Topic: MtGox withdrawal delays [Gathering] - page 20. (Read 908720 times)

I don't think this is a fake arrest. It was all over the news everywhere. In any case he's a person of interest for quite too many people around the world and I don't think he'll get out of this without a trial. The question up until now was the opposite: "Why he was not in jail all this time"...

Has an arrest even been confirmed? Anyone see docs from Japanese police?

I don't think there's any more news regarding his arrest. Do you have anything on this apart from what's already posted here? IMHO, splitting a thread won't serve anything when there's no significant information to present.

Just my 20c.

I think someone should start a "The Mark got arrested thread". I am not that motivated to do it myself but will definitely follow it.
Is there one already?

If an ETF acquires the funds, the BTCs will practically remain "offline" while dividends or "shares" will be distributed instead. Thus no extra liquidity on the market. In this case we may have a rise in BTC's price, otherwise (if everybody choose to sell) the price will go down.

But if they instead distribute the BTC through Kraken, some of the victims may choose to sell anyway, expecting a fall in the price -- and thus causing it. (I don't see how the price could rise, in either case, as a result.)

This will be the worst case scenario, since if they decide to auction the BTCs *some* of them will end up on the free market (even if their auction is OTC). The amount of BTCs in free circulation will rise (we're talking 1000s here) and will probably drop the price to sub $200 or even further. This is only a hypothesis, since if there's ONE buyer (or ETF) we may have a different outcome.

We will know sooner or later.

I think the BTC's will be auctioned and he will get japan currency instead, and will only be able to withdraw in Japanese banks or maybe in cash.

Not good if your balance is not high

Sure, if you filed the claim you will most likely get some %.

I didn't follow news . is there any hope for refund BTCs ? last week i saw on euro news the owner of mtgox was arrested .

I did not even bother to request the BTC I had in Mt. Gox.  That was minor in my case because I sensed trouble and drew down my BTC account to a minimal level.  I did file a claim for the wire they never sent after I sold some BTC for fiat on Kraphole's trading platform.  This ruling is actually great news for people in my situation because it indicates that it is unlikely that whatever fiat value can be clawed back will be converted back to BTC to make whole those who have (or don't have) a claim in that medium.

Note that the same principle (value becomes property of the depositee upon deposit) applies to fiat in banking institutions in the U.S.  As I understand the law at least.  Just as I always limited the BTC I had with an exchange (even back in 2011) I limit the fiat I keep on deposit in a bank.  Same legal and operational rational, although bank failures are vastly more rare than appropriation of BTC by Bitcoin exchange 'services' so I am usually prone to keep more value under such risk in mainstream banks.

I very much look forward to the continued development of the 'trust everyone' frameworks being undertaken by the Blockstream guys.  In this way I could store value at an exchange and they would have an arbitrarily limited ability to appropriate it, or at least to do so indefinitely.  In such a world the court's word on such things becomes irrelevant.

Here's something that has been brought up earlier on this thread, but worth mentioning and clarifying further because it's essential for everyone involved to understand it fully:


What's at stake is that when we (as MtGox clients) sent our BTCs to their exchange, those BTCs are no longer ours. What we have instead is a licence agreement (or if you prefer, a "promise" of MtGox) that will give our BTCs back whenever we want to withdraw them out of there.

This is not limited to MtGox, but involves EVERY EXCHANGE out there. Meaning that every trader should be aware that whenever he has deposited his crypto on an exchange this crypto is *literally* not his. What we expect here, (more likely wish for) is our *possibility* of getting a fraction of our crypto. This should be considered equal to the possibility of us, not getting anything at all...

Japan court rules against Bitcoin compensation plea

http://www.bbc.com/news/technology-33816664

At least his cats are fine 

http://www.japansubculture.com/bitcoin-ceo-karpeles-arrested-but-what-is-he-guilty-of/

I believe that a great number of the allegedly "verified" accounts were not at all verified, so you have a point there. I also think that we miss a part of the story that has to do with the missing 650K and in whose hands those funds are. I expect that Kobayashi brought in MK because he thought the missing BTCs were embezzled by him (or a close colleague). These musings, of course, are only scenarios that may have nothing to do with the real deal. We'll see.

We will soon see how many people did file bankruptcy claims and for how much. Then we will have very good estimate.

I believe the most possible scenario is to get a portion of the 200K that are reported as "found". I'm not sure what will happen with the other 650K "missing" not to mention the fiat money that people had into MtGox's bank accounts. I'm confident that the best we can expect is a 1/4 of the coins, not sure we will get them though...

so what that means for the missing coins / money now ? do you think we will get something back ?

I believe this should've been done since last February - March. Most possibly, we'd know, by now, what the real story was (behind the story that they let us know so far) and found out earlier about MK incompetence to run the most illustrious business of the century. Makes me wonder (still can't believe) how a guy like him made it to the top of the Bitcoin world...

Got some development on the Mt.Gox story at http://airkayu.com/home/mtgox-ceo-arrested-after-bitcoins-disappear