Topic: MtGox withdrawal delays [Gathering] - page 2. (Read 908720 times)

Maybe, but coinlab complicates things, and the last time I checked there was a huge claim from the bitcoinica exchange that was storing coins on gox for "security". I'm not sure if that complicates things even more.

Correct me if I am wrong, but my quickie perusal of those two linked articles causes me to conclude that they would get something like 23% of their BTC holdings?

I used this statement from the Bloomberg article:

>>>>>"For each Bitcoin that was locked up in the bankruptcy that has a claim on it, the estate has only 0.23 coin to give out, according to a CoinLab spokesman."<<<<<<<

So, if they had 10 BTC, they would end up getting 2.3 BTC for the settlement?  

If the payout ends up something like that, the amount would not be bad (absent all of the opportunity costs of a nearly 8 year forced HODL).  

I know that GOX had crashed down to $100 around that time, but we could go with a ballpark estimate of fair market value for around that time as around $500 per BTC (as mentioned in the article).  So 10 BTC would have been worth around $5,000.  A settlement of 2.3 BTC right now would be dollar valued at around $145k.  So around a 29x appreciation in dollar value?  Even regular normie HOLDers/traders will screw up their value more than that over the years by selling too much BTC too soon.. so a forced HODL might have been good for their value retained... again absent some possible opportunity costs.. and of course, some people are not able to enjoy price appreciation nearly 8 years later (health, death, etc).  

Any correction to my ballpark estimate from the articles would be welcomed, for sure.

Does this mean they will start paying people some bitcoins back soon, or could the coinlab claim still put everything on hold?

https://coinmarketcap.com/alexandria/article/mt-gox-rehabilitation-plan-approved


Have the creditors approved coinlab's plan?

https://www.bloomberg.com/news/articles/2021-01-15/coinlab-reaches-deal-with-mt-gox-trustee-over-bitcoin-claims

See the thread I made: https://bitcointalksearch.org/topic/creditors-voting-on-mtgox-draft-rehabilitation-plan-5341234
I decided to read the damn thing and I will post my amateur opinion there once I'm done reading.

So whats this voting on the Draft Rehabilitation Plan mean? Do i have to read 205 pages and try to understand something?
Anybody who can explain it to me in general?

Yen generally rises in market sell offs, some even consider it a safe haven of sorts.   Obviously be super careful as its incredibly ironic to be delivered from BTC into the mouth of the beast amidst the origins of QE hoping todays not the day it blows up.   The Japanese government is broke so far as I know or at least form your own opinion dont hold FIAT without deciding.

Logical conjecture, if they had the brains to anticipate the QE of 2008 would end badly or endlessly as it has and all the other liabilities and failures that crypto helps avoid but then doesn't anticipate the horrible failure of an exchange a centralised entity opposite to the strengths of the protocol.  Its a bit of a joke

What makes you think Satoshi would never use an exchange? Satoshi is often treated as this godlike character, which is reasonable considering what has happened, but we don't know why Satoshi disappeared, hasn't sold any coins that we know of, etc.

diabolic manoevers.

No. It's another of Craigy's lies. He just selected an address with a large balance and pretends it's his like all the other ones.

He was a Gox customer himself and moaned about losing in there. He probably had a grand total of 0.001 BTC. And it's ever so slightly doubtful that the actual Satoshi would be using a piece of shit exchange like that, or any exchange.

80k BTC of MtGox have been found to be controlled by CSW for a long time ??

https://twitter.com/MagicalTux/status/1271473195921465344

Still ongoing apparently

https://cointelegraph.com/news/mt-gox-casts-a-dark-shadow-of-cryptos-collapse-a-long-fight-for-justice

Not sure that Coinlab actually believe they would win the suit...just seem to be delaying.

Well this morning I got a new email from MtGox Trustee. It seems that the rehabilitation plan is about te be presented to the Japanse courts.
Does anybody know if the ridiculous lawsuit from Coinlab for 16billion USD against Mtgox Trustee has failed
In any case when you read the PDF it clearly states that first the cash creditors will be paid and then the BTC+BCH will be paid out.
All other cryptocurrencies will be liquidated, that means BSV and BTCgold, they will get some heavy sell pressure ...

Yeah... hahahahaha  exactly.

So long as account holders get paid in bitcoin, even if they only get 1/10 of their original GOX stash in bitcoin, they might be forced to become a whole hell of a lot richer than they would have otherwise had become from those coins because any "normal" person would have sold much sooner. 

Sure, self-sovereignty is a bit of a problem, even though the average trader does not tend to make money with such self-sovereignty when choosing to trade (which presumably much of the GOX coins were on the exchange because of a bit of a trading inclination), and also coin holder mortality could be a problem too, but the value of bitcoin is likely going to be much higher (and even well more than 10x higher) than the $100 to $1,200 BTC price range that was happening around the withdrawal freeze shenanigans that were taking place on GOX largely between mid-to-late 2013 and February 2014.

By the way, I personally got into bitcoin in November 2013, and I suppose that I was a bit spoilt because Coinbase was then available to me for the purchasing of bitcoins, so even though I was attempting to consider a variety of ways that I could possibly get coins and even to put coins on exchanges to have liquidation options, my radar was up about GOX throughout my first three months in Bitcoin, but I remember, too, how GOX was starting to lose market share and influence during that time, but also that the vast majority of active bitcoiners considered GOX going under (the way that it did) to be way too far beyond the pale.  I suppose that sentiment that GOX was not going to go under or that it was coming back was reflected in the secondary market that developed for folks to trade their shares on GOX in the several weeks during the initial closure, which for a decent period of time, prices of those shares in GOX coins still seemed to garner more than 10% of an actual bitcoin..... and also, a decent number of people still were sending dollars to GOX in February 2014 in a hope to buy bitcoins when the Gox coins were selling for around $100 and the remainder of the market was trading BTC for around $600.

Look at the bright side, GOX will be the ultimate HODL coins. By the time anyone gets their coins they will be worth a million each!

Thanks for the link. This situation was well known before but it's good to see an updated version including the civil rehab. events.
As Japan is not an overly litigious country I would have expected the Vessenes claim to be thrown out of court at the first opportunity. From there, I would imagine that senior courts would be reluctant to hear appeals, especially given that the case is a ridiculous claim by a USA company vs a Japanese bankruptcy (civil rehabilitation) trustee. That doesn't seem to be the case so far though.

Not surprised that Gox lawyers weren't so thorough on the contract but I would be very interested to know if the contract had an exclusive remedy clause. Given that the article mentions there was a liquidated damages section I would assume there would be. In such a case, unless the exclusive remedy bizarrely excludes the termination or contract breach clauses, Vessenes would be s*** out of luck unless he can somehow prove to a Japanese court that the actual damages to his shitty company are anywhere near his USD16b claim (which would be impossible as his mind has clearly detached from reality).

Although the cynic in me thinks it could still be years before Vessenes is finally kicked in the balls on this claim, the Japanese can move very quickly when they want to. Hopefully Kobayashi kicks up enough of a fuss to push the case along far enough that a senior court rejects to hear an appeal and it's all done & dusted.

https://blog.wizsec.jp/2019/04/coinlab-v-mtgox-imaginarium-of-peter.html

https://www.coindesk.com/coinlabs-mt-gox-claim-may-hold-up-payouts-for-another-2-years

Ugh.

Today there was an update on www.mtgox.com regarding the telephone support and email support. you can see here:
http://www.mtgox.com/img/pdf/20190409_announcement.pdf

the other news is that in one creditors group the representative has sold his claim and of course he is not anymore the representative of that group.
I will personally invite you to be aware and keep strong. Everyone wants to put his hands in our coins and cash..


people the last period tried to inject themselfs or tried to manipulate... the second comes from influencer ....

i'll give an example...... let's say i want buy many MtGox claims... but people not selling at the price i want ? what i can do?

easy... i will try to change mind of a well  known person, idealy the representative of a group... how? offering him money...

REMEMBER - everyone has a price so that representative after can put me in contact with people that now willing to sell...

even better if that representative says public that he sold that can change people minds....




p.s. i do not speak for any specific representative.  all the above is just a senario...taken from real life or not, it remains a senario..

Mine with approved statement arrived from mtgox_trustee(at)noandt.com so in theory the domain is the same so could be legit, but don't know why used another name and not mtgox_trustee. for safety, inspect the mail carefully before opening it.