mtgox money back ? | Bitcointalksearch.org

jodybay

sr. member

Activity: 266

Merit: 250

if you want something do something!!!

Quote from: HarmonLi on July 24, 2014, 09:40:56 AM

Quote from: jodybay on July 24, 2014, 08:18:52 AM

forget about them and move on with your life gox will never return the money at all cost
see why mark is still free its like a politician who stole a lot of money from people they will put it in thetycourt then what will happen? he will not give the people's money sure he will get sue but since that we are talking about digital currency i dunno how will the authority handle this

He's also said to have taken a lot of 'real' money. He supposedly embezzled customer funds in USD, EUR, etc. I don't see how this isn't relevant enough for him to be prosecuted. If the customers will see their money, though, remains to be seen!

then why mark isnt convicted yet?

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: minerpumpkin on July 24, 2014, 10:02:19 AM

Yeah, but what if people with BTC aren't officially recognized as 'creditors'? What if those BTC are merely seen as assets like bitcoin.com and are being sold? (And those proceeds forwarded to 'real' creditors)

Creditors don't just mean people who are owed cash they are anyone who is owed anything by the entity. For example lets say you drop off your car for work at a service station and the mechanic destroys it and they are also in financial trouble and declare bankruptcy. You are owed a car (or equal financial compensation of the car's value). The fact that the company owes you a car doesn't exclude you as a creditor. I mean would that make any sense at all? "Sorry the dealership owes you a $50,000 car not $50,000 in cash and they don't have it so you lose everything". Of course it wouldn't. In Bankruptcy the court would consider you a $50,000 creditor just like another creditor who is owed $50,000 in cash.

The only question in the MtGox case is will the court allow "some" of the BTC to be returned to the creditors owed bitcoins or will the court sell all the BTC and pay all creditors in cash. Obviously the BTC creditors would prefer the former as selling a huge amount of BTC likely means crashing the price, incurring trading fees, and then the creditors just get less "value" back. Either way the BTC creditors are creditors. It doesn't matter if the courts see BTC as "money" owed or "property" owed. All debts are debts.

minerpumpkin

hero member

Activity: 686

Merit: 500

A pumpkin mines 27 hours a night

Quote from: DeathAndTaxes on July 24, 2014, 09:57:22 AM

Quote from: minerpumpkin on July 24, 2014, 07:46:22 AM

Quote from: Mota on July 24, 2014, 07:36:17 AM

Gee, some people here... You do realize that there are 25% of all assets left, there are no creditors except the customers involved, so yeah, there is more than a good chance to get at least those 25% back....

What if they actually just go and do sell all remaining BTC and credit those people with FIAT stuck there? People with FIAT would be off pretty well but those with BTC may just be left out in the cold!

Well that is a good reason why it isn't their choice. Bankruptcy is a standardized process for winding down a failed enterprise. MtGox owes all its creditors X it only has Y on hand. If it sells assets (i.e. bitcoin.com ) it will get Z. All creditors then get an equal percentage back (Y+Z)/X. It isn't up to MtGox or Mark anymore. It is in the hands of bankruptcy trustee. If is unlawful to pay some creditors and not others (unless some creditors are senior, secured, etc). It is very likely creditors will get something back. How much? Who knows. 25% is probably optimistic. Maybe it is 25%, maybe it is 2%, but it isn't going to be Alice gets 100% and Bob gets 1%.

Still creditors should settle in for a llllllllllllllllllllllloooooooooooooooooooooooooooooonnnnnnnnnnnnnnnnnnnnnnnnnn nnnggggggggggggggggggggggggggggggggg wait. These kind of procedures can drag on for months if not years.

Yeah, but what if people with BTC aren't officially recognized as 'creditors'? What if those BTC are merely seen as assets like bitcoin.com and are being sold? (And those proceeds forwarded to 'real' creditors)

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: minerpumpkin on July 24, 2014, 07:46:22 AM

Quote from: Mota on July 24, 2014, 07:36:17 AM

Gee, some people here... You do realize that there are 25% of all assets left, there are no creditors except the customers involved, so yeah, there is more than a good chance to get at least those 25% back....

What if they actually just go and do sell all remaining BTC and credit those people with FIAT stuck there? People with FIAT would be off pretty well but those with BTC may just be left out in the cold!

Well that is a good reason why it isn't their choice. Bankruptcy is a standardized process for winding down a failed enterprise. MtGox owes all its creditors X it only has Y on hand. If it sells assets (i.e. bitcoin.com ) it will get Z. All creditors then get an equal percentage back (Y+Z)/X. It isn't up to MtGox or Mark anymore. It is in the hands of bankruptcy trustee. If is unlawful to pay some creditors and not others (unless some creditors are senior, secured, etc). It is very likely creditors will get something back. How much? Who knows. 25% is probably optimistic. Maybe it is 25%, maybe it is 2%, but it isn't going to be Alice gets 100% and Bob gets 1%.

Still creditors should settle in for a llllllllllllllllllllllloooooooooooooooooooooooooooooonnnnnnnnnnnnnnnnnnnnnnnnnn nnnggggggggggggggggggggggggggggggggg wait. These kind of procedures can drag on for months if not years.

HarmonLi

sr. member

Activity: 350

Merit: 250

Honest 80s business!

Quote from: jodybay on July 24, 2014, 08:18:52 AM

forget about them and move on with your life gox will never return the money at all cost
see why mark is still free its like a politician who stole a lot of money from people they will put it in thetycourt then what will happen? he will not give the people's money sure he will get sue but since that we are talking about digital currency i dunno how will the authority handle this

He's also said to have taken a lot of 'real' money. He supposedly embezzled customer funds in USD, EUR, etc. I don't see how this isn't relevant enough for him to be prosecuted. If the customers will see their money, though, remains to be seen!

marcotheminer

legendary

Activity: 2072

Merit: 1049

┴puoʎǝq ʞool┴

EVERYONE is still waiting including someone I know Sad

Malin Keshar

hero member

Activity: 616

Merit: 500

Bitcoin is an unregulated asset, there is nothing that obligues MtGox give bitcoin back. And many of the fiat left will be spend with lawer's payments, so I would take all Gox money as lost funds, and way more lost if you had bitcoins in.

jodybay

sr. member

Activity: 266

Merit: 250

if you want something do something!!!

forget about them and move on with your life gox will never return the money at all cost
see why mark is still free its like a politician who stole a lot of money from people they will put it in thetycourt then what will happen? he will not give the people's money sure he will get sue but since that we are talking about digital currency i dunno how will the authority handle this

minerpumpkin

hero member

Activity: 686

Merit: 500

A pumpkin mines 27 hours a night

Quote from: Mota on July 24, 2014, 07:36:17 AM

Gee, some people here... You do realize that there are 25% of all assets left, there are no creditors except the customers involved, so yeah, there is more than a good chance to get at least those 25% back....

What if they actually just go and do sell all remaining BTC and credit those people with FIAT stuck there? People with FIAT would be off pretty well but those with BTC may just be left out in the cold!

Mota

legendary

Activity: 804

Merit: 1002

Gee, some people here... You do realize that there are 25% of all assets left, there are no creditors except the customers involved, so yeah, there is more than a good chance to get at least those 25% back....

goose20

legendary

Activity: 1173

Merit: 1000

Insolvency administrations are complex, time consuming and often dont end well - so I feel sorry for the the creditors as I dont think any of them will get much back, if anything.
Sad

minerpumpkin

hero member

Activity: 686

Merit: 500

A pumpkin mines 27 hours a night

Only that one person who sent those 800 BTC to an old Gox address got them back - with the help of the Bitcoin Foundation and Gox's insolvency people. Time will tell if and how many BTC people get back from that mess :/

Rub3n

hero member

Activity: 565

Merit: 501

S> Cheap SocialMedia Hype's

Quote from: MegaHustlr on July 24, 2014, 05:03:03 AM

Quote from: bryant.coleman on July 24, 2014, 04:59:12 AM

Quote from: LiteCoinGuy on July 24, 2014, 04:28:02 AM

you dont get money back...okay wait, maybe 10 cents each of you.

No. Much more than that. They will get somewhere around 20% to 25% of their original holdings. The latest news is that the payout / reimbursement will be made in BTC, and not in JPY or USD.

Well I'm sure that's the plan, but where will this money come from and who will be paying for the coins? IS there any figures or estimates on how much people lost in the gox fiasco?

I dont think thats public info.

lira

member

Activity: 94

Merit: 10

MegaHustlr

hero member

Activity: 601

Merit: 500

Vote 4fryn :)

Quote from: bryant.coleman on July 24, 2014, 04:59:12 AM

Quote from: LiteCoinGuy on July 24, 2014, 04:28:02 AM

you dont get money back...okay wait, maybe 10 cents each of you.

No. Much more than that. They will get somewhere around 20% to 25% of their original holdings. The latest news is that the payout / reimbursement will be made in BTC, and not in JPY or USD.

Well I'm sure that's the plan, but where will this money come from and who will be paying for the coins? IS there any figures or estimates on how much people lost in the gox fiasco?

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: LiteCoinGuy on July 24, 2014, 04:28:02 AM

you dont get money back...okay wait, maybe 10 cents each of you.

No. Much more than that. They will get somewhere around 20% to 25% of their original holdings. The latest news is that the payout / reimbursement will be made in BTC, and not in JPY or USD.

LiteCoinGuy

legendary

Activity: 1148

Merit: 1014

In Satoshi I Trust

you dont get money back...okay wait, maybe 10 cents each of you.

Dogtanian

hero member

Activity: 756

Merit: 500

I very much doubt anyone will get their money back. Where would they even get the money to pay people? I suspect their will be a lot of lawsuits after this debacle is over. And shouldnt this be in service discussion?

CoinCollect

sr. member

Activity: 770

Merit: 250

Ok thanx alot man.
I just feel bad for that guys who lost it :/

WhatTheGox

legendary

Activity: 812

Merit: 1000

not yet, they just had a creditors meeting, here is the summary of what happened:

http://blockchain.community/viewtopic.php?f=1&t=16

Topic: mtgox money back ? (Read 2339 times)