Business Plan MtGox 2014-2017 by twobitidiot

Bitcoinpro

legendary

Activity: 1344

Merit: 1000

Quote from: bomb7 on February 27, 2014, 02:16:25 AM

Quote from: NickPortland on February 27, 2014, 02:11:41 AM

So basically GOX lost the Keys to the cold-cold-cold-cold wallet with 750k BTC in there?

If that document is legit and in January they were ready for a big expansion then suddenly they have no bitcoins? Yeah, maybe they just lost the keys or they were corrupted somehow.

Banking regulations in Japan could indeed cause a backlog in withdrawals, but then this whole vanishing bitcoin issue arose. BTC withdrawals were unaffected until quite recently, right? It was just fiat that was delayed?

But who knows. Maybe they had some deceptive plan to open affiliate exchanges to bring in new BTC to lower the ratio of missing BTC.

they didn't lose the keys and they have quite a few wallets with Coin in them so I hardly doubt they had them all on the 1 USB stick

hardpick

sr. member

Activity: 265

Merit: 250

Football President

http://www.scribd.com/doc/209535200/Business-Plan-MtGox-2014-2017
A good business plan for a small $10 m business to raise funds to get bigger.

http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft

This does not make sense and may be fake
If anyone did due diligence they would have picked up that customer funds did not balance.
A loss of 624,408 BTC is not hard to spot – no one would lend money to a business with $350 mil Liabilities (lost customer funds) – also I cannot believe that any bank would extend a line of credit of about $33 mil to a small $10 mil company.
Under liabilities $55m in the red -- - $22 m in black = -$33 m approx.

gollum

sr. member

Activity: 434

Merit: 250

In Hashrate We Trust!

Quote from: bomb7 on February 27, 2014, 02:16:25 AM

Quote from: NickPortland on February 27, 2014, 02:11:41 AM

So basically GOX lost the Keys to the cold-cold-cold-cold wallet with 750k BTC in there?

If that document is legit and in January they were ready for a big expansion then suddenly they have no bitcoins? Yeah, maybe they just lost the keys or they were corrupted somehow.

Banking regulations in Japan could indeed cause a backlog in withdrawals, but then this whole vanishing bitcoin issue arose. BTC withdrawals were unaffected until quite recently, right? It was just fiat that was delayed?

But who knows. Maybe they had some deceptive plan to open affiliate exchanges to bring in new BTC to lower the ratio of missing BTC.

Or they were desperate to finance their huge losses, but the potential investors were frightened by the bad accounting during the due diligence.

g27wr

full member

Activity: 221

Merit: 100

I like guns.

The entire document failed to mention something: WE'RE OUT OF BITCOINS!!!

gollum

sr. member

Activity: 434

Merit: 250

In Hashrate We Trust!

Quote

Tibanne has one sole shareholder; Mark Karpeles: CEO for Tibanne and MtGox.

MtGox (Japan) has two principles: Tibanne, owned by Mark Karpeles (88%) and Jed
McCaleb; the initial founder and creator of the MtGox exchange platform (12%).

source: page 4, http://www.scribd.com/doc/209535200/Business-Plan-MtGox-2014-2017

bomb7

newbie

Activity: 62

Merit: 0

Quote from: NickPortland on February 27, 2014, 02:11:41 AM

So basically GOX lost the Keys to the cold-cold-cold-cold wallet with 750k BTC in there?

If that document is legit and in January they were ready for a big expansion then suddenly they have no bitcoins? Yeah, maybe they just lost the keys or they were corrupted somehow.

Banking regulations in Japan could indeed cause a backlog in withdrawals, but then this whole vanishing bitcoin issue arose. BTC withdrawals were unaffected until quite recently, right? It was just fiat that was delayed?

But who knows. Maybe they had some deceptive plan to open affiliate exchanges to bring in new BTC to lower the ratio of missing BTC.

Coins4life

newbie

Activity: 28

Merit: 0

This is very interesting, thank you.

Luno

sr. member

Activity: 504

Merit: 250

This looks like a serious presentation, not something made for PR only.

Should this be used on potential European investors?

Looks like Tibanne leadership / assets are indistinguishable from Mt.Gox, so their finances should be taken into consideration also in this unravelling of deceits.

NickPortland

member

Activity: 98

Merit: 10

So basically GOX lost the Keys to the cold-cold-cold-cold wallet with 750k BTC in there?

gollum

sr. member

Activity: 434

Merit: 250

In Hashrate We Trust!

LOL they don't mention a word about the risk of losing bitcoin wallets, or risk of bank run in the SWOT at page 15.

Weaknesses
• Current slide in reputation and reliability of MtGox due to the funding issues experienced as a result of banking challenges in Japan.
• In need of experienced, influential lobbyists that are well connected to global financial and regulatory institutions.
• Our headquarters and main operations are physically distant from our main markets.
• Difficulties to communicate with our customers because
of the important volume of new customers. The demand
is growing faster than the company’s structure.

yashin

newbie

Activity: 35

Merit: 0

I would assume he has "lawyered up" then?

Laosai

sr. member

Activity: 462

Merit: 250

two idiot you mean ?

gollum

sr. member

Activity: 434

Merit: 250

In Hashrate We Trust!

Another MtGox leak by twobitidiot

http://www.scribd.com/doc/209535200/Business-Plan-MtGox-2014-2017
http://www.reddit.com/r/Bitcoin/comments/1z2aht/twobit_idiot_the_mt_gox_europe_business_plan/

Topic: Business Plan MtGox 2014-2017 by twobitidiot (Read 2551 times)