*DJ Mt. Gox Lawyer: Filed For Bankruptcy Protection Y6.5B Debt - updated

[MorXpe]

He is just adorable! 

https://i.imgur.com/2MoGOIz.jpg

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[Seuros]

MtGox should publish full details of all their compromised cold storage wallet addresses so we can see what happened.

They can't.
I had a contact that was contracted by MtGox few months ago, and she said that some critical logs were kept in memory for fast access and no persistent storage was  used.

[repentance]

I want to know where every single one of those missing 750k Bitcoin have gone to.

MtGox should publish full details of all their compromised cold storage wallet addresses so we can see what happened.

Right now for all I know Mark simply decided to keep all the coins for himself - he needs to prove he didn't do this.

Not a chance in hell of MtGox releasing any further financial information without explicit approval at the moment, especially not with government investigations in progress.

[caston]

The cold wallets and much of MT Gox fiat funds are being held by the US government. This is continued fall out from SR and Bitinstant.



http://www.reddit.com/r/BitcoinMarkets/comments/1z2xo5/speculation_the_us_government_has_control_of_goxs/

If the Government is left continue as they wish without the community voicing opposition.

The best outcome is that those who cannot be connected with SR will eventually get their BTC back.

The worst outcome is that the government won't give anyones BTC back.

Additionally JP Morgan is involved in trying to destroy Mt Gox /Mark and even the Bitcoin economy. The Bitcoin community needs to come together as one in this time of need. They are trying to divide and conquer us.

[sgk]

[mission]

Can someone explain please what's "bankrupty protection" about?
Does it mean he wants Japanese taxpayers to pay off his debt?

[FTWbitcoinFTW]

[nmersulypnem]

Can someone explain please what's "bankrupty protection" about?
Does it mean he wants Japanese taxpayers to pay off his debt?

It just means that no one can individually sue MtGox.  Everyone will have to get in line for their cut of what's left (not that it matters, because it sounds like there's nothing left).

[MorXpe]

Can someone explain please what's "bankrupty protection" about?
Does it mean he wants Japanese taxpayers to pay off his debt?

It just means that no one can individually sue MtGox.  Everyone will have to get in line for their cut of what's left (not that it matters, because it sounds like there's nothing left).

But I still hope for some kind of deal with MtGox in which they would slowly pay their customers back in the future.

I know it's not how corporations work. I just wish this one is still different.

Mark is not an evil guy, and I believe that he would chose what's best for depositors.

[caston]

It is important to remember. They have filed for bankruptcy protection not bankruptcy. If you want to know who has the cold wallet(s) with the 750k+ bitcoins you need to lodge an FOI with the US Government.

Mark is under a gag order and cannot give out this information himself.

[papamoi]

It is important to remember. They have filed for bankruptcy protection not bankruptcy. If you want to know who has the cold wallet(s) with the 750k+ bitcoins you need to lodge an FOI with the US Government.

Mark is under a gag order and cannot give out this information himself.

i m not sure of what you are talking about

his company is in japan and follows japan rules.us gag orders or else are not effective there.

and also abankrupcy protection plan is done when a comapny is not able to pay it s bills/creditorst.the plan freezes all debtors and creditors and give time to the administrator in charge to come with a solution within a certain amount of time.

if the solution doesnt suits suitable then we go to the liquidation of the assets and redistribution


this is how it s works in real word

[Shermo]

Looking at the numbers they basically have half the liquid cash to be able to pay everyone back. So in an ideal world everyone would get 1/2 what they are owed, which is a lot better than nothing.

But it doesn't really break it down into whether thats just cash, or includes Bitcoins, and if so at what exchange rate? The $100ish that MtGox was, or the average value on other exchanges at that date?

Also administrators will eat a huge chunk on the money, and generally the biggest creditors will get dealt with first leaving anyone with normal sums of money screwed over.

[nmersulypnem]

Looking at the numbers they basically have half the liquid cash to be able to pay everyone back. So in an ideal world everyone would get 1/2 what they are owed, which is a lot better than nothing.

But it doesn't really break it down into whether thats just cash, or includes Bitcoins, and if so at what exchange rate? The $100ish that MtGox was, or the average value on other exchanges at that date?

Also administrators will eat a huge chunk on the money, and generally the biggest creditors will get dealt with first leaving anyone with normal sums of money screwed over.

People who have bitcoins, lost them completely.  Everyone who sold to cash will get 50%.   They are considered property, not money, and property isn't "priced" at some exchange rate.  Although, it's possible that the courts will look at this unique case with some open mindedness.   That is why people fire sold all the way down to $90 on Gox!  Those were the people in the know.  Everyone else was living in denial.

[caston]

It is important to remember. They have filed for bankruptcy protection not bankruptcy. If you want to know who has the cold wallet(s) with the 750k+ bitcoins you need to lodge an FOI with the US Government.

Mark is under a gag order and cannot give out this information himself.

i m not sure of what you are talking about

his company is in japan and follows japan rules.us gag orders or else are not effective there.

and also abankrupcy protection plan is done when a comapny is not able to pay it s bills/creditorst.the plan freezes all debtors and creditors and give time to the administrator in charge to come with a solution within a certain amount of time.

if the solution doesnt suits suitable then we go to the liquidation of the assets and redistribution


this is how it s works in real word

This is further fall out from SR. A lot of money was laundered through bitinstant and mtgox and then into SR. Marks biggest concern as he stated in the IRC chat log was not hackers but banks and governments.

BTW http://www.differencebetween.net/business/difference-between-bankruptcy-and-bankruptcy-protection/

The bankruptcy protection to help them avoid all the lawsuits. Currently Mark is fighting a battle on multiple fronts. It actually must feel like everyone in the world is against him both the Government and the community he is part of. In reality the damage to  Mt Gox and the bitcoin community was caused by the government. The government is then using this fallout as an excuse to crack down on and control bitcoin.

I hope people understand what I am saying here. We have to work with Mark not against him and we have to somehow convince the US government to release the cold wallet(s) so that MtGox bitcoin holders can get their funds back.

While people are frustrated that Mark has been so very vague with the information the problem is actually that he is under a gag order.

As for the US having jurisdiction in Japan I can't answer that one for you but likely the Japanese government put out a big welcome mat for them. 

[papamoi]

it seems you didn t get it

there is nothing remain in btc with mtgox

the government doesnt have anything to do with this unless you say the gvt did the hacking (as it seems they used to do now with nsa,and gchq of uk)

and have stolen all the btc....

[Bobsurplus]

http://twitpic.com/photos/nobodyhelpme

THis is new MEME material.



photoshoppers, knock yourself out.

Post them here so we can keep track.

https://bitcointalk.org/index.php?topic=477704.msg5426443#msg5426443

[bitjedi]

http://twitpic.com/photos/nobodyhelpme

THis is new MEME material.



photoshoppers, knock yourself out.

[caston]

it seems you didn t get it

there is nothing remain in btc with mtgox

the government doesnt have anything to do with this unless you say the gvt did the hacking (as it seems they used to do now with nsa,and gchq of uk)

and have stolen all the btc....

They physically seized the cold wallets and put Mark under a gag order. There is no way that 750k+ bitcoins could have been stolen without being noticed. Mark was always strongly against the idea of running fractional reserve and there was monthly account auditing. 90%+ of the BTC was kept in cold storage in case of a hack.

There is no way that Mark would have stolen them himself how the hell would he get away with it?

We need a cartoon or something to show this. Mark with a gag over his mouth and on the left the US government holding a gun to his head while bankers and drug cartel bosses rub their hands together and hold the missing bitcoin while the angry mtgox bitcoin holders and their lawyers attack him from the right-hand side with pitch forks and heads filled with mis information and FUD spread by JP Morgan lackies and their hired online trolls and enforced by the corporate media.

I myself can't draw but if I could that's what I would draw. Can someone help with this drawing?

[Bobsurplus]

it seems you didn t get it

there is nothing remain in btc with mtgox

the government doesnt have anything to do with this unless you say the gvt did the hacking (as it seems they used to do now with nsa,and gchq of uk)

and have stolen all the btc....

They physically seized the cold wallets and put Mark under a gag order. There is no way that 750+ bitcoins could have been stolen without being noticed. Mark was always strongly against the idea of running fractional reserve and there was monthly account auditing. 90%+ of the BTC was kept in cold storage in case of a hack.

There is no way that Mark would have stolen them himself how the hell would he get away with it?

We need a cartoon or something to show this. Mark with a gag over his mouth and on the left the US government holding a gun to his head while bankers rub their hands together and hold the missing bitcoin while the angry mtgox bitcoin holders and their lawyers attack him from the right-hand side with pitch forks and heads filled with mis information and FUD spread by JP Morgan lackies and their hired online trolls and enforced by the corporate media.

I myself can't draw but if I could that's what I would draw. Can someone help with this drawing?

FUD FUD FUD, you have no proof that uncle sam took the cold wallets.

[Luno]

Mark still claims what he likes, they are his lawyers. This is not a court ruling.