MyBitcoin Back Up! (with a press release) - page 6.

Xephan

newbie

Activity: 42

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Quote from: the founder on August 04, 2011, 11:00:04 PM

Why not install just a html index page and explain what happened a week ago?

This is what makes it all sound dubious. Even if they have to take down all the servers for forensic investigation, it shouldn't had been difficult to throw Linux on a old PC lying around and just serve up a static page.

OR for that matter, have somebody come into the forums and inform everybody that servers are offline and services are suspended pending investigation.

smoothie

legendary

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LEALANA Bitcoin Grim Reaper

Quote from: proudhon on August 04, 2011, 11:41:10 PM

Quote from: Xephan on August 04, 2011, 11:38:05 PM

Quote from: adamstgBit on August 04, 2011, 11:30:34 PM

Quote

We will settle all accounts with a online claim process that we are currently in the process of working out.

So he's now he has the money to pay everyone back?

where did it all come from?

To put it simply (and it might differ slightly depending on the country), when a company goes down, its remaining assets are totaled up and used to pay off creditors (in this case including customers with deposits) in order of priority, i.e. a secured creditor gets their share first. If there are more than one in each priority class, it's proportioned out accordingly. Very often the smallest guys without any security/contract get nothing or just pennies.

So depending on how much MBC has left, every 1 BTC you kept with them, might only get you say 0.1 BTC back.

Well, almost as importantly we can hopefully get more info on the mybitcoin owner now that he's appeared back on the scene, and maybe we can find out whether the bitcoins or some portion of them are lost, stolen, or safe.

Man if that's the case i'd take the 2500 BTC that Bruce will be getting back.

repentance

hero member

Activity: 868

Merit: 1000

Quote from: adamstgBit on August 04, 2011, 11:35:14 PM

this means nothing..

so he going to declaring bankruptcy.

and then sell the stolen bitcoins!

Assuming that he's doing the whole thing legally, the receiver will take control of assets, liquidate them, and then distribute them among creditors according to a set formula. What might be difficult given the anonymous nature of Bitcoin transactions is people establishing that they had Bitcioins on deposit with Mybitcoin. Claims usually have to be made in a specific way and within a set timeframe to be included in any distribution.

proudhon

legendary

Activity: 2198

Merit: 1311

Quote from: Xephan on August 04, 2011, 11:38:05 PM

Quote from: adamstgBit on August 04, 2011, 11:30:34 PM

Quote

We will settle all accounts with a online claim process that we are currently in the process of working out.

So he's now he has the money to pay everyone back?

where did it all come from?

To put it simply (and it might differ slightly depending on the country), when a company goes down, its remaining assets are totaled up and used to pay off creditors (in this case including customers with deposits) in order of priority, i.e. a secured creditor gets their share first. If there are more than one in each priority class, it's proportioned out accordingly. Very often the smallest guys without any security/contract get nothing or just pennies.

So depending on how much MBC has left, every 1 BTC you kept with them, might only get you say 0.1 BTC back.

Well, almost as importantly we can hopefully get more info on the mybitcoin owner now that he's appeared back on the scene, and maybe we can find out whether the bitcoins or some portion of them are lost, stolen, or safe.

Xephan

newbie

Activity: 42

Merit: 0

Quote from: adamstgBit on August 04, 2011, 11:30:34 PM

Quote

We will settle all accounts with a online claim process that we are currently in the process of working out.

So he's now he has the money to pay everyone back?

where did it all come from?

To put it simply (and it might differ slightly depending on the country), when a company goes down, its remaining assets are totaled up and used to pay off creditors (in this case including customers with deposits) in order of priority, i.e. a secured creditor gets their share first. If there are more than one in each priority class, it's proportioned out accordingly. Very often the smallest guys without any security/contract get nothing or just pennies.

So depending on how much MBC has left, every 1 BTC you kept with them, might only get you say 0.1 BTC back.

Departure

sr. member

Activity: 1204

Merit: 288

The site is still down for me Sad

adamstgBit

legendary

Activity: 1904

Merit: 1037

Trusted Bitcoiner

this means nothing..

so he going to declaring bankruptcy.

and then sell the stolen bitcoins!

proudhon

legendary

Activity: 2198

Merit: 1311

Has Bruce Wagner seen this?

Edit: Yep.

repentance

hero member

Activity: 868

Merit: 1000

Quote from: the founder on August 04, 2011, 11:23:52 PM

Quote from: foggyb on August 04, 2011, 11:22:14 PM

Buying time?

he just said he's declaring bankruptcy.... there is no figure on what people will get back... if anything... maybe 10% back... maybe 50% back... maybe 0% back..

If he's declaring bankruptcy that means that it was a huge loss.

He said receivership. Sometimes when receivers are appointed the business continues to operate and can trade out of financial trouble. Sometimes receivership is the first step towards completely winding up the business. The only thing which is certain is that it's almost impossible to enforce a claim against a Nevis LLC, so it probably doesn't matter very much what the balance sheet shows.

stick_theman

sr. member

Activity: 372

Merit: 250

Tom is buying Bitcoins en mass to reimburse customers? BTFD

TiagoTiago

hero member

Activity: 616

Merit: 500

Firstbits.com/1fg4i :)

Saying "I don't know" is way better than staying silent; still not as good as if he knew what happened from the start and shared it with us of course.

Bitcoin Swami

full member

Activity: 182

Merit: 100

Almost thought this thread was deleted was its a sticky now. If I wouldn't have seen this thread earlier, I would have missed it cause I just move down past the sticky's and dont read them. oh well.

adamstgBit

legendary

Activity: 1904

Merit: 1037

Trusted Bitcoiner

Quote

We will settle all accounts with a online claim process that we are currently in the process of working out.

So he's now he has the money to pay everyone back?

where did it all come from?

Maged

legendary

Activity: 1204

Merit: 1015

To prevent a massive amount of new threads about this, I'm sticking this.

Bitcoin Swami

full member

Activity: 182

Merit: 100

Quote from: the founder on August 04, 2011, 11:23:52 PM

Quote from: foggyb on August 04, 2011, 11:22:14 PM

Buying time?

he just said he's declaring bankruptcy.... there is no figure on what people will get back... if anything... maybe 10% back... maybe 50% back... maybe 0% back..

If he's declaring bankruptcy that means that it was a huge loss.

Soo.... time to buy?

the founder

sr. member

Activity: 448

Merit: 251

Bitcoin

Quote from: markm on August 04, 2011, 11:25:52 PM

Does that mean the entire business, customers and all, can be bought cheap?

-MarkM-

Trust me mark.. you don't want that name.... That's like buy Enron... If you think it's going to be a viable business then go ahead and buy it... if I thought it was going to be viable I would have already bought it...

the founder

sr. member

Activity: 448

Merit: 251

Bitcoin

Quote from: dvide on August 04, 2011, 11:23:19 PM

How do we know this is actually Tom Williams? The last 'From the desk of Tom Williams' message was signed by whoever owns this PGP key: http://pgp.mit.edu:11371/pks/lookup?op=vindex&search=0x9FB9834EA5027A85

So why isn't this one signed to confirm that it's from the same person?

it's an index page on the domain name mybitcoin.com ... that means whoever wrote that has full access to his server... It's him.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

If Tom thinks he is going to have any business after he returns all people's bitcoins (assuming he has all of it), most people will not trust his method/course of action in handling a matter of such magnitude.

He failed and he failed hard. No message (at all) for 1 week?

Even Mark at Mt. Gox at least posted messages on his support/trouble-ticket system even if he was inaccurate in his timeline estimates of getting back up on running.

Mybitcoin.com should NEVER and I mean NEVER be allowed to hold anyone's bitcoins but their own.

If mt. gox did the same and I got my bitcoin back I would instantly change my method of storing bitcoins in a second.

markm

legendary

Activity: 2940

Merit: 1090

Does that mean the entire business, customers and all, can be bought cheap?

-MarkM-

the founder

sr. member

Activity: 448

Merit: 251

Bitcoin

Quote from: foggyb on August 04, 2011, 11:22:14 PM

Buying time?

he just said he's declaring bankruptcy.... there is no figure on what people will get back... if anything... maybe 10% back... maybe 50% back... maybe 0% back..

If he's declaring bankruptcy that means that it was a huge loss.

Topic: MyBitcoin Back Up! (with a press release) - page 6. (Read 12351 times)