SaveGox.com

[JonHolmquist]

Hey guys!

I'm on the SaveGox team. If you guys have questions for the team, please post them.

I'm opening this thread because Goat closed the other one.

Thanks,

-Jon

[1715003133]

1715003133

[1715003133]

1715003133

[freedombit]

Hey guys!

I'm on the SaveGox team. If you guys have questions for the team, please post them.

I'm opening this thread because Goat closed the other one.

Thanks,

-Jon

Will your investment provide enough injection to cover the negative balance of lost deposits if there is one?

If not, then I have a second question.

How will the new exchange offer complete transparency to its books and balances?

[pblack4]

Do creditors get either a 20% of the 200K coins or a share of the new exchange or both?
How many years to recover the full 100%?
What happens after a creditor has recovered 100%? Does he continue to receive earnings from the exchange?

[tins]

Hey guys!

I'm on the SaveGox team. If you guys have questions for the team, please post them.

I'm opening this thread because Goat closed the other one.

Thanks,

-Jon

I am surprised that there is a save gox team. Most people in the BTC community would like gox to be forever wiped away from our history without reminders of the terrible events that took place with mt gox.

[sobriket]

Hey guys!

I'm on the SaveGox team. If you guys have questions for the team, please post them.

I'm opening this thread because Goat closed the other one.

Thanks,

-Jon

I am surprised that there is a save gox team. Most people in the BTC community would like gox to be forever wiped away from our history without reminders of the terrible events that took place with mt gox.

Such an incredibly uninformed, naive, silly comment. MtGox is forever engraved in the history of BTC and the whole ongoing and unresolved mess there, along with the loss of half a billion dollars, is one of the factors that negatively affect bitcoin and will haunt it for a long time if not resolved properly.

For all the others, including 127,000 affected depositors who may actually have an interest, consider watching this informative video: http://www.reddit.com/r/Bitcoin/comments/24443x/live_google_hangout_mtgoxrehabcom_vs_liquidation/

[defyent]

If this team does obtain mtgox, will mtgox's wallet addresses be made public for the community to audit?

[BitCoinNutJob]

Hey guys!

I'm on the SaveGox team. If you guys have questions for the team, please post them.

I'm opening this thread because Goat closed the other one.

Thanks,

-Jon

I am surprised that there is a save gox team. Most people in the BTC community would like gox to be forever wiped away from our history without reminders of the terrible events that took place with mt gox.

Its not that simple

[sobriket]

I would like to use this opportunity to stress again that the Sunlot Holdings people tried to make a backroom deal with Mark Karpeles, and later through the court, to buy up the distressed debt. The deal, which recently surfaced through a leaked document, would have been quite a ripoff to existing creditors and was to be made, if Sunlot Holdings had their way, behind our backs. Fortunately, it was rejected.

They state that at that time they acted in an "information vacuum" and have since then changed their plan, apparently acting on newly available information to adjust the plan. To my knowledge, the only knowledge that has become available to them since then is that their original plan was rejected, and that the general public have got to know that it looks like they were about to be taken advantage of.

In conversations with a WSJ journalist, they stated that they have support for their plan from 70% of creditors, weighed by the size of the debt of individual creditors. This is pertinently untrue. Many of the large creditors they included in their potentially made-up figure of 70% have stated support for rehabilitation, but not for the Sunlot Holdings plan.

In the past weeks, while remaining unclear about exact terms of their new plan, which may still not include a debt-for-equity swap, they've hired John Holmquist as a PR person, who has since resorted to some silly scare tactics such as these.

To close, just posting the below link as a public service announcement when it comes to potential MtGox investors in general:
http://www.investopedia.com/terms/v/vulturefund.asp

[sobriket]

In addition, Sunlot Holdings was registered in December 2013. Of course that's no proof of nefarious purposes. However, considering they seem to be distressed debt investors, one wonders what "distress" signal they received (like in November 2013) that most others didn't?

[JonHolmquist]

Hey guys!

I'm on the SaveGox team. If you guys have questions for the team, please post them.

I'm opening this thread because Goat closed the other one.

Thanks,

-Jon

Will your investment provide enough injection to cover the negative balance of lost deposits if there is one?

If not, then I have a second question.

How will the new exchange offer complete transparency to its books and balances?

Phase 1: Complete audit and get everyone the coins and cash remaining back to them.

Phase 2: Launch new exchange. At this point we'll be investing a couple million dollars to get it up and running and profitable.

Phase 3: Coin holders will receive equity in the new company to help pay off their losses. This third phase is still not finalized yet.

[JonHolmquist]

Do creditors get either a 20% of the 200K coins or a share of the new exchange or both?
How many years to recover the full 100%?
What happens after a creditor has recovered 100%? Does he continue to receive earnings from the exchange?

Check the answer above.

No projections yet for how many years it will take. Depends on too many external factors. I presume they'll continue earning after the fact. This has yet to be finalized though.

[JonHolmquist]

If this team does obtain mtgox, will mtgox's wallet addresses be made public for the community to audit?

I will ask. I don't see the issue in releasing that info after the audit. I'd make it a priority to share the results of an audit or investigation to the community immediately.

[JonHolmquist]

In addition, Sunlot Holdings was registered in December 2013. Of course that's no proof of nefarious purposes. However, considering they seem to be distressed debt investors, one wonders what "distress" signal they received (like in November 2013) that most others didn't?

How about this? http://techcrunch.com/2013/08/23/feds-seize-another-2-1-million-from-mt-gox-adding-up-to-5-million/

[JonHolmquist]

I would like to use this opportunity to stress again that the Sunlot Holdings people tried to make a backroom deal with Mark Karpeles, and later through the court, to buy up the distressed debt. The deal, which recently surfaced through a leaked document, would have been quite a ripoff to existing creditors and was to be made, if Sunlot Holdings had their way, behind our backs. Fortunately, it was rejected.

Did you read the proposal? Included in there, in plain english: "- Court and creditor approval of a payment plan."

None of this was done behind your backs. It was contingent on the knowledge and approval of the creditors.


They state that at that time they acted in an "information vacuum" and have since then changed their plan, apparently acting on newly available information to adjust the plan. To my knowledge, the only knowledge that has become available to them since then is that their original plan was rejected, and that the general public have got to know that it looks like they were about to be taken advantage of.

We've been able to better identify the risks associated with the business and have been in talks with creditors. Plenty information regarding creditor wishes has been made available to us in the last month.

In conversations with a WSJ journalist, they stated that they have support for their plan from 70% of creditors, weighed by the size of the debt of individual creditors. This is pertinently untrue. Many of the large creditors they included in their potentially made-up figure of 70% have stated support for rehabilitation, but not for the Sunlot Holdings plan.

We have received support of our efforts from large blocks of customers who have self organized, as well as individual customers who have reached out to us through SaveGox.com, some formal, some informal.  We will be making an announcement shortly about formal support from international groups of creditors who support our revised rehabilitation plan for Mt Gox. That 70% included Okcoin at that time, who now seem to support their own plan. We still have an open dialogue with them.

In the past weeks, while remaining unclear about exact terms of their new plan, which may still not include a debt-for-equity swap, they've hired John Holmquist as a PR person, who has since resorted to some silly scare tactics such as these.


I believe John confirmed debt-for-equity yesterday. I think you're forgetting my other more silly tactics, like this one: https://i.imgur.com/7vyhIPm.jpg - Both of these were attempts aimed at the larger Bitcoin community to garner attention. Neither did well, I didn't push them any further.

[defyent]

If this team does obtain mtgox, will mtgox's wallet addresses be made public for the community to audit?

I will ask. I don't see the issue in releasing that info after the audit. I'd make it a priority to share the results of an audit or investigation to the community immediately.

Well I didn't ask about the info after an audit. That's just a story, and we've had enough stories. The bitcoin community has proven themselves to be the best at auditing the block chain. No amount of 'professionals' you throw money at will convince us that the story you're telling us is true unless you release ALL of mtgox's wallet addresses.

[janos666]

Well...
May be I misinterpreted the communication of this group though the media, but I think one of your promises was to be as transparent and verbose as humanly and/or professionally possible/allowed.
But I am yet to receive my very first "information package" on the email address I used to sign up.
All I know for a fact that some people with questionable/unclear histories/intentions want to do something with Gox if the Japanes court allows. And they are sweating the deal by promising they will try to recover all  losses.
And then there is this shadowy talk on these forums about "various things are in motion under the radar, more comes later". -> Not really transparent and verbose if you ask me.

[JonHolmquist]

Well...
May be I misinterpreted the communication of this group though the media, but I think one of your promises was to be as transparent and verbose as humanly and/or professionally possible/allowed.
But I am yet to receive my very first "information package" on the email address I used to sign up.
All I know for a fact that some people with questionable/unclear histories/intentions want to do something with Gox if the Japanes court allows. And they are sweating the deal by promising they will try to recover all  losses.
And then there is this shadowy talk on these forums about "various things are in motion under the radar, more comes later". -> Not really transparent and verbose if you ask me.

We should be sending something to your email soon.

Here's a press release, hot off the presses! http://www.savegox.com/press/Gox_Creditor_Settlement_Press_Release.pdf

[Phinnaeus Gage]

Well...
May be I misinterpreted the communication of this group though the media, but I think one of your promises was to be as transparent and verbose as humanly and/or professionally possible/allowed.
But I am yet to receive my very first "information package" on the email address I used to sign up.
All I know for a fact that some people with questionable/unclear histories/intentions want to do something with Gox if the Japanes court allows. And they are sweating the deal by promising they will try to recover all  losses.
And then there is this shadowy talk on these forums about "various things are in motion under the radar, more comes later". -> Not really transparent and verbose if you ask me.

We should be sending something to your email soon.

Here's a press release, hot off the presses! http://www.savegox.com/press/Gox_Creditor_Settlement_Press_Release.pdf

Two paragraphs in, and I already envision mass postings in this thread in 5...4...3...

[Nagle]

I'm on the SaveGox team. If you guys have questions for the team, please post them.

Please list the criminal records for all members of your team, including investors and advisors.

(This is a standard requirement for anyone proposing to become a broker or exchange under US law.)

[freedombit]

Well...
May be I misinterpreted the communication of this group though the media, but I think one of your promises was to be as transparent and verbose as humanly and/or professionally possible/allowed.
But I am yet to receive my very first "information package" on the email address I used to sign up.
All I know for a fact that some people with questionable/unclear histories/intentions want to do something with Gox if the Japanes court allows. And they are sweating the deal by promising they will try to recover all  losses.
And then there is this shadowy talk on these forums about "various things are in motion under the radar, more comes later". -> Not really transparent and verbose if you ask me.

+ 1 on EVERYTHING stated above