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Author Topic: Any threads that discuss the latest mtgox docs?  (Read 779 times)
achillez
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June 09, 2014, 04:23:35 AM
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Reason I ask is the latest one (Ammendment for recognition) sounds odd. Do we need to jump in and submit a claim right away, or is this somethign else?
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Jointops420
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June 09, 2014, 08:05:31 AM
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Gawd knows, although the silence is deafening.

I have tried to email a couple of Japanese lawyers but no answer. Where to go from here for me now is the question.
freedombit
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June 10, 2014, 06:48:07 AM
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Gawd knows, although the silence is deafening.

I have tried to email a couple of Japanese lawyers but no answer. Where to go from here for me now is the question.

This is strange. I've emailed more than 10 attorneys in Japan, including a list of them on the US Embassy site that specialize in corporate bankruptcy. I've also attempted to reach attorney's via several friends, relatives, and business acquaintances. They've all come back with messages that Japanese attorneys are not interested.

Is Bitcoin still TABOO?

On the upside, this has been all over the papers in Japan, so it is a big deal over there.
CompNsci
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June 10, 2014, 05:07:47 PM
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The lack of interest by Japanese attorneys is likely due to the fact that they feel that it is now in bankruptcy proceedings, with the trustee being reportedly one of the most trusted attorneys in Japan for such work. So what else is there to do?

The bankruptcy is going to take a likely 18 months to produce any recovery, so patience will likely be needed here.
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June 10, 2014, 08:58:51 PM
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The lack of interest by Japanese attorneys is likely due to the fact that they feel that it is now in bankruptcy proceedings, with the trustee being reportedly one of the most trusted attorneys in Japan for such work. So what else is there to do?

The bankruptcy is going to take a likely 18 months to produce any recovery, so patience will likely be needed here.
Bitcoin has been called a complex system without a stable equilibrium, and so time will always be of the essence when it comes to resolving the Mt. Gox depositors' claims.  

A bankruptcy proceeding is essentially an exercise with its own rules, regulations, and sense of timing that have absolutely *nothing* to do with the fast-paced evolution of bitcoin.

Bitcoin sees regulation as damage and routes around it. I'm pretty sure it sees a slow-as-molasses legal proceeding in much the same way.

Isn't it about time for the Mt. Gox depositors to adapt their tactics in the interests of asserting claims? Actually, it seems to me they have already been overly patient.


freedombit
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June 11, 2014, 04:46:32 AM
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The lack of interest by Japanese attorneys is likely due to the fact that they feel that it is now in bankruptcy proceedings, with the trustee being reportedly one of the most trusted attorneys in Japan for such work. So what else is there to do?

The bankruptcy is going to take a likely 18 months to produce any recovery, so patience will likely be needed here.

Not true. There is at least one law firm taking MtGox cases, although suspicious because they are SEO'd right to the top of key searches. How do we even know it is a legit firm?

Secondly, I agree that patience is important, but speed is as well. There are some business groups and attorneys already lined up. There are at least three or four groups lining up to take their share, and I've written every one of them. Not a single one can answer key questions - if they answer at all. 
freedombit
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June 11, 2014, 04:56:54 AM
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The bankruptcy is going to take a likely 18 months to produce any recovery, so patience will likely be needed here.
Isn't it about time for the Mt. Gox depositors to adapt their tactics in the interests of asserting claims? Actually, it seems to me they have already been overly patient.

This is surely happening; but how can crypto fans do this fairly - and justly - maybe even transparently - while still maintaining peace with localized governments? Is there a "court of international law" that will be accepted and recognized by humanity that can guide the outcomes? This particular incident must be an "invite only" scenario...and all parties have to be very careful. Kind of ironic that so much trust is needed in this trustless system.  Undecided


DrApricot
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June 11, 2014, 09:02:55 AM
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The bankruptcy is going to take a likely 18 months to produce any recovery, so patience will likely be needed here.
Isn't it about time for the Mt. Gox depositors to adapt their tactics in the interests of asserting claims? Actually, it seems to me they have already been overly patient.
This is surely happening; but how can crypto fans do this fairly - and justly - maybe even transparently - while still maintaining peace with localized governments? Is there a "court of international law" that will be accepted and recognized by humanity that can guide the outcomes? This particular incident must be an "invite only" scenario...and all parties have to be very careful. Kind of ironic that so much trust is needed in this trustless system.  Undecided
I agree, be careful. Depositors have a lot of exposure, so it would be unwise to make any rash moves. Your sense of irony though may somewhat underestimate the resilience of bitcoin. This may in the end turn out to be an instance of what happens when the irresistible force meets the immovable object. A few sparks are bound to fly.
ajareselde
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June 11, 2014, 10:07:57 AM
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Is there realy a point ?
Their only chance to return all funds to every owner was to continue trading, coz their value alone is not enough

DrApricot
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June 11, 2014, 05:05:12 PM
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Is there realy a point ?
Their only chance to return all funds to every owner was to continue trading, coz their value alone is not enough
Do you seriously buy into the narrative that Mt. Gox just happened to lose 650,000 bitcoins and $27 million in cash deposits to hackers? To me, that story appears to be cut from whole cloth, and probably part of the con.

If you'll recall, the original version was that Mt. Gox was hacked for 950,000 BTC. 100,000 of which supposedly belonged to CEO Mark Karpels. That left 850,000 of the hacked bitcoins that allegedly belonged to Mt. Gox depositors.

Next Mt. Gox claimed that it had "found" 200,000 BTC in an "old-format" wallet, so really only 650,000 of depositors' bitcoins had disappeared.  Though, what actual proof exists that these supposed 650,000 bitcoins actually ever existed? Perhaps there were never more than 200,000 bitcoins in Mt. Gox in the first place, in which case, absolutely zero are now missing.

Doesn't it seem like a little bit of a stretch to you that a 28 year old who had been in business for about 3 years had amassed 950,000 bitcoins worth some $500,000,000? I know pizza used to go for 1,000 BTC per slice, but that's simply absurd. That Mt. Gox ever even held 200,000 BTC still seems very hard to swallow, yet is at least possible.
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