom]

Sorry if you lost you bitcoins but I feel it would be better to let mtgox fail. That way, we can show the world that in the Bitcoin wild west, there is no "too big to fail". When we come back out of this mess, people will think, "Hey, I think this Bitcoin thing is something serious, maybe I should learn about it." The next time a big exchange would get in trouble, it would have lesser impact on the price since people know Bitcoin don't care. Look at the time when China banned bitcoins. There was a huge sell off. However, when Russia followed by completely banning bitcoins, there was hardly a dump. Let's move on and show Bitcoin is unstoppable.

The strangest part was that China was the one who was eating all the Bitcoins last night
Max Keiser posted a link
China the vacuum cleaner lol
http://fiatleak.com/

[lumierre]

Sorry if you lost you bitcoins but I feel it would be better to let mtgox fail. That way, we can show the world that in the Bitcoin wild west, there is no "too big to fail". When we come back out of this mess, people will think, "Hey, I think this Bitcoin thing is something serious, maybe I should learn about it." The next time a big exchange would get in trouble, it would have lesser impact on the price since people know Bitcoin don't care. Look at the time when China banned bitcoins. There was a huge sell off. However, when Russia followed by completely banning bitcoins, there was hardly a dump. Let's move on and show Bitcoin is unstoppable.

The strangest part was that China was the one who was eating all the Bitcoins last night
Max Keiser posted a link
China the vacuum cleaner lol
http://fiatleak.com/

China definitely has demand for bitcoins but fiatleak isn't that accurate. It tracks filled orders at exchanges. Because chinese exchanges have more trading volume due to the low to zero trading fees, it would look as if there is a lot of chinese buying bitcoins when in fact the bitcoins in those exchanges just go back and forth from seller to buyer.

[alyssa85]

Bailouts, even in the form you're suggesting, are counter to what decentralized networks are all about.
Decentralized networks are superior because you don't have to bail out, or save any one entity.

And yet, and yet.....

Mark Kapeles of mtgox bailed out another exchange back in 2011, using 17,000 BTC of his own to make sure the customers of that exchange didn't lose money - and I'm sure they were glad.

Why did he do it? Because it's not in the long term interests of the community to allow large numbers of people to lose money. It wasn't then and it isn't now.

Decentralized networks don't mean "you don't have to bail out or save any one entity" - it just means that there is no govt to organize the bailout and the community does it instead.

Think very hard before you advocate the "selfish at all costs" model which is quite different from a decentralized model.

If these types of incidents start to happen very frequently, one of two things will happen a) bitcoin will die as people will shudder at a non-regulatory environment that practically says to crooks, come and steal there is no comeback and no compensation for the victims or b) regulation will happen because the victims become so numerous, they eventually make up the majority of the community.

I think a bailout is a good idea. Perhaps Mtgox can issue bailout bonds that we can buy for 1BTC each and which pay a % of the profits. That way he raises capital to pay the victims, they clean up mtgox - put in new management, and when it's running properly again, those of us who have participated in the bailout get a small return for our altruism.

[Bigeyeone]

If you wanna bail out a totally incompetent financial business or even worse (possible) scammers, in that case you as bad as any central bank lol.

Companies like this deserve to disappear from the market.

Not like we need Gox around for anything, at least the central banks have an excuse when they bail out a failed bank, like they are needed for the economy, they say,  where we need GOX around for ? I cant think of anything.

[makoto1337]

The community will be better without Gox. We don't need companies that take months just to allow you to deposit/withdraw money, even under good conditions.

To top it all off, Mt. GOX died the way it lived: shutting down suddenly without explanation, without even apologizing to people who lost everything.

If someone stole all the bitcoins, let the community find the person and get them back. Otherwise if you are itching to send out bitcoins to anyone try: 1JWyjsTWLmsBycgNZKcfigffgTAg7S2Aes

[krone9]

If an arm or a leg dies and falls off, the organism grows new ones back, and continues thriving.

completely agree with this.

Just wish the tree wasn't looking quite so bare at the moment with all the limbs that keep falling off.....each one does makes us stronger though....slowly....



and seriously...


I only have so much sympathy for people who left significant money on an exchange called "Magic the Gathering Online Exchange"

Here's a top tip for those using BTC-e, Bter (both of which I love) and other exchanges - none of them are reputable financial institutions like Wells Fargo, Chase (don't laugh - you get what I mean). They're small operations, based in eastern block countries, with difficult to contact organisers. Don't risk your money!! Store your coins offline!!

[Unacceptable]

If an arm or a leg dies and falls off, the organism grows new ones back, and continues thriving.

completely agree with this.

Just wish the tree wasn't looking quite so bare at the moment with all the limbs that keep falling off.....each one does makes us stronger though....slowly....



and seriously...


I only have so much sympathy for people who left significant money on an exchange called "Magic the Gathering Online Exchange"

Here's a top tip for those using BTC-e, Bter (both of which I love) and other exchanges - none of them are reputable financial institutions like Wells Fargo, Chase (don't laugh - you get what I mean). They're small operations, based in eastern block countries, with difficult to contact organisers. Don't risk your money!! Store your coins offline!!

Best advice ever!!  Screw Gox!!! They are responsible for almost EVERY crash Bitcoin has experienced,bail em out Really

http://www.youtube.com/watch?v=q6iAPvcWmQI

[BTCJack]

Yeah I really don't think we should follow the example of the US banks