Important. Gox, have not filed for bankruptcy

[btc237ftw]

Guys,

This looks more like a restructure and rebrand now than before...
"Bankruptcy Protection" has some similarities to "Bankruptcy" but there is a huge difference...

http://www.ehow.com/info_8053559_bankruptcy-vs-bankruptcy-protection.html
http://www.differencebetween.net/business/difference-between-bankruptcy-and-bankruptcy-protection/

It is basically a protection from the court to give them time to restructure and remodel and rebrand and re-everything (recode, relocate etc) while investors cannot sue them during that time:
http://www.zalkinrevell.com/bankruptcyprotection.html

So.. think about it, if they are going to rebrand and start new, what is the next step they need to make? this one.

Some evidence:
1. There was a HUGE btc debt erasing for a low $ value in the last weeks of trade on MTGox. (about 350k-400k coins have been erased as debt for a sum of around $63,000,000 - $72,000,000 ($180 per coin).
2. Gox.com redirects to MTGox.com.
3. Gox.com registry shows it was recently changed to the name of Mark Carpeles.
4. Mark said other parties are involved in trying to find a solution to this current problem, its live on mtgox.com
5. It's obvious that not taking a step to save and rescue almost a million MTGox customers can damage Bitcoin severely in the long run, due to more banks not agreeing to work with BTC companies, more regulation straggling Bitcoin businesses, panic from main stream and more. Therefore it is an incentive for big players to intervene.
6. On the document where a rescue plan is discussed and structured, the date for the shut-down of MTGox's website/trade is Japan morning time of the 25th February 25th. The document was released BEFORE the shut down happend, and indeed it was at the time specified.
7. The next step, according to the document is to restructure and Mark to step down.

In my view, the chances of that rescue plan to be happening just got a lot bigger.

Obviously, I might be wrong, and obviously even if a plan IS happening it doesn't guarantee it will succeed.

Anyway, I think you should know and realize that this is (in my opinion) probably what is going on.
We should get a statement on MTGox.com website within a week in my opinion.

[V4Vendettas]

Guys,

This looks more like a restructure and rebrand now than before...
"Bankruptcy Protection" has some similarities to "Bankruptcy" but there is a huge difference...

http://www.ehow.com/info_8053559_bankruptcy-vs-bankruptcy-protection.html
http://www.differencebetween.net/business/difference-between-bankruptcy-and-bankruptcy-protection/

It is basically a protection from the court to give them time to restructure and remodel and rebrand and re-everything (recode, relocate etc) while investors cannot sue them during that time:
http://www.zalkinrevell.com/bankruptcyprotection.html

So.. think about it, if they are going to rebrand and start new, what is the next step they need to make? this one.

Some evidence:
1. There was a HUGE btc debt erasing for a low $ value in the last weeks of trade on MTGox. (about 350k-400k coins have been erased as debt for a sum of around $63,000,000 - $72,000,000 ($180 per coin).
2. Gox.com redirects to MTGox.com.
3. Gox.com registry shows it was recently changed to the name of Mark Carpeles.
4. Mark said other parties are involved in trying to find a solution to this current problem, its live on mtgox.com
5. It's obvious that not taking a step to save and rescue almost a million MTGox customers can damage Bitcoin severely in the long run, due to more banks not agreeing to work with BTC companies, more regulation straggling Bitcoin businesses, panic from main stream and more. Therefore it is an incentive for big players to intervene.
6. On the document where a rescue plan is discussed and structured, the date for the shut-down of MTGox's website/trade is Japan morning time of the 25th February 25th. The document was released BEFORE the shut down happend, and indeed it was at the time specified.
7. The next step, according to the document is to restructure and Mark to step down.

In my view, the chances of that rescue plan to be happening just got a lot bigger.

Obviously, I might be wrong, and obviously even if a plan IS happening it doesn't guarantee it will succeed.

Anyway, I think you should know and realize that this is (in my opinion) probably what is going on.
We should get a statement on MTGox.com website within a week in my opinion.

Nice post and I am inclined to agree.

Disclaimer: I am one of the Goxxed and may not be in full possession of all my marbles while still firmly in the denial stages of grief.

[Hans0]

1. There was a HUGE btc debt erasing for a low $ value in the last weeks of trade on MTGox. (about 350k-400k coins have been erased as debt for a sum of around $63,000,000 - $72,000,000 ($180 per coin).

Source? Proof?

[btc237ftw]

1. There was a HUGE btc debt erasing for a low $ value in the last weeks of trade on MTGox. (about 350k-400k coins have been erased as debt for a sum of around $63,000,000 - $72,000,000 ($180 per coin).

Source? Proof?

Technically, you are right I can't demonstrate and prove that the buying entity is Gox or related to the new branding, but the fact that so many coins were bought by a buyer that works differently than the way the market usually work is evident. Just look at the charts on http://bitcoinwisdom.com/

[Peacefuls]

Guys,

This looks more like a restructure and rebrand now than before...
"Bankruptcy Protection" has some similarities to "Bankruptcy" but there is a huge difference...

http://www.ehow.com/info_8053559_bankruptcy-vs-bankruptcy-protection.html
http://www.differencebetween.net/business/difference-between-bankruptcy-and-bankruptcy-protection/

It is basically a protection from the court to give them time to restructure and remodel and rebrand and re-everything (recode, relocate etc) while investors cannot sue them during that time:
http://www.zalkinrevell.com/bankruptcyprotection.html

So.. think about it, if they are going to rebrand and start new, what is the next step they need to make? this one.

Some evidence:
1. There was a HUGE btc debt erasing for a low $ value in the last weeks of trade on MTGox. (about 350k-400k coins have been erased as debt for a sum of around $63,000,000 - $72,000,000 ($180 per coin).
2. Gox.com redirects to MTGox.com.
3. Gox.com registry shows it was recently changed to the name of Mark Carpeles.
4. Mark said other parties are involved in trying to find a solution to this current problem, its live on mtgox.com
5. It's obvious that not taking a step to save and rescue almost a million MTGox customers can damage Bitcoin severely in the long run, due to more banks not agreeing to work with BTC companies, more regulation straggling Bitcoin businesses, panic from main stream and more. Therefore it is an incentive for big players to intervene.
6. On the document where a rescue plan is discussed and structured, the date for the shut-down of MTGox's website/trade is Japan morning time of the 25th February 25th. The document was released BEFORE the shut down happend, and indeed it was at the time specified.
7. The next step, according to the document is to restructure and Mark to step down.

In my view, the chances of that rescue plan to be happening just got a lot bigger.

Obviously, I might be wrong, and obviously even if a plan IS happening it doesn't guarantee it will succeed.

Anyway, I think you should know and realize that this is (in my opinion) probably what is going on.
We should get a statement on MTGox.com website within a week in my opinion.

Nice post and I am inclined to agree.

Disclaimer: I am one of the Goxxed and may not be in full possession of all my marbles while still firmly in the denial stages of grief.

if that plan works - what does it mean for all of us who hang in with our money?
appreciate any support to understand it

[IIpeBeD_MeDBeD]

"Bankruptcy protection" allow Mtgoxs management a rewrite all their belongings and money to distant relatives, and as a result of the financial balance sheet of the mtgox and its stuff will be ZERO, and then we do not be refund our money!

[xandriel]

In my view they would have to be insane to bring Gox back in any form. I doubt the community would trust them again even without Mark's involvement....although I am sure he will try to be part of it somehow.

[tonyq]

The British press take on it:

http://www.dailymail.co.uk/news/article-2570159/Bitcoin-firm-hacked-virtual-bank-heist-goes-bankrupt-leaving-NO-prospect-investors-getting-hundreds-millions-pounds.html

[xandriel]

Karpeles vaguely said of the money: 'Well, technically speaking it’s not lost just yet, just temporarily unavailable'

This would suggest to me that he indeed does know the whereabouts of all the BTC.
Also he has a personal wealth of $250 million...enough to pay back each investor 60% or so.

The fees that Mt Gox charged - up to 10pc on transactions - allowed him to amass a fortune of $8m plus 345,000 Bitcoins (worth around $250m even at current rates) by some estimates.

Read more: http://www.dailymail.co.uk/news/article-2570159/Bitcoin-firm-hacked-virtual-bank-heist-goes-bankrupt-leaving-NO-prospect-investors-getting-hundreds-millions-pounds.html#ixzz2udjpOszv

[dmeter]

thru danger is
FED
The Fed doesn't have authority with respect to Bitcoin," she said. "But certainly it would be appropriate for Congress to ask questions about what the right legal structure would be for digital currencies.and since we know that the U.S. Congress is an honest and honorable institution that cares about the betterment of the little guy and peace in the world as what they misled the peace in Iraq, Afghanistan, Libya

second it is imposibile tu treft 800000 btc from hot and cold walett.This is story for baby. all  double acounting have

 BTC
In out
BTC hot walett
in out
BTC cold walett
in out

Client
in out
Profit
in

Total 0

Imposibile is closing acounting software situation if number is not right.
 

[tonyq]

Karpeles vaguely said of the money: 'Well, technically speaking it’s not lost just yet, just temporarily unavailable'

This would suggest to me that he indeed does know the whereabouts of all the BTC.
Also he has a personal wealth of $250 million...enough to pay back each investor 60% or so.

The fees that Mt Gox charged - up to 10pc on transactions - allowed him to amass a fortune of $8m plus 345,000 Bitcoins (worth around $250m even at current rates) by some estimates.

Read more: http://www.dailymail.co.uk/news/article-2570159/Bitcoin-firm-hacked-virtual-bank-heist-goes-bankrupt-leaving-NO-prospect-investors-getting-hundreds-millions-pounds.html#ixzz2udjpOszv

I'd just posted that link in this thread directly above you 21 minutes earlier.
Try to keep up.

[xandriel]

Karpeles vaguely said of the money: 'Well, technically speaking it’s not lost just yet, just temporarily unavailable'

This would suggest to me that he indeed does know the whereabouts of all the BTC.
Also he has a personal wealth of $250 million...enough to pay back each investor 60% or so.

The fees that Mt Gox charged - up to 10pc on transactions - allowed him to amass a fortune of $8m plus 345,000 Bitcoins (worth around $250m even at current rates) by some estimates.

Read more: http://www.dailymail.co.uk/news/article-2570159/Bitcoin-firm-hacked-virtual-bank-heist-goes-bankrupt-leaving-NO-prospect-investors-getting-hundreds-millions-pounds.html#ixzz2udjpOszv

I'd just posted that link in this thread directly above you 21 minutes earlier.
Try to keep up.

You did indeed, but as I was quoting directly from it I thought it best to also include a link to the original.
Do try to keep up

[tonyq]

Karpeles vaguely said of the money: 'Well, technically speaking it’s not lost just yet, just temporarily unavailable'

This would suggest to me that he indeed does know the whereabouts of all the BTC.
Also he has a personal wealth of $250 million...enough to pay back each investor 60% or so.

The fees that Mt Gox charged - up to 10pc on transactions - allowed him to amass a fortune of $8m plus 345,000 Bitcoins (worth around $250m even at current rates) by some estimates.

Read more: http://www.dailymail.co.uk/news/article-2570159/Bitcoin-firm-hacked-virtual-bank-heist-goes-bankrupt-leaving-NO-prospect-investors-getting-hundreds-millions-pounds.html#ixzz2udjpOszv

I'd just posted that link in this thread directly above you 21 minutes earlier.
Try to keep up.

You did indeed, but as I was quoting directly from it I thought it best to also include a link to the original.
Do try to keep up

[xandriel]

One of the main reasons I quoted from the article was the claim that Mark Karpeles has a personal wealth of some 345,000 bitcoins.
That is rather a lot of coins to be holding, when your company has lost a load more.

The company appears to have losses of $64 million, despite recently finding $27.3 million in a bank account. However they also appear to have lost 100,000 btc.

[Definit]

http://www.coindesk.com/mt-gox-victim-files-class-action-lawsuit-lawyers/

[grifferz]

In my view they would have to be insane to bring Gox back in any form. I doubt the community would trust them again even without Mark's involvement....although I am sure he will try to be part of it somehow.

If I was an existing and fairly well-regarded exchange like bitstamp.net, bitcoin.de or bitcoin-central.net then I might consider making an offer to buy them out, but it would be based solely on the worth of MtGox's customer database.

I started writing up how I thought that might work, but then I realised that I don't know the previous profit/loss statements for MtGox so it would be hard to judge what the company would actually worth as a going concern in ideal circumstances. Does anyone have a source for these?

Of course, Karpeles's record keeping is patently so awful that these may be works of pure fiction anyway.

[sh484]

Hi guys,

This 1 article that got the wording rite, so its worth a read. almost all the rest have been shouting bankruptcy.... bankruptcy as loud as they can.

''Mt Gox is aiming at a rebirth under a procedure known as minji saisei, or civil rehabilitation. This relatively new law, passed in 2000, was designed to ensure that businesses enjoy protection from creditors while the court seeks a buyer.''

but what a new buyer is willing to pay for it is another story altogether. how might that affect price action?

http://www.ft.com/cms/s/0/6636e0e8-a06e-11e3-a72c-00144feab7de.html#axzz2ug319wWE

Please do let me know what you think of the article people that have had coins stuck and people that dont.

[MrPiggles]

You'd think he'd at least have done his collar up

What a fucking slob

[sh484]

im  wondering why MTgox files for bankruptcy protection and not just bankruptcy??

[DeathAndTaxes]

I wouldn't read too much into it.  Most companies seek reorganization instead of liquidation (that would be Ch 11 vs Ch 7 in the US).  However the overwhelming majority of companies that enter bankruptcy protection never leave it.  MtGox has a massive hole in its finances, its CEO hasn't been forthcoming with information.  Any company buying MtGox out would become liable for MtGox's liabilities even those not fully disclosed by the CEO.

No infusion of capital = failed reorganization = company liquidated.