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"Governments are good at cutting off the heads of a centrally
controlled
networks like Napster, but pure P2P networks like Gnutella and Tor seem
to be holding their own." -- Satoshi
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studio1one
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February 28, 2014, 09:26:52 AM |
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oooh, going to be buy or sell, that's the question. |
| BINTEX | |
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Bitcoinpro
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Activity: 1344
Merit: 1000
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February 28, 2014, 09:28:30 AM |
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Mark must be getting a tonne of pressure from all his religious brothers at Bitcoin talk
Mark the Aussie Feds are about to rip us to pieces give those dam coins back you fat fk
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LTC: LP7bcFENVL9vdmUVea1M6FMyjSmUfsMVYf
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btc4ever
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February 28, 2014, 09:30:49 AM |
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making a statement to whom? the protestors? the media?
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Psst!! Wanna make bitcoin unstoppable? Why the Only Real Way to Buy Bitcoins Is on the Streets. Avoid banks and centralized exchanges. Buy/Sell coins locally. Meet other bitcoiners and develop your network. Try localbitcoins.com or find or start a buttonwood / satoshi square in your area. Pass it on! |
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repentance (OP)
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February 28, 2014, 09:35:36 AM |
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WSJ is also reporting that a press conference is imminent.
online.wsj.com/news/articles/SB10001424052702303801304579410010379087576?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702303801304579410010379087576.html
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All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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btcrich
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February 28, 2014, 09:35:54 AM |
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making a statement to whom? the protestors? the media?
Well, the tweet says to the press... |
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RaTTuS
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February 28, 2014, 09:37:39 AM |
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In the Beginning there was CPU , then GPU , then FPGA then ASIC, what next I hear to ask ....
1RaTTuSEN7jJUDiW1EGogHwtek7g9BiEn
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MegaHustlr
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February 28, 2014, 09:37:46 AM |
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oooh, going to be buy or sell, that's the question. Buy? BUY BUY BUY wait no SELL SELL SELL! The community at the moment ^ |
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DutchBrat
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February 28, 2014, 09:38:47 AM |
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*DJ Mt. Gox Lawyer: Outstanding Debt Y6.5B
*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection
*DJ Mt. Gox Lawyer: Accepted By Tokyo District Court
So around $ 60 mln outstanding debt
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repentance (OP)
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February 28, 2014, 09:39:27 AM |
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All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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Bitcoinpro
Legendary
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Activity: 1344
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February 28, 2014, 09:44:08 AM |
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they still have the coin  you cannot file for Bankruptcy when your guilty of Fraud if the Japaneses government accepts this they are Liable for 100% of the losses do a search of your official Mtgox addresses the coin is still in there I found 6000 with a brief search |
WWW.FACEBOOK.COM
CRYPTOCURRENCY CENTRAL BANK
LTC: LP7bcFENVL9vdmUVea1M6FMyjSmUfsMVYf
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ZeroBarrier
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February 28, 2014, 09:45:05 AM |
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That's it boys and girls, the fat lady has sung. Whoever had bitcoin and/fiat in MtGOX has officially lost every satoshi/cent.
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User705
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Activity: 896
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First 100% Liquid Stablecoin Backed by Gold
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February 28, 2014, 09:46:54 AM |
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*DJ Mt. Gox Lawyer: Outstanding Debt Y6.5B
*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection
*DJ Mt. Gox Lawyer: Accepted By Tokyo District Court
So around $ 60 mln outstanding debt
Only $60mln? The BS out of gox continues. |
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studio1one
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February 28, 2014, 09:47:25 AM |
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oooh, going to be buy or sell, that's the question. Buy? BUY BUY BUY wait no SELL SELL SELL! The community at the moment ^ Well, either they are fucked, so I sell my coin before they tank, or they are fine so I buy some coin before they rocket. Not hard Oh, they're fucked, temporarily into fiat. All I want is more coins, nothign wrong with that. |
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DutchBrat
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February 28, 2014, 09:52:53 AM |
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DJ Mt. Gox Files for Bankruptcy Protection By Eleanor Warnock and Takashi Mochizuki TOKYO--A lawyer for Mt. Gox announced at a news conference at the Tokyo District Court that the embattled bitcoin exchange was filing for bankruptcy protection and that Mt. Gox had outstanding debt of about Yen6.5 billion ($63.6 million). The exchange has been under fire from investors since it stopped bitcoin withdrawals in early February, citing a technical issue that potentially made fraudulent withdrawals possible. On Tuesday, Mt. Gox, which at one point handled more than 80% of trades in the virtual currency, stopped all transactions, dealing the severest blow to the bitcoin industry yet and raised concerns about a lack of protection for users. Several Mt. Gox investors say they have little hope of recovering their funds, with some individual investors saying they had bitcoins valued at hundreds of thousands of dollars in Mt. Gox. Atsuko Fukase contributed to this article Write to Eleanor Warnock at eleanor.warnock@wsj.com and Takashi Mochizuki at takashi.mochizuki@wsj.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires (END) Dow Jones Newswires February 28, 2014 04:50 ET (09:50 GMT) Copyright (c) 2014 Dow Jones & Company, Inc.- - 04 50 AM EST 02-28-14 -----------------------------====================------------------------------ Copyright (c) 2014 |
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ZeroBarrier
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February 28, 2014, 09:53:22 AM |
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they still have the coin you cannot file for Bankruptcy when your guilty of Fraud if the Japaneses government accepts this they are Liable for 100% of the losses do a search of your official Mtgox addresses the coin is still in there I found 6000 with a brief search Do you even know what Bankruptcy protection is? Let me give you a clue, it doesn't mean the don't have any money. "Bankruptcy protection" is the process by which a debtor is "protected" by a court while they reorganize their finances. Protected from what? Protected from excessively hasty or harassing creditor actions, such as foreclosures, repossessions, law suits, harassing telephone calls, and the like. A more accurate lay-terminology for filing for "bankruptcy protection" would be filing for "financial reorganization" or "financial restructuring" under Chapter 7 or Chapter 13. |
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Bitcoinpro
Legendary
Offline
Activity: 1344
Merit: 1000
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February 28, 2014, 09:56:44 AM |
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they still have the coin you cannot file for Bankruptcy when your guilty of Fraud if the Japaneses government accepts this they are Liable for 100% of the losses do a search of your official Mtgox addresses the coin is still in there I found 6000 with a brief search Do you even know what Bankruptcy protection is? Let me give you a clue, it doesn't mean the don't have any money. "Bankruptcy protection" is the process by which a debtor is "protected" by a court while they reorganize their finances. Protected from what? Protected from excessively hasty or harassing creditor actions, such as foreclosures, repossessions, law suits, harassing telephone calls, and the like. A more accurate lay-terminology for filing for "bankruptcy protection" would be filing for "financial reorganization" or "financial restructuring" under Chapter 7 or Chapter 13. Your talking to someone who has studied just about every major bankruptcy filing in the last 20 years he still has the coin ? check your official Mtgox addresses so he dosn't want to give it back so he is Bankrupt |
WWW.FACEBOOK.COM
CRYPTOCURRENCY CENTRAL BANK
LTC: LP7bcFENVL9vdmUVea1M6FMyjSmUfsMVYf
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repentance (OP)
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February 28, 2014, 09:57:24 AM |
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*DJ Mt. Gox Lawyer: Outstanding Debt Y6.5B
*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection
*DJ Mt. Gox Lawyer: Accepted By Tokyo District Court
So around $ 60 mln outstanding debt
Only $60mln? The BS out of gox continues. I have no doubt the actual filings will be made public by the media soon. If they've lost access to their cold wallets - as some have theorised - that could explain why the nominal debt is only $60 million. The cold wallets would still technically count as an asset. |
All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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repentance (OP)
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February 28, 2014, 09:58:01 AM |
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Your talking to someone who has studied just about every major bankruptcy filing in the last 20 years he still has the coin ? check your official Mtgox addresses so he dosn't want to give it back so he is Bankrupt You haven't studied them very well it seems or you know that you don't need to have no assets in order to be insolvent. MtGox has not previously stated that they didn't have any Bitcoin. That's something which the community latched onto based on various pieces of information provided by others. They have a USD deficit of over $20 million. It's perfectly possible for them to have a lot of Bitcoin and still be short another $40 million even when the BTC in known MtGox accounts are taken into account. |
All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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DutchBrat
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February 28, 2014, 09:59:05 AM |
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They have $63 mln more liabilities than assets.... i.e. they can't give everyone 100% back
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Bitcoinpro
Legendary
Offline
Activity: 1344
Merit: 1000
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February 28, 2014, 10:01:50 AM |
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this is turning into a freak show that would hardly have been enough to cause bankruptcy
just goes too show the corrupt bankers have accepted defeat now every million they can con
out of you is a plus
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CRYPTOCURRENCY CENTRAL BANK
LTC: LP7bcFENVL9vdmUVea1M6FMyjSmUfsMVYf
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broolstoryco
Member
Offline
Activity: 76
Merit: 10
Enemy of the State
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February 28, 2014, 10:05:40 AM |
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Do we have any more information regarding the statement? What about the exact nature of the liabilities? anything?
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ZeroBarrier
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February 28, 2014, 10:06:26 AM |
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Your talking to someone who has studied just about every major bankruptcy filing in the last 20 years he still has the coin ? check your official Mtgox addresses so he dosn't want to give it back so he is Bankrupt They didn't file for bankruptcy, they filed for bankruptcy protection; huge difference. I guess you missed that class that one day, huh? |
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ilpirata79
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February 28, 2014, 10:06:35 AM |
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Who got bitcoins on the exchange? Is it going to get something?
Best regards,
ilpirata79
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LeChatNoir
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February 28, 2014, 10:14:19 AM |
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Who got bitcoins on the exchange? Is it going to get something?
Best regards,
ilpirata79
I don't think so, why the fu.ck would the fat ass give back something at this point. |
Coinpanion.io - Copy Successful Crypto Traders
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crazynoggin
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February 28, 2014, 10:14:36 AM |
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This should be interesting, I wonder what the real reason is behind this debt. Considering they haven't filed for bankruptcy yet, there may be a way they can recover the funds, they are just not currently accessible. Also, this means that they are likely going to try to come back.
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Zarathustra
Legendary
Offline
Activity: 1162
Merit: 1004
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February 28, 2014, 10:14:56 AM |
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*DJ Mt. Gox Lawyer: Outstanding Debt Y6.5B
*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection
*DJ Mt. Gox Lawyer: Accepted By Tokyo District Court
So around $ 60 mln outstanding debt
Only $60mln? The BS out of gox continues. Seems plausible: http://goxbalance.com/ |
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DutchBrat
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February 28, 2014, 10:15:01 AM |
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*DJ Mt. Gox Lawyer: 750,000 Bitcoin Held by Clients, 100,000 Held by Mt. Gox Mostly Missing
*DJ Mt. Gox Lawyer: Missing Bitcoin May Have Been Withdrawn Through System
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studio1one
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February 28, 2014, 10:15:26 AM |
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Who got bitcoins on the exchange? Is it going to get something?
Best regards,
ilpirata79
Well, it is more likely than if they had filed for bankruptcy but no one actually knows. |
| BINTEX | |
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eldentyrell
Donator
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Activity: 980
Merit: 1004
felonious vagrancy, personified
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February 28, 2014, 10:16:17 AM |
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The cold wallets would still technically count as an asset.
Very true, but if they really have lost the keys then that asset is certainly not worth 100 cents on the dollar. Or yen. Or whatever. |
The printing press heralded the end of the Dark Ages and made the Enlightenment possible, but it took another three centuries before any country managed to put freedom of the press beyond the reach of legislators. So it may take a while before cryptocurrencies are free of the AML-NSA-KYC surveillance plague.
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Bitcoinpro
Legendary
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Activity: 1344
Merit: 1000
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February 28, 2014, 10:17:48 AM |
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Do we have any more information regarding the statement? What about the exact nature of the liabilities? anything?
this is a big scam going on here no information is being made public at all |
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CRYPTOCURRENCY CENTRAL BANK
LTC: LP7bcFENVL9vdmUVea1M6FMyjSmUfsMVYf
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Bitcoinpro
Legendary
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Activity: 1344
Merit: 1000
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February 28, 2014, 10:18:54 AM |
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The cold wallets would still technically count as an asset.
Very true, but if they really have lost the keys then that asset is certainly not worth 100 cents on the dollar. Or yen. Or whatever. no keys have been lost that is ridiculous where did you get this information ? |
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CRYPTOCURRENCY CENTRAL BANK
LTC: LP7bcFENVL9vdmUVea1M6FMyjSmUfsMVYf
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DutchBrat
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February 28, 2014, 10:19:10 AM |
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*DJ Mt. Gox Lawyer: Mt. Gox Assets Y3.84B
*DJ Mt. Gox Lawyer: Will Cooperate With Japanese Authorities Into Investigating What Happened
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studio1one
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February 28, 2014, 10:21:30 AM |
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*DJ Mt. Gox Lawyer: Mt. Gox Assets Y3.84B
*DJ Mt. Gox Lawyer: Will Cooperate With Japanese Authorities Into Investigating What Happened
If true they have more than half of their liabilities at book. Worst case scenario would be creditors getting 50% back. We'll see the veracity of claims in the near future. |
| BINTEX | |
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billington.mark
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February 28, 2014, 10:22:35 AM |
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Where is the official press release? are we basing all these posts on some tweets and the WSJ link?
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BTC - 1MarkBCmVn3yp1SB9RZZ7VfqJzkpV8Hmdo
BitMessage - BM-GtZkeAbmKGs77FEoigm9TmsQBSfvMB3N
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jl2012
Legendary
Offline
Activity: 1792
Merit: 1093
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February 28, 2014, 10:23:07 AM |
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*DJ Mt. Gox Lawyer: Outstanding Debt Y6.5B
*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection
*DJ Mt. Gox Lawyer: Accepted By Tokyo District Court
So around $ 60 mln outstanding debt
Only $60mln? The BS out of gox continues. I have no doubt the actual filings will be made public by the media soon. If they've lost access to their cold wallets - as some have theorised - that could explain why the nominal debt is only $60 million. The cold wallets would still technically count as an asset. I'm pretty surprised to learn that's only $60 million. In this case many people can bail it out. Just not sure how they calculate the value of bitcoin. I guess $130/BTC? |
Donation address: 374iXxS4BuqFHsEwwxUuH3nvJ69Y7Hqur3 (Bitcoin ONLY)
LRDGENPLYrcTRssGoZrsCT1hngaH3BVkM4 (LTC)
PGP: D3CC 1772 8600 5BB8 FF67 3294 C524 2A1A B393 6517
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RaTTuS
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February 28, 2014, 10:23:32 AM |
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In the Beginning there was CPU , then GPU , then FPGA then ASIC, what next I hear to ask ....
1RaTTuSEN7jJUDiW1EGogHwtek7g9BiEn
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ilpirata79
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February 28, 2014, 10:24:08 AM |
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*DJ Mt. Gox Lawyer: Outstanding Debt Y6.5B
*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection
*DJ Mt. Gox Lawyer: Accepted By Tokyo District Court
So around $ 60 mln outstanding debt
Only $60mln? The BS out of gox continues. I have no doubt the actual filings will be made public by the media soon. If they've lost access to their cold wallets - as some have theorised - that could explain why the nominal debt is only $60 million. The cold wallets would still technically count as an asset. I'm pretty surprised to learn that's only $60 million. In this case many people can bail it out. Just not sure how they calculate the value of bitcoin. I guess $130/BTC? I guess they haven't even considered lost bitcoins. Best regards, ilpirata79 |
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DutchBrat
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February 28, 2014, 10:24:16 AM |
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*CALL CENTER WILL BE SET UP FOR MT. GOX CUSTOMERS
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studio1one
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February 28, 2014, 10:27:52 AM |
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*DJ Mt. Gox Lawyer: Outstanding Debt Y6.5B
*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection
*DJ Mt. Gox Lawyer: Accepted By Tokyo District Court
So around $ 60 mln outstanding debt
Only $60mln? The BS out of gox continues. I have no doubt the actual filings will be made public by the media soon. If they've lost access to their cold wallets - as some have theorised - that could explain why the nominal debt is only $60 million. The cold wallets would still technically count as an asset. I'm pretty surprised to learn that's only $60 million. In this case many people can bail it out. Just not sure how they calculate the value of bitcoin. I guess $130/BTC? I guess they haven't even considered lost bitcoins. Best regards, ilpirata79 for the sake of filing for bankruptcy protection they will have had to count coins in hand as an assett. I would guess at 130 USD / BTC as that was closing price. This would make sense as to why they let out no info, closed withdrawals and let the price tank. It was in their interest. The lower the price of each coin on their balance sheet, the lower their debt would be when filing for protection. |
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DutchBrat
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February 28, 2014, 10:29:07 AM |
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*MT. GOX CEO MARK KARPELES APOLOGIZES AFTER FIRM'S BANKRUPTCY
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jl2012
Legendary
Offline
Activity: 1792
Merit: 1093
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February 28, 2014, 10:30:29 AM |
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*DJ Mt. Gox Lawyer: Outstanding Debt Y6.5B
*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection
*DJ Mt. Gox Lawyer: Accepted By Tokyo District Court
So around $ 60 mln outstanding debt
Only $60mln? The BS out of gox continues. I have no doubt the actual filings will be made public by the media soon. If they've lost access to their cold wallets - as some have theorised - that could explain why the nominal debt is only $60 million. The cold wallets would still technically count as an asset. I'm pretty surprised to learn that's only $60 million. In this case many people can bail it out. Just not sure how they calculate the value of bitcoin. I guess $130/BTC? I guess they haven't even considered lost bitcoins. Best regards, ilpirata79 for the sake of filing for bankruptcy protection they will have had to count coins in hand as an assett. I would guess at 130 USD / BTC as that was closing price. This would make sense as to why they let out no info, closed withdrawals and let the price tank. It was in their interest. The lower the price of each coin on their balance sheet, the lower their debt would be when filing for protection. But I think an action like this is illegal and the court will calculate with the "real" fair price when they are closed, which is about 500 |
Donation address: 374iXxS4BuqFHsEwwxUuH3nvJ69Y7Hqur3 (Bitcoin ONLY)
LRDGENPLYrcTRssGoZrsCT1hngaH3BVkM4 (LTC)
PGP: D3CC 1772 8600 5BB8 FF67 3294 C524 2A1A B393 6517
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ilpirata79
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February 28, 2014, 10:30:32 AM |
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for the sake of filing for bankruptcy protection they will have had to count coins in hand as an assett. I would guess at 130 USD / BTC as that was closing price.
This would make sense as to why they let out no info, closed withdrawals and let the price tank. It was in their interest. The lower the price of each coin on their balance sheet, the lower their debt would be when filing for protection.
What do you mean? So you think that in the 64 millions of debt also lost bitcoins are counted? i would hope so, but... Best regards, ilpirata79 |
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studio1one
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February 28, 2014, 10:32:52 AM |
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*DJ Mt. Gox Lawyer: Outstanding Debt Y6.5B
*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection
*DJ Mt. Gox Lawyer: Accepted By Tokyo District Court
So around $ 60 mln outstanding debt
Only $60mln? The BS out of gox continues. I have no doubt the actual filings will be made public by the media soon. If they've lost access to their cold wallets - as some have theorised - that could explain why the nominal debt is only $60 million. The cold wallets would still technically count as an asset. I'm pretty surprised to learn that's only $60 million. In this case many people can bail it out. Just not sure how they calculate the value of bitcoin. I guess $130/BTC? I guess they haven't even considered lost bitcoins. Best regards, ilpirata79 for the sake of filing for bankruptcy protection they will have had to count coins in hand as an assett. I would guess at 130 USD / BTC as that was closing price. This would make sense as to why they let out no info, closed withdrawals and let the price tank. It was in their interest. The lower the price of each coin on their balance sheet, the lower their debt would be when filing for protection. But I think an action like this is illegal and the court will calculate with the "real" fair price when they are closed, which is about 500 Quite possibly, hard to guess really without seeing the filing documents. I am sure they will come out. |
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repentance (OP)
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February 28, 2014, 10:33:10 AM |
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*DJ Mt. Gox Lawyer: Mt. Gox Assets Y3.84B
*DJ Mt. Gox Lawyer: Will Cooperate With Japanese Authorities Into Investigating What Happened
If true they have more than half of their liabilities at book. Worst case scenario would be creditors getting 50% back. We'll see the veracity of claims in the near future. That's not the worst case scenario at all. We don't know if the filing even includes BTC. We do know that fees involved in sorting out business bankruptcies tend to chew through enormous amounts of remaining assets and that unsecured creditors typically receive little or no return. Without access to the information contained in the filings, all we know for sure is that legal actions in Japan will now be stayed (and legal actions initiated outside Japan will likely be rendered futile). |
All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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studio1one
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February 28, 2014, 10:34:14 AM |
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*DJ Mt. Gox Lawyer: Mt. Gox Assets Y3.84B
*DJ Mt. Gox Lawyer: Will Cooperate With Japanese Authorities Into Investigating What Happened
If true they have more than half of their liabilities at book. Worst case scenario would be creditors getting 50% back. We'll see the veracity of claims in the near future. That's not the worst case scenario at all. We don't know if the filing even includes BTC. We do know that fees involved in sorting out business bankruptcies tend to chew through enormous amounts of remaining assets and that unsecured creditors typically receive little or no return. Without access to the information contained in the filings, all we know for sure is that legal actions in Japan will now be stayed (and legal actions initiated outside Japan will likely be rendered futile). You are right, it was a massive simplification on my part. I would be amazed if the asset and debt didn't include BTC. The court would throw it out in a second. |
| BINTEX | |
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repentance (OP)
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February 28, 2014, 10:46:35 AM |
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You are right, it was a massive simplification on my part.
I would be amazed if the asset and debt didn't include BTC. The court would throw it out in a second.
Although it's logical to assume that, we honestly won't know until the filings are made public exactly what's going on, what's included and what's not, and exactly what MtGox has sought. I want to see those filings just as much as everyone else, although I suspect that no matter what they indicate people are still going to be unhappy with the information and believe that the process "should" be handled differently. It's a novel case, so even the lawyers who filed on behalf of MtGox are still only guessing about how BTC liabilities will be addressed during the process. |
All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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jl2012
Legendary
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Activity: 1792
Merit: 1093
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February 28, 2014, 10:49:26 AM |
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As claimed in the Crisis plan, they have:
Assets: 32,430,000 USD + 2,000 BTC
Liabilities: 55,000,000 USD + 744,408 BTC
Now they say they have assets of 3.84B JPY = 37.71M USD and liabilities of 6.5B JPY = 63.84M USD
So solving the equations:
32430000 + 2000 A = 37710000
A = 2640 (USD/BTC)
55000000 + 744408 B = 63840000
B = 11.87 (USD/BTC)
So there must be something wrong with the crisis plan figures
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Donation address: 374iXxS4BuqFHsEwwxUuH3nvJ69Y7Hqur3 (Bitcoin ONLY)
LRDGENPLYrcTRssGoZrsCT1hngaH3BVkM4 (LTC)
PGP: D3CC 1772 8600 5BB8 FF67 3294 C524 2A1A B393 6517
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hostmaster
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February 28, 2014, 10:53:41 AM |
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Good news. It's always better to stayin touch. |
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studio1one
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February 28, 2014, 10:54:08 AM |
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You are right, it was a massive simplification on my part.
I would be amazed if the asset and debt didn't include BTC. The court would throw it out in a second.
Although it's logical to assume that, we honestly won't know until the filings are made public exactly what's going on, what's included and what's not, and exactly what MtGox has sought. I want to see those filings just as much as everyone else, although I suspect that no matter what they indicate people are still going to be unhappy with the information and believe that the process "should" be handled differently. It's a novel case, so even the lawyers who filed on behalf of MtGox are still only guessing about how BTC liabilities will be addressed during the process. Agree entirely. |
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bananas
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February 28, 2014, 10:56:04 AM |
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they still have the coin you cannot file for Bankruptcy when your guilty of Fraud That's correct. Even if it is true that he was stolen, he still frauded his customers by pretending to have their funds and creating a ponzi. |
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studio1one
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February 28, 2014, 10:56:55 AM |
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As claimed in the Crisis plan, they have:
Assets: 32,430,000 USD + 2,000 BTC
Liabilities: 55,000,000 USD + 744,408 BTC
Now they say they have assets of 3.84B JPY = 37.71M USD and liabilities of 6.5B JPY = 63.84M USD
So solving the equations:
32430000 + 2000 A = 37710000
A = 2640 (USD/BTC)
55000000 + 744408 B = 63840000
B = 11.87 (USD/BTC)
So there must be something wrong with the crisis plan figures
I am far from convinced that crisis plan was anything other than a made up crock of shit. I mean it was claimed to be an internal document but stated in it that "to stop Gox going under (although god knows they deserve to)" and on one page the mountain logo of Gox had a goat sat on top of it. Not convinced by it at all. |
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5flags
Full Member
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Activity: 224
Merit: 100
Professional anarchist
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February 28, 2014, 10:59:40 AM |
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Not convinced by it at all.
No, something isn't right. I've not gone through all the details carefully, was the 744,000BTC ever corroborated? That's a LOT of BTC. This would only be possible if they had lost coins they claimed were in cold storage. If so, how were they lost? Were they really in cold storage? |
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bananas
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February 28, 2014, 11:02:32 AM |
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Anyone believe he was stole? It was too much over a long period, impossible i think. I believe he was just using everyone's funds for his own profit and did shit. Or maybe he just sold at profit, hide it in Switzerland and then created the ponzi.
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nitehawk
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February 28, 2014, 11:03:21 AM |
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steal 350 mil in bitcoin .. file for protection so you dont get sued pay down 60mil in debt sell to some other sucker and walk off with 290 mil ....
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jl2012
Legendary
Offline
Activity: 1792
Merit: 1093
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February 28, 2014, 11:08:22 AM |
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As claimed in the Crisis plan, they have:
Assets: 32,430,000 USD + 2,000 BTC
Liabilities: 55,000,000 USD + 744,408 BTC
Now they say they have assets of 3.84B JPY = 37.71M USD and liabilities of 6.5B JPY = 63.84M USD
So solving the equations:
32430000 + 2000 A = 37710000
A = 2640 (USD/BTC)
55000000 + 744408 B = 63840000
B = 11.87 (USD/BTC)
So there must be something wrong with the crisis plan figures
I am far from convinced that crisis plan was anything other than a made up crock of shit. I mean it was claimed to be an internal document but stated in it that "to stop Gox going under (although god knows they deserve to)" and on one page the mountain logo of Gox had a goat sat on top of it. Not convinced by it at all. But the lawyer really claims that they have lost 750000 customer's coins. Even at $100 each that would be $74M. But now they say their outstanding debt is only $63.84M, including fiat. Just don't add up. Maybe the outstanding debt has already deducted the assets? That would make the total liability as $101,550,000 and $135.4/BTC, exactly the closing price. (However, this assume they have no fiat liability.....) |
Donation address: 374iXxS4BuqFHsEwwxUuH3nvJ69Y7Hqur3 (Bitcoin ONLY)
LRDGENPLYrcTRssGoZrsCT1hngaH3BVkM4 (LTC)
PGP: D3CC 1772 8600 5BB8 FF67 3294 C524 2A1A B393 6517
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5flags
Full Member
Offline
Activity: 224
Merit: 100
Professional anarchist
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February 28, 2014, 11:09:57 AM |
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But the lawyer really claims that they have lost 750000 customer's coins. Even at $100 each that would be $74M. But now they say their outstanding debt is only $63.84M, including fiat. Just don't add up.
Maybe the outstanding debt has already deducted the assets? That would make the total liability as $101,550,000 and $135.4/BTC, exactly the closing price. (However, this assume they have no fiat liability.....)
Don't forget Dwolla and US account seizures. |
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lorix
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February 28, 2014, 11:13:23 AM |
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Seppuku is an old Japanese tradition isn't it?
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Proud family man, futurist and all-round Bitcoin fanatic!  1KBN5gTzX3ECSu9XHrsZJPsMn7vjT67ciF |
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repentance (OP)
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February 28, 2014, 11:22:27 AM |
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As claimed in the Crisis plan, they have:
Assets: 32,430,000 USD + 2,000 BTC
Liabilities: 55,000,000 USD + 744,408 BTC
Now they say they have assets of 3.84B JPY = 37.71M USD and liabilities of 6.5B JPY = 63.84M USD
So solving the equations:
32430000 + 2000 A = 37710000
A = 2640 (USD/BTC)
55000000 + 744408 B = 63840000
B = 11.87 (USD/BTC)
So there must be something wrong with the crisis plan figures
I am far from convinced that crisis plan was anything other than a made up crock of shit. I mean it was claimed to be an internal document but stated in it that "to stop Gox going under (although god knows they deserve to)" and on one page the mountain logo of Gox had a goat sat on top of it. Not convinced by it at all. But the lawyer really claims that they have lost 750000 customer's coins. Even at $100 each that would be $74M. But now they say their outstanding debt is only $63.84M, including fiat. Just don't add up. Maybe the outstanding debt has already deducted the assets? That would make the total liability as $101,550,000 and $135.4/BTC, exactly the closing price. (However, this assume they have no fiat liability.....) The figure of $63 million seems to refer only to their liquid liabilities. http://www.cnbc.com/id/101455170 |
All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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Vitamin
Newbie
Offline
Activity: 42
Merit: 0
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February 28, 2014, 11:32:33 AM |
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It's possible that of the 744k BTC lost, MtGox has enough coins in cold storage to cover all but the $64 million he's filing for.
That being said I still hope his ass winds up in jail over criminal negligence or something. Losing tens of millions of dollars of other people's money because you don't know how to read a fucking ledger should be a crime.
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repentance (OP)
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February 28, 2014, 11:39:09 AM |
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It's possible that of the 744k BTC lost, MtGox has enough coins in cold storage to cover all but the $64 million he's filing for.
That being said I still hope his ass winds up in jail over criminal negligence or something. Losing tens of millions of dollars of other people's money because you don't know how to read a fucking ledger should be a crime.
No, the $63.6 million is liquid liabilities - so it's basically the cash liabilities. |
All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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5flags
Full Member
Offline
Activity: 224
Merit: 100
Professional anarchist
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February 28, 2014, 11:40:26 AM |
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That being said I still hope his ass winds up in jail over criminal negligence or something. Losing tens of millions of dollars of other people's money because you don't know how to read a fucking ledger should be a crime.
As free market libertarians, shouldn't we just say that the market will sort this out? It will create a market demand for mechanisms that allow exchanges to demonstrate their solvency. |
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5flags
Full Member
Offline
Activity: 224
Merit: 100
Professional anarchist
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February 28, 2014, 11:44:38 AM |
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As free market libertarians, shouldn't we just say that the market will sort this out? It will create a market demand for mechanisms that allow exchanges to demonstrate their solvency.
Or a demand for decentralised exchanges. Or both. |
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ZeroBarrier
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February 28, 2014, 11:48:09 AM |
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As free market libertarians, shouldn't we just say that the market will sort this out? It will create a market demand for mechanisms that allow exchanges to demonstrate their solvency.
Stop using such logic, this is no time to be thinking that way! People are here hurt, crying and pleading for government/fed/law enforcement/lawyers/etc. to save their money; once that happens I'm sure they'll be fine and back on track saying the market will sort stuff out (as long as it benefits them that is). |
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Vitamin
Newbie
Offline
Activity: 42
Merit: 0
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February 28, 2014, 12:09:04 PM |
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That being said I still hope his ass winds up in jail over criminal negligence or something. Losing tens of millions of dollars of other people's money because you don't know how to read a fucking ledger should be a crime.
As free market libertarians, shouldn't we just say that the market will sort this out? It will create a market demand for mechanisms that allow exchanges to demonstrate their solvency. What makes you assume everyone who uses Bitcoin is a "free market libertarian"? |
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5flags
Full Member
Offline
Activity: 224
Merit: 100
Professional anarchist
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February 28, 2014, 12:11:48 PM |
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What makes you assume everyone who uses Bitcoin is a "free market libertarian"?
Well, anyone who wants a state distorted market is welcome to stick to those markets. |
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