Topic: [MTGox Sued 5/2/2013] Statement Regarding Formal Complaint - page 2. (Read 6327 times)

The rest of my quote was cut off when I was quoted. I've added the rest of my quote back. The lol, is wtf are people doing that for? Selling all their coins for cash? If you're worried, sell your USD for cash and just like proudhon said, get them in your possession which bitcoin makes oh so wonderfully easy.

Precisely, emphatically, and wholeheartedly this ^^^.

best business ever.
start company, enter agreement,
not have it fulfilled
sue for 75 million.
retire

When the market gets really crazy and bad news starts piling up, I don't try to profit anymore.  I'm happy with what I've made and can comfortably weather the storms.  No, the first thing I do is move my BTCs from exchanges into offline wallets.  I don't want them seized and I can move them so much more easily than USD.

Yeah, cash out of your coins into USD that MtGox holds lol.

Sorry, what? So, if I break into your house and steal the USB your private key is stored on (an example - I have no idea where you store your private key), you won't sue me or prosecute? You'll attempt to "settle in private", meaning you will ask for your money back, I'll laugh and ignore you?

What's your address?

And the price of coin plummets....

I have more news on the Mt. Gox transition. Today, CoinLab regretfully filed a formal complaint in Federal Court against Mt. Gox.

In the last month, many of you have contacted me directly and asked for more details on our transition, and I would say (charitably) that I've been frustratingly vague -- I just haven't been able to talk about it.

I'm going to take this chance to talk about it. I'm not here to complain, our filing contains an accurate summary of events, but I want to talk about what I see as most important for Bitcoin right now.

Bitcoiners have, on average, lost more money due to technology difficulties, frozen / lost banking relationships and shady characters like pirateat40 than due to any part of Bitcoin's fundamental economics. I hate this fact, passionately. I have a vision in which high quality service and technology and ethics can be delivered to you, me, my kids, everyone who has a stake in Bitcoin.

It is my goal for CoinLab that we provide fundamental infrastructure to minimize these risks for everyone in our space, and I do mean everyone; from those on the Bitcoin Forums who dislike and distrust me personally, to the mom and pop cupcake makers in San Francisco, to my daughter who recently sold some knit products for .01BTC.

While I was willing to take a two year restriction on our venue (US and Canada only for two years was part of our contract), I have for a number of years now wanted to make sure that Bitcoin is properly situated for everyone's good.

When we spun up our initial alpha customers, they included companies that from one perspective could reasonably be deemed to be our competitors, some of the best companies in our space. We worked extremely hard to provide them great service, because I want to build our ecosystem; I want a robust economy and a broad base of service and product for everyone.

What tipped us into filing was our complete inability to get Mt. Gox to deliver on the few simple things left that were needed for customers to move over en-masse; we were often left just apologizing to our alpha customers while their own businesses suffered. I'm just not willing to put any of our customers in that position -- if we can't do a good job for you, I won't promise that we can.

What I hope is that Mt. Gox has this same interest in the good of Bitcoin, and Bitcoiners, and finds a way to work this out.

So, what's next? I hope that we'll be able to provide some good news on that front soon, from a financing and technology perspective at the very least, and ideally with news that we've settled this dispute. In the interim, my biggest hope is that Mt. Gox does an excellent job keeping Bitcoiners safe and liquid and trading on the exchange.

Peter Vessenes

I'm surprised Gox has any foot left to shoot at all at this point...

mtgox shot themselves in the foot on this one.

I'm going with your second choice.

So either they did something brilliant or both teams should fire their attorneys because they are idiots.

K. Liquidated Damages. Both Parties hereby agree that it may be impossible to determine the monetary harm
suffered by the non-breaching Party in the event that MtGox breaches section F.l or in the event that CoinLab breaches
section F.2 and that therefore, after careful consideration, the Parties agree that reasonable damages for such breach
shall be $50,000,000 USD, an amount the Parties agree is reasonable and fair given the nature of the Agreement

Besides making many announcements and now suing Mt.Gox - have CoinLab actually helped Bitcoin in any way?

Have they done anything at all?

For such a clever group, I would expect more.

Sounds as if coinlab just wants out of the contract. With all the problems with mtgox they are better off starting off from scratch. 60% of existing revenue from existing US costomers and 40% of new customers to go to mtgox is a pretty bad deal for coinlab when they can cobble up a much better exchange in the matter of weeks and take 100% of the profits.

It is very unlikely they can challenge it successfully.  The contract contains a choice-of-forum provision specifying King County Washington and agrees to personal jurisdiction.

It's at least somewhat likely Gox can win there or anywhere, though.  We'll need to know more details before that can be judged, though.

Specifically:


Such choice-of-forum and choice-of-law provisions are routinely enforced.