MtGox withdrawal delays [Gathering] - page 77.

Lohoris

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Bitgoblin

Quote from: bitserve on February 28, 2014, 01:01:10 PM

Basically it means the corporate is not bankrupt (not just yet) but it has a lack of liquidity that makes it impossible to fulfil its debts in the short term. It then gains some time to solve the liquidity problem (by selling some assets, recovering pending debts, etc) so that it can restart its normal operation... or not, and then it files definitive bankruptcy.

Sure but this is unlikely gox' situation: their hole is apparently massive, and their assets are near zero.
Of course I might be mistaken... Roll Eyes

bitserve

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Self made HODLER ✓

Quote from: raskul on February 28, 2014, 12:13:01 PM

I'm not so sure I understand fully how it would work in Japan. I am pretty sure in the UK there is no middle ground, you either go pankrupt or you are solvent...

If it is the same as in Spain and many other countries, it is a different thing.

Basically it means the corporate is not bankrupt (not just yet) but it has a lack of liquidity that makes it impossible to fulfil its debts in the short term. It then gains some time to solve the liquidity problem (by selling some assets, recovering pending debts, etc) so that it can restart its normal operation... or not, and then it files definitive bankruptcy.

jack0m

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Quote from: V4Vendettas on February 28, 2014, 12:13:10 PM

Quote from: Luno on February 28, 2014, 12:11:06 PM

Quote from: lemonsieur on February 28, 2014, 12:04:34 PM

All the bitcoins were stolen... how about the euros/dollars we had stored there? Can't they be given back? Anyone?

If hackers have gotten more coins out than they owned, then depositing, selling and withdrawing them as fiat on Gox again, would drain Gox's fiat balances in a similar way as their Bitcoin balance.

Makes sense. But really ? could they really not notice this ?

but if they sold those coins to some other Gox users, they had to pay fiat. And that fiat came either from selling other stolen bitcoins, so the net outflow is of BTC only, or from a fiat deposit. Or from legit trades of BTC you might track back until you find a deposit. What am I missing? Huh

EDIT: does it make sense if we assume they were stolen quite long ago, when they could be traded at a much lower rate than today?

zyk

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Quote from: V4Vendettas on February 28, 2014, 12:13:10 PM

Quote from: Luno on February 28, 2014, 12:11:06 PM

Quote from: lemonsieur on February 28, 2014, 12:04:34 PM

All the bitcoins were stolen... how about the euros/dollars we had stored there? Can't they be given back? Anyone?

If hackers have gotten more coins out than they owned, then depositing, selling and withdrawing them as fiat on Gox again, would drain Gox's fiat balances in a similar way as their Bitcoin balance.

Makes sense. But really ? could they really not notice this ?

Quote from: cAPSLOCK on February 28, 2014, 09:33:12 AM

OMG- they sold them for 300 to 100 dollars to you and the balances were all withdrawn to unverified accounts

or the cat ate the names of said accounts....Bitcoinfoundation anyone? Wink

V4Vendettas

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Quote from: raskul on February 28, 2014, 12:13:01 PM

Quote from: V4Vendettas on February 28, 2014, 12:11:16 PM

Quote from: raskul on February 28, 2014, 12:08:59 PM

Quote from: lemonsieur on February 28, 2014, 12:04:34 PM

All the bitcoins were stolen... how about the euros/dollars we had stored there? Can't they be given back? Anyone?

the administrators will pay back the money from any funds left in gox, in order of importance (which is a bit shit considering it's up to the administrators to assign the order of importance)... it's a messy affair.

Administrators are surly not on the scene yet because this is filing for Bankruptcy protection and not bankruptcy just yet anyway?

Edit: ah do you mean Mt gox administrators ?

I'm not so sure I understand fully how it would work in Japan. I am pretty sure in the UK there is no middle ground, you either go pankrupt or you are solvent...

Yes I am having a hard time with this also. From what I'm seeing Japan has given MT Gox a chance to sort its life out because they believe it is possible. Why on earth would they grant protection form things like Involuntary bankruptcy I just don't get it. Unless there is some way of Gox fixing all this which I doubt. It makes no sense.

V4Vendettas

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Quote from: Luno on February 28, 2014, 12:11:06 PM

Quote from: lemonsieur on February 28, 2014, 12:04:34 PM

All the bitcoins were stolen... how about the euros/dollars we had stored there? Can't they be given back? Anyone?

If hackers have gotten more coins out than they owned, then depositing, selling and withdrawing them as fiat on Gox again, would drain Gox's fiat balances in a similar way as their Bitcoin balance.

Makes sense. But really ? could they really not notice this ?

raskul

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Quote from: V4Vendettas on February 28, 2014, 12:11:16 PM

Quote from: raskul on February 28, 2014, 12:08:59 PM

Quote from: lemonsieur on February 28, 2014, 12:04:34 PM

All the bitcoins were stolen... how about the euros/dollars we had stored there? Can't they be given back? Anyone?

the administrators will pay back the money from any funds left in gox, in order of importance (which is a bit shit considering it's up to the administrators to assign the order of importance)... it's a messy affair.

Administrators are surly not on the scene yet because this is filing for Bankruptcy protection and not bankruptcy just yet anyway?

Edit: ah do you mean Mt gox administrators ?

I'm not so sure I understand fully how it would work in Japan. I am pretty sure in the UK there is no middle ground, you either go pankrupt or you are solvent...

V4Vendettas

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Quote from: raskul on February 28, 2014, 12:08:59 PM

Quote from: lemonsieur on February 28, 2014, 12:04:34 PM

All the bitcoins were stolen... how about the euros/dollars we had stored there? Can't they be given back? Anyone?

the administrators will pay back the money from any funds left in gox, in order of importance (which is a bit shit considering it's up to the administrators to assign the order of importance)... it's a messy affair.

Administrators are surly not on the scene yet because this is filing for Bankruptcy protection and not bankruptcy just yet anyway?

Edit: ah do you mean Mt gox administrators ?

Luno

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Quote from: lemonsieur on February 28, 2014, 12:04:34 PM

All the bitcoins were stolen... how about the euros/dollars we had stored there? Can't they be given back? Anyone?

If hackers have gotten more coins out than they owned, then depositing, selling and withdrawing them as fiat on Gox again, would drain Gox's fiat balances in a similar way as their Bitcoin balance.

raskul

sr. member

Activity: 434

Merit: 250

Quote from: lemonsieur on February 28, 2014, 12:04:34 PM

All the bitcoins were stolen... how about the euros/dollars we had stored there? Can't they be given back? Anyone?

the administrators will pay back the money from any funds left in gox, in order of importance (which is a bit shit considering it's up to the administrators to assign the order of importance)... it's a messy affair.

lemonsieur

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All the bitcoins were stolen... how about the euros/dollars we had stored there? Can't they be given back? Anyone?

cAPSLOCK

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Note the unconventional cAPITALIZATION!

cAPSLOCK

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Note the unconventional cAPITALIZATION!

Quote from: donk4u on February 28, 2014, 09:09:35 AM

http://news.msn.com/science-technology/mt-gox-in-bankruptcy-says-may-have-lost-all-its-bitcoins-to-hackers

Karpeles told the news conference that Mt. Gox wanted to file a criminal complaint against what he said was a hacking attack, but had no specific means of doing so.<-----------lmao Always has that smirk of contempt on his face.

Wow. He is now actually blaming it on Japan.

Good luck with that. The Japanese will act bashfully sorry for about 2 seconds before they skewer him.

raskul

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Quote from: V4Vendettas on February 28, 2014, 09:16:47 AM

It would be really really nice for mark to communicate with this customers at some point in stead of using IRc chats that we cant know for sure are real.

Anyway I'll post this not having a clue if real or not.

http://pastebin.com/BeZHNb72

Edit: sorry did not read above post. I fail

this does warrant comment tho - anyone who had $500,000 worth of bitcoin in gox at the end, really need their heads read.

V4Vendettas

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It would be really really nice for mark to communicate with this customers at some point in stead of using IRc chats that we cant know for sure are real.

Anyway I'll post this not having a clue if real or not.

http://pastebin.com/BeZHNb72

Edit: sorry did not read above post. I fail

raskul

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Quote from: eztezt on February 28, 2014, 09:08:08 AM

http://www.reddit.com/r/BitcoinMarkets/comments/1z6fna/magicaltux_its_not_included_because_well_try_to/

stinks of crookedness, that one!

donk4u

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http://news.msn.com/science-technology/mt-gox-in-bankruptcy-says-may-have-lost-all-its-bitcoins-to-hackers

Karpeles told the news conference that Mt. Gox wanted to file a criminal complaint against what he said was a hacking attack, but had no specific means of doing so.<-----------lmao Always has that smirk of contempt on his face.

eztezt

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http://www.reddit.com/r/BitcoinMarkets/comments/1z6fna/magicaltux_its_not_included_because_well_try_to/

donk4u

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So one day Mark Karpeles wakes up thousands of empty txs he stops withdrawls blames metablility allows trading to go on weeks after stops withdrawls. Then to his horror he sees 700,000 plus bitcoins have vanished and been stolen. Lol at mt gox and the fat sociopathec liar that runs it. This is complete insanity how is Karpeles not under arrest awaiting trial?

http://www.theregister.co.uk/2014/02/27/mt_gox_accepted_new_customers_on_eve_on_collapse/

Just complete criminals the above thread suggest that they were caught completly by surprise more likely they were going to continue running the scam until could no longer do so. Unfortunately for gox that day came sooner then they expected.

Squeaker

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Quote from: DjangoSi on February 28, 2014, 07:14:04 AM

Quote from: Squeaker on February 28, 2014, 07:09:37 AM

Quote from: ?? on ??

Quote from: RaTTuS on February 28, 2014, 05:34:13 AM

http://headlines.yahoo.co.jp/videonews/fnn?a=20140228-00000938-fnn-bus_all

" Bit coin " stop trading brokerage firm , civil rehabilitation proceedings claim

8-minute delivery ( gold ) 28 day 19 hour Fuji TV (FNN) 2 May
By the problem that brokerage company virtual currency on the Internet " bit coin " , is to stop the deal , the company met in the afternoon on the 28th , and filed for Civil Rehabilitation Law in Tokyo District Court, it was accepted I made it clear that .
Marc Karupuresu representative of Mount Ngoc vinegar said," having fallen over the inconvenience , really sorry " he said.
According to the Mount Ngoc vinegar should be in a state of excessive debt in excess of 2.6 billion yen.
Further , as the cause, are to be considered to be in accordance with or traded or owned, approximately 85 million bits coins disappeared.
In this issue , mount Ngoc vinegar has stopped trading of bit coin , had thus far , and are working to find solutions to problems , but the afternoon on the 28th , the application of the Civil Rehabilitation Law in Tokyo District Court that was filed.

Alright... now this part, highlighted in red up there, if true, is just plain impressive... good luck paying back everyone's bitcoin. Cheesy

=squeak=

85 million bits coins Cheesy

what kind of 85 million "bitcoins"?

[troll]Some of that was probably all of that litecoin they had while they were ramping up to open LTC trading...[/troll]

=squeak=

Topic: MtGox withdrawal delays [Gathering] - page 77. (Read 908727 times)