Topic: Resurrection of Mt.Gox (Read 6661 times)
Hi, similar activity is on https://bitcointalksearch.org/topic/open-letter-to-mark-karpeles-voluntary-reorganization-best-option-for-us-all-489949, maybe you can cooperate / coordinate next steps?
better to get going than leave it shut even if it would take a while.
The simple and clear plan how to resurrect Mt Gox.
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Hi overc,
this sound good.
Have you tried to calculate income of new gox? If we _very_ optimistically suppose, that the average volume will be the same (about 210 000 BTC / week last year), that means yearly volume may be about 11 mil BTC. Fees (0,6 % both sides = 1,2 %) are 132 000 BTC. Can anybody estimate expenses? But if they will fit 32 000 BTC / year, all depositors can be happy after 7 - 8 years.
MtGox has already filed under the Civil Rehabilitation Law.
It allows the company to use its own management team in order to provide a plan for reorganization.
http://www.cryptocoinsnews.com/2014/03/01/mtgox-bankruptcy-protection/
I think from what we've seen of Gox and the limited discussion of Japanese bankruptcy law, that the current management would fairly easily be demonstrated to be incompetent and/or dishonest and could be removed. It'd be up to someone with an interest in it to do something about that, though.
The only problem with that is that it seems likely that would result in the shutdown of Gox, as while the current management is incompetent and corrupt, there probably isn't anyone else capable of running their servers held together with baling twine and bubble gum.
What i don't understand is what's mt.gox plan from now on.
Is he waiting for the all the lawsuits to hit his door or he is trying to somehow rebuild his company while he is covered with backruptcy protection.
Is he waiting for the all the lawsuits to hit his door or he is trying to somehow rebuild his company while he is covered with backruptcy protection.
The simple and clear plan how to resurrect Mt Gox.
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According to the ancient proverb: What doesn’t kill you makes you stronger.
I personally believe in a strong and bright future for gox.com.
talk to Karpeles or/and his lawyers about the proposal(customers->shareholders)...
According to the ancient proverb: What doesn’t kill you makes you stronger.
I personally believe in a strong and bright future for gox.com.
Good.
I personally sent PM to him and submit contact form in the site tibanne.com
Anybody has more direct contact with Karpeles or/and his lawyers ?
The simple and clear plan how to resurrect Mt Gox.
...
According to the ancient proverb: What doesn’t kill you makes you stronger.
I personally believe in a strong and bright future for gox.com.
talk to Karpeles or/and his lawyers about the proposal(customers->shareholders) ...
According to the ancient proverb: What doesn’t kill you makes you stronger.
I personally believe in a strong and bright future for gox.com.
According to this, considered similar to japanese procedures:
http://bankruptcy.about.com/od/Bankruptcy-Chapters/a/What-Is-Chapter-11-Bankruptcy.htm
Not quite. Civil reorganization in Japan doesn't work in detail like Chapter 11 in the US. Here's an overview of how it works in practice. In particular, the rights of creditors are different.http://bankruptcy.about.com/od/Bankruptcy-Chapters/a/What-Is-Chapter-11-Bankruptcy.htm
An important provision: "The debtor’ management operates the firm and works out a Rehabilitation plan or liquidation, unless an interested party can prove management is incompetent. In a case where the debtor’s management is incompetent, Civil Rehabilitation Law provides the appointment of trustee." Proving that management is incompetent would not be difficult in this case. That's worth doing; that kicks Karpeles out and puts a trustee in.
Also, unlike Chapter 11 in the US, lawsuits against the company are not automatically stayed under civil reorganization. You can still sue.
Incidentally, the average time companies spend in civil rehabilitation is about half a year. But the usual case in Japan is that there's one big creditor, a "main bank". That's not the case here.
The idea of a bitcoin exchange
is absolute comedy gold, please do continue. It will be different this time.
- that is run by the same CEO that claims to have had BTC800k+ stolen, as well as the earlier theft of BTC500k that was never adequately explained
- whose shareholders are comprised of the people that were most recently ripped off, themselves having only been ripped off because they sent fiat in to try to buy bitcoins that were miraculously at 20% of market rate
is absolute comedy gold, please do continue. It will be different this time.
WHY THE F**K DIDN'T ANYONE BRING A BASEBALL BAT?
OR EVEN BETTER, A GUILLOTINE...
OR EVEN BETTER, A GUILLOTINE...
mark wont be continuing as CEO of gox check video in link
Hope for his sake that he's stocking up on lube.
You and others in this thread have proposed devaluing dollars, when dollars aren't the commodity being traded on that exchange ,it is the bitcoins that have the fluctuating price in dollars. Dollars are the benchmark, the value of the dollar does not change on this exchange ,it only changes on the forex markets and is defined by the forex markets.
Yes, bitcoins have fluctuating price: at this very moment each of them is worth more or less 550$... a lot more of 135$.
Best regards,
ilpirata79
Why is it? Isn't a bitcoin worth 550$ now?
Best regards,
ilpirata79
You and others in this thread have proposed devaluing dollars, when dollars aren't the commodity being traded on that exchange ,it is the bitcoins that have the fluctuating price in dollars. Dollars are the benchmark, the value of the dollar does not change on this exchange ,it only changes on the forex markets and is defined by the forex markets.
Yes, bitcoins have fluctuating price: at this very moment each of them is worth more or less 550$... a lot more of 135$.
Best regards,
ilpirata79
You and others in this thread have proposed devaluing dollars, when dollars aren't the commodity being traded on that exchange ,it is the bitcoins that have the fluctuating price in dollars. Dollars are the benchmark, the value of the dollar does not change on this exchange ,it only changes on the forex markets and is defined by the forex markets.
Yes, bitcoins have fluctuating price: at this very moment each of them is worth more or less 550$... a lot more of 135$.
Best regards,
ilpirata79
My guess is the OP hasn't looked into securities law. That would be a good place to start.
The Vinklevoss twins, and the investors behind Second Market, should each grab a baseball bat and visit M.K. for a thorough negotiation about this 
This is a much better plan than a bankruptcy. We have a much better chance to get our money, by having a share in a future, better exchange. Think about it. It could set an example in the bitcoin world.
The first completely transparent and crowd sourced exchange, with 1 million users as owners
Upvote this
http://www.reddit.com/r/Bitcoin/comments/1yyrvf/open_letter_to_mark_karpeles_voluntary/
it seems there are a lot of people interested in those gox bitcoins to stay lost. Weird
The first completely transparent and crowd sourced exchange, with 1 million users as owners
Upvote this
http://www.reddit.com/r/Bitcoin/comments/1yyrvf/open_letter_to_mark_karpeles_voluntary/
it seems there are a lot of people interested in those gox bitcoins to stay lost. Weird
Nice plan
debt-to-equity swaps are often done; even for countries this is possible (by turning bonds into money). I bet we will see some more examples in our lifetime
debt-to-equity swaps are often done; even for countries this is possible (by turning bonds into money). I bet we will see some more examples in our lifetime
Good. How to submit it to people who can do that?
It is Wallstreet work - maybe the Winklevoss twins got the right contacts? It would be in their interest to save the Gox brand because they are whales.
@shadyz
Not trying to annoy you honestly but I didn't read what you posted maybe someone else has time to reply to you.
Me personally I will be happy for us all to salvage anything from this train wreck and will accept what I can get as long as its considered fair by the majority should it come to vote. I don't want to see anyone screwed more over this than they already are. Both you and I are but tiny cogs in all this.
Not trying to annoy you honestly but I didn't read what you posted maybe someone else has time to reply to you.
Me personally I will be happy for us all to salvage anything from this train wreck and will accept what I can get as long as its considered fair by the majority should it come to vote. I don't want to see anyone screwed more over this than they already are. Both you and I are but tiny cogs in all this.
If 1 goxcoin (on the exchange) gets the same of who had 500 gox dollars you can count me in.
I would rather have a shares in a crappy company than have nothing.
I disagree. Dollars are dollars ,goxbtc is traded at the price which the buyers are willing to pay for it.I would rather have a shares in a crappy company than have nothing.
Is an imaginary lost dollar worth more than an imaginary lost Btc considering they are both lost and Imaginary ?
That is your subjective opinion.
Dollars are not imaginary, the only thing that is imaginary and non-fungible is bitcoin ,especially when left on an exchange, so yes, you are 100% wrong when implying that suddenly we should fix the market price of goxbtc to be 5x the price of the lost usd. Very very very wrong. And very greedy.
You sold at $100 right ?
I still don't see how a dollar that does not exist is not imaginary. You do understand that from my perspective you are the greedy one attempting to devalue the worth of my something that does not exist over you non-existent. Anyway a pointless exercise in debate no doubt as we don't have a clue if its is really on the cards yet. Feel free to continue your debate with others who have the time for it.
I don't think there is a place for debate about anything, just look up the meaning of a (bitcoin) exchange. The goxbtc have risk in them different from the bitcoins on any other exchange ,that's why the price differs from exchange to exchange. I don't want to devalue anything, the market says the price of a goxbtc was at 132.5$ at the time the exchange stopped, let the exchange open and the bid will proceed in bidding the price of the bitcoins.
To me ,if only and mostly the bitcoins are lost ,they should be turned into basically goxshares ,and when you want to liquidate, it will be what the market value for those is at the time. Change the senior management of gox and continue the good work.
You and others in this thread have proposed devaluing dollars, when dollars aren't the commodity being traded on that exchange ,it is the bitcoins that have the fluctuating price in dollars. Dollars are the benchmark, the value of the dollar does not change on this exchange ,it only changes on the forex markets and is defined by the forex markets.
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