Can Gox buy their way out of this mess? - page 2.

Money Raccoon

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Quote from: InCoinsITrust on February 24, 2014, 08:43:45 AM

Why do you think, that they can not replace frozen and lost coins ?

As I said, If they sold the frozen BTC on another exchange they wouldn't have any left on Gox to replace the frozen and lost BTC.

The only other option I see is they buy BTC on Gox at a discount, sell them on another exchange, use the profit to buy more again on Gox and repeat until they have enough capital and BTC to reopen withdraws.

InCoinsITrust

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Quote from: Money Raccoon on February 24, 2014, 08:10:28 AM

Quote from: rmines on February 24, 2014, 07:35:11 AM

I don't think they can buy their way out of this.
There has been so many negative PR for them the last weeks that I believe nobody is going to trust them anymore.

Using funds they have they could buy cheap coin and sell on other exchanges thus creating enough capital to replace lost coins.

Once Gox was back up an running a savy investor could come in and turn Gox around.

Quote from: InCoinsITrust on February 24, 2014, 07:42:49 AM

they could use those frozen BTC in the gox from the moment they were frozen.

If they sold the frozen BTC on another exchange they wouldn't have any left on Gox to replace the frozen and lost BTC. This is not an option

Why do you think, that they can not replace frozen and lost coins ?

Money Raccoon

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Quote from: rmines on February 24, 2014, 07:35:11 AM

I don't think they can buy their way out of this.
There has been so many negative PR for them the last weeks that I believe nobody is going to trust them anymore.

Using funds they have they could buy cheap coin and sell on other exchanges thus creating enough capital to replace lost coins.

Once Gox was back up an running a savy investor could come in and turn Gox around.

Quote from: InCoinsITrust on February 24, 2014, 07:42:49 AM

they could use those frozen BTC in the gox from the moment they were frozen.

If they sold the frozen BTC on another exchange they wouldn't have any left on Gox to replace the frozen and lost BTC. This is not an option

InCoinsITrust

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Quote from: Mythul on February 24, 2014, 07:36:09 AM

Depends very much on the sum of $$$ that they need. I think that is their strategy right now, trying to buy cheap coins and selling them on other exchanges. They can't do this with large sums at a time so they need time to do this. I bet we will be in limbo for months until Gox either quits or reborns.

I think they are doing it with large enough sums, not to mention that they could use those frozen BTC in the gox from the moment they were frozen.

Mythul

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Depends very much on the sum of $$$ that they need. I think that is their strategy right now, trying to buy cheap coins and selling them on other exchanges. They can't do this with large sums at a time so they need time to do this. I bet we will be in limbo for months until Gox either quits or reborns.

rmines

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I don't think they can buy their way out of this.
There has been so many negative PR for them the last weeks that I believe nobody is going to trust them anymore.

InCoinsITrust

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It would be easy for the current owner just buy coins from gox and sell them in other exchange, he could earn a lot doing that.

It would be better if gox could be sold to good team, who nows what they are doing.

Money Raccoon

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Quote from: dg2010 on February 24, 2014, 06:51:23 AM

The best thing that could happen would be for MtGox to be sold to a team with good technical and financial backing who will be able to salvage what is left, otherwise it will be a slow decline into obsolescence.

This would be a very interesting development and one which I hope happens. I've no interest seeing Gox crash and burn like some do. The more exchanges the better imo, so long as they're properly managed.

dg2010

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It's been clear for a long time that the management team at MtGox aren't capable of running such a business.

Most likely it's sheer incompetence rather than malicious intent but the end result will be much the same.

At this stage their reputation is gone. Even if they get withdrawals back online I don't believe MtGox will survive another 12 months in it's current form.

The best thing that could happen would be for MtGox to be sold to a team with good technical and financial backing who will be able to salvage what is left, otherwise it will be a slow decline into obsolescence.

T.Stuart

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One Token to Move Anything Anywhere

Who knows?

But perhaps look at it another way: if there is a big hole in the books, how would it have got there?

IMO only a fraction of what should be there could have been mistakenly given out to people abusing the malleability thing.

I also find it hard to believe that Mark Karpeles could be re-investing all his customer funds in other ventures (as banks do) - I just don't see him interested in or capable of setting up properly a fractional reserve system and then using the bulk of funds for other endeavours.

I know there's a lot of hate out there for him but I don't think he would just steal coins.

So perhaps there are no good reasons to think there is a hole in the accounts and that this is simply bad management, overwhelmed by new customers from all over the world, regulation issues, etc.

I also believe that the pressure of negative public opinion is getting to Mark Karpeles very personally but that he is the kind of stubborn guy who will just refuse to be pushed into being open and resents many of his customers, leading to big communication problems.

Ideas?

GeniuSxBoY

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Let us see his books and we can tell you definitively

Money Raccoon

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Now I'm not talking about peoples money, I mean profit. Money that Mark can reinvest into the company to buy coins and become solvent.

I believe the bug is long fixed but extra work is being done to improve standards. I also believe that Gox lost a lot of coins that need to be replaced in order to survive, a challenge that Gox is/should be working on. I also think this so called lawsuit will be dropped once withdraws are opened and I don't believe that Mark will disappear as that would pi$$ off a lot of ruthless individuals. So my only concern is that Gox has enough funds to buy their way out of this mess but how much funds are needed? At what price? does Gox have enough? Essentially, can they buy their way out of this?

Your thoughts.

Please no fud or trolling and no trolling or fud please.

Topic: Can Gox buy their way out of this mess? - page 2. (Read 2491 times)