It appears Mt. Gox isn't dead but rebranding as Gox after 1 month hiatus.

ILoseAtPoker

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Quote from: 5thStreetResearch on February 25, 2014, 02:08:31 AM

Quote from: ILoseAtPoker on February 25, 2014, 01:32:11 AM

I believe the entire document is true.

If anyone followed the fall of the very trusted online poker site "Full Tilt Poker" you would see the similarities.

The US government seizing a large amount of $ (as happened in both cases) would force most companies to run a fractional reserve to stay open - after that it is a slippery slope.

Players from Full Tilt Poker get their money back this week. This money was seized by the DOJ. Mt Gox simply lost their user's balances by being negligent. The DOJ doesnt have this money to pay back user's as they did with Full Tilt. Very different situations here.

That is not correct. When the DOJ seized full tilt they didn't have the players money. The only reason people are getting their money back is because PokerStars signed a deal with the DOJ bailing FullTilt out and restoring user balances. It would be the equivalent of Bitstamp buying out Gox now and returning peoples money. Full tilt was an empty shell like Gox is now.

http://www.forbes.com/sites/nathanvardi/2012/07/31/pokerstars-will-pay-547-million-to-settle-u-s-government-charges-and-buy-full-tilt-poker/

The two situations are almost identical: http://www.coindesk.com/mt-gox-may-headed-bankruptcy/

flyaaaa

newbie

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Well I'm not saying the document is not true. But NY Times didn't confirm. NY Times just said: " Somebody said so, blablabla..."

Quote from: ChuckBuck on February 25, 2014, 01:59:24 AM

Quote from: CryptoVortex on February 25, 2014, 01:56:29 AM

Whether this document is true or (more likely IMO) a fake, I find it comical that the number of bitcoins allegedly lost over a few years is 744,408. An organization that failed to notice the disappearance of half a billion dollars, millions of dollars per employee, nevertheless is supposed to have been able to calculate their losses to an accuracy better than 1 part in 10⁵.

Document is true, as confirmed by NY Times:

http://www.nytimes.com/2014/02/25/business/apparent-theft-at-mt-gox-shakes-bitcoin-world.html?_r=0

Quote

A document circulating widely in the Bitcoin world said the company had lost 744,000 Bitcoins in a theft that had gone unnoticed for years. That would be about 6 percent of the 12.4 million Bitcoins in circulation.

5thStreetResearch

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Activity: 126

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Quote from: bananas on February 25, 2014, 02:30:25 AM

Quote from: jubalix on February 25, 2014, 02:12:13 AM

I suppose gox is well known, the advertising alone / brand recognition must be worth millions

the brand is worthing nothing. it is well known for bad adjectives only.

yea the brand name has negative value at the moment

bananas

sr. member

Activity: 364

Merit: 257

Quote from: jubalix on February 25, 2014, 02:12:13 AM

I suppose gox is well known, the advertising alone / brand recognition must be worth millions

the brand is worthing nothing. it is well known for bad adjectives only.

jubalix

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I suppose gox is well known, the advertising alone / brand recognition must be worth millions

Holliday

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Quote from: 5thStreetResearch on February 25, 2014, 02:06:07 AM

Assets of $32,000,000, liabilities of $120,000,000, and a brand name that is now the most despised in the industry... Seems pretty genius to try to resurrect this.

Where do I sign up?

5thStreetResearch

full member

Activity: 126

Merit: 100

Quote from: ILoseAtPoker on February 25, 2014, 01:32:11 AM

I believe the entire document is true.

If anyone followed the fall of the very trusted online poker site "Full Tilt Poker" you would see the similarities.

The US government seizing a large amount of $ (as happened in both cases) would force most companies to run a fractional reserve to stay open - after that it is a slippery slope.

Players from Full Tilt Poker get their money back this week. This money was seized by the DOJ. Mt Gox simply lost their user's balances by being negligent. The DOJ doesnt have this money to pay back user's as they did with Full Tilt. Very different situations here.

5thStreetResearch

full member

Activity: 126

Merit: 100

Assets of $32,000,000, liabilities of $120,000,000, and a brand name that is now the most despised in the industry... Seems pretty genius to try to resurrect this.

morphKET

full member

Activity: 134

Merit: 100

We Are All One

So either way, as most of the community has said; it is good news that they have gone down or admitted to this as most banks or ponzi schemes would have run off without a word

ChuckBuck

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Activity: 1372

Merit: 783

better everyday ♥

Quote from: CryptoVortex on February 25, 2014, 01:56:29 AM

Whether this document is true or (more likely IMO) a fake, I find it comical that the number of bitcoins allegedly lost over a few years is 744,408. An organization that failed to notice the disappearance of half a billion dollars, millions of dollars per employee, nevertheless is supposed to have been able to calculate their losses to an accuracy better than 1 part in 10⁵.

Document is true, as confirmed by NY Times:

http://www.nytimes.com/2014/02/25/business/apparent-theft-at-mt-gox-shakes-bitcoin-world.html?_r=0

Quote

A document circulating widely in the Bitcoin world said the company had lost 744,000 Bitcoins in a theft that had gone unnoticed for years. That would be about 6 percent of the 12.4 million Bitcoins in circulation.

CryptoVortex

newbie

Activity: 34

Merit: 0

Whether this document is true or (more likely IMO) a fake, I find it comical that the number of bitcoins allegedly lost over a few years is 744,408. An organization that failed to notice the disappearance of half a billion dollars, millions of dollars per employee, nevertheless is supposed to have been able to calculate their losses to an accuracy better than 1 part in 10⁵.

ILoseAtPoker

newbie

Activity: 35

Merit: 0

I believe the entire document is true.

If anyone followed the fall of the very trusted online poker site "Full Tilt Poker" you would see the similarities.

The US government seizing a large amount of $ (as happened in both cases) would force most companies to run a fractional reserve to stay open - after that it is a slippery slope.

1l1l11ll1l

legendary

Activity: 1274

Merit: 1000

And why would they then point gox.com to mtgox.com if they were rebranding. Some epic trolling if you ask me.

repentance

hero member

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If the doc is true, it means they've lost 750,000 BTC - no way they'll be coming back.

Even Charlie Shrem, who was defending them only hours ago, is now saying on reddit he was "lied to".

A rescue package or buyout was never a realistic option - MtGox is way too deep in legal shit on so many different legal fronts to be an attractive acquisition for anyone.

annette786

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Activity: 160

Merit: 100

Doc is true, but they probably changed the number of coins lost.

morphKET

full member

Activity: 134

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We Are All One

I am assuring myself this is the case with the points some of the previous members pointed out. However I am either way trying to prepare for the worst

Lab_Rat

hero member

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Token/ICO management

http://who.is/whois/gox.com

jhansen858

sr. member

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Merit: 250

Quote from: dikx on February 25, 2014, 12:59:10 AM

I previously also thought that the document was fake, but then pieces of the puzzle just start to get together..

1. This document was posted online before everything happened.

2. MtGOX just acquired gox.com domain and changed the name servers yesterday.

3. Only support page in mtgox is working, exactly as it's described in the document..

4. Trading engine was halted

I don't want to believe too, but.. I'm starting to

I agree with you.

Bobsurplus

legendary

Activity: 1008

Merit: 1000

Making money since I was in the womb! @emc2whale

How can they rebrand? With all the legal issues coming there way, the major fraud they just concluded. Its all game over now.

Warren

member

Activity: 112

Merit: 10

Quote from: dikx on February 25, 2014, 12:59:10 AM

I previously also thought that the document was fake, but then pieces of the puzzle just start to get together..

1. This document was posted online before everything happened.

2. MtGOX just acquired gox.com domain and changed the name servers yesterday.

3. Only support page in mtgox is working, exactly as it's described in the document..

4. Trading engine was halted

I don't want to believe too, but.. I'm starting to

The purchase of Gox.com (https://bitcointalksearch.org/topic/goxcom-just-sold-what-a-night-485842) does give the document credibility in my eyes also.

If the plan could possibly work is another issue though...

Topic: It appears Mt. Gox isn't dead but rebranding as Gox after 1 month hiatus. (Read 3004 times)