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Topic: MtGox withdrawal delays [Gathering] - page 100. (Read 908720 times)

legendary
Activity: 868
Merit: 1000
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February 24, 2014, 10:19:09 AM
Karpeles resigning and the reset Twitter accounts is because Karpeles will announce this week that he will no longer be the CEO of MtGox. There will be a professional CEO at the head of Gox who will (try to) make MtGox again a succesfull exchange.

I have no insider info, just my guess.

Wishful thinking. I don't know what will happen but this appears unlikely to me. I can see three scenarios:

  • Hard bankruptcy, remaining fiat and bitcoins are shared out in proportion after losses are deducted
  • Takeover by another company with deep coffers (not too likely, in my view, because Mt. Gox does not look very attractive)
  • Mt. Gox wriggles through and comes out solvent, perhaps barely solvent, and continues to pay out slowly (also wishful thinking, but not entirely impossible).

The loss of reputation would be difficult to reverse, so I find it hard to see any rosy future for Mt. Gox.

Agree with your points although I don't think Gox would be that unattractive. An outside investor would see a huge client base and an opportunity to turn things around.


+1

Mt.Gox play right now is to purposely destroy its own reputation so that it can acquire back BTC.   This make allow them to claim that they never lost customers money.  Doing otherwise will lead to criminal charges and prison time. 

So that will happen,  every time mtgox BTC rises, they will do what they can to squash the rumors that they are going to make it.  That is what they did on purpose,  resign for bitcoin fondation and delete twitter messages.  That is after a short squeeze occured on Saturday.
newbie
Activity: 5
Merit: 0
February 24, 2014, 09:42:01 AM

It is probably illegal to pay out to one party to the detriment of others if you are technically bankrupt, i.e. if you have less value on hand than you owe.

Wrong.  There is always some seniority ranking on who gets paid and who does not is the case of Bankruptcy.

But the law certainly does not prescribe first-come-first-served.

Hell yes,  that's what seniority is all about!

If true, this is something very specific to Japanese law. All over Europe there's no first come first serve - in contrary, the liquidator is allowed to reverse transactions took place even several month before filling for insolvency if a creditor has been preferred.
legendary
Activity: 1124
Merit: 1000
13eJ4feC39JzbdY2K9W3ytQzWhunsxL83X
February 24, 2014, 09:32:31 AM
Karpeles resigning and the reset Twitter accounts is because Karpeles will announce this week that he will no longer be the CEO of MtGox. There will be a professional CEO at the head of Gox who will (try to) make MtGox again a succesfull exchange.

I have no insider info, just my guess.

Wishful thinking. I don't know what will happen but this appears unlikely to me. I can see three scenarios:

  • Hard bankruptcy, remaining fiat and bitcoins are shared out in proportion after losses are deducted
  • Takeover by another company with deep coffers (not too likely, in my view, because Mt. Gox does not look very attractive)
  • Mt. Gox wriggles through and comes out solvent, perhaps barely solvent, and continues to pay out slowly (also wishful thinking, but not entirely impossible).

The loss of reputation would be difficult to reverse, so I find it hard to see any rosy future for Mt. Gox.

Agree with your points although I don't think Gox would be that unattractive. An outside investor would see a huge client base and an opportunity to turn things around.


+1
hero member
Activity: 644
Merit: 500
One Token to Move Anything Anywhere
February 24, 2014, 09:31:16 AM
Karpeles resigning and the reset Twitter accounts is because Karpeles will announce this week that he will no longer be the CEO of MtGox. There will be a professional CEO at the head of Gox who will (try to) make MtGox again a succesfull exchange.

I have no insider info, just my guess.

Wishful thinking. I don't know what will happen but this appears unlikely to me. I can see three scenarios:

  • Hard bankruptcy, remaining fiat and bitcoins are shared out in proportion after losses are deducted
  • Takeover by another company with deep coffers (not too likely, in my view, because Mt. Gox does not look very attractive)
  • Mt. Gox wriggles through and comes out solvent, perhaps barely solvent, and continues to pay out slowly (also wishful thinking, but not entirely impossible).

The loss of reputation would be difficult to reverse, so I find it hard to see any rosy future for Mt. Gox.

Agree with your points although I don't think Gox would be that unattractive. An outside investor would see a huge client base and an opportunity to turn things around.
legendary
Activity: 1358
Merit: 1001
https://gliph.me/hUF
February 24, 2014, 09:28:47 AM
With all the experts in Japanese law, this will be a piece of cake!
legendary
Activity: 868
Merit: 1000
Cryptotalk.org - Get paid for every post!
February 24, 2014, 09:26:01 AM

It is probably illegal to pay out to one party to the detriment of others if you are technically bankrupt, i.e. if you have less value on hand than you owe.

Wrong.  There is always some seniority ranking on who gets paid and who does not is the case of Bankruptcy.

But the law certainly does not prescribe first-come-first-served.

Hell yes,  that's what seniority is all about!
legendary
Activity: 889
Merit: 1000
February 24, 2014, 09:25:47 AM
gox has single handedley  brought bitcoin down from 850  jan 27 to todays 557 and bitcoin will continue to plunge  because of these pirates.
hero member
Activity: 695
Merit: 500
February 24, 2014, 09:16:22 AM

It is probably illegal to pay out to one party to the detriment of others if you are technically bankrupt, i.e. if you have less value on hand than you owe.

Wrong.  There is always some seniority ranking on who gets paid and who does not is the case of Bankruptcy.

But the law certainly does not prescribe first-come-first-served.
legendary
Activity: 1124
Merit: 1000
13eJ4feC39JzbdY2K9W3ytQzWhunsxL83X
February 24, 2014, 09:15:19 AM
28 days and still nothing on my withdrawal Smiley

just and update from my side ... Smiley

if anything changes will post of course....

Expect to wait 6.5 weeks for SEPA withdrawal


will see... i'll post my news here
hero member
Activity: 695
Merit: 500
February 24, 2014, 09:14:09 AM
Karpeles resigning and the reset Twitter accounts is because Karpeles will announce this week that he will no longer be the CEO of MtGox. There will be a professional CEO at the head of Gox who will (try to) make MtGox again a succesfull exchange.

I have no insider info, just my guess.

Wishful thinking. I don't know what will happen but this appears unlikely to me. I can see three scenarios:

  • Hard bankruptcy, remaining fiat and bitcoins are shared out in proportion after losses are deducted
  • Takeover by another company with deep coffers (not too likely, in my view, because Mt. Gox does not look very attractive)
  • Mt. Gox wriggles through and comes out solvent, perhaps barely solvent, and continues to pay out slowly (also wishful thinking, but not entirely impossible).

The loss of reputation would be difficult to reverse, so I find it hard to see any rosy future for Mt. Gox.
legendary
Activity: 868
Merit: 1000
Cryptotalk.org - Get paid for every post!
February 24, 2014, 09:12:27 AM

It is probably illegal to pay out to one party to the detriment of others if you are technically bankrupt, i.e. if you have less value on hand than you owe.

Wrong.  There is always some seniority ranking on who gets paid and who does not is the case of Bankruptcy.
hero member
Activity: 644
Merit: 500
One Token to Move Anything Anywhere
February 24, 2014, 09:11:36 AM
Karpeles resigning and the reset Twitter accounts is because Karpeles will announce this week that he will no longer be the CEO of MtGox. There will be a professional CEO at the head of Gox who will (try to) make MtGox again a succesfull exchange.

I have no insider info, just my guess.

I'll just quote what I put in another thread as the Twitter thing could just be staff re-arranging their account.

A reddit user thinks there could be a more mundane reason for Twitter:

It was linked automatically to a service desk and the user contacted Gox about it - so he thinks they are just setting up their Twitter differently.

http://www.reddit.com/r/Bitcoin/comments/1yrqpm/mtgox_deletes_all_tweets_from_their_twitter_feed/?sort=new

EDIT look for:

[–]Delerium69 1 point 1 hour ago
Actually i mentioned this to the support management last week about it not being fit for purpose. Looks like they've listened.
Our service desk system was linked directly to twitter meaning that anytime anyone tweeted us, it created a ticket and was responded to via twitter when we resolve the cases.
hero member
Activity: 540
Merit: 500
February 24, 2014, 09:08:57 AM
28 days and still nothing on my withdrawal Smiley

just and update from my side ... Smiley

if anything changes will post of course....

Expect to wait 6.5 weeks for SEPA withdrawal
hero member
Activity: 540
Merit: 500
February 24, 2014, 09:07:36 AM
Karpeles resigning and the reset Twitter accounts is because Karpeles will announce this week that he will no longer be the CEO of MtGox. There will be a professional CEO at the head of Gox who will (try to) make MtGox again a succesfull exchange.

I have no insider info, just my guess.
hero member
Activity: 695
Merit: 500
February 24, 2014, 08:57:40 AM
......And.......

The twitter feed has been vacuumed.  LOL
[…]

i wonder if that means they want to start off on a clean slate....or if their attorneys advised them to remove the tweets?

It could mean that the first lawsuit is hitting them.
Not sure whether that's good or bad for us...

If you still have money there and you are not part of the lawsuit, it's bad for you. Because the ones filling the lawsuit will have priority to get their money back (if they win), and then there might be nothing left. 

Overall, it is good for the market as it will create pressure on the other exchanges to become more professional.

It is probably illegal to pay out to one party to the detriment of others if you are technically bankrupt, i.e. if you have less value on hand than you owe. The normal procedure then is to declare bankruptcy. Then all remaining values are shared in proportion to the values owed.

But laws can be overly complex and lawsuits unpredictable, so you may end up being right to some extent.
legendary
Activity: 1124
Merit: 1000
13eJ4feC39JzbdY2K9W3ytQzWhunsxL83X
February 24, 2014, 08:55:07 AM
28 days and still nothing on my withdrawal Smiley

just and update from my side ... Smiley

if anything changes will post of course....
legendary
Activity: 889
Merit: 1000
February 24, 2014, 08:46:54 AM
Mt Gox support ~bagdad bob
member
Activity: 62
Merit: 10
February 24, 2014, 07:57:44 AM
I wonder if we'll see a formal withdrawal of claims that the Bitcoin protocol is at fault.
member
Activity: 95
Merit: 10
February 24, 2014, 05:53:53 AM
I have send my verification documents to MTGOX in 24. January
To day it has just veriffied

We are pleased to inform you that the identification documentation you have submitted has been reviewed, and your account has been upgraded to "Verified" status.
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