Gox to Announce they found 670,000 btc?

dserrano5

legendary

Activity: 1974

Merit: 1029

Quote from: Cluster2k on March 27, 2014, 07:59:19 AM

If, by some miracle after claiming all bitcoins were stolen, MtGox finds most or all of the 'missing' bitcoins and starts trading again, I hope no one in the bitcoin community ever does business with them again. In any way, shape, or form. It's a company that claimed 200k of bitcoins were stolen, then oops, found them underneath the couch they haven't checked for 2.5 years. Maybe I'm being harsh, but it doesn't sound like a company I would trust with my money.

OTOH, let's say gox returns to business during April. What's the chance they will do the same trick again during 2014? What's the chance some other exchange will do it during the same period? Some people will still trust gox due to this perceived probabilities.

Cluster2k

legendary

Activity: 1692

Merit: 1018

If, by some miracle after claiming all bitcoins were stolen, MtGox finds most or all of the 'missing' bitcoins and starts trading again, I hope no one in the bitcoin community ever does business with them again. In any way, shape, or form. It's a company that claimed 200k of bitcoins were stolen, then oops, found them underneath the couch they haven't checked for 2.5 years. Maybe I'm being harsh, but it doesn't sound like a company I would trust with my money.

Imerman2

member

Activity: 83

Merit: 10

Quote from: btc237ftw on March 26, 2014, 10:50:30 PM

check this thread - VERY related imo:
https://bitcointalksearch.org/topic/new-research-proves-mtgox-bitcoins-not-stolen-using-transaction-malleability-537772

So, to sum this up... it looks more and more like there is/was a federal investigation that allowed authorities to both Gag order gox and also freeze their bitcoins. Now, for the GAG order to actually work, there needed to be a cover story - and the TID was a the mechanism to blame for everything, while the investigation is underway. IMO this is related to silk road/s.

If what I said is correct, then almost all of the Bitcoins should be "found" and it fits well what Mark said... the bitcoins are not lost - just temporarily unavailable. He put a link to a site called "gag" and a directory named gag on that almost same note.

So imo that's what's going on, but I could be MILES off, as there are many questions marks about this whole thing - as you would expect there be if this is the case anyway.

It seems very related to Silk Road, and recent posts at SR point that they are directly related, remember these are simply posts by people well-known within the Silk Road community and cannot be verified, but apparently someone claimed to have found the Silk Road hacker and posted their personal identification information online to try and scare them into returning the coins. They also claimed this person was behind the attacks on Gox, Stamp, BTC-e, etc although I am unsure what exactly they are trying to say he accomplished with that, as they said malleability can't steal coins, but they say he stole something. Link http://www.deepdotweb.com/2014/02/18/alleged-silk-road-2-0-hacker-doxxed/

The whole situation is really messed up no matter what the real story is.

btc237ftw

full member

Activity: 157

Merit: 100

check this thread - VERY related imo:
https://bitcointalksearch.org/topic/new-research-proves-mtgox-bitcoins-not-stolen-using-transaction-malleability-537772

So, to sum this up... it looks more and more like there is/was a federal investigation that allowed authorities to both Gag order gox and also freeze their bitcoins. Now, for the GAG order to actually work, there needed to be a cover story - and the TID was a the mechanism to blame for everything, while the investigation is underway. IMO this is related to silk road/s.

If what I said is correct, then almost all of the Bitcoins should be "found" and it fits well what Mark said... the bitcoins are not lost - just temporarily unavailable. He put a link to a site called "gag" and a directory named gag on that almost same note.

So imo that's what's going on, but I could be MILES off, as there are many questions marks about this whole thing - as you would expect there be if this is the case anyway.

Imerman2

member

Activity: 83

Merit: 10

Quote from: crazyivan on March 26, 2014, 02:27:31 PM

Well, what if they intentionally created this whole story about coins being stolen. They sell coins just before they went down, BTC price crashed, they buy back their coins at lower price and then say everything is fine, we found the coins. Result, ENORMOUS PROFIT. Mastermind scam.

Incredibly illegal due to insider trading, the only people who could have pulled that off are governments who wanted to trick the Bitcoin market into a bust to buy at low prices. This whole thing is weird though, the only people that can request BTC from Gox are verified users and that fact makes this really weird. I invested probably way too large of a percentage of my "real" coins for "Gox" coins because none of this shit made sense, and it still doesn't. We'll have to wait and see.

Imerman2

member

Activity: 83

Merit: 10

Quote from: bananas on March 25, 2014, 06:45:28 PM

Quote from: HeliKopterBen on March 25, 2014, 06:39:25 PM

Quote from: bananas on March 25, 2014, 06:23:06 PM

Quote from: zhsloe on March 25, 2014, 06:17:13 PM

I don't really get the point: you guys are saying that if the coins will be found, then Bitcoin exchange rate will immediately raise. But how come? 670000 coins are a big deal, at least 100000 of them will be on markets again, hence the exchange rate will sink for a few days. Or I am wrong?

It can only fall, there is no other option. If most people keep the coins the price remains the same, if most sell the price goes to 1 dollar.

Yes the world has a lack of fiat to buy any of those coins.

It seems you don't understand the basica rules of market. The current price is what it is without those coins, how can the price go up? coins will buy coins?

The rules of price are supply and demand, not supply.

Zooey

sr. member

Activity: 241

Merit: 250

Time you enjoy wasting is not wasted time.

Quote from: BTCisthefuture on March 26, 2014, 03:16:44 PM

I doubt anyone wants to be tied to that name or their horrible system. Would you use a new Gox service, if so then why after all the fuck ups gox has had, even if its under new management... why ?

There are means by which a bona fide exchange can demonstrate 'trustability' (meh) beyond brand/reputation/heresay;

https://bitcointalksearch.org/topic/m.5286474

Kraken, it appears, are the first(?) mover to do just this;

https://bitcointalksearch.org/topic/m.5881541

BTCisthefuture

sr. member

Activity: 364

Merit: 250

No Gox wont come back.

I doubt anyone wants to be tied to that name or their horrible system. Would you use a new Gox service, if so then why after all the fuck ups gox has had, even if its under new management... why ? there are plenty of other options nowadays.

As far as Macau opening up to bitcoin , obviously there are companies in the works for doing something out there. Otherwise people wouldn't be talking about it on twitter like they are.

Zooey

sr. member

Activity: 241

Merit: 250

Time you enjoy wasting is not wasted time.

Do take into account that this is just an exercise in rumour milling.

crazyivan

legendary

Activity: 1652

Merit: 1007

DMD Diamond Making Money 4+ years! Join us!

Well, what if they intentionally created this whole story about coins being stolen. They sell coins just before they went down, BTC price crashed, they buy back their coins at lower price and then say everything is fine, we found the coins. Result, ENORMOUS PROFIT. Mastermind scam.

yogi

legendary

Activity: 947

Merit: 1042

Hamster ate my bitcoin

So, does the latest announcement regarding police involvement have any bearing on the likelihood that they have found these coins?

1976

member

Activity: 82

Merit: 10

We need the truth, not hide, not cheat.

bananahoho

newbie

Activity: 56

Merit: 0

It is an inside job! If the FBI investigation into the case, fear and spit it out. 200000 of the money, you just throw it away, you find find, this is a joke?

Dr. Sekxy

newbie

Activity: 51

Merit: 0

Quote from: DGulari on March 25, 2014, 02:27:42 PM

Quote from: WhatTheGox on March 25, 2014, 02:22:58 PM

Quote from: virtuexru on March 25, 2014, 02:21:32 PM

Quote from: Aquent on March 25, 2014, 02:14:10 PM

Quote from: Nagle on March 25, 2014, 02:12:50 PM

Mt. Gox is not going anywhere until the Tokyo District Court and the Tokyo Metropolitan Police are through with it.

Nah, they have only made an application. They can just cancel the application. Court has 0 power if they now come out and say we are being acquired and everyone will be made whole.

All of Karpeles shit has been siezed. the gig is up

source?

His ass. He pulls this shit out of his ass. It's where most information here comes from.

nice one captain

analau

member

Activity: 69

Merit: 10

Quote from: bananas on March 25, 2014, 06:45:28 PM

Quote from: HeliKopterBen on March 25, 2014, 06:39:25 PM

Quote from: bananas on March 25, 2014, 06:23:06 PM

Quote from: zhsloe on March 25, 2014, 06:17:13 PM

I don't really get the point: you guys are saying that if the coins will be found, then Bitcoin exchange rate will immediately raise. But how come? 670000 coins are a big deal, at least 100000 of them will be on markets again, hence the exchange rate will sink for a few days. Or I am wrong?

It can only fall, there is no other option. If most people keep the coins the price remains the same, if most sell the price goes to 1 dollar.

Yes the world has a lack of fiat to buy any of those coins.

It seems you don't understand the basica rules of market. The current price is what it is without those coins, how can the price go up? coins will buy coins?

then the price shoud've risen when they dissapeared

smack1114

newbie

Activity: 1

Merit: 0

I think it'll only help the value. Even if they were stolen, they still existed so it's not like releasing them will dilute the value. If anything it'll add positive news to the media and gain trust in many. The best thing out of the ordeal is that we learned to keep all or just about all of our money off the exchanges.

I'm curious as to how Japan and China will react to this rumor.

BitDreams

hero member

Activity: 503

Merit: 501

Were numbers of lost coins concealed during a negotiation? Did locating 200,000 coins alter negotiations?

bananas

sr. member

Activity: 364

Merit: 257

Quote from: tins on March 25, 2014, 07:02:37 PM

Quote from: bananas on March 25, 2014, 06:45:28 PM

Quote from: HeliKopterBen on March 25, 2014, 06:39:25 PM

Quote from: bananas on March 25, 2014, 06:23:06 PM

Quote from: zhsloe on March 25, 2014, 06:17:13 PM

I don't really get the point: you guys are saying that if the coins will be found, then Bitcoin exchange rate will immediately raise. But how come? 670000 coins are a big deal, at least 100000 of them will be on markets again, hence the exchange rate will sink for a few days. Or I am wrong?

It can only fall, there is no other option. If most people keep the coins the price remains the same, if most sell the price goes to 1 dollar.

Yes the world has a lack of fiat to buy any of those coins.

It seems you don't understand the basica rules of market. The current price is what it is without those coins, how can the price go up? coins will buy coins?

Nobody even knew those coins were missing up until 3 weeks ago and the price was the same.
Finding the coins will have a negligible impact on the market.

Depends on people's behaviour, if the behaviour is the same the price remains about the same.
But the probable scenariio is that hose who bought cheap goxcoins will sell it as soon as possible to try to profit, and those who kept fiat in gox at a big loss are likely to be allergic to bitcoin right now and will never buy it again.

Bit_Happy

legendary

Activity: 2100

Merit: 1040

A Great Time to Start Something!

Quote from: Aquent on March 25, 2014, 07:11:38 PM

Are you guys forgetting like the price was 1k or something and started to fall only cus gox started all this?

Price is going up I think to 1.2k and above

Only partly true:
The China Bubble bursting was also a huge factor in the short-term top.

french684

newbie

Activity: 8

Merit: 0

Gox is super shady. Looking forward to Karpeles going to jail.

Topic: Gox to Announce they found 670,000 btc? (Read 7522 times)