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Author Topic: Escrowing the Gox Account info & Operate the exchange as non-profit?  (Read 746 times)
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February 28, 2014, 01:25:38 AM

I in no way support the notion of fucking with the block chain or any sort of rolling back what happened with Gox.

But I do think there remain possibilities of recovering some of the funds for account holders. We simply dont know the truth behind why it's shuttered and there are some interesting theories floating around.

Some of which point to the possibility that the a decent proportion of the btc might still be in the wallets, or might be tied up due to legal / law enforcement demands. Those both leave the possibility that we might see something back some day.

What I havent seen discussed is that Gox almost certainly still has accurate account balance info for customer accounts. The more time goes by the more likely it would seem that data could be lost or buried in legal mess.

At a minimum, I would like to see that data set in the hands a neutral party or perhaps the Bitcoin Foundation ASAP. The small chance of recovery along with knowing that some dispassionate 3rd party knows the balances of account holders would be a good thing.

Perhaps accounts that have an existing btc withdrawal address can be stripped of personally identifying info before they are sent to escrow. The presumption is that someone can sign a message on that address to prove ownership. Accounts without btc withdrawal addresses might need Mark to whip up some php to let them set a valid one.

Stripping it of PII might be good in that it means the escrow party doenst have the complete client list to make Gox less valuable to a potential suitor and means the account holders dont have to trust someone else with their info.

Long term, I wonder if Mt Gox could be run as a low overhead, low fee exchange in a non-profit way until it recoups the current account holders balances?

Maybe it doesnt even need to touch fiat, which would seem to be a high bar in terms of compliance and operational overhead. If it only allowed trading between alts and btc it might be autonomous and useful enough to recover some of the balances for people.

They were rumoured to have LTC support ready and we know the trading engine worked well enough over the last few years. It shouldnt need much in the way of maintenance.

Possible?  Insane?

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February 28, 2014, 10:46:40 AM

I didn't find your post, otherwise I would followed instead of posting a new one, but I am concerned of defining new gox as a non-profit, see my post:
Crowd-fund MtGox, a framework, request for comments

My (old) column about Bitcoin & China:
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