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Topic: Important. Gox, have not filed for bankruptcy - page 2. (Read 4561 times)

legendary
Activity: 879
Merit: 1001
Quote
Karpeles vaguely said of the money: 'Well, technically speaking it’s not lost just yet, just temporarily unavailable'

This would suggest to me that he indeed does know the whereabouts of all the BTC.
Also he has a personal wealth of $250 million...enough to pay back each investor 60% or so.
Quote
The fees that Mt Gox charged - up to 10pc on transactions - allowed him to amass a fortune of $8m plus 345,000 Bitcoins (worth around $250m even at current rates) by some estimates.

Read more: http://www.dailymail.co.uk/news/article-2570159/Bitcoin-firm-hacked-virtual-bank-heist-goes-bankrupt-leaving-NO-prospect-investors-getting-hundreds-millions-pounds.html#ixzz2udjpOszv


I'd just posted that link in this thread directly above you 21 minutes earlier.
Try to keep up.
hero member
Activity: 630
Merit: 500
thru danger is
FED
The Fed doesn't have authority with respect to Bitcoin," she said. "But certainly it would be appropriate for Congress to ask questions about what the right legal structure would be for digital currencies.and since we know that the U.S. Congress is an honest and honorable institution that cares about the betterment of the little guy and peace in the world as what they misled the peace in Iraq, Afghanistan, Libya

second it is imposibile tu treft 800000 btc from hot and cold walett.This is story for baby. all  double acounting have

 BTC
In out
BTC hot walett
in out
BTC cold walett
in out

Client
in out
Profit
in

Total 0

Imposibile is closing acounting software situation if number is not right.
 
sr. member
Activity: 586
Merit: 251
Quote
Karpeles vaguely said of the money: 'Well, technically speaking it’s not lost just yet, just temporarily unavailable'

This would suggest to me that he indeed does know the whereabouts of all the BTC.
Also he has a personal wealth of $250 million...enough to pay back each investor 60% or so.
Quote
The fees that Mt Gox charged - up to 10pc on transactions - allowed him to amass a fortune of $8m plus 345,000 Bitcoins (worth around $250m even at current rates) by some estimates.

Read more: http://www.dailymail.co.uk/news/article-2570159/Bitcoin-firm-hacked-virtual-bank-heist-goes-bankrupt-leaving-NO-prospect-investors-getting-hundreds-millions-pounds.html#ixzz2udjpOszv

sr. member
Activity: 586
Merit: 251
In my view they would have to be insane to bring Gox back in any form. I doubt the community would trust them again even without Mark's involvement....although I am sure he will try to be part of it somehow.
legendary
Activity: 1386
Merit: 1002
"Bankruptcy protection" allow Mtgoxs management a rewrite all their belongings and money to distant relatives, and as a result of the financial balance sheet of the mtgox and its stuff will be ZERO, and then we do not be refund our money!
newbie
Activity: 18
Merit: 0
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.html
http://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.html

So.. 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
full member
Activity: 157
Merit: 100
Quote
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).

Source? Proof?

Technically, you are right I can't demonstrate and prove that the buying entity is Gox or related to the new branding, but the fact that so many coins were bought by a buyer that works differently than the way the market usually work is evident. Just look at the charts on http://bitcoinwisdom.com/


member
Activity: 91
Merit: 10
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).

Source? Proof?
sr. member
Activity: 294
Merit: 250
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.html
http://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.html

So.. 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.
full member
Activity: 157
Merit: 100
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.html
http://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.html

So.. 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.

sr. member
Activity: 586
Merit: 251
I would have to agree. I had not invested anything with Gox, but was thinking about it before I leant about all the btc apparently stuck in the system.
It seems it has been going on for a long, long, time.

Although I have not researched this much, I also strongly suspect Mark knows where the 'missing' btc are
sr. member
Activity: 339
Merit: 250
I still think that Mark might be able to find people to revamp Gox as planned.
Obviously he still has possession of many many bitcoins. That is SO fu**ing god damn obvious.
The idea that the guy running the world's biggest Bitcoin exchange all of a sudden has NO BITCOINS LEFT!!!!!???

I bloddy well sent some to him just a few weeks ago!. And he had NO COLD STORAGE?Huh!! WTF?

THIS IS A LIE
He should be arrested for FRAUD, he was still selling Bitcoins AFTER he stopped withdrawals - i.e. AFTER he KNEW (supposedly) that he had no coins to sell - what is that if it isn't plain and simple FRAUD. Selling something you don't have?

Anyway I digress... He will wait until the BTC price resurges, sell all his stolen coins and then somehow try to get Gox back online.

At least I hope so. I'm suing him anyway though.
sr. member
Activity: 586
Merit: 251
It would appear to me that Gox are just trying to avoid the US subpoena filed against them.
hero member
Activity: 868
Merit: 1000

As far as I can tell, the $63.6 million refers only to their liquid liabilities (basically the debts which are due in cash). 

www.reuters.com/article/2014/02/28/bitcoin-mtgox-bankruptcy-idUSL3N0LX36C20140228

If that's the case, then the news isn't contradictory.
member
Activity: 99
Merit: 10
hero member
Activity: 1218
Merit: 500
BintexFutures
The Japanese legal system is not the US legal system.

Had rehabilitation (restructuring or trading out) been the objective of the filing, it's unlikely that the lawyer would have used the term bankruptcy at all (bankruptcy implies liquidation in Japan).

http://www.bingham.com/Publications/Files/2012/02/A-Practical-Guide-to-Japanese-Insolvency-Procedures

The immediate staying of legal actions by creditors tends to be the most immediate effect of insolvencies in general.  It doesn't imply that there's any hope of a company being restructured.

Until someone gets hold of the filings and translates them, assumptions about the possibility of MtGox seeking to/being able to restructure are pure speculation.

There have been a lot of bankruptcy protection cases in Japan that have been specifically for restructuring and trading out of trouble

Elpida did it

http://www.ft.com/cms/s/2/db64c462-6127-11e1-8a8e-00144feabdc0.html#axzz2ubyBpEyo

Japanese Airlines did it

http://news.bbc.co.uk/1/hi/8466997.stm

From what I can gather bankruptcy protection in Japan is just the same as US / EU

I just think everyone should wait until the actual filings become public before making any optimistic assumptions about this announcement.  The financial media will no doubt go through the filings with a fine tooth comb and will certainly report on whether or not restructuring was even mentioned as a possibility in the filings.

Agree, just trying to point out that there is a lot of misinformation flying around about what has happened. Just trying to give a little balance.

There's a thread on reddit in which someone claims that the translation of the news conference reveals that they've filed for civil rehabilitation.  Unfortunately, that same translation says they lost 85 million BTC (4 times all the BTC which will ever exist) so I don't regard it as reliable.

This pastebin of an IRC chat with Mark earlier today also suggests that he still believes there may be a "way out".

pastebin.com/YGr2WTvD

The ~ $63 million seems to be liquid liabilities (and so presumably doesn't include BTC).

http://www.cnbc.com/id/101455170

Yup.

So much for my optimism. Think I need to reassess my worst case scenario Sad
sr. member
Activity: 364
Merit: 257
I don't believe he will really try to continue with the business, he is delusional.
hero member
Activity: 868
Merit: 1000
The Japanese legal system is not the US legal system.

Had rehabilitation (restructuring or trading out) been the objective of the filing, it's unlikely that the lawyer would have used the term bankruptcy at all (bankruptcy implies liquidation in Japan).

http://www.bingham.com/Publications/Files/2012/02/A-Practical-Guide-to-Japanese-Insolvency-Procedures

The immediate staying of legal actions by creditors tends to be the most immediate effect of insolvencies in general.  It doesn't imply that there's any hope of a company being restructured.

Until someone gets hold of the filings and translates them, assumptions about the possibility of MtGox seeking to/being able to restructure are pure speculation.

There have been a lot of bankruptcy protection cases in Japan that have been specifically for restructuring and trading out of trouble

Elpida did it

http://www.ft.com/cms/s/2/db64c462-6127-11e1-8a8e-00144feabdc0.html#axzz2ubyBpEyo

Japanese Airlines did it

http://news.bbc.co.uk/1/hi/8466997.stm

From what I can gather bankruptcy protection in Japan is just the same as US / EU

I just think everyone should wait until the actual filings become public before making any optimistic assumptions about this announcement.  The financial media will no doubt go through the filings with a fine tooth comb and will certainly report on whether or not restructuring was even mentioned as a possibility in the filings.

Agree, just trying to point out that there is a lot of misinformation flying around about what has happened. Just trying to give a little balance.

There's a thread on reddit in which someone claims that the translation of the news conference reveals that they've filed for civil rehabilitation.  Unfortunately, that same translation says they lost 85 million BTC (4 times all the BTC which will ever exist) so I don't regard it as reliable.

This pastebin of an IRC chat with Mark earlier today also suggests that he still believes there may be a "way out".

pastebin.com/YGr2WTvD

The ~ $63 million seems to be liquid liabilities (and so presumably doesn't include BTC).

http://www.cnbc.com/id/101455170
legendary
Activity: 1344
Merit: 1000
ok now the BS machine is in over drive

people who have lost their funds may as well start listening to me  Cheesy

So many legal wrongs here it is not funny,

Does he have the coin or not ? what are the official Mtgox ADDRESSES

what is the balance of his Bank accounts  Huh

The fact is no one, including you, knows the situation. The only fact is that Gox have claimed they believe they can restructure and become solvent again.

This may or may not be true, any statements of fact whether it is true or not here are not fact but supposition.

I have searched official Mtgox addresses so I do have proof

I have watched for years the collusion between this forum and Gox

its a scammers paradise, have you ever heard of TF these guys

the forum mods backed him up like a pharaoh

even an Australian newpaper reported a story on TF without even reading

his posts first






You have proof they have some coin. That's it.

You don't have proof of their asset v liabilities balance sheet and what and how their current financial situation is.

A wise man would wait and see what happens and what information comes out, not jump to conclusions that he knows everything already.

just like when i jumped to a conclusion a year ago that the whole company was a complete turd and this forum defended their fugitive buddy Mark

aka Magical Tux Toof and Nail Cheesy
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