Anyone who had btc on gox since 2011 could be affected - page 2.

Bobsurplus

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Making money since I was in the womb! @emc2whale

Quote from: ?? on ??

Quote from: Bit_Happy on February 27, 2014, 04:29:26 PM

Quote from: Bobsurplus on February 27, 2014, 02:55:34 PM

rewind

never going to happen!

FYI: Gox did a "rewind" in 2011, reversing the trades that took BTC down to a penny.

You are talking about two different things.

Rewinding trades with funds extant only on the exchange, for which only funds in the exchange can be affected along with the operator of the exchange.

And going outside the exchange to recover funds which may not be recoverable any other way.

Thank you! +1

Bigeyeone

member

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Well if any gox bankruptcy trustee wants to unwind my transaction in 2011, I say bring it on, I sold a bunch of mined bitcoins back then for FIAT, I would be very happy if those transactions could be reversed Grin

TheFootMan

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Activity: 490

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Quote from: M-S-K on February 27, 2014, 04:37:04 PM

Quote from: V4Vendettas on February 27, 2014, 03:32:54 PM

Nice!! So I loose 73 Goxcoins and also I'm going to get sued for some 5000 Euros.

Mark just when I think my ass raping cant get any worse. Got to hand it to you mark buddy.

The Goxing Never Stops..24/7 365..Even after Gox dies, Goxing goes for eternity. Thank you Mark, its been a blessing.

First you Gox, then you become goxxed, after that you are permanently goxxed. There's no escape really.

M-S-K

newbie

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Quote from: V4Vendettas on February 27, 2014, 03:32:54 PM

Nice!! So I loose 73 Goxcoins and also I'm going to get sued for some 5000 Euros.

Mark just when I think my ass raping cant get any worse. Got to hand it to you mark buddy.

The Goxing Never Stops..24/7 365..Even after Gox dies, Goxing goes for eternity. Thank you Mark, its been a blessing.

C10H15N

legendary

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What is this Gox fuckery of which you speak?

Bit_Happy

legendary

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A Great Time to Start Something!

Quote from: Bobsurplus on February 27, 2014, 02:55:34 PM

rewind

never going to happen!

FYI: Gox did a "rewind" in 2011, reversing the trades that took BTC down to a penny.

V4Vendettas

sr. member

Activity: 294

Merit: 250

Quote from: TheFootMan on February 27, 2014, 03:48:22 PM

Quote from: V4Vendettas on February 27, 2014, 03:32:54 PM

Nice!! So I loose 73 Goxcoins and also I'm going to get sued for some 5000 Euros.

Mark just when I think my ass raping cant get any worse. Got to hand it to you mark buddy.

Ye, and also there's links to CP in the blockchain, so when the IRS raids your house, they will take all your electronics and charge you for CP posession with intent to distribute, and then on top of that slap you a fine for not being FinCen registered for the GPU miner you ran in 2011. Probably you'll end up in some sex offender register and never get a job at a school, become a police, a senator, an astronaut or an NBA star.

Because of bitcoin.

LMFAO MT.Gox the home of 1,000,000 Childporn users. I'm an Idiot for using GOx but you..is mommy also your sister?

Not everyone is an American you know Grin

No no just because I'm not american it does not automatic make me a terrorist as well as a Pedo. So don't start with that next.

Edit: I am not insinuating that all Americans are the product of incest etc so chill out.

TheFootMan

hero member

Activity: 490

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Quote from: V4Vendettas on February 27, 2014, 03:32:54 PM

Nice!! So I loose 73 Goxcoins and also I'm going to get sued for some 5000 Euros.

Mark just when I think my ass raping cant get any worse. Got to hand it to you mark buddy.

Ye, and also there's links to CP in the blockchain, so when the IRS raids your house, they will take all your electronics and charge you for CP posession with intent to distribute, and then on top of that slap you a fine for not being FinCen registered for the GPU miner you ran in 2011. Probably you'll end up in some sex offender register and never get a job at a school, become a police, a senator, an astronaut or an NBA star.

Because of bitcoin.

crazy_rabbit

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RUM AND CARROTS: A PIRATE LIFE FOR ME

Except, it's pretty clearly not a ponzi scheme. They were running a fractional reserve which is a thing in and of itself. If it were a ponzi scheme, people would have had to have been promised some sort of unrealistic return on their investment, or any return on their investment, which mtGox didn't offer (they didn't offer interest for example). So you couldn't make the argument that new investors were paying old investors, since old investors balances never changed because of new investors. It's clearly not a ponzi.

V4Vendettas

sr. member

Activity: 294

Merit: 250

Nice!! So I loose 73 Goxcoins and also I'm going to get sued for some 5000 Euros.

Mark just when I think my ass raping cant get any worse. Got to hand it to you mark buddy.

Adrian-x

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Activity: 1372

Merit: 1000

Quote from: dynodog on February 27, 2014, 03:00:56 PM

Quote from: ?? on ??

The net-net is that if you were still in Gox, you are so screwed.

no doubt. unless satoshi decides to break open his 1.2mm bitcoin rainy day fund (and if ever there was a time to do it...)

Oh yes he's the guy who supports bank bailouts from day 1

Quote from: toknormal on February 27, 2014, 03:22:40 PM

There is no comparison with Madoff - the two cases are not remotely like each other. Madoff was running an illegal business model. Gox's business model was perfectly legal, it was just badly managed to the point where it became catastrophic.

Gag orders and subpoena aside Madoff had the support of regulators where MK was having bank accounts with millions frozen.

The only problem here is there is no central bank what makes it different this time is we don't need one.

toknormal

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That is just insane.

Imagine making a legitimate trade on Gox years ago and withdrawing fiat, then being sued for it back years later. I just can't imagine that would ever get anywhere. For a start there are a host of countries involve where local legislation may apply and money protection laws etc.

Gox wasn't a ponzy scheme, they were just under capitalised. By trading on there, customers of Gox could not be said to be "participating" in the mal-running of the business, so I think the OP's point is purely hypothetical and an imaginary stretch.

There is no comparison with Madoff - the two cases are not remotely like each other. Madoff was running an illegal business model. Gox's business model was perfectly legal, it was just badly managed to the point where it became catastrophic.

TheFootMan

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Quote from: dynodog on February 27, 2014, 03:08:13 PM

Quote from: TheFootMan on February 27, 2014, 03:01:06 PM

Reversing bitcoin transactions? How would you go about that? Ask nicely? Print full size news papers ads?

My guess is gox has the names, addresses of those who had accounts there. The Madoff bankruptcy trustee didn't run newspapers ads or ask nicely, he filed lawsuits against every person who took out more than he put in.

If you put in $100,000, and took out $500,000, you owe $400,000.

Do you have a bitcoinaddress I can transfer those 400K to?

TheLittleDuke

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You clearly do not understand what "non-repudiation" means...

The only claw-back that will happen is the ones related to any fiat payments Mark and Co made within the last N months in the run-up to bankruptcy.

dynodog

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Merit: 10

Quote from: TheFootMan on February 27, 2014, 03:01:06 PM

Reversing bitcoin transactions? How would you go about that? Ask nicely? Print full size news papers ads?

My guess is gox has the names, addresses of those who had accounts there. The Madoff bankruptcy trustee didn't run newspapers ads or ask nicely, he filed lawsuits against every person who took out more than he put in.

If you put in $100,000, and took out $500,000, you owe $400,000.

gollum

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Activity: 434

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In Hashrate We Trust!

The whole world economy is a f-n ponzi scheme,
but it works as long as most people don't think it is a ponzi scheme.

TheFootMan

hero member

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Merit: 500

Quote from: dynodog on February 27, 2014, 02:28:10 PM

Many on here think that only the people who currently have money or bitcoin with gox will be directly affected by a gox bankruptcy. That may not be the case. According to Jesse Powell, the CEO of Kraken, 800,000 bitcoin were stolen in June 2011. Instead of informing the public, gox decided to essentially run a ponzi scheme from that date forward through which it attempted to reach solvency by generating fees through transactions and possible arbitrage.

The bankruptcy trustee could determine that everything that occurred since that June 2011 date should be unwound, and that anyone who withdrew money or bitcoin from that will need to return those net profits to bankruptcy estate.

Don't believe me? Do you think the people who were smart enough, or lucky enough, to pull money out of their Bernie Madoff accounts got to keep those profits? No, the bankruptcy trustee sued every single one of those people and required them to put back into the bankruptcy estate all of their net profits that they made. And it meant nothing that they were completely unaware of the fraud.

So if you are one of those people who had money or bitcoin on gox and made a profit on the transaction, which is now sitting in your wallet or your bank account, don't be too sure you want gox to die.

Reversing bitcoin transactions? How would you go about that? Ask nicely? Print full size news papers ads?

dynodog

member

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Quote from: ?? on ??

The net-net is that if you were still in Gox, you are so screwed.

no doubt. unless satoshi decides to break open his 1.2mm bitcoin rainy day fund (and if ever there was a time to do it...)

Bobsurplus

legendary

Activity: 1008

Merit: 1000

Making money since I was in the womb! @emc2whale

rewind

never going to happen!

grifferz

full member

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How about we revisit this thread once we actually know

the scale of the loss at MtGox
whether anyone is going to prosecute
if that prosecution is even going to consider bitcoin funds

because right now I think it is a stretch that any government is going to be interested in fighting for someone's bitcoins, leaving this to private litigation.

Topic: Anyone who had btc on gox since 2011 could be affected - page 2. (Read 5311 times)