Save Gox

[OhShei8e]

They have a site set up at savegox.com

I'm not sure this will work but I like the idea of it. Getting rid of Mark and having a professional audit by people who care about BTC seems like a better path than what is on offer. Anyway open to your ideas and feedback.

I joined. Take any straw even at the risk to be cheated again. Without a comment half a million coins are missing. That's completely crazy. Imagine the Louvre would be robbed down to the last picture. They would then declare oneself bankrupt, but no one would ask where the pictures are. Unimaginable.

Okay, Bitcoins are not art paintings, but much easier to track.

[clownius]

I have very little to loose at this point and only upside if it works.........

[Kyraishi]

savegox.com ?
and who's gonna savegoxusers.com ? ..

[Nagle]

This is a terrible acquisition offer. They're not proposing to take over the company and put enough money in to pay everyone off. No, they want to pay back customers from a share of "future profits".

The criminal investigation is more promising. That money went somewhere, and the bankruptcy trustee's job is to find out where and get it back. Now that the Tokyo police and the Tokyo district court both suspect an inside job, and Karpeles has been fired, I suspect there will be progress.

[bryant.coleman]

This is a terrible acquisition offer. They're not proposing to take over the company and put enough money in to pay everyone off. No, they want to pay back customers from a share of "future profits".

What is wrong in that? Why should they compensate the Gox customers? No one will spend BTC450k to acquire Gox. Gox customers should be compensated by Mark Kerpeles, not the new owner. Even if Mark K is kicked out of Gox, his responsibility does not end there. But the new owners should distribute the 200k stash which Mt Gox is possessing to the customers.

[freedombit]

Returning as much fiat and bitcoins as possible to account holders is one thing, but saving Mt. Gox itself is completely unnecessary and counterproductive. Do people feel that Mt. Gox is too big to fail?

Opinion:

MtGox can fail, and Bitcoin can go on. However, there are supposedly 750k Bitcoin missing. If the "missing" coin cannot be followed to their final resting place and the Bitcoin community doesn't know who has them, then the entire Bitcoin ecosystem appears as tainted as any FIAT. There is more than MATH dictating the distribution. It is politics.

If the "missing" coins are clearly identified and the Bitcoin community in general agrees, then we might get somewhere positive. If the coin is returned, then the community does quite well.

It is about trust in each other - regardless of how much "trustless" is built into Bitcoin. Eventually, somewhere along the line, people must trust. Most of you trust that the power won't go out.

This is how I feel as a relatively early promoter of crypto-currency and Bitcoin specifically.

[freedombit]

too much money was lost

Site your source. All I know is MtGox claims to have lost the money. They have claimed a lot of things though, and with every statement they make they seem to loose more credibility.

So again, do we know that the "money was lost?"

[freedombit]

Without a comment half a million coins are missing. That's completely crazy.

Or LAZY.

[Light]

What is wrong in that? Why should they compensate the Gox customers? No one will spend BTC450k to acquire Gox. Gox customers should be compensated by Mark Kerpeles, not the new owner. Even if Mark K is kicked out of Gox, his responsibility does not end there. But the new owners should distribute the 200k stash which Mt Gox is possessing to the customers.

They'd be better off spending that simply creating a new exchange and jumping through all of the legal hoops. IMO, there should be no imperative for any new owners to have to compensate for the failure/theft by Karpeles, he should take complete and utter responsibility and pay his dues either by returning the BTC or rotting in jail. Honestly though, even if there is an audit and new owners I'm doubtful it'll ever be restored to a point where it once was - there has been way to much negative media and stigma associated with Gox now.

[freedombit]

Hi everyone, my name is John Betts, ...

I would like to begin a dialogue with you...

If you have any questions, please do not hesitate to reach out.

Best regards,
JB

Hi John, can you be more clear on this statement?

Our group would like to begin this due diligence immediately. Only then will we know the extent of the risks and the capital required to rebuild the business.

Once the valuation is completed, our goals are to:

    Remove the information vacuum by disclosing in a timely fashion what happened to the missing Bitcoins, the true status of MtGox assets and by providing creditors with audited statements of their balances.

In particular, I am interested in the "Once the valuation is completed" statement. It appears that you wish to have your group investigate the data, then "value" the entity, and after that you will "remove the information vacuum".

A HERO individual or company would approach it like this:

First, remove the information vacuum.
Then begin the due diligence.
Let the market value the company.

In fact, if there are any takers for this approach, PM me.

[clownius]

What is wrong in that? Why should they compensate the Gox customers? No one will spend BTC450k to acquire Gox. Gox customers should be compensated by Mark Kerpeles, not the new owner. Even if Mark K is kicked out of Gox, his responsibility does not end there. But the new owners should distribute the 200k stash which Mt Gox is possessing to the customers.

They'd be better off spending that simply creating a new exchange and jumping through all of the legal hoops. IMO, there should be no imperative for any new owners to have to compensate for the failure/theft by Karpeles, he should take complete and utter responsibility and pay his dues either by returning the BTC or rotting in jail. Honestly though, even if there is an audit and new owners I'm doubtful it'll ever be restored to a point where it once was - there has been way to much negative media and stigma associated with Gox now.

Corporations dont work that way.  You can single out one person is responsible for all losses and leave it at that.  For starters every company in trouble would just find a scapegoat with no means to pay the debts and walk away from them on a regular basis and keep operating.

Theft may see him in jail but failures cant and wont.  IF we went that way if you made a mistake at work would you go "rot in jail" for it?

[OhShei8e]

The criminal investigation is more promising. That money went somewhere, and the bankruptcy trustee's job is to find out where and get it back. Now that the Tokyo police and the Tokyo district court both suspect an inside job, and Karpeles has been fired, I suspect there will be progress.

Current status:

Community:  200,000 BTC and the malleability lie detected.

Court and lawyers: None.

[dogechode]

Corporations dont work that way.  You can single out one person is responsible for all losses and leave it at that.  For starters every company in trouble would just find a scapegoat with no means to pay the debts and walk away from them on a regular basis and keep operating.

Theft may see him in jail but failures cant and wont.  IF we went that way if you made a mistake at work would you go "rot in jail" for it?

I agree with most of what you said but you are wrong about one thing - if you are in a very high position in a company like director or higher, you actually can be held responsible for failures due to incompetence/negligence. There is real precedent for this (at least in the US.) So yes, you could go to jail. I think there is a strong argument that Mark could be found both negligent and incompetent.

[reb0rn21]

1. If court decide to sell OUR BTC at mtgox i will go to japan and there will blood!!!, only most retarded system would sell assets which can be split in fair way! (that would be insane! BTC is not something which can not be split so sell off is only way!)

2. The plan is nice, but the ppl/company that wish to buy out mtgox must prove their intention by some guarantee or some big $$ investment in new company! (sure in long run 500K validated accounts and the hype it can generate is not something small, the real benefit can be huge for whole BTC not just new company)

3. 200K is NOT 20%, you must know we don`t know the real audit balance! (I think its more like 30-40%)
- they must check all AML accounts for real persons
- they must decline all fake accounts, accounts of Mark K., McCaleb, etc... (FUK them!) and accounts of illegal business (like silk road, etc)

4. I think they don`t need to recover all lost but over time most to creditors and they need to have good plan

[neotrino]

[...]

Hi everyone, my name is John Betts, and I am leading the proposed rehabilitation effort for Mt Gox, and Goat asked me to post here and communicate with you.
[...]

They have a site set up at savegox.com

John Betts is a former Morgan Stanley and Goldman Sachs executive, and former child actor turned venture capitalist Brock Pierce, are a part of a group of investors who want to resuscitate Mt.Gox. http://siliconangle.com/blog/2014/04/17/does-bitcoin-really-need-mtgox-probably-not/

[renfr]

1. If court decide to sell OUR BTC at mtgox i will go to japan and there will blood!!!, only most retarded system would sell assets which can be split in fair way! (that would be insane! BTC is not something which can not be split so sell off is only way!)

2. The plan is nice, but the ppl/company that wish to buy out mtgox must prove their intention by some guarantee or some big $$ investment in new company! (sure in long run 500K validated accounts and the hype it can generate is not something small, the real benefit can be huge for whole BTC not just new company)

3. 200K is NOT 20%, you must know we don`t know the real audit balance! (I think its more like 30-40%)
- they must check all AML accounts for real persons
- they must decline all fake accounts, accounts of Mark K., McCaleb, etc... (FUK them!) and accounts of illegal business (like silk road, etc)

4. I think they don`t need to recover all lost but over time most to creditors and they need to have good plan

So selling your bitcoins for cash is an outrage but a fatfuck heisting them is no problem?
If you want to do something then you have to direct your actions towards the responsible (Mark K.) not the court which is actually trying to find solutions to the problems caused by Mr. Soonish-much-frappuccinos.

Now that he's out from his position of CEO, I really hope that he gets detained and pay for his crimes, no way he gets away with that and certainly no fucking way he gets away without telling us where the 650k remaining BTC are.
Who the fucks know he actually got them and he just heisted them, never going to happen  
Never is he going to run away with a missing 650k BTC stash, I will gladly add up some BTC to the bounty for the "final solution" if this ever happens.

[JonHolmquist]

What is wrong in that? Why should they compensate the Gox customers? No one will spend BTC450k to acquire Gox. Gox customers should be compensated by Mark Kerpeles, not the new owner. Even if Mark K is kicked out of Gox, his responsibility does not end there. But the new owners should distribute the 200k stash which Mt Gox is possessing to the customers.

They'd be better off spending that simply creating a new exchange and jumping through all of the legal hoops. IMO, there should be no imperative for any new owners to have to compensate for the failure/theft by Karpeles, he should take complete and utter responsibility and pay his dues either by returning the BTC or rotting in jail. Honestly though, even if there is an audit and new owners I'm doubtful it'll ever be restored to a point where it once was - there has been way to much negative media and stigma associated with Gox now.

This is entirely true.

Brock and the team are doing it because it is good for the community. Brock is invested in many other BTC companies. Mt. Gox screwing over its customers (a large percentage of Bitcoiners) is bad for the community.

[Bit_Happy]

The criminal investigation is more promising. That money went somewhere, and the bankruptcy trustee's job is to find out where and get it back. Now that the Tokyo police and the Tokyo district court both suspect an inside job, and Karpeles has been fired, I suspect there will be progress.

Current status:

Community:  200,000 BTC and the malleability lie detected.

Court and lawyers: None.

Court and lawyers are actually a large negative balance.
Sadly, the court costs and hourly lawyer fees will eat up a huge chunk of the 200,000 BTC.

[reb0rn21]

@renfr
I don`t care for Mark K. i don`t know the full truth and I will let it be concluded soon in future, if he did wrong he should take the consequence

But our primary goal should be recovery for BTC as whole and % of our lost funds... and that goal for all must be CLEAR!

The most best and fair way Gox crisis take to conclusion it will more help a trust in BTC..... some new company with upgraded security and restored "trust" in BTC would help a lot in general

Just remember we have no safe heaven for exchange blindly trusting in bitstamp and BTC-e is same as insane, you can preach WE KNEW mtgox will fail, but that is just stupid and selfish way!, or we should know how to protect BTC! those are all excuses

BTC need SECURE exchange naw if we wont to restore trust in it!

What it will be called or how it is made is no important at all

[Bit_Happy]

This was posted on cryptocrypt.org but is important enough for the community to know about it so John gave me his permission to repost it here.

Hi everyone, my name is John Betts, and I am leading the proposed rehabilitation effort for Mt Gox, and Goat asked me to post here and communicate with you.


In short - we want to take over management of the company from Mark, so that we can handle the Civil Rehabilitation proceedings, distribute customers the assets currently under the control of the Supervisor, and rebuild the exchange.


We also have plans to lead asset recovery efforts, and to give customers participation in the new exchange through a combination of equity interest and revenue share.


I would like to begin a dialogue with you, to introduce myself, our syndicate, and what a rehabilitation plan might look like, and to seek your support to convince the Supervisor not go down the liquidation route that will further hurt customers, and to support our effort lead the civil rehabilitation proceeding, which we will pursue with your collaboration.


Right now, we are working with the Supervisor to convince them bankruptcy only protects Mark, and would be detrimental to creditors.


Hopefully you share our concern about liquidation vs. rehabilitation.


If you have any questions, please do not hesitate to reach out.


We are in the process of preparing more detail around our proposal, and I will share that with you as we release it.


Best regards,
JB

They have a site set up at savegox.com

I'm not sure this will work but I like the idea of it. Getting rid of Mark and having a professional audit by people who care about BTC seems like a better path than what is on offer. Anyway open to your ideas and feedback.

-Goat-

...and to seek your support to convince the Supervisor not go down the liquidation route that will further hurt customers.
The decision to liquidate has already been made by the court.

Simple yes or no:
It is already too late to change the most recent court "decision", correct?