Save Gox

[El Cabron]

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-

[El Cabron]

http://www.coindesk.com/potential-mt-gox-buyer-exchange-important-role-bitcoins-future/

A bit more about this operation in the media.

[BittBurger]

How do we "reach out" ?

They need to talk to Adam B Levine and the group that has been working on the whole Gox tracking thing for months.

There are a lot of people who claim to know exactly where the coins are, and I have yet to hear anyone in authority acknowledge a discussion about it.

Which is really strange to me.

Maybe this guy is the one who needs to address those concerns, and tell everyone how he's going to facilitate the tracking of the "other coins"

-B-

[roslinpl]

http://www.coindesk.com/potential-mt-gox-buyer-exchange-important-role-bitcoins-future/

A bit more about this operation in the media.

They have great plan :

“Our plan, of course, is to take the exchange, fix the security issues and rehabilitate it.”

it is easy to say - hard to do but I wish them good luck...

[bryant.coleman]

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 am all for it. First let us have a professional audit. There is still some lack of clarity on the exact number of Bitcoins stolen from Gox. I agree that that fat f##k Mark Kerpeles should be kept out of this, as he is doing all that he can to divert the investigations. Also, I want to know exactly how this much coins were stolen without anyone noticing anything.

[El Cabron]

How do we "reach out" ?

They need to talk to Adam B Levine and the group that has been working on the whole Gox tracking thing for months.

There are a lot of people who claim to know exactly where the coins are, and I have yet to hear anyone in authority acknowledge a discussion about it.

Which is really strange to me.

Maybe this guy is the one who needs to address those concerns, and tell everyone how he's going to facilitate the tracking of the "other coins"

-B-

It seems to me Mark is doing this liquidation thing to try to avoid jail and or get away with the extra coins. The Japanese Govt is not going to be able to track to coins so we need an audit.

[5flags]

Whilst the idea of Gox reappearing makes me uneasy, I don't like the idea of a significant number of people being out of pocket. I think this is the best plan on the table right now.

[Velkro]

saving gox is impossible, just like that, period
too much money was lost

[El Cabron]

saving gox is impossible, just like that, period
too much money was lost

For me it is mostly about Mark being held accountable and finding the lost BTC.

[5flags]

For me it is mostly about Mark being held accountable and finding the lost BTC.

I question that motivation. The primary concern should be making whole the victims of the collapse. Holding Mark to account should be of secondary concern - regardless of the personal satisfaction you might gain.

Given the choice between financial restitution and seeing Mark in a cage, I'm sure people would prefer their coins back....maybe it would be a close call

[esse83]

"Any appreciation in the value of bitcoins would be lost because of conversion of MtGox's 200,000 recovered bitcoins to fiat currency as part of the distribution of assets."

He speaks as though this is a fact and must happen. Why would it not simply be returned to the customers. Would be a lot easier than selling it all and returning it as fiat cash to the customers.

[El Cabron]

"Any appreciation in the value of bitcoins would be lost because of conversion of MtGox's 200,000 recovered bitcoins to fiat currency as part of the distribution of assets."

He speaks as though this is a fact and must happen. Why would it not simply be returned to the customers. Would be a lot easier than selling it all and returning it as fiat cash to the customers.

Pretty sure when the Govt of Japan sells all the assets of Gox they will see BTC as an asset. They will sell that for fiat.

[esse83]

"Any appreciation in the value of bitcoins would be lost because of conversion of MtGox's 200,000 recovered bitcoins to fiat currency as part of the distribution of assets."

He speaks as though this is a fact and must happen. Why would it not simply be returned to the customers. Would be a lot easier than selling it all and returning it as fiat cash to the customers.

Pretty sure when the Govt of Japan sells all the assets of Gox they will see BTC as an asset. They will sell that for fiat.

Well I would agree if the found bitcoins is actually considered MtGox assets. But this could easily be viewed as customer assets that do not belong to MtGox. If that is the case then it is not for MtGox to dispose of. In their ToS they state that they hold bitcoin on behalf of the customers. When I deposit coins to MtGox I am not thereby giving them ownership.

It's no different from a stockbroker buying on behalf of his client. MtGox is literally a middleman or a strawman between buyers and sellers. It's just a platform that have no ownership interest invested in the assets deposited by their clients.

[El Cabron]

"Any appreciation in the value of bitcoins would be lost because of conversion of MtGox's 200,000 recovered bitcoins to fiat currency as part of the distribution of assets."

He speaks as though this is a fact and must happen. Why would it not simply be returned to the customers. Would be a lot easier than selling it all and returning it as fiat cash to the customers.

Pretty sure when the Govt of Japan sells all the assets of Gox they will see BTC as an asset. They will sell that for fiat.

Well I would agree if the found bitcoins is actually considered MtGox assets. But this could easily be viewed as customer assets that do not belong to MtGox. If that is the case then it is not for MtGox to dispose of. In their ToS they state that they hold bitcoin on behalf of the customers. When I deposit coins to MtGox I am not thereby giving them ownership.

It's no different from a stockbroker buying on behalf of his client. MtGox is literally a middleman or a strawman between buyers and sellers. It's just a platform that have no ownership interest invested in the assets deposited by their clients.

Pretty sure Japan is going to sell all the BTC and get fiat.

[QuestionAuthority]

One thing worries me a little in his statement, "new exchange through a combination of equity interest and revenue share." Does he expect more Bitcoin users to come forward and pour more money down that gopher hole or is he offering equity interest in the new company to the current losers as recompense for their losses? In other words, if Gox owed you 1000 Bitcoins then you have a 1% share, if Gox owed you 500 Bitcoins then you have .5 % share, etc.

[odolvlobo]

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?

[casinocoin]

Im going to have to agree that this could be good..
Only if they do it the right way and remove any viruses from the company(mark, and the incompetent security team)

You are right, bankruptcy will only protect mark.
Gox was once the biggest exchange, and I could see it coming back with the right leadership and transparent business practices.
(Yes it is too big to fail IMO another exchange should have shot up, but that never happened)

[ebliever]

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?

It already did fail, and bitcoin has survived pretty much just fine. So much for TBTF.

[RocketSingh]

So Mark is trying to liquidate the asset to save his ass. Does it going to account for the lost coin & fiat at Mt. Gox ?

[dogechode]

Didn't Japan just announced that they were blocking the attempt to liquidate/rehabilitate Mt. Gox? Can this still be done despite that announcement? If Mark is out of the picture I think it's a good idea, if he is involved in any way, shape, or form, I think it's a terrible idea.