Topic: Open Letter to Mark Karpeles: Voluntary Reorganization Best Option for Us All - page 3. (Read 7380 times)

http://www.reddit.com/r/Bitcoin/comments/1yyrvf/open_letter_to_mark_karpeles_voluntary/

Note: Please Join IRC ##mtgox-statement to join our discussion

Dear Mr. Mark Karpeles,

We are your investors. We are writing you this letter to inform you that we forgive you for the unfortunate demise of Mt Gox and we do not want to see you go to jail. We are also writing you to inform you that we have a proposal to save Mt. Gox and provide the Bitcoin community with what it truly needs: an exchange that has the trust of the entire community. This can be accomplished through a voluntary reorganization of Mt. Gox resulting in your depositors being granted shares in the new exchange.

The ideas behind Bitcoin are bigger than our personal stake and the numbers in our accounts. These ideas are bigger than the 750,000 Bitcoins that may or may not have been stolen from Mt. Gox and are bigger than Mt. Gox itself. The world is watching Bitcoin right now and waiting to see how we handle this. There are those who would love to see us panic and devolve into an angry mob stricken with personal greed and out get every last coin possible. But we are better than that. We know you are, too. This is why we are taking the first step and forgiving you for the mistakes that resulted in the current losses we all face, provided you agree to do what is necessary to make us whole. At present, the first step is to discuss the voluntary reorganization of Mt. Gox taking us on as shareholders. We are putting the idea of Bitcoin ahead of our personal stake because we believe in it, do not want to harm it, and believe that cooperation represents the best method for recouping our losses. We know you agree.

We have a long term vision of Bitcoin, as we believe you do as well. We are open to many suggestions as to how to resolve this, but at this point we believe the following points embody our best options: (1) shareholders should be offered a stake in the new company on a pro rata basis based on their holdings in Mt. Gox (we can come up with a formula for valuing Bitcoin denominated holdings later); (2) those who wish to leave should be offered a haircut. There are many details to be worked out, but this is the essence of the plan. It is a plan that will benefit your depositors, benefit yourself, benefit Bitcoin and benefit other virtual currencies. Most importantly, it will show the world we can regulate ourselves in the face of great adversity. Our ability to self-govern in this time of crisis will serve as a model for other governments and organizations the world over.

We welcome an open discussion about the possibilities for resolving this in a manner that benefits the Bitcoin community and movement as a whole, and balances those interests with our right to compensation while recognizing that you are human. Please restore our faith in yourself and in Mt. Gox by accepting this invitation to discuss our situation.

On Behalf of any Mt. Gox Depositors in Agreement,

Daniel J. Kelman, Esq.