In the a terrible moment of the online poker world, known as Black Friday in April of 2011, the US government shut down Full Tilt Poker and PokerStars and demanded all US players to be given back their money. It turns out PokerStars was legit and sent hundreds of millions of dollars dutifully back to US citizens. Full Tilt, on the other hand, had no legitimate banks to do business with for the last few years and had lost hundreds of millions of dollars either through crooked payment processors of government seized funds.
In the end, Pokerstars agreed to pay half a billion dollars in fines for ignoring a sneaky bank law and they got the rights to Full Tilt Poker. The US government, after years since its massive poker raid, is just now paying out around $180 million to US customers that never got paid from FTP. But the government wouldn't have struck that deal unless Pokerstars ponied up half a billion...
Looking at it now, I would say that poker players DO want regulation. So many people got screwed unfairly that I don't think you can compare the Full Tilt bailout to the 2008 bailouts. When Pokerstars agreed to step in and buy FTP, everyone thought it was a godsend. Nobody in the poker business wants an unregulated system now because there have been NUMEROUS other small fry Full Tilts who packed up and left with everyone's money.
Does this apply directly to cryptocurrency? Just as the 2008 bailouts dont truly apply to the FTP scandal, I don't think it applies to this either. Instead of regulation of currencies, the community can demand transparency. Regulation of these currencies sounds next to impossible so the headache that would generate would be immense.
I don't know if it would be better or worse for someone to bail out Gox. Like Full Tilt, thousands of honest people got completely screwed. We are realizing now the importance of KNOWING our money is safe, and hopefully it doesn't come to government regulation to make that happen.
Topic: Poll: Who should acquire & bailout MtGox? - page 3. (Read 4481 times)
This is biased...
There is no answer for "Girl Scouts of America"...
I demand a recount of the votes!
There is no answer for "Girl Scouts of America"...
I demand a recount of the votes!
Rumours about USA seizure of MtGox bitcoin wallets, if that's true, FBI/NSA technically owns you bitchezz
alright, as long as they give them back
Rumours about USA seizure of MtGox bitcoin wallets, if that's true, FBI/NSA technically owns you bitchezz
True unregulated capitalism - let the infection that is MtGox die and rot... please!
Holy shit! There are actually 4 of them!
So that`s only 186,000 BTC of debt per quadruplet! Totally doable.
Companies that are proven failures should be allowed to die the death they so richly deserve.
I don't understand why there is still such high interest in a stupid brand (magic cards?) that basically now only significances failure.
A new investor would pay for the client base, not the failed technology. I don't understand why there is still such high interest in a stupid brand (magic cards?) that basically now only significances failure.
Companies that are proven failures should be allowed to die the death they so richly deserve.
I don't understand why there is still such high interest in a stupid brand (magic cards?) that basically now only significances failure.
I don't understand why there is still such high interest in a stupid brand (magic cards?) that basically now only significances failure.
Assume that all buyers would settle 100% of clients' funds and start MtGox again, who do you trust to run MtGox?
You should add Satoshi Nakamoto to your list of choices. If the rumors are true, then I believe that only he has enough BTC to reimburse all of the clients' BTC deposits.
Whichever Japanese bank was handling Gox funds (it was the Shibuya branch now where did I put the name) under the guidance of the Japanese Central Bank, while the Crypto banking act is still being drafted.
...
The entity that acquires MtGox gives the clients an offer they can't refuse:
We give you $440 per imaginary BTC you have in your account balance and reset your BTC balance to zero.
... and if some say no then what?
I could use that dollars to buy REAL bitcoins in the market.
No one should. If someone wanted to spend money to build an exchange why would they want to take on $100,000,000 worth of lost client money to do so?
Assume that all buyers would settle 100% of clients' funds and start MtGox again, who do you trust to run MtGox?
You should add Satoshi Nakamoto to your list of choices. If the rumors are true, then I believe that only he has enough BTC to reimburse all of the clients' BTC deposits.
...
The entity that acquires MtGox gives the clients an offer they can't refuse:
We give you $440 per imaginary BTC you have in your account balance and reset your BTC balance to zero.
... and if some say no then what?
There isn't a "No one" option. That would be my vote. Either that or "Jason Voorhees". 
Another potential buyer is of course Facebook;
Facebook paid 19 Billion dollars for Whatsapp, that's $42 per user, an app that barely generates any revenue.
Facebook could pay $500 per verified MtGox account and $100 per unverified account
verified users = 550,000 * $500 = $275,000,000
unverified users = 550,000 * $100 = $55,000,000
Total = $330 million dollars
The current owner of MtGox get's a symbolic $1 payment for the deal, and the $330 million dollars are used to settle the missing coins.
MtGox clients can receive at most $440/BTC in this example
$330M/750K lost BTC = $440
Facebook paid 19 Billion dollars for Whatsapp, that's $42 per user, an app that barely generates any revenue.
Facebook could pay $500 per verified MtGox account and $100 per unverified account
verified users = 550,000 * $500 = $275,000,000
unverified users = 550,000 * $100 = $55,000,000
Total = $330 million dollars
The current owner of MtGox get's a symbolic $1 payment for the deal, and the $330 million dollars are used to settle the missing coins.
MtGox clients can receive at most $440/BTC in this example
$330M/750K lost BTC = $440
It would not work, because they would need to buy over 740,000 BTC. How do you propose to do that without moving the market sharply upwards. It is called a short squeeze and it can very easily become a multi billion USD short squeeze.
The entity that acquires MtGox gives the clients an offer they can't refuse:
We give you $440 per imaginary BTC you have in your account balance and reset your BTC balance to zero.
So they don't need to buy the missing bitcoins in the market, they just settle the client's missing bitcoins with dollars.
Another potential buyer is of course Facebook;
Facebook paid 19 Billion dollars for Whatsapp, that's $42 per user, an app that barely generates any revenue.
Facebook could pay $500 per verified MtGox account and $100 per unverified account
verified users = 550,000 * $500 = $275,000,000
unverified users = 550,000 * $100 = $55,000,000
Total = $330 million dollars
The current owner of MtGox get's a symbolic $1 payment for the deal, and the $330 million dollars are used to settle the missing coins.
MtGox clients can receive at most $440/BTC in this example
$330M/750K lost BTC = $440
Facebook paid 19 Billion dollars for Whatsapp, that's $42 per user, an app that barely generates any revenue.
Facebook could pay $500 per verified MtGox account and $100 per unverified account
verified users = 550,000 * $500 = $275,000,000
unverified users = 550,000 * $100 = $55,000,000
Total = $330 million dollars
The current owner of MtGox get's a symbolic $1 payment for the deal, and the $330 million dollars are used to settle the missing coins.
MtGox clients can receive at most $440/BTC in this example
$330M/750K lost BTC = $440
It would not work, because they would need to buy over 740,000 BTC. How do you propose to do that without moving the market sharply upwards? It is called a short squeeze and it can very easily become a multi billion USD short squeeze.
Assume that all buyers would settle 100% of clients' funds and start MtGox again, who do you trust to run MtGox?
Samsung Heavy Industries.
Another potential buyer is of course Facebook;
Facebook paid 19 Billion dollars for Whatsapp, that's $42 per user, an app that barely generates any revenue.
Facebook could pay $500 per verified MtGox account and $100 per unverified account
verified users = 550,000 * $500 = $275,000,000
unverified users = 550,000 * $100 = $55,000,000
Total = $330 million dollars
The current owner of MtGox get's a symbolic $1 payment for the deal, and the $330 million dollars are used to settle the missing coins.
MtGox clients can receive at most $440/BTC in this example
$330M/750K lost BTC = $440
Facebook paid 19 Billion dollars for Whatsapp, that's $42 per user, an app that barely generates any revenue.
Facebook could pay $500 per verified MtGox account and $100 per unverified account
verified users = 550,000 * $500 = $275,000,000
unverified users = 550,000 * $100 = $55,000,000
Total = $330 million dollars
The current owner of MtGox get's a symbolic $1 payment for the deal, and the $330 million dollars are used to settle the missing coins.
MtGox clients can receive at most $440/BTC in this example
$330M/750K lost BTC = $440
Assume that all buyers would settle 100% of clients' funds and start MtGox again, who do you trust to run MtGox?
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