Mtgox News

[buzzcoin]

Hi People,
Now that the first long awaited creditors meeting is over, we have a few things to think about.

During this long wait, lots of money (hard cash) was used to sort out expenses relating to mtgox.If one has to look at the costs that were involved, it makes one wonder how such costs would eventually add slowly slowly to the drain of whatever assets are left of mtgox by the time we have the next creditors meeting which is far ahead in November.

By the time that comes i suppose we will have another set of expenses to look at maybe?
Should it not be the liquidators top priority to round up all assets and look for a suitable bidder to take over gox?
Should there have been greater clarity with regard to the ongoing investigation on the stolen coins?
Should the company doing the investigation have had mtgox members or possibly an oversight team to work with the investigation team?
Can't all the major creditors (coin holders, cash holders) ask for the process to be speeded up?
How can we tell if some coins could possibly have been already recovered but not publicly reported because no details of the investigation have been made public?
Where or how could the BITCOIN FOUNDATION could have helped in this whole mess? Did they?
How does bitcoin keep the title of being a fair currency, if we now have 650000 coins in the hands of stupid idiots? I say stupid because they have done more damage to themselves than they think. I say fair because people will always remember that some selfish people got bitcoins the illegal way. People will always feel cheated.

Though the amount stolen is just a fraction of the total, it has done bitcoin damage, agree?
Why do well known companies still adopt bitcoin? Did they research the more effecient coins?
Is there not a better currency to adopt out there?
Are these companies just trying to jump onto the bandwagon before getting left behind?
Good companies will not support a coin that already has 650000 sitting in the hands of criminals, right? Or are they good companies?
Am i not right in saying that, other coins had a more fair distribution, did not have a huge chunk end up in criminal hands, is more easy to maintain in terms of cost, is also just as secure from hackers, has more features to offer, has a fast growing user base, has a growing developer base, has better coin foundation rules, gives all foundation members equal voting rights, does not require expensive foundation fees, has a dedcicated security and support team, and last but not least allows 650000 coins to disappear and not have a FUCKING!!! backup plan. After all if we are to expect it to be the coin of the future and to be used as a means of everyday exchange, surely there must be measures to protect people when they have coins stolen from them. Peoples lives will get turned upside down if this is to be the coin of the future.

Now how many will come to adopt bitcoin if this goes on?
In simple terms, developers out there who are working on their coins let us try to come up with something better for the people of the world. The world needs it

[Bit_Happy]

If Sunlot Holdings seriously intends to pay you back, then why are they planning to pay a person/company who charges $900 per hour?

In the filing, the group listed Freeh Group International Solutions, a firm established by former FBI director Louis Freeh that has carried out a series of investigations into high-profile scandals, among a team of advisers it planned to tap for Mt. Gox.
http://in.reuters.com/article/2014/04/11/bitcoin-mtgox-investorgroup-idINDEEA390FJ20140411

Mr. Freeh's hourly rate is $900.
[Suspicious link removed]j.com/news/articles/SB10001424127887323420604578652451181350238

http://www.reuters.com/article/2013/08/06/us-mfglobal-trustee-fees-idUSBRE9750NB20130806

Freeh already asked for nearly $2 million in fees, but agreed to a slight reduction after the Department of Justice criticized him and his law firm for vague time records.

tx1 ----------> tx2: 3.5 hours.
tx1 ----------> tx3: 2.7 hours.
tx1 ----------> tx4: 4.1 hours.
...

"Mr. Freeh, how many of these tx thingies are there?"
"Unknown, because as its already been demonstrated, Mr. Karpeles was a pretty slick dude. Knowing that my pay scale is $900/hr, where would you like me to remit the bill for my minimum 15 minute session in answering your question?"
"But, at the end of day, creditors would be owing you money."
"For a second there, I thought you didn't know how Bitcoin works. BTW, that'll be another 15 minutes added to the bill."
"I like how you think!"
"You just earned a discount. Now, let me get back to work."

tx 1 ----------> tx5: 3.9 hours, plus 15 minutes (see Form D)...

Sometimes the truth (mixed with a bit of parody) is more amazing than any fiction story.

[jbreher]

Is there not a better currency to adopt out there?

Thanks for the info from the creditors' meeting. But I would like to comment on your question.

This loss has absolutely nothing to do with bitcoin, and has everything to do with entrusting irresponsible parties with vast sums of money.

[BITHCOIN]

I wont be too worried about getting a good coin for the world...

Surely the giants are must be quitely making one right at this moment...

And what it might be...

GOOGLECOIN FACEBOOKCOIN YAHOOCOIN MICROSOFTCOIN AMAZONCOIN ;)EBAYCOIN
PAYPALCOIN ....THE LIST GOES ON AND ON AND ON

tired laughing
cya

[buzzcoin]

Forget about getting anything back soon.
Liquidator has moved deadline date for investigation of claims to september 2015

[buzzcoin]

Tokyo police investigation says that only 27000 bitcoin was stolen from mtgox.
Is this true?

Is this site a scammer?
apsjex dot com

[Bit_Happy]

Tokyo police investigation says that only 27000 bitcoin was stolen from mtgox.
Is this true?

Is this site a scammer?
https://apsjex.com/

All Bitcoin owners should be encouraged to click on potentially 'highly suspicious' links. 

[buzzcoin]

People don't forget that the new deadline for filing your claim to gox assets is end of May 2015 and not November 2014

On the subject of claims, I was just reading all over the net that the tokyo police did confirm the illegal removal of only 27000 coins from mtgox.
They also confirmed that they will be investigating what happened to the other 600000 or so.

According to one site, the tokyo police were hinting of the possibility of recovering 544000 coins. Well whatever the outcome is, I for one find it rather strange that 650000 coins could have been illegally removed without management catching on that theft was taking place, unless they did not need to worry because no theft was actually taking place on such a large scale.

Should the police manage to recover a substantial amount of coins, I wonder what the outcome would be if creditors settle for a deal before it is recovered. I'm sure we all would like to see any further coins that are thereafter recovered, be returned to gox's creditors.

What would the price of each coin be if it is recovered? Guess Satoshi knows

Lets wait and see

[Harley997]

I remember when gox BTC was like 900 bucks when market value was 800 and I logged on one day and seen that MtGox coins were going for $190. I was tempted to transfer some $$ to the account and hope that it will ride out through the rough and come out with 5 BTC for less than $1,000. To this day I am so glad I never done it.

[Este Nuno]

People don't forget that the new deadline for filing your claim to gox assets is end of May 2015 and not November 2014

On the subject of claims, I was just reading all over the net that the tokyo police did confirm the illegal removal of only 27000 coins from mtgox.
They also confirmed that they will be investigating what happened to the other 600000 or so.

According to one site, the tokyo police were hinting of the possibility of recovering 544000 coins. Well whatever the outcome is, I for one find it rather strange that 650000 coins could have been illegally removed without management catching on that theft was taking place, unless they did not need to worry because no theft was actually taking place on such a large scale.

Should the police manage to recover a substantial amount of coins, I wonder what the outcome would be if creditors settle for a deal before it is recovered. I'm sure we all would like to see any further coins that are thereafter recovered, be returned to gox's creditors.

What would the price of each coin be if it is recovered? Guess Satoshi knows

Lets wait and see

If Karpeles was the one who controlled all the private keys then I highly doubt that the Tokyo police are going to get any BTC back. Unless he gets formally charged and then cuts a deal and confesses that he still controls all the coins.

In the press conference broadcast on Japanese TV, did Kareples specifically say that all of the BTC was stolen? Has he been quoted saying that at all?

Him happening to find the 200k Bitcoins as soon as people started looking at the blockchin is so suspicious though isn't it.

[Bit_Happy]

...
In the press conference broadcast on Japanese TV, did Kareples specifically say that all of the BTC was stolen? ...

Before the press conference broadcast on Japanese TV he said he "doesn't currently have control" of the coins (or something very similar), which had many people thinking they can be recovered.

[Razick]

If anyone out there has got gox coins, and not read the fine line of the sunlot deal then you should check out the faq on savegox.com

They have valued your bitcoins at $500 dollars each bitcoin that you hold. Is this fair. The price is gone way up.

So when this deal comes or if it does, hell knows what the trading price will really be compared to the deal
I think we are all being taken for a sunlotride (sunnylotteryride)

Anybody feel the heat? Don't?
Lets turn it up

Watch this space

Well that doesn't sound fair, but maybe it's better than getting almost nothing from the bankruptcy case?

[nkocevar]

I hadnt used mt gox since bitcoins were with $30... I still had about .3 in my account. But I suppose that they are long gone... it would be nice to get back those .3 now 

[Bit_Happy]

I hadnt used mt gox since bitcoins were with $30... I still had about .3 in my account. But I suppose that they are long gone... it would be nice to get back those .3 now 

Did you file a claim?
There are probably thousands of people with small Gox balances and many might not bother to go through the process.

[nkocevar]

I hadnt used mt gox since bitcoins were with $30... I still had about .3 in my account. But I suppose that they are long gone... it would be nice to get back those .3 now 

Did you file a claim?
There are probably thousands of people with small Gox balances and many might not bother to go through the process.

How can I file a claim? I mean could I even get them back?

[Razick]

Has filing even opened yet? I haven't found anything about it.

[hdbuck]

you dont get even one satoshi from there because Mark already bought alot of pizza with it.

+ frappuccinos

[tinof]

How many bitcoin did they manage to recover? The asset they hold able to repay how many percentage of the total liability?

[Bit_Happy]

I hadnt used mt gox since bitcoins were with $30... I still had about .3 in my account. But I suppose that they are long gone... it would be nice to get back those .3 now 

Did you file a claim?
There are probably thousands of people with small Gox balances and many might not bother to go through the process.

How can I file a claim? I mean could I even get them back?

Has filing even opened yet? I haven't found anything about it.

Isn't the court accepting claims from "creditors", or is that happening in the future?
I was fortunate to have pulled my BTC out of Gox in time.

[Bit_Happy]

How many bitcoin did they manage to recover? The asset they hold able to repay how many percentage of the total liability?

It was at ~23%, but... The legal/court costs are HUGE, so I'm not certain you will actually see anywhere near ~15 to 20%.