OgNasty
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September 21, 2023, 08:44:55 PM |
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I’m wondering where they got that information and how true it is. I haven’t seen any notification of such. Maybe I should go check my mail, but typically these sorts of notifications are done over email and I usually receive them before seeing news articles like this. So for now I’m taking this news with a grain of salt, but it wouldn’t surprise me if it were true.
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BenCodie
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September 21, 2023, 09:30:48 PM |
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Also from that article linked: Additionally, Kobayashi explained that, for rehabilitation creditors who have provided the necessary information, repayments will be made in sequence as early as the end of this year. From what I see the 2024 date is the END of the repayments, not the start. I can see them wanting to do it slowly and in batches to make sure it goes well as opposed to shoving it all out the door as fast as possible and dealing with all the issues at once. There are merits to doing it both ways. -Dave Nice highlight. So, really we can expect all refunds to be done by Oct 2024, meaning supply will be released between now and then. I wonder if the 69billion in Japanese Yuan will be used to rebuy more of the lost coins...and I wonder if there is a way to keep track of the situation outside or media coverage. Does anyone have any tools to track this saga on chain or any way outside of MSM/MSCM?
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goldkingcoiner
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September 22, 2023, 12:57:39 AM |
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According to the cointelegraph, the trustee Nobuaki Kobayashi has changed the repayment date by 1 year.
Shake my head when I read this. Again, it happens again. Delay again and again, years already. Will Mt.Gox victims receive their coins back after all those delays? I doubt it but even those victims receive their bitcoins, Bitcoin market will be big enough to absorb those bitcoins if they are all sold on the market. Assume victims will receive coins in October 2024, there will be more FUD about it around that month. Assume distribution will be made, you must bookmark that article and that date to avoid likely fud attacks around that time, next year. It's important for you to cash out before that date or to prepare capital to buy dips. If they are stalling then obviously there is something wrong and they cannot full repay anyone just yet. They are already under pressure by regulators to repay investors and traders. But this might mean that they are not going to repay anyone at all. I doubt that the government will give them a bail out. Maybe they are just simply trying to appease the public with simple PR rather than taking action on their promise? Perhaps they are hoping that with enough time, they can fix the situation or get off, scott free, from the debt? At some point we could be seeing imprisonment of the people responsible and nobody will get their money back.
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adaseb
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September 22, 2023, 04:38:14 AM |
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Wow didn’t think they would extend it that long, I assumed it would be a few more months not another year. This is why there is little hope for FTX creditors because after these lawyers all get paid we will all get Pennies on the dollars in about 10 years time.
They really need to speed up this process because the only winners in this scenario are pretty much just the lawyers. They extend it as long as possible to get the most money. It’s ridiculous.
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AnonBitCoiner
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September 22, 2023, 05:54:52 AM |
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Again bad news for investors waiting for MT Gox to refund. One year is very big duration and I don't know why MT GOX playing with them. Tokyo district court gives approval also is very strange. according to coinmarkecap Kobayashi(trustee handling the Mt Gox bankruptcy) required time for checking and finalizing all data of users and institution. MT GOX holding BTC, BCh and Japanese Yen but btc value is bigger. Coinmarkecap Article Now The question is , Mt Gox will refund the the total amount of btc at the price of collapse or quantity everyone lost? I’m wondering where they got that information and how true it is. I haven’t seen any notification of such. Maybe I should go check my mail, but typically these sorts of notifications are done over email and I usually receive them before seeing news articles like this. So for now I’m taking this news with a grain of salt, but it wouldn’t surprise me if it were true.
You can check official announcement in their official website https://www.mtgox.com/
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armanda90
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September 22, 2023, 07:27:11 AM |
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Wow didn’t think they would extend it that long, I assumed it would be a few more months not another year. This is why there is little hope for FTX creditors because after these lawyers all get paid we will all get Pennies on the dollars in about 10 years time.
They really need to speed up this process because the only winners in this scenario are pretty much just the lawyers. They extend it as long as possible to get the most money. It’s ridiculous.
Are you sure need lawyer for Mt Gox and FTX exchange user have loss their fund? I think waste time, energy and our money because little chance for refunding our money have loss in both exchange above. Good scenario planning by Mt Gox where publishing issues they will refund all bitcoin user loss last several years ago and they have promised more than three time but never got happy ending for Mt Gox user. Right now the same with FTX try they will refund the user assets but I doubt how come scammer will realize and go to the right way for returning back their member assets. Open up our new journey and forget with how much loss in both exchange, never trust with sweet promising if Mt Gox will return and have deadline day when their member assets will refund.
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bayu7adi
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September 22, 2023, 07:39:23 AM |
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In the end, the eagerly anticipated day may never arrive, as further delays are likely to emerge in the following year. A highly intricate process isn't deserving of hope. Considering that a significant portion of user funds is in the form of BTC, one should understand the consequences of protracted payment postponement; it only amplifies the amount one will ultimately need to settle.
Is this related to the halving? However, I'm not entirely certain about that. Mt. Gox could potentially capitalize on price pumps during the halving by managing their funds. But I believe another delay might be in store when October 2024 arrives, as the pump may not necessarily materialize before the advent of 2025.
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fuguebtc
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September 22, 2023, 07:40:45 AM |
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To be honest, I almost thought that, they would increase the repayment date. But did not think that they would put an increment of 1 year. That's so long for the waiters. But if they have waited this long then I think they can wait for another year too. Plus I have a question, is this a good factor for the market or not? I do know that, if they would pay the amount then we will see some selling of BTC, BCH and Yuan, etc. Which would cause a dump in the market. But what else I am missing other than this?
It's been 9 years and what Mt.gox can do is promise, so I think those who are waiting to be paid are familiar with that and they don't rule out that possibility either. In my opinion, there will be no compensation other than false promises from Mt.gox, all of which are lies and fraud from Mt.gox. What I want is for the victims to be compensated, I'm not afraid they will dump the market if they receive compensation. If you are a long-term investor, you will find that good because you have the opportunity to buy cheap. I don't see anything worrying about Mt.gox compensating or FTX liquidating their crypto assets.
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Die_empty
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September 22, 2023, 10:39:59 AM Last edit: September 22, 2023, 11:09:12 AM by Die_empty |
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Another reason why people should not store their funds in an exchange, it must be frustrating for MT. Gox's creditors, having to wait this long and now an extra year added to the waiting time. On top of that, they aren't even getting a 100% refund because the exchange lost around 850,000 BTC and all they have right now is 140,000 BTC. I am in no way supporting the hack or the freezing of customers of the MT. Gox because many of them have gone through a lot but the hack might be a blessing in disguise. Bitcoin was worth $489 when the exchange went bankrupt so they have made enough profit. If not for this hack, many of them would have sold off their coins for peanuts. I am sure there will be enough funds to pay all the creditors more than they invested. This issue has been used for a long time to create fud in the BTC market, but take note that they will not be making the refund in only BTC, but they also have around 143,000 in BTC cash and 69 billion in Japanese yen, so ignore anybody who is trying to create fud with this situation or at least let us just wait for the payment to be made first and see how the market reacts.
The bitcoin market will react slightly to the news because 142,000 BTC is a large number. But it is good to raise the awareness that the Bitcoin market is strong enough to withstand such an amount so there is no need to entertain FUD. I have also learned that some creditor might decide to keep their coin.
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Faisal2202 (OP)
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September 25, 2023, 01:06:30 PM |
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I’m wondering where they got that information and how true it is. I haven’t seen any notification of such. Maybe I should go check my mail, but typically these sorts of notifications are done over email and I usually receive them before seeing news articles like this. So for now I’m taking this news with a grain of salt, but it wouldn’t surprise me if it were true.
DID you verify it as true, I know I am replying late, but I did not get the chance to read many replies, but now I am reading. And what do you think, if it's true? Because it came from the news and a letter was attached too, but it does not make me some official source. Instead, your statements indicate that you are also a victim of MT Gox. As you said you must have received some emails.
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Kavelj22
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October 04, 2023, 06:01:32 PM |
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In the end, the eagerly anticipated day may never arrive, as further delays are likely to emerge in the following year. A highly intricate process isn't deserving of hope. Considering that a significant portion of user funds is in the form of BTC, one should understand the consequences of protracted payment postponement; it only amplifies the amount one will ultimately need to settle.
I have noted in many of my comments on various topics that the absence of a regulatory framework that protects traders from the dangers of trading platforms could lead to unexpected disasters. The MTgox case was opened years ago and the length of time is due to the absence of a legal framework regulating trading activities, including proving charges and preparing indictment files before going through the procedures for proving ownership of accounts and then proving ownership of assets that are undergoing major changes that any legislative regulatory framework cannot bear. Take the example of the fork in the blockchain (Bitcoin). How will that fork be considered if it is owed by the users who own the assets, or by the owners of the platform (the defendants), or can the authorities seize it? Many other questions can be asked in the same context, and all of them cannot be answered smoothly.
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DaveF
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October 04, 2023, 07:04:58 PM |
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I’m wondering where they got that information and how true it is. I haven’t seen any notification of such. Maybe I should go check my mail, but typically these sorts of notifications are done over email and I usually receive them before seeing news articles like this. So for now I’m taking this news with a grain of salt, but it wouldn’t surprise me if it were true.
DID you verify it as true, I know I am replying late, but I did not get the chance to read many replies, but now I am reading. And what do you think, if it's true? Because it came from the news and a letter was attached too, but it does not make me some official source. Instead, your statements indicate that you are also a victim of MT Gox. As you said you must have received some emails. It's on the mtgox website: https://www.mtgox.com/img/pdf/20230921_announcement_en.pdf so it's about as official as it's going to get. I really wonder how messy this is going to be in the end. Wrong amounts paid, people who didn't get paid that should have, people who should not have gotten paid that did. Just with the amount of people involved and the mess left behind I can see cleaning it up being just about impossible. Add in the decade + of time and it's just a mess. -Dave
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bayu7adi
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October 04, 2023, 07:45:32 PM |
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I have noted in many of my comments on various topics that the absence of a regulatory framework that protects traders from the dangers of trading platforms could lead to unexpected disasters. The MTgox case was opened years ago and the length of time is due to the absence of a legal framework regulating trading activities, including proving charges and preparing indictment files before going through the procedures for proving ownership of accounts and then proving ownership of assets that are undergoing major changes that any legislative regulatory framework cannot bear. Take the example of the fork in the blockchain (Bitcoin). How will that fork be considered if it is owed by the users who own the assets, or by the owners of the platform (the defendants), or can the authorities seize it? Many other questions can be asked in the same context, and all of them cannot be answered smoothly.
I perceive a significant danger looming if there isn't a system of justice and regulatory bodies in place to address cryptocurrency-related cases. The issues that arise will undoubtedly become more convoluted if left unattended and without promptly establishing rules for all incidents related to assets that, up to this point, have ownership intricacies. In my opinion, only rightful asset holders should reap the benefits of their restraint in not spending their bitcoins. This means that all gains should be distributed to the Mt. Gox customers, and any entity involved should adopt a fair stance regarding the temporary ownership status of these assets. I understand that my perspective might not carry much weight, but when I look at this from any angle, MT. Gox remains a case of failing to secure its users' assets.
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BenCodie
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October 05, 2023, 07:28:09 AM |
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I read about this in another thread. The same thoughts now as then, this screams to me that there is a purposeful attempt to delay the demand that the halving has provided for 3/3 times. Each time, it takes roughly 6 months for the bull cycle to be evident, and another 6-12 months to hit the first peak. October 2024 is pretty much 6 months after the halving. Coincidence? I really can't say that I believe it is one. I think something is happening behind the scenes to screw the people.
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NotATether
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October 05, 2023, 07:45:09 AM |
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Also from that article linked: Additionally, Kobayashi explained that, for rehabilitation creditors who have provided the necessary information, repayments will be made in sequence as early as the end of this year. From what I see the 2024 date is the END of the repayments, not the start. I can see them wanting to do it slowly and in batches to make sure it goes well as opposed to shoving it all out the door as fast as possible and dealing with all the issues at once. There are merits to doing it both ways. -Dave So this means, repayments will start at October 31 of this year and last for exactly one year. It makes you wonder why Mt Gox liquidators would need to make the repayments in several batches rather than in a single lump sum. The only possible reason I can think of why they'd do this is if they do not have enough money to cover all of the creditors who have filed a claim. In such a case, where do they expect to get the rest of the money from?
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Z-tight
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October 05, 2023, 07:57:45 AM Merited by vapourminer (2) |
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I perceive a significant danger looming if there isn't a system of justice and regulatory bodies in place to address cryptocurrency-related cases.
In short, you are calling for more regulation for crypto. Cryptocurrencies are already regulated in many countries and some others like the U.S. and U.K. are even very strict with crypto businesses which has made some of these businesses to cease offering their services to citizens from those countries. There is no significant danger looming in my honest opinion, people should hold their funds in self custody and not keep it with centralized services for a long time, because they are vulnerable to collapse at anytime. but when I look at this from any angle, MT. Gox remains a case of failing to secure its users' assets.
And since the MT. Gox case, how many centralized exchanges and services have failed to secure its users assets and have either been hacked and collapsed or gamble away people's money and become insolvent? We've even lost count. Losing customers' money is typical of centralized exchanges even to this day.
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Lucius
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October 05, 2023, 10:58:02 AM |
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So this means, repayments will start at October 31 of this year and last for exactly one year.
It makes you wonder why Mt Gox liquidators would need to make the repayments in several batches rather than in a single lump sum. The only possible reason I can think of why they'd do this is if they do not have enough money to cover all of the creditors who have filed a claim. In such a case, where do they expect to get the rest of the money from?
I would find the reason in the fact that they are simply not able to do it faster and more efficiently considering how much time it took them to get to the moment when the payments will start. I don't believe that money is a problem, because the total amount that the bankruptcy trustee has will simply be divided between all those who have submitted a request for compensation. I don't know exactly what formula was used to calculate how much each victim will receive, but in any case it is only a partial compensation, given that most of the hacked BTC disappeared without a trace anyway.
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kryptqnick
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October 05, 2023, 01:37:56 PM |
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I don't understand why they got a permit, either. They say they need some sort of info to get confirmed first, but I don't think it's a reasonable request. And by creditors, they mean the victims of Mt.Gox or is it something else? I assume it's the victims, but it can technically be about some companies who bought the debt or whatever. DaveF correctly noted that the at least some payments will be done this year, so that's good, but overall, I don't think too much should be required from the victims in terms of documentation. Getting their money back is long overdue.
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DaveF
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Also from that article linked: Additionally, Kobayashi explained that, for rehabilitation creditors who have provided the necessary information, repayments will be made in sequence as early as the end of this year. From what I see the 2024 date is the END of the repayments, not the start. I can see them wanting to do it slowly and in batches to make sure it goes well as opposed to shoving it all out the door as fast as possible and dealing with all the issues at once. There are merits to doing it both ways. -Dave So this means, repayments will start at October 31 of this year and last for exactly one year. It makes you wonder why Mt Gox liquidators would need to make the repayments in several batches rather than in a single lump sum. The only possible reason I can think of why they'd do this is if they do not have enough money to cover all of the creditors who have filed a claim. In such a case, where do they expect to get the rest of the money from? They have a certain amount of money and they will be distributed on a pro-rata basis. Remember, they have to navigate many countries laws. Make sure the proper people are getting the money and so on. Think about it, you could have a MT Gox account with nothing more then an email address. Due to the nature of my job I have accumulated many domains from businesses that have closed and have most of them setup to at least get some emails. How would you feel if instead of NotATether@byownerinc.com went to me instead of you since the company went out of business and I bought the domain for a few dollars. Or and I hate to drag dead people into this, but we have had members here pass away. How big a shit show do you think it would be if I was in in business with another member here who died but I kept their email account active on our domain since why not and I claimed those funds that really should have gone to their estate. And so on. Having dealt with similar bankruptcy issues, I can say it's a mess when you KNOW everyone involved. Never mind the wonderful anonymous world of the internet and BTCAnd once the money is sent, it's gone. So at least IMO better to be very slow and correct then even just a little bit faster and a very tiny bit wrong. -Dave
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vapourminer
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what is this "brake pedal" you speak of?
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October 05, 2023, 07:42:09 PM |
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[...]
And so on. Having dealt with similar bankruptcy issues, I can say it's a mess when you KNOW everyone involved. Never mind the wonderful anonymous world of the internet and BTC
And once the money is sent, it's gone. So at least IMO better to be very slow and correct then even just a little bit faster and a very tiny bit wrong.
some peeps sold their accounts for a fraction of the balance back in the day.. im sure thats fun to sort out legally too.
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