Wait a minute, is this really possible?

[Remember remember the 5th of November]

I started using Gox back in 2011 cause I was still new, I sold 50-100 coins when the price was 25-30 dollars at the time. Now you are telling me that I could potentially be asked forced to RETURN the money???

[V4Vendettas]

https://bitcointalk.org/index.php?topic=490961.0

[Remember remember the 5th of November]

https://bitcointalk.org/index.php?topic=490961.0

It's based on that thread that I started this one. I mean I was living a happy-go-lucky 3 years and now I find out I might be sued? Unbelievable.

[humanitee]

https://bitcointalk.org/index.php?topic=490961.0

It's based on that thread that I started this one. I mean I was living a happy-go-lucky 3 years and now I find out I might be sued? Unbelievable.

Wouldn't it be the last party to have the coin? If it worked the way you're thinking the robbed party would accrue all profits every time the coin changed hands which makes 0 sense to me.

[Melbustus]

Consensus in that thread thusfar seems to be: unlikely.

[V4Vendettas]

OP Tbh I think thats jumping the gun a little . Right now no one has clue whats going on so ...shrugs

[Coins4life]

I started using Gox back in 2011 cause I was still new, I sold 50-100 coins when the price was 25-30 dollars at the time. Now you are telling me that I could potentially be asked forced to RETURN the money???

Tbh I wouldn't worry about this right now. If something like that ever happened I'm sure the statute of limitations would be long gone. Just be glad you actually got out before now.

[V4Vendettas]

I started using Gox back in 2011 cause I was still new, I sold 50-100 coins when the price was 25-30 dollars at the time. Now you are telling me that I could potentially be asked forced to RETURN the money???

Tbh I wouldn't worry about this right now. If something like that ever happened I'm sure the statute of limitations would be long gone. Just be glad you actually got out before now.

Yep congrats

[Remember remember the 5th of November]

I started using Gox back in 2011 cause I was still new, I sold 50-100 coins when the price was 25-30 dollars at the time. Now you are telling me that I could potentially be asked forced to RETURN the money???

Tbh I wouldn't worry about this right now. If something like that ever happened I'm sure the statute of limitations would be long gone. Just be glad you actually got out before now.

Well I don't live in the USA or in Japan, does this apply to Europe?

[phzi]

Basically, no.  That thread is totally FUD.  MtGox was offering a trading service... they might have been running a fractional reserve, but it wasn't a ponzi scheme.

[goose20]

 
Even if it was legislated somewhere that this was a possibility, the costs to administer any attempt to recover from 1000’s of people would far outway any recoveries.
 
Never going to happen mate.

I do not know the position/legislation of other countries – but having been an Insolvency Practitioner in Australia for many years – I can provide the position as it would be in OZ (I would assume most countries would have a similar line).
 
What you are talking about is receiving a Preferential Payment (PP). And a PP can be recovered by a Liquidator of a company in liquidation.
 
However, a creditor/debtor relationship needs to have existed, AND the creditor must have known, or ought to have known, at that time that the debtor was unable to meet its payments as and when they fell due.
 
I do not think a customer of Gox was a creditor firstly. And in no way can anyone prove that someone should have known back in 2011 that Gox would be insolvent in 2014. The two events cannot be tied no matter how it all gets twisted.

You're sweet.

[traderman]

Another reason why bitcoin and fiat should never mix.

[Vod]

Another reason why bitcoin and fiat should never mix.

MTGox made money on every transaction.  It was a great business model.

It collapsed because a substantial amount of coins went missing.  External theft or internal corruption, we may never know. 

[traderman]

The more bitcoin and fiat mix the more excuses the politicians will have to meddle and try and disrupt cryptos. There is no middle ground in this fight unfortunately.

[whtchocla7e]

I started using Gox back in 2011 cause I was still new, I sold 50-100 coins when the price was 25-30 dollars at the time. Now you are telling me that I could potentially be asked forced to RETURN the money???

You would get your coins back and they'd be worth 10x more now. Is that a bad thing?

[Bitcoinpro]

Fraudster Mark has the coins go search around official Mtgox addresses and shut up

[CurbsideProphet]

Basically, no.  That thread is totally FUD.  MtGox was offering a trading service... they might have been running a fractional reserve, but it wasn't a ponzi scheme.

Basically this.  Plus it was reported Gox had almost a million customers, you think they're going to sue a million people?  C'mon.

[hostmaster]

Basically, no.  That thread is totally FUD.  MtGox was offering a trading service... they might have been running a fractional reserve, but it wasn't a ponzi scheme.

Agreed. There are many speculation which is untrue!