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Author Topic: not lost "just temporarily unavailable" now please figure this out.....  (Read 1405 times)
DieJohnny
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February 28, 2014, 09:18:46 PM
 #1

So Mark says the coins are not lost "just temporarily unavailable"

Lets accept this statement at face value. What does Mark mean by this???

1. He didn't lose the private key to a wallet, because Mark would have used different words and would definitely not have used "temporarily"
2. He said he doesn't know where the 750k bitcoins are in the bankruptcy press conference so that means that he cannot see the public key in my opinion



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February 28, 2014, 09:21:13 PM
 #2

So Mark says the coins are not lost "just temporarily unavailable"

Lets accept this statement at face value. What does Mark mean by this???

1. He didn't lose the private key to a wallet, because Mark would have used different words and would definitely not have used "temporarily"
2. He said he doesn't know where the 750k bitcoins are in the bankruptcy press conference so that means that he cannot see the public key in my opinion


Nothing more than the official line at the time: "Withdrawals will re-open in the future".


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DeathAndTaxes
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February 28, 2014, 09:22:47 PM
 #3

In the bankruptcy process he said the funds "may have been stolen". 

MtGox says a lot of things.  Taking all of them on face value would lead to a pretty impossible conclusion.
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February 28, 2014, 09:27:20 PM
 #4

In the bankruptcy process he said the funds "may have been stolen". 

MtGox says a lot of things.  Taking all of them on face value would lead to a pretty impossible conclusion.

This is still consistent with his other statements. sure we can't read minds but his comments I think point to a reality that isn't impossible to figure out.

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February 28, 2014, 09:40:04 PM
 #5

I am 100% convinced they over time just paid out too much too people withdrawing.  Yeah a few people took advantage of that  (i.e. stole) when they figured out the issue, but I'm guessing it was pure stupidity that caused this.   Everytime someone said "hey the hot wallet is empty" Mark just transferred some more from the cold wallet.  That is also how the hot wallet can empty the cold wallet.  When the gatekeeper is not in touch with reality.  No recons, checks or audits I'm guessing. 

It got nasty when they found out (when?) and continued doing business.  That is when they became fraudulent in their behaviour.  That's my guess.

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February 28, 2014, 09:40:41 PM
 #6

In the bankruptcy process he said the funds "may have been stolen". 

MtGox says a lot of things.  Taking all of them on face value would lead to a pretty impossible conclusion.

This is still consistent with his other statements. sure we can't read minds but his comments I think point to a reality that isn't impossible to figure out.

I agree. Whether the private keys are not recoverable or the coins were stolen is irrelevant. Karpeles doesn't have possession of them and cannot regain possession. I expect him to say they were stolen no matter what really happened as a way to deflect blame from himself.

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ilpirata79
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February 28, 2014, 09:42:34 PM
 #7

So Mark says the coins are not lost "just temporarily unavailable"

Lets accept this statement at face value. What does Mark mean by this???

1. He didn't lose the private key to a wallet, because Mark would have used different words and would definitely not have used "temporarily"
2. He said he doesn't know where the 750k bitcoins are in the bankruptcy press conference so that means that he cannot see the public key in my opinion




Maybe he was hoping in some type of intervention by the bitcoin developers and miners that could give him back the ownership of the bitcoins. Nobody in the community seems to think that is possible and/or convenient.

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February 28, 2014, 10:02:17 PM
 #8

And what about this theory: http://www.reddit.com/r/BitcoinMarkets/comments/1z2xo5/speculation_the_us_government_has_control_of_goxs/ ?

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February 28, 2014, 10:27:38 PM
 #9


Im sorry thats part of ongoing investigations, which we cannot talk about.

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Undone
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February 28, 2014, 10:57:09 PM
 #10

Whether the private keys are not recoverable or the coins were stolen is irrelevant.
You must have meant that statement in a certain context that I'm not catching. Because if they're stolen and spendable by the thief, then the market will be potentially (read: most likely) suppressed by a shit ton of selling.

If the private keys are lost for good, then it's actually good news to those of us that weren't goxxed. Our bitcoins became more valuable in that scenario.
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February 28, 2014, 11:13:01 PM
 #11

Quote
So Mark says the coins are not lost "just temporarily unavailable"


It means bitcoins are able to be tracked so, technically, he knows where they went and they aren't lost lol.

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February 28, 2014, 11:15:55 PM
 #12

How is that not losing any sleep about these 25k going?
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February 28, 2014, 11:17:39 PM
 #13

Every time Mark K opens his mouth to speak, I cannot tell if it's his mouth or his anus talking.
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February 28, 2014, 11:41:39 PM
 #14

Every time Mark K opens his mouth to speak, I cannot tell if it's his mouth or his anus talking.

Lol

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March 01, 2014, 12:06:26 AM
 #15

i think he is saying that your imaginary goxcoins still exist and you might be able to withdraw them in the future if they ever get backed with real btc via income/acquisition
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March 01, 2014, 12:11:10 AM
 #16

I suspect it's all of these, in no particular order:

- lost coins through hacks, maybe years ago
- FBI seizings
- malfunctioning MtGox code
- mismanaged cold wallets
- fractional reserve speculating


All these contributed to the sorry state they are in now. Maybe they sold coins to fund their liquidity problems in August, only to see the price of bitcoin skyrocket, catching them with their pants down. Maybe they misplaced some vital private keys. Who knows?

All I know is that they didn't lose 800k in bitcoins through transaction malleability and nothing else. That's bullshit.
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March 01, 2014, 01:11:14 AM
 #17


Why the hell would the US have control of Japanese coins?

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March 01, 2014, 01:46:05 AM
 #18

So Mark says the coins are not lost "just temporarily unavailable"

It's just corporate speak, wrapped in weasel words and vetted by lawyers.  The bitcoins are gone.

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March 01, 2014, 02:39:59 AM
 #19

Current exchange rate of 0.04 BTC per Gox BTC illustrates well community's trust in Mark K.'s words. There is also great screen in "suing Mt Gox Poland" thread showing how ridiculously misleading was the information they've kept on their webpage.
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