Topic: Coinlab RATS Gox out to the feds (Read 2758 times)

Unless that complaint by a competitor included confidential information received as part of Coinlabs due dilligence before taking of the gox US/CA customer accounts.

We know from what people posted after talking to the SEC about pirate that the SEC was asking questions about MtGox.  We also know that the email sent by the SEC said that information given to them could be shared with other agencies (which is pretty standard if there's a more appropriate agency to follow something up). 

It's highly possible that there were multiple different things which put MtGox on the government radar, but it's unlikely that a recent complaint by a competitor would have resulted in such quick action.

There is no better news for the media and for the mainstream population than to hear that Bitcoin is rising 1000% and making people rich. All the news about it being the underground drug hacker libertarian currency do not help it. A lot of old people still support the war on drugs and don't care about liberty in economics.

There was also a lawsuit from Think Computer Corporation in California against lots of "Money Transmitters", for "unfair competition" of not getting appropriate licenses.  There were a bunch of others named including Mt. Gox.

Welcome to the US. Get the "authorities" to do what you can't do in the marketplace.
The judicial system has become a weapon.

It reminds of The Law by Bastiat.

I think the seizure was initiated by coinlab. Too much coincidence to not be.

Did I miss coinlab saying that they didn't ask for customs intervention here?

Sure, Coinlab haven't failed at anything, because they haven't done anything.

This isn't going to touch bitcoin at all.  Everybody with money in Gox is going to BUY bitcoin so they can transfer it out in order to make sure their funds don't get seized, then move to another exchange and continue daytrading.  Any loss fromt he news is absorbed byt he panic-buy of funds-protection.  Let alone the fact that bitcoin sees shit like this every other day.  I repeat, this won't touch bitcoin at all.

I'm going to lean toward trusting Coinlab on this one. Gox is a screwed up exchange and I am not surprised at all by their alleged breach of contract. I really wanted that to work. Heck, Mt Gox has 500 errors on a day with volume as minuscule as today?

+1

What better way to win a court case realizing there are no funds left after getting their funds seized..?!

Thanks

Certainly not

Jobe7: I'm sure it's all just jolly fun when you have board meetings and the dude across you on the table is threatening to bankrupt you with a 75 mill dollar lawsuit. I'm sure you eat biscuits and have some cups of tea, and all just have a good laugh and do high fives before going off to the bar. It's a contractual issue between two companies for sure, has nothing to do with the Bitcoin Foundation, where Mark and Vess are the greatest buddies and pat each others backs..

This is not the kind of attention Bitcoin needs. Bitcoin needs (price of Bitcoin up 1000%.)

Let's be fair before accusing entire corporate entities of being rats. If MtGox were raided by Japanese authorities I highly doubt people would be claiming "MtGox rates out Coinlab to Japanese authorities". I mean honestly, as if they'd be given some kind of choice? The authorities don't need you to rat anything out, they just raid in public and make a scene or search you secretly, and when they collect enough evidence they move in.

Both sit on the Bitcoin Foundation Board, the CEO of Coinlab is the Director of the board.

Now, for those that don't see these things often, it isn't a big deal. Board members from various organisations often go at it like this, its better than pulling out a gun

They both want the best for bitcoin, and its a 'contract issue', at the most, it will bring a lot of attention to bitcoin, especially because coinlab have hired lawyers from one of the top US law firms. But basically, it looks like a 'shaking fist' moment, and will probably get sorted out of court.

If you look at the details you can't blame coinlab for getting fed-up waiting whilst losing a lot of business, and then on the other side mtgox was suffering from lots of ddos attacks and massive influx of new bitcoiners whilst trying to sort their shizzle out with coinlab.

And though they both sit on the board, it doesn't effect the Bitcoin Foundation. Coinlab vs MtGox is a contract issue, the Foundation only has Bitcoin at heart.

And let's be honest, a bunch of lawyers and the attention Bitcoin gets from this is along the lines of "Whats all that fuss about? What is worth a $75 million lawsuit?" (which was a typo apparently, but don't quote me on that, not 100% sure) "What has got the attention of one of the US's biggest/best law firms?" .. "What is this Bitcoin?"

Wait what?

Yes, Yes, I am sure glad that DHS is keeping us safe from the evil terrorists.......LOL they are so considerate........

I doubt it. I don't have any inside info, but this looks to me like a perfectly ordinary unlicensed MSB prosecution in the works.