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Author Topic: 200k Gox Coins in the Pipeline  (Read 2178 times)
cspeter8
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April 24, 2014, 05:13:14 PM
 #21

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!

This all sounds right up until the last line of the 1st paragraph, suggesting BTC wealth will be wiped out.  Whoever the well-connected party is that is going to purchase the 200K bitcoin will be doing it to make a profit.  It is in their economic interest to sell with as little slippage as possible.  With a trendline of bitcoin market cap doubling every 4 months, I find it hard to accept that an extra  2% (10M BTC/200K BTC) of coin supply 'will wipe out BTC wealth at epic proportions'
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April 24, 2014, 06:32:46 PM
 #22

Announcement of Commencement of Bankruptcy Proceedings:
https://www.mtgox.com/img/pdf/20140424_announce_qa_en.pdf



Q. 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  Smiley

YOU BOLDED THE WRONG WORDS. If the 200k coins are Gox assets, then Gox is not insolvent but actually +$40mil over liabilities. If the 200k coins are actually CUSTOMER assets, then they cannot be liquidated to pay Goxs debts, because they still belong to the customers. Gox is holding them for their customers, but does not OWN the coins.
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April 24, 2014, 06:47:51 PM
 #23

You are absolutely dead wrong! Time to face facts, bro.
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April 24, 2014, 06:49:42 PM
 #24

The courts actions will speak louder then their words if you ask me.  whatever they choose to do we should be prepared for IMO.  A dump of coins would mean an attack on BTC in my eyes which is nothing new.  Only downside it people could lose money.
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April 25, 2014, 03:48:25 AM
 #25

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 continuing notion, on this forum, that a Japanese Bankruptcy Court has some inherent sense of fairness is just plain absurd. Bankruptcy is never fair!

So all the courts are unfair and nobody ever was served justice through a court of law, and that's just how it is, no ? Because life is unfair and everyone is out to screw you, because it's a dog eat dog world, and we haven't made any progress in the last 100 years.
anu
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April 25, 2014, 07:09:52 AM
 #26

but those 200000 coins are not company assets

Depositors are the most junior of all junior creditors. This should teach the entire world a lesson for the upcoming currency crisis: DO NOT LEAVE ANY ASSETS IN BANKS!

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April 25, 2014, 06:12:05 PM
 #27

but those 200000 coins are not company assets

Depositors are the most junior of all junior creditors. This should teach the entire world a lesson for the upcoming currency crisis: DO NOT LEAVE ANY ASSETS IN BANKS!


Exactly this^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
nuff
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April 26, 2014, 06:06:23 AM
 #28

Announcement of Commencement of Bankruptcy Proceedings:
https://www.mtgox.com/img/pdf/20140424_announce_qa_en.pdf



Q. 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  Smiley

YOU BOLDED THE WRONG WORDS. If the 200k coins are Gox assets, then Gox is not insolvent but actually +$40mil over liabilities. If the 200k coins are actually CUSTOMER assets, then they cannot be liquidated to pay Goxs debts, because they still belong to the customers. Gox is holding them for their customers, but does not OWN the coins.

This is like saying the money you put in the bank does not belong to the bank but belongs to you. Ethically this is right and is what we're led to believe, but when banks can freeze your money, or you need to tell them a reason why you're withdrawing such amount it doesn't really feel like you own that money, know I mean?
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April 27, 2014, 02:34:10 PM
 #29


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.

What rally? The lines have crossed, hold on to your knickers on the way down...
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