Kraken Accepting MtGox Bankruptcy Claims - page 5.

Amph

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Quote from: NUFCrichard on April 23, 2015, 03:57:59 AM

Quote from: WhatTheGox on April 23, 2015, 03:52:57 AM

Quote from: NUFCrichard on April 23, 2015, 03:47:31 AM

So as of when can we make claims to get out bitcoin back?
It seems impossible that Kraken will be able to cover the full amount, as that would cost them 600,000BTC or $135million, but I would be pretty happy to get 25-50% back depending upon how much was recovered.

It still seems odd to me that 200k were found straight away, yet apparently nothing has been found since, but they still havent really showed where it went either. This is exactly what the blockchain is for!

Dude you aren't getting 25-50% as the kraken CEO has already pointed out, but yeah no idea why we cant know the full details at this point. Apparently the hope of finding the other coins is almost zero so giving information to public now isn't going to hurt any investigation.

How do they justify not giving us at least 25%? They recovered 25% of the bitcoins, surely they need to be given back to the people who actually owned them...

Otherwise the deal sounds like this - Kraken kindly accepts 200,000BTC from Gox, then offers to reimburse less than 200,000BTC to the customers, essentially stealing some of the customers coins, then they want us to be happy that they have restored faith in Bitcoin... not sure about that one.

maybe they will use the rest for cover their offers about free fee ecc..., which still sounds unfair to be honest

NUFCrichard

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Quote from: WhatTheGox on April 23, 2015, 03:52:57 AM

Quote from: NUFCrichard on April 23, 2015, 03:47:31 AM

So as of when can we make claims to get out bitcoin back?
It seems impossible that Kraken will be able to cover the full amount, as that would cost them 600,000BTC or $135million, but I would be pretty happy to get 25-50% back depending upon how much was recovered.

It still seems odd to me that 200k were found straight away, yet apparently nothing has been found since, but they still havent really showed where it went either. This is exactly what the blockchain is for!

Dude you aren't getting 25-50% as the kraken CEO has already pointed out, but yeah no idea why we cant know the full details at this point. Apparently the hope of finding the other coins is almost zero so giving information to public now isn't going to hurt any investigation.

How do they justify not giving us at least 25%? They recovered 25% of the bitcoins, surely they need to be given back to the people who actually owned them...

Otherwise the deal sounds like this - Kraken kindly accepts 200,000BTC from Gox, then offers to reimburse less than 200,000BTC to the customers, essentially stealing some of the customers coins, then they want us to be happy that they have restored faith in Bitcoin... not sure about that one.

WhatTheGox

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Quote from: NUFCrichard on April 23, 2015, 03:47:31 AM

So as of when can we make claims to get out bitcoin back?
It seems impossible that Kraken will be able to cover the full amount, as that would cost them 600,000BTC or $135million, but I would be pretty happy to get 25-50% back depending upon how much was recovered.

It still seems odd to me that 200k were found straight away, yet apparently nothing has been found since, but they still havent really showed where it went either. This is exactly what the blockchain is for!

Dude you aren't getting 25-50% as the kraken CEO has already pointed out, but yeah no idea why we cant know the full details at this point. Apparently the hope of finding the other coins is almost zero so giving information to public now isn't going to hurt any investigation.

NUFCrichard

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Activity: 1218

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So as of when can we make claims to get out bitcoin back?
It seems impossible that Kraken will be able to cover the full amount, as that would cost them 600,000BTC or $135million, but I would be pretty happy to get 25-50% back depending upon how much was recovered.

It still seems odd to me that 200k were found straight away, yet apparently nothing has been found since, but they still havent really showed where it went either. This is exactly what the blockchain is for!

WhatTheGox

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Quote from: Eastfist on April 22, 2015, 04:42:07 PM

Kraken is out to steal your credentials and bitcoins. My understanding is they're just passing the funds back and forth between themselves. If you put money into Mt. Gox, you're most likely never going to see it again. Don't think Kraken will reimburse you for it. They say so right in their disclaimer.

Without any source or logic of how you come to this conclusion its just 1 random guy on the internets crazy opinion which seems like a troll. Please dont do that

Eastfist

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Quote from: Bagatell on April 23, 2015, 01:28:58 AM

Quote from: hmblm1245 on April 22, 2015, 05:19:44 PM

Quote from: Eastfist on April 22, 2015, 04:42:07 PM

Where are you getting this information?

His arse. /ignored.

LOL. You're going to regret being ignorant.

Bagatell

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Quote from: hmblm1245 on April 22, 2015, 05:19:44 PM

Quote from: Eastfist on April 22, 2015, 04:42:07 PM

Where are you getting this information?

His arse. /ignored.

hmblm1245

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Quote from: Eastfist on April 22, 2015, 04:42:07 PM

Kraken is out to steal your credentials and bitcoins. My understanding is they're just passing the funds back and forth between themselves. If you put money into Mt. Gox, you're most likely never going to see it again. Don't think Kraken will reimburse you for it. They say so right in their disclaimer.

Where are you getting this information?

Quote

My understanding is they're just passing the funds back and forth between themselves.

Eastfist

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Kraken is out to steal your credentials and bitcoins. My understanding is they're just passing the funds back and forth between themselves. If you put money into Mt. Gox, you're most likely never going to see it again. Don't think Kraken will reimburse you for it. They say so right in their disclaimer.

thejaytiesto

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I've been trying to get accepted in Kraken for months now, my credentials never got validated, I got tired of waiting and eventually gave up.
Thank god I never got involved with the Karpeles scam. Good look to the ones cursed by the Gox.

hmblm1245

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Getting anything back is better than nothing. 20% or maybe more depending if there was truth to the wizsec thing. Maybe some of the thieves held a vast majority in the exchange, dought it, but it might be something to look forward too.

cryptworld

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Quote from: WhatTheGox on April 22, 2015, 03:38:36 AM

Quote from: Slark on April 22, 2015, 03:29:09 AM

If I understand correctly that mean people who lost money when MtGox crashed will be able to get their money back? Or it will be only some amenities provided for uses who were customers of MtGox in the past and now are using Kreken. Because they listed something like this:

Creditors claiming funds with Kraken can expect the following benefits:

- 100,000 KFEE credits redeemable for up to $1 million in free trading volume at the lowest fee tier of 0.1%
- Creditor claim and payout support with live chat and email
- Option to receive funds in the form of Bitcoin
- An easier and more convenient process from claim to payout

Is that is all?

They have 200k bitcoins recovered from mtgox & some fiat, people should get back 25% of what they lost in mtgox is my guess.

The trading promo is if you want to trade on kraken afterwards.

It is said that mtgox customers will get around 20% of his balance at the moment of the closure, but I can't see a clear statement about the cypher from kraken

ensurance982

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Trust me!

Quote from: WhatTheGox on April 22, 2015, 10:00:24 AM

This part here:

Creditors claiming funds with Kraken can expect the following benefits:

   100,000 KFEE credits redeemable for up to $1 million in free trading volume at the lowest fee tier of 0.1%
   Creditor claim and payout support including live chat and email
   Option to receive funds in the form of bitcoin
An easier and more convenient process from claim to payout

^ to me that suggest you could actually claim without kraken, im happy to claim with them but would be nice to know. Also yeah i agree with others, it would be nice to know their cut.

Anyway ive now signed up @ kraken Undecided

Edit: ok i now see you can claim yourself, but i think id rather go with kraken anyway.

I think this may be of help to you: https://www.mtgox.com/img/pdf/201504_notice1_en.pdf
This is straight from Gox's site (yeah, it still exists) and gives you all the details you need to know about claiming yourself or claiming with Kraken. As of now I don't see any downsides to claiming with Kraken, actually - does anyone see any?

WhatTheGox

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This part here:

Creditors claiming funds with Kraken can expect the following benefits:

   100,000 KFEE credits redeemable for up to $1 million in free trading volume at the lowest fee tier of 0.1%
   Creditor claim and payout support including live chat and email
   Option to receive funds in the form of bitcoin
An easier and more convenient process from claim to payout

^ to me that suggest you could actually claim without kraken, im happy to claim with them but would be nice to know. Also yeah i agree with others, it would be nice to know their cut.

Anyway ive now signed up @ kraken Undecided

Edit: ok i now see you can claim yourself, but i think id rather go with kraken anyway.

Amph

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Quote from: kvb on April 22, 2015, 08:47:07 AM

I don't seem to grasp where is the catch with the magic number $483? 1 Bitcoin = USD483 = JPY50,058.12. Huh

MTGOX online bankruptcy claim filing system page:
7. "The amount of my/our bankruptcy claim will be converted into Japanese yen using the exchange rate designated by the bankruptcy trustee (the closing rate of the telegraphic transfer selling rate of the Tokyo Foreign Exchange Market (the rate published by Mitsubishi UFJ Research and Consulting Co., Ltd.) on April 23, 2014, Japan time) and the Bitcoin rate designated by the bankruptcy trustee (CoinDesk Bitcoin Price Index on 23:59 on April 23, 2014 Japan time) (1 Bitcoin = USD483 = JPY50,058.12. This calculation is made using the rate “USD1 = JPY103.64” (the closing rate of the telegraphic transfer selling rate of the Tokyo Foreign Exchange Market (the rate published by Mitsubishi UFJ Research and Consulting Co., Ltd.) on April 23, 2014, Japan time)."
https://claims.mtgox.com/assets/index.html#/signin

I don't get it.. They are betting that the price of BTC will be above $483 at the time of distribution? Because of that they want to lock out this price for users? For example you agree here to take $483 for every btc they should give you. Then on september 2015 after creditors meeting when they decide to distribute, the price of BTC lets say is $1000, so they basically shave you for the difference?

Interested what's your take on this?

it's getting confused too much, they should just pay you in btc, to remove all the price issue that could be created

or maybe that news is simply old and was just copy-pasted

ensurance982

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Trust me!

Quote from: bakada on April 22, 2015, 05:25:05 AM

Quote from: ensurance982 on April 22, 2015, 05:15:57 AM

Okay, so what are the exact terms? Can I claim FIAT deposits? BTC held there? What kind of fee are they're going to retain from my stash? Can't seem to find those information in the mail. Although it sound like a tempting idea!

You can choose Fiat or BTC during the claim process. Although they mention that there is currently no guarantee that they will be able to pay back in BTC. Guess they are scoping the interest of how many creditors are willing to accept it. I didn't see any mention of Kraken "handling" fees. I suspect they just bathe in the publicity of it all.

Huh, so it's basically a real win-win situation, especially for small-time customers that otherwise wouldn't even want to jump through all the legal hoops and requirements. I think overall this is a very nice thing to do of Kraken!

WhatTheGox

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Im not sure any of us have a choice to go with kraken or not do we? kraken have been chosen by the trustee so its either go with them or not see any money at all?

kvb

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I don't seem to grasp where is the catch with the magic number $483? 1 Bitcoin = USD483 = JPY50,058.12. Huh

MTGOX online bankruptcy claim filing system page:
7. "The amount of my/our bankruptcy claim will be converted into Japanese yen using the exchange rate designated by the bankruptcy trustee (the closing rate of the telegraphic transfer selling rate of the Tokyo Foreign Exchange Market (the rate published by Mitsubishi UFJ Research and Consulting Co., Ltd.) on April 23, 2014, Japan time) and the Bitcoin rate designated by the bankruptcy trustee (CoinDesk Bitcoin Price Index on 23:59 on April 23, 2014 Japan time) (1 Bitcoin = USD483 = JPY50,058.12. This calculation is made using the rate “USD1 = JPY103.64” (the closing rate of the telegraphic transfer selling rate of the Tokyo Foreign Exchange Market (the rate published by Mitsubishi UFJ Research and Consulting Co., Ltd.) on April 23, 2014, Japan time)."
https://claims.mtgox.com/assets/index.html#/signin

I don't get it.. They are betting that the price of BTC will be above $483 at the time of distribution? Because of that they want to lock out this price for users? For example you agree here to take $483 for every btc they should give you. Then on september 2015 after creditors meeting when they decide to distribute, the price of BTC lets say is $1000, so they basically shave you for the difference?

Interested what's your take on this?

WhatTheGox

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Quote from: bakada on April 22, 2015, 05:25:05 AM

Quote from: ensurance982 on April 22, 2015, 05:15:57 AM

Okay, so what are the exact terms? Can I claim FIAT deposits? BTC held there? What kind of fee are they're going to retain from my stash? Can't seem to find those information in the mail. Although it sound like a tempting idea!

You can choose Fiat or BTC during the claim process. Although they mention that there is currently no guarantee that they will be able to pay back in BTC. Guess they are scoping the interest of how many creditors are willing to accept it. I didn't see any mention of Kraken "handling" fees. I suspect they just bathe in the publicity of it all.

If you have fiat or BTC it doesnt matter, eveyone will get the same overall % according to the kraken ceo posting on reddit in the last few hours, link:

http://www.reddit.com/user/jespow

bakada

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Quote from: ensurance982 on April 22, 2015, 05:15:57 AM

Okay, so what are the exact terms? Can I claim FIAT deposits? BTC held there? What kind of fee are they're going to retain from my stash? Can't seem to find those information in the mail. Although it sound like a tempting idea!

You can choose Fiat or BTC during the claim process. Although they mention that there is currently no guarantee that they will be able to pay back in BTC. Guess they are scoping the interest of how many creditors are willing to accept it. I didn't see any mention of Kraken "handling" fees. I suspect they just bathe in the publicity of it all.

Topic: Kraken Accepting MtGox Bankruptcy Claims - page 5. (Read 8306 times)