and Gox... is baaack in the game | Bitcointalksearch.org

Bit_Happy

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A Great Time to Start Something!

Quote from: dogechode on April 14, 2014, 09:37:54 AM

The sad thing is that it is so damn hard and time-consuming to get a new site to be loved by google, and to get the name out there and well-known, and to build a customer base, that it makes more sense to do this than to simply start a new exchange. I imagine that is a huge part of why they're bothering to buy the guts of such a failed exchange.

Gox has a bad reputation but damn near everyone who has ever owned a satoshi knows the name Gox.

The tainted brand is still a strong brand.
However, Gox is worse than tainted and they probably need a new name.
The "captive audience" comes from people who want their money back.

dogechode

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The sad thing is that it is so damn hard and time-consuming to get a new site to be loved by google, and to get the name out there and well-known, and to build a customer base, that it makes more sense to do this than to simply start a new exchange. I imagine that is a huge part of why they're bothering to buy the guts of such a failed exchange.

Gox has a bad reputation but damn near everyone who has ever owned a satoshi knows the name Gox.

Gator-hex

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Stealing the loot of others to protect the crown's trade routes is nothing new.

http://en.wikipedia.org/wiki/Privateer
http://en.wikipedia.org/wiki/Henry_Morgan

Just we don't use ships any more, we use banks and contract law. Wink

pblack4

newbie

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I don't understand why people would choose the 50% fee option

The old mtgox had an average daily volume of 50K BTC; if we suppose the same for the new god (likely much less) and an average fee of 0.30%, you would get a little less than 3% of your old credit back each year..and you will reach 20% in 7-8 years and 100% in 30 years!

I really hope the new investors have same great plans to relaunch the new exchange and help it grows to process 10x, 100x the old average daily volume

OhShei8e

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Quote from: alfabitcoin on April 13, 2014, 07:46:57 AM

That 20% is immediate pay from recovered coins, rest will users get over time. That is what I uderstand from it.
Of course, gox users need to be confirmed creditors by rehabitilation claim in order to know the whole debt.

How do we get "confirmed". I'm living in Germany. No one has contacted us so far.

roslinpl

legendary

Activity: 2212

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But even with all goods and bads I think situation looks much better than a month ago.
Case in court is needed as well to recover all lost.

alfabitcoin

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Merit: 250

Quote from: OhShei8e on April 13, 2014, 06:49:29 AM

Quote from: Arbitrageur on April 10, 2014, 06:26:21 PM

http://www.coindesk.com/investor-group-offers-buy-mt-gox-one-bitcoin/

Creditors will have two options. They can either receive a prorated amount from the 200,000 bitcoins recovered by Mt. Gox equal to roughly 20 percent of their claim, or obtain an equity stake of that amount in the revitalized Mt. Gox exchange.

The investor group pledged to set aside 50% of transaction fees to pay back creditors over time.

I do not understand the logic behind this. They give me 20% of my equities in shares or in cash. But currently I have 100% in equities (Gox Coins)! Why should I go into this deal? After Mark Marie Robert 'soonish' Karpeles has transformed my very hard-earned Bitcoins into Gox Coins, these new investors are now going to take even 80% of these Gox coins too?

That 20% is immediate pay from recovered coins, rest will users get over time. That is what I uderstand from it.
Of course, gox users need to be confirmed creditors by rehabitilation claim in order to know the whole debt. We still did not do it and waiting for a proccess.

OhShei8e

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Activity: 1792

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Quote from: Arbitrageur on April 10, 2014, 06:26:21 PM

http://www.coindesk.com/investor-group-offers-buy-mt-gox-one-bitcoin/

Creditors will have two options. They can either receive a prorated amount from the 200,000 bitcoins recovered by Mt. Gox equal to roughly 20 percent of their claim, or obtain an equity stake of that amount in the revitalized Mt. Gox exchange.

The investor group pledged to set aside 50% of transaction fees to pay back creditors over time.

I do not understand the logic behind this. They give me 20% of my equities in shares or in cash. But currently I have 100% in equities (Gox Coins)! Why should I go into this deal? After Mark Marie Robert 'soonish' Karpeles has transformed my very hard-earned Bitcoins into Gox Coins, these new investors are now going to take even 80% of these Gox coins too?

Armis

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Quote from: Oldminer on April 11, 2014, 06:19:00 PM

How does one buy a bankrupt business when its still going though the court system?

Coindesk is quickly becoming nothing more than an internet tabloid Roll Eyes

There are very many stages of a deal, especially "short sales", rest assured the court is supervising the finial outcome.

Personally, I think the community should get together and make a better system, there's no need to buy a purposefully broken system unless it is part of a structured settlement -- 'take it or leave it'.

However, I think a criminal court should also have some involvement in the matter.

I have to admit, I really didn't think gox would going to give back anything whatsoever, with btc driven to the ground apparently the bigger whales were willing to empty the whole pond jut to make sure Gox doesn't swim free.

When it's all said and done, I doubt if Karp sees his 40 birthday, he's just too much in love with fraud.

Justin00

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★YoBit.Net★ 350+ Coins Exchange & Dice

wouldn't the morons be the people who continue to use the service if gox came back online ?

Quote from: Equate on April 11, 2014, 04:10:57 AM

So gox is coming back to rob users again and then runaway again , nice startegy morons.

Phildo

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Quote from: SgtSpike on April 11, 2014, 06:09:20 PM

Quote from: roslinpl on April 11, 2014, 04:13:40 PM

Quote from: SgtSpike on April 11, 2014, 11:09:47 AM

Quote from: roslinpl on April 10, 2014, 07:35:31 PM

Quote from: SgtSpike on April 10, 2014, 06:28:45 PM

So, um... I'll buy MtGox for 2 BTC and execute the same plan! Mark..?

Buy Mt.Gox for 2BTC and repay MtGox users lost Tongue

this is not just so simple to buy MtGox and recover it from burned ashes to fenix.

Well, it does appear to be that simple from the terms laid out by the "investor" group. The fact is, the investors aren't putting anything more than 1 BTC into the company. They'd be using the existing 200,000 BTC to pay out to creditors, and then the existing exchange to generate more income to pay back the creditors over time.

The "investors" would essentially be getting 50% of all future profits at zero expense or risk to themselves.

That is ... amazing ... I am not judging anyone ("investors") but IF those investors are working in group with Mark K.... this will be biggest scam in BTC history ever done..

But perhaps ... if they will repay the creditors I do mind - let them to that - and my suggest is - when you will get your Goxed money back - delete your MtGox account and never ever come back.

What is amazing to me is that people aren't just immediately seeing right through this. I think an offer to buy out the company without actually putting any money into it or using their own funds to make the debts right is complete BS.

The lack of reading comprehension is one of the many reasons why so many people have been scammed and will continue to be scammed.

they see a terrible "offer" to buy mt gox and run around acting like it's actually happening and suggesting something similar as a solution to other exchanges that managed to lose years worth of revenue due to incompetence/scams/whatever.

roslinpl

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Quote from: Bit_Happy on April 11, 2014, 08:37:55 PM

Quote from: Oldminer on April 11, 2014, 06:19:00 PM

How does one buy a bankrupt business when its still going though the court system?
...

With the approval of the court.

"The investor group behind the bid includes venture capitalist Brock Pierce, founder of a number of bitcoin-related businesses including KnCMiner and GoCoin, and the creator of a prominent bitcoin syndicate.

Other members of the group include John Betts, a former Morgan Stanley and Goldman Sachs executive who would serve as the new Mt. Gox CEO, and William Quigley, managing director for Clearstone Venture Partners, a VC fund based in Santa Monica, California."

The new owners take over all the debts.
Case closed.

Indeed. I hope they will repay Goxed users in nearest future. Just imagine how great effect it could make to a value of bitcoin.

Bit_Happy

legendary

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A Great Time to Start Something!

Quote from: Oldminer on April 11, 2014, 06:19:00 PM

How does one buy a bankrupt business when its still going though the court system?
...

With the approval of the court.

"The investor group behind the bid includes venture capitalist Brock Pierce, founder of a number of bitcoin-related businesses including KnCMiner and GoCoin, and the creator of a prominent bitcoin syndicate.

Other members of the group include John Betts, a former Morgan Stanley and Goldman Sachs executive who would serve as the new Mt. Gox CEO, and William Quigley, managing director for Clearstone Venture Partners, a VC fund based in Santa Monica, California."

The new owners take over all the debts.
Case closed.

roslinpl

legendary

Activity: 2212

Merit: 1199

Quote from: Oldminer on April 11, 2014, 06:19:00 PM

How does one buy a bankrupt business when its still going though the court system?

Coindesk is quickly becoming nothing more than an internet tabloid Roll Eyes

Well maybe not in this case, there is a possibility for sure to make a deal even while case is open.

what is about a Coindesk: this is true that many informations that they are "sharing" with us seems #tabloid

Oldminer

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How does one buy a bankrupt business when its still going though the court system?

Coindesk is quickly becoming nothing more than an internet tabloid Roll Eyes

SgtSpike

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Quote from: roslinpl on April 11, 2014, 04:13:40 PM

Quote from: SgtSpike on April 11, 2014, 11:09:47 AM

Quote from: roslinpl on April 10, 2014, 07:35:31 PM

Quote from: SgtSpike on April 10, 2014, 06:28:45 PM

So, um... I'll buy MtGox for 2 BTC and execute the same plan! Mark..?

Buy Mt.Gox for 2BTC and repay MtGox users lost Tongue

this is not just so simple to buy MtGox and recover it from burned ashes to fenix.

Well, it does appear to be that simple from the terms laid out by the "investor" group. The fact is, the investors aren't putting anything more than 1 BTC into the company. They'd be using the existing 200,000 BTC to pay out to creditors, and then the existing exchange to generate more income to pay back the creditors over time.

The "investors" would essentially be getting 50% of all future profits at zero expense or risk to themselves.

That is ... amazing ... I am not judging anyone ("investors") but IF those investors are working in group with Mark K.... this will be biggest scam in BTC history ever done..

But perhaps ... if they will repay the creditors I do mind - let them to that - and my suggest is - when you will get your Goxed money back - delete your MtGox account and never ever come back.

What is amazing to me is that people aren't just immediately seeing right through this. I think an offer to buy out the company without actually putting any money into it or using their own funds to make the debts right is complete BS.

roslinpl

legendary

Activity: 2212

Merit: 1199

Quote from: SgtSpike on April 11, 2014, 11:09:47 AM

Quote from: roslinpl on April 10, 2014, 07:35:31 PM

Quote from: SgtSpike on April 10, 2014, 06:28:45 PM

So, um... I'll buy MtGox for 2 BTC and execute the same plan! Mark..?

Buy Mt.Gox for 2BTC and repay MtGox users lost Tongue

this is not just so simple to buy MtGox and recover it from burned ashes to fenix.

Well, it does appear to be that simple from the terms laid out by the "investor" group. The fact is, the investors aren't putting anything more than 1 BTC into the company. They'd be using the existing 200,000 BTC to pay out to creditors, and then the existing exchange to generate more income to pay back the creditors over time.

The "investors" would essentially be getting 50% of all future profits at zero expense or risk to themselves.

That is ... amazing ... I am not judging anyone ("investors") but IF those investors are working in group with Mark K.... this will be biggest scam in BTC history ever done..

But perhaps ... if they will repay the creditors I do mind - let them to that - and my suggest is - when you will get your Goxed money back - delete your MtGox account and never ever come back.

Bit_Happy

legendary

Activity: 2114

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A Great Time to Start Something!

Quote from: SgtSpike on April 11, 2014, 11:09:47 AM

Quote from: roslinpl on April 10, 2014, 07:35:31 PM

Quote from: SgtSpike on April 10, 2014, 06:28:45 PM

So, um... I'll buy MtGox for 2 BTC and execute the same plan! Mark..?

Buy Mt.Gox for 2BTC and repay MtGox users lost Tongue

this is not just so simple to buy MtGox and recover it from burned ashes to fenix.

Well, it does appear to be that simple from the terms laid out by the "investor" group. The fact is, the investors aren't putting anything more than 1 BTC into the company. They'd be using the existing 200,000 BTC to pay out to creditors, and then the existing exchange to generate more income to pay back the creditors over time.

The "investors" would essentially be getting 50% of all future profits at zero expense or risk to themselves.

It's a great deal if they get approval.
The "investors" have many international connections, so this (sadly) could get approved.

koshgel

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This is a long term moneymaker for these investors. They will probably be able to pay back debts in a couple years through exorbitant transfer fees

SgtSpike

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Quote from: roslinpl on April 10, 2014, 07:35:31 PM

Quote from: SgtSpike on April 10, 2014, 06:28:45 PM

So, um... I'll buy MtGox for 2 BTC and execute the same plan! Mark..?

Buy Mt.Gox for 2BTC and repay MtGox users lost Tongue

this is not just so simple to buy MtGox and recover it from burned ashes to fenix.

Well, it does appear to be that simple from the terms laid out by the "investor" group. The fact is, the investors aren't putting anything more than 1 BTC into the company. They'd be using the existing 200,000 BTC to pay out to creditors, and then the existing exchange to generate more income to pay back the creditors over time.

The "investors" would essentially be getting 50% of all future profits at zero expense or risk to themselves.

rohnearner

sr. member

Activity: 350

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REAL-EYES || REAL-IZE || REAL-LIES||

Quote from: jbrnt on April 11, 2014, 06:48:05 AM

NO, gox is not coming back to haunt us yet again!

There are already so many things haunting us around these days... we don't want them back..!

jbrnt

hero member

Activity: 672

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NO, gox is not coming back to haunt us yet again!

Even if gox is resurrected from bankruptcy, would users go back to trading at gox? Would worldwide banks allow faster/limitless fiat transfers in and out of gox with this new management?

Equate

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Salt on wound

BitOnyx

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Cryptocurrencies Exchange

Still it might be only way to solve this problem. Price were symbolic as you might guess...

I like the portfolios of players who decide to buy it.

rohnearner

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REAL-EYES || REAL-IZE || REAL-LIES||

Quote from: Bit_Happy on April 11, 2014, 04:06:01 AM

That sounds awful.
In the USA it is slow, but in the range of ~1 to < 3 years.
That is a good question: Does Japan tend to take longer than the USA for debt cases in court?

its ~1to < 3years there..! here a man fought a case for almost 35years for being accused of scamming less than 1$ according to current exchange rate 37INR to be more precise while he was on his job , and in the end he won and found not guilty ..!

Equate

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So gox is coming back to rob users again and then runaway again , nice startegy morons.

Bit_Happy

legendary

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A Great Time to Start Something!

Quote from: rohnearner on April 11, 2014, 04:02:28 AM

Quote from: Bit_Happy on April 11, 2014, 02:51:01 AM

Quote from: rohnearner on April 11, 2014, 02:30:11 AM

So where we are heading with this..! One more false hope to the people lost their btc with mtgox..! how long they are going to stretch this flop story

It's far from over.
Courts can take a loooonnnnnnggggggg time.
Of course, having a former Goldamn Sachs executive can speed things up quite a bit.

I don't know about Japan but such cases here in my country takes decades to solve and till than most of the victims either on dead list or even if someone stays alive feel Pity for them.

That sounds awful.
In the USA it is slow, but in the range of ~1 to < 3 years.
That is a good question: Does Japan tend to take longer than the USA for debt cases in court?

rohnearner

sr. member

Activity: 350

Merit: 252

REAL-EYES || REAL-IZE || REAL-LIES||

Quote from: Bit_Happy on April 11, 2014, 02:51:01 AM

Quote from: rohnearner on April 11, 2014, 02:30:11 AM

So where we are heading with this..! One more false hope to the people lost their btc with mtgox..! how long they are going to stretch this flop story

It's far from over.
Courts can take a loooonnnnnnggggggg time.
Of course, having a former Goldamn Sachs executive can speed things up quite a bit.

I don't know about Japan but such cases here in my country takes decades to solve and till than most of the victims either on dead list or even if someone stays alive feel Pity for them.

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Quote from: rohnearner on April 11, 2014, 02:30:11 AM

So where we are heading with this..! One more false hope to the people lost their btc with mtgox..! how long they are going to stretch this flop story

It's far from over.
Courts can take a loooonnnnnnggggggg time.
Of course, having a former Goldamn Sachs executive can speed things up quite a bit.

rohnearner

sr. member

Activity: 350

Merit: 252

REAL-EYES || REAL-IZE || REAL-LIES||

So where we are heading with this..! One more false hope to the people lost their btc with mtgox..! how long they are going to stretch this flop story

Bit_Happy

legendary

Activity: 2114

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A Great Time to Start Something!

Look at this:
Other members of the group include John Betts, a former Morgan Stanley and Goldamn Sachs executive who would serve as the new Mt. Gox CEO

Watch this crap get approved. Cheesy

roslinpl

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Quote from: SgtSpike on April 10, 2014, 06:28:45 PM

So, um... I'll buy MtGox for 2 BTC and execute the same plan! Mark..?

Buy Mt.Gox for 2BTC and repay MtGox users lost Tongue

this is not just so simple to buy MtGox and recover it from burned ashes to fenix.

LiteCoinGuy

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In Satoshi I Trust

Quote from: SgtSpike on April 10, 2014, 06:28:45 PM

So, um... I'll buy MtGox for 2 BTC and execute the same plan! Mark..?

SgtSpike

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So, um... I'll buy MtGox for 2 BTC and execute the same plan! Mark..?

Arbitrageur

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http://www.coindesk.com/investor-group-offers-buy-mt-gox-one-bitcoin/

Creditors will have two options. They can either receive a prorated amount from the 200,000 bitcoins recovered by Mt. Gox equal to roughly 20 percent of their claim, or obtain an equity stake of that amount in the revitalized Mt. Gox exchange.

The investor group pledged to set aside 50% of transaction fees to pay back creditors over time.

Topic: and Gox... is baaack in the game (Read 2704 times)