Talk About Getting Screwed.. #Mt.GoxStrikesAgain

[mrquackquack]

https://www.google.com/amp/s/www.coindesk.com/investor-fortress-raises-buyout-offer-for-mt-gox-creditor-claims-by-71%3famp=1?espv=1

[Darker45]

Well, $1,293 is definitely much better than $755, the offer made "just before Christmas." But that's really one hell of a greedy offer considering that Bitcoin is playing around $10,000 right now. However, taken into consideration the seemingly endless and uncertain legal battle that the creditors will have to wait, others might consider grabbing this unfair offer.

By the way, isn't it better to open a thread with more than just a bare link?

[DeathAngel]

If I had the money I’d snap up every single one of those bitcoin’s. Imagine being able to pick that many up at such a ridiculously low price. Somebody is going to get the bargain of the century.

[gentlemand]

Well, $1,293 is definitely much better than $755, the offer made "just before Christmas." But that's really one hell of a greedy offer considering that Bitcoin is playing around $10,000 right now. However, taken into consideration the seemingly endless and uncertain legal battle that the creditors will have to wait, others might consider grabbing this unfair offer.

The offer is based what they can expect to get back from Gox. It's nothing to do with the current Bitcoin price. The article says the offer is 88% of the value that should be returned to them.

This is the formula for how the claim has been calculated - '$440 per coin plus $0 damages (damages only apply to fiat, not BTC) plus 18% of your bitcoins plus the same number of bitcoin cash (dollar numbers in USD).'

https://www.ozcoin.com.au/index.php

It might have changed since then. Dunno.

I'm not sure what I'd do in this case. I'd be tempted to take the dollars from Fortress and put them into BTC as the chances are high the whole thing might drag on for a few more years yet, but I might also be totally sick of the thought of it too.

One of the people involved in putting a claim group together took a $600 offer from a buyer and quit.

[mrquackquack]

Excuse me sir and misses and if you may, Please bend over and spell the word run... Thank you.

[gmaxwell]

Fortress is promoting their offers with outright deception-- they are radically understating the current estimated value of the positions because they're ignoring the forked coins and the assets the trustee got from selling bitcoin during the last big run up to high bitcoin prices.

Even with the understatement, their offer is high enough that some people quite reasonably would accept it-- after all there is a risk that (somehow) the scammy behaviour by Peter Vessenes/coinlab might continue to delay things indefinitely because the japanese legal system is to dysfunctional to cope with that kind of abusive behavior... but even then they should go into the agreement with their eyes open.

Here is a more reasonable estimate of the value of mtgox positions: https://www.ozcoin.com.au/index.php  (Ah, I see this is linked above in the thread too... well I don't mind repeating it to emphasize it).

[mrquackquack]

Right and totally off original subject and I don't want spread fud or whatever but people need to know that there is a lot of these bitcoins already gobbled up by prior "happenings". I don't know the stats on the Mt.Box debacle but I'm fairly certain that's a large chunk gone right there.

[gentlemand]

Right and totally off original subject and I don't want spread fud or whatever but people need to know that there is a lot of these bitcoins already gobbled up by prior "happenings". I don't know the stats on the Mt.Box debacle but I'm fairly certain that's a large chunk gone right there.

They've stated that all the costs have been met, them selling off vast chunks to meet them is what people enjoyed blaming large price falls on. What's left over is what will be going back to people. I guess that depends on the outcomes of these lawsuits though.

[gentlemand]

this topic is already over why we still talk about it

Not a single Mt Gox user has been paid back yet ergo it might still be a long, long, long way from being over.

I wonder whether it would have gone better in another legal system or whether this would be the same wherever.