Quote from: V4Vendettas on February 28, 2014, 02:49:15 PM
Quote from: btc237ftw on February 28, 2014, 02:26:43 PM
Guys,
This looks more like a restructure and rebrand now than before...
"Bankruptcy Protection" has some similarities to "Bankruptcy" but there is a huge difference...
http://www.ehow.com/info_8053559_bankruptcy-vs-bankruptcy-protection.htmlhttp://www.differencebetween.net/business/difference-between-bankruptcy-and-bankruptcy-protection/It is basically a protection from the court to give them time to restructure and remodel and rebrand and re-everything (recode, relocate etc) while investors cannot sue them during that time:
http://www.zalkinrevell.com/bankruptcyprotection.htmlSo.. think about it, if they are going to rebrand and start new, what is the next step they need to make? this one.
Some evidence:
1. There was a HUGE btc debt erasing for a low $ value in the last weeks of trade on MTGox. (about 350k-400k coins have been erased as debt for a sum of around $63,000,000 - $72,000,000 ($180 per coin).
2. Gox.com redirects to MTGox.com.
3. Gox.com registry shows it was recently changed to the name of Mark Carpeles.
4. Mark said other parties are involved in trying to find a solution to this current problem, its live on mtgox.com
5. It's obvious that not taking a step to save and rescue almost a million MTGox customers can damage Bitcoin severely in the long run, due to more banks not agreeing to work with BTC companies, more regulation straggling Bitcoin businesses, panic from main stream and more. Therefore it is an incentive for big players to intervene.
6. On the document where a rescue plan is discussed and structured, the date for the shut-down of MTGox's website/trade is Japan morning time of the 25th February 25th. The document was released BEFORE the shut down happend, and indeed it was at the time specified.
7. The next step, according to the document is to restructure and Mark to step down.
In my view, the chances of that rescue plan to be happening just got a lot bigger.
Obviously, I might be wrong, and obviously even if a plan IS happening it doesn't guarantee it will succeed.
Anyway, I think you should know and realize that this is (in my opinion) probably what is going on.
We should get a statement on MTGox.com website within a week in my opinion.
Nice post and I am inclined to agree.
Disclaimer: I am one of the Goxxed and may not be in full possession of all my marbles while still firmly in the denial stages of grief.
if that plan works - what does it mean for all of us who hang in with our money?
appreciate any support to understand it
It means that who ever hang in there will have access to his/her accoung and he/she will be able to see the DEBT that he/she holds. I.E amount of BTC balance and amount of Fiat balance. At that point, according to the withdrawal limitations (probably verified accounts only) of say 10BTC/Day and 50-100/monthly, he/she can withdraw the BTCs as real BTCs outside that account. The problem will remain with those who hold a lot of debt, say 1,000 BTC - as it will take 10 months to withdraw with such a limitation. But those holding such amounts will still be able to trade and gain/lose more of their debt, and also sell it to ouside users for a bit less of it's then-current value, which should be around 10-25% lower than the other exchanges. With time, as trade will continue, commissions will be made by the exchange and withdrawals do work, people will want to send fiat money to that exchange again. The reason is simple, low amounts of cash allows them to withdraw instantly BTCs that can be artibrated and/or just bought cheaply for the long run. Once that happens the snowball will be rolling full power and the limiation of BTC withdrawals will be raised slowly.
