gizmoh (OP)
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April 24, 2014, 10:05:41 AM |
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Announcement of Commencement of Bankruptcy Proceedings: https://www.mtgox.com/img/pdf/20140424_announce_qa_en.pdfQ. What is expected to happen under the bankruptcy proceedings?
A. The bankruptcy trustee will implement the bankruptcy proceedings, in which the assets of
the bankrupt entity will be managed and converted into cash, the investigation of the claims,
etc. will be conducted, and if funds for a distribution are secured, the liquidating distribution
will be made.
BTC will be sold for Cash, possibly via Auction or Tender, in lots. Abundance of cheap coins, I welcome you wholeheartedly  |
How Ripple Rips you: "The founders of Ripple Labs created 100 billion XRP at Ripple's inception. No more can be created according to the rules of the Ripple protocol. Of the 100 billion created, 20 billion XRP were retained by the creators, seeders, venture capital companies and other founders. The remaining 80 billion were given to Ripple Labs. Ripple Labs intends to distribute and sell 55 of that 80 billion XRP to users and strategic partners. Ripple Labs also had a giveaway of under 200 million XRP (0.002% of all XRP) via World Community Grid that was later discontinued.[29] Ripple Labs will retain the remaining 25 billion"
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"Governments are good at cutting off the heads of a centrally
controlled
networks like Napster, but pure P2P networks like Gnutella and Tor seem
to be holding their own." -- Satoshi
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T.Stuart
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April 24, 2014, 10:19:48 AM |
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BTC will be sold for Cash, possibly via Auction or Tender, in lots. Abundance of cheap coins, I welcome you wholeheartedly You will be waiting with open arms for a long time. It's a horribly complicated case. You might be able to buy one of those coins next year if lucky. |
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frienemy
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I was promised da moon
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April 24, 2014, 10:28:56 AM
Last edit: April 24, 2014, 10:54:11 AM by frienemy |
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You will be waiting with open arms for a long time. It's a horribly complicated case. You might be able to buy one of those coins next year if lucky.
Yes, this could really spoil our rallye... not the next one and probably not the one after that, but the one in a few years. At my last job I had to deal with quite a few insolvent companies. The last assets of the most complicated case were liquidated 9 years after insolvency. And this case was dwarfsized compared to Gox. |
MCTRL_751 > END OF LINE
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segeln
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April 24, 2014, 12:38:10 PM |
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seems,Mt.Gox -Chaos would come to an appreciated end in the Long run.
There are still rumours about a bailout purchase by investors.
Good News for BTC
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Jr65
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April 24, 2014, 12:53:26 PM |
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THERE IS A BAIL-OUT ALREADY UNDERWAY AND NEAR COMPLETION! (totally behind the scenes!) The "bail-out" (more like "raid-out") is being done by people that do not have your interests at heart. No one is just going to bail out BTC because he/she/it feels sorry for its investors!! Go to your nearest bunker and hide if you're going to HODL BTC!
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YipYip
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April 24, 2014, 01:47:07 PM |
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THERE IS A BAIL-OUT ALREADY UNDERWAY AND NEAR COMPLETION! (totally behind the scenes!) The "bail-out" (more like "raid-out") is being done by people that do not have your interests at heart. No one is just going to bail out BTC because he/she/it feels sorry for its investors!! Go to your nearest bunker and hide if you're going to HODL BTC!
I am keen for the new VC owners to come in and buy gox for 1 btc ..as long as karples is locked away GOX may be good for btc  |
OBJECT NOT FOUND
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bryant.coleman
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April 24, 2014, 01:49:20 PM |
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Abundance of cheap coins, I welcome you wholeheartedly One man's dream is another's nightmare.  Do you have any idea the effect this will be having on the volatility of Bitcoin? Already people are refusing to use Bitcoins because of this volatility. Imagine what will happen when the exchange rate dips to $90. |
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UnDerDoG81
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April 24, 2014, 01:49:55 PM |
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I wonder who this money gets after thos 200k coins get sold? Japan government? Or the people who lost their money?
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Jr65
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April 24, 2014, 02:10:13 PM |
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Usually, liquidation will pay out as follows:
1. ALL, and I mean ALL, Court costs. (this will be a fortune!)
2. Employees (good faith, not Mark K. because he's going to jail!)
3. General creditors (i.e. banks)
4. Customers, users (who will get zero!)
Hope this answers your question.
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dropt
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April 24, 2014, 02:15:35 PM |
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THERE IS A BAIL-OUT ALREADY UNDERWAY AND NEAR COMPLETION! (totally behind the scenes!) The "bail-out" (more like "raid-out") is being done by people that do not have your interests at heart. No one is just going to bail out BTC because he/she/it feels sorry for its investors!! Go to your nearest bunker and hide if you're going to HODL BTC!
Usually, liquidation will pay out as follows:
1. ALL, and I mean ALL, Court costs. (this will be a fortune!)
2. Employees (good faith, not Mark K. because he's going to jail!)
3. General creditors (i.e. banks)
4. Customers, users (who will get zero!)
Hope this answers your question.
Oh look everybody, Bitcointalk's court jester is back again! |
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Jr65
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April 24, 2014, 02:24:02 PM |
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The clown jester genius never left, douchebag.
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frienemy
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I was promised da moon
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April 24, 2014, 02:33:35 PM |
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The clown jester genius never left, douchebag.
FTFY |
MCTRL_751 > END OF LINE
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pblack4
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April 24, 2014, 02:34:55 PM |
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but those 200000 coins are not company assets
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Jr65
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April 24, 2014, 02:40:23 PM |
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Oh yes they are!
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pblack4
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April 24, 2014, 02:41:32 PM |
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why? they are deposits, not company assets
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pblack4
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April 24, 2014, 02:46:58 PM |
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a bitcoin or cash deposit is a company liability not a company asset
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Asrael999
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April 24, 2014, 02:53:35 PM |
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Usually, liquidation will pay out as follows:
1. ALL, and I mean ALL, Court costs. (this will be a fortune!)
2. Employees (good faith, not Mark K. because he's going to jail!)
3. General creditors (i.e. banks)
4. Customers, users (who will get zero!)
Hope this answers your question.
don't forget Taxes- jap govt gets its share first |
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Syke
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April 24, 2014, 02:55:53 PM |
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Do you have any idea the effect this will be having on the volatility of Bitcoin?
Very little. Daily trading volume averages around 20k on slow days, peaking at well over 300k on busy days. Dumping gox coins all in one day wouldn't be all that unusual of a trading day. The liquidator is not going to place a 200k market order on some random exchange. They will be liquidated in an orderly manner. The effect on the market will be minimal, and temporary. |
Buy & Hold
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Asrael999
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April 24, 2014, 02:58:36 PM |
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a bitcoin or cash deposit is a company liability not a company asset
this is the grey area bit - it depends upon how Japanese law has defined bitcoin, and whether the customer accounts are treated as money or not - MT GOX is not a depositing taking institution, it could be argued that customers had lent their bitcoin and their USD as well to GOX - thus making them general creditors, and also whether those 200K bitcoin are part of the customer balance or part of MTGOX own BTC balance. |
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Jr65
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April 24, 2014, 04:05:28 PM |
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Dude, are you paying any attention? Wake up! The coins are going to be liquidated privately! No Japanese Bankruptcy Liquidator, who doesn't even know what BTC is, will take the time to spread sell orders over time at public exchanges. The Court needs money NOW! Courts do not front costs if they can avoid it and they can avoid it in this case because there are plenty of wealthy bottom-feeders in this Market. All the Court needs to know is that it will get paid. They don't give two shits about angry creditors and lowly customers even if they act like they do. This is not the Court's first rodeo. It is comprised of a bunch of bureaucratic robots who are after the most amount of money possible through the path of least resistance. (i.o.w., deep discounts for big one or two lots of money!!) There's a deal already in the making that will wipe out BTC wealth at epic proportions!
The continuing notion, on this forum, that a Japanese Bankruptcy Court has some inherent sense of fairness is just plain absurd. Bankruptcy is never fair!
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