This is the first interesting and worthy post since two weeks.
Topic: Resurrection of Mt.Gox - page 4. (Read 6661 times)
Might work out to at least get the amount of value in fiat back if bitcoin goes to moon the next years.
But before we do anything.....
Fat fuck karpeles has to come out with the truth.
WTF
But before we do anything.....
Fat fuck karpeles has to come out with the truth.
Quote
“There is a high possibility that the Bitcoins were stolen,” Mt. Gox said in a statement when it filed for bankruptcy. “It is considering filing a criminal complaint.”
WTF
I also support that, but I would not say 1 share = 0.01 BTC = 1 $, which means that 1 goxcoin == 100 goxdollar.
I add that this is the occasion for Mark K. NOT to prove he is a thief. If he accepts to do something like this, he MAY be innocent, otherwise he is almost for sure guilty (he runs away with the bitcoins).
Best regards,
ilpirata79
I add that this is the occasion for Mark K. NOT to prove he is a thief. If he accepts to do something like this, he MAY be innocent, otherwise he is almost for sure guilty (he runs away with the bitcoins).
Best regards,
ilpirata79
account holder shares is a good idea, i support that
@Magical Tux
more or less
more or less
So, if anybody here has a direct contact with Magical Tux and can submit this plan to him?
I do not count these 5M.
22M it is what Mt.Gox has right now.
If they lose, then 75M penalty will be for Mt.Gox, but gox.com will be the brand new enterprise and not liable for this penalty.
22M it is what Mt.Gox has right now.
If they lose, then 75M penalty will be for Mt.Gox, but gox.com will be the brand new enterprise and not liable for this penalty.
Not to forget the coinlab incident. 5M$ for MtGox if they can win the fight, but 75M$ penalty if they lose.
@Magical Tux
more or less
more or less
If Mark filed "Bankruptcy protection" it is very good news.
The only real way to return our funds: to protect Mt.Gox against bankruptcy, to restart the businnes and to became shareholders.
So, the question is: how to submit this plan to people who make decision about Mt.Gox ?
I think there are many of Mt.Gox customers who would love this plan.
Do you have any idea how we can come together and make it works?
The only real way to return our funds: to protect Mt.Gox against bankruptcy, to restart the businnes and to became shareholders.
So, the question is: how to submit this plan to people who make decision about Mt.Gox ?
I think there are many of Mt.Gox customers who would love this plan.
Do you have any idea how we can come together and make it works?
The simple and clear plan how to resurrect Mt Gox.
What follows is a summary of where I read Mt Gox is at presently and developes a simple strategy for full recovery and beyond.
First of all I would like to say that the worst-case scenario and last case resort would be to declare Mt.Gox bankrupt and to put Mark Karpeles in a jail.
This will not return the customers funds and will not restore confidence to the bitcoin concept.
According to the leaked, but officially unconfirmed document, the balance of Mt.Gox looks like this now:
Active (Funds currently accessible by Mt.Gox right now):
- 2,000 BTC
- 22,430,000 USD (does not include frozen 10,500,000 USD)
Passive (Customers’ funds):
- 624,408 BTC
- 55,000,000 USD
The proposal is: Turn all of Mt.Gox customers into the shareholders by issuing 72,440,800 shares.
- The user-base from mtgox.com will be converted into user-base gox.com.
- All BTC account balances in mtgox.com will be converted into mtgoxShare account balances in gox.com by price 0.01 BTC per share.
- All USD in mtgox.com account balances will be converted into mtgoxShare accounts balances in gox.com by price 5.5 USD per share.
It is possible to recreate and re-brand the Mt.Gox business completely (including software reengineering) using 2,000 BTC and 22,430,000 USD which Mt.Gox has now.
The recreated site http://gox.com will allow trade pairs:
- mtgoxShare/BTC
- USD/BTC
- Other fiat currencies/BTC
- All BTC trade fee will go to pay share's dividents.
- All USD/other fiat trade fee will cover operational cost to run the business.
At the end of each week the dividends will be credited into BTC user’s accounts.
That is very simple and transparent scheme will allow each shareholder to see their profit instantly and use it weekly.
This simple and straight-forward plan will facilitate returning funds to existing customers and even bring some potential profit to them. It will allow customers to have the choice: to either sell shares at market price, which will be established immediately after gox.com goes live and withdraw it instantly, or earn dividends with the potential for capital gain recovery and, probably, have a benefit from raising shares prices.
It is obvious that with a clear, open and transparent plan there will be many investors who will deposited BTC and USD into gox.com for the opportunity to invest in one of the oldest and historically the biggest and most trusted bitcoin business institution.
The good points are:
- Mt.Gox has a well-trained AML team with lots of experience in dealing with banking and regulations.
- 22M USD is enough to recreate the business without additional investment.
I personally trust Mark Karpeles and even welcome him to stay in the position of CEO because:
- He knows the business very well
- He knows what mistakes he made and he knows how to avoid similar mistakes in future.
Naturally, the final decision regarding Mark Karpeles position would be first in the hands of the shareholders and second according to Mark’s own preferences.
Software development for gox.com should be the responsibility of someone other than the CEO because the CEO of such a complicated business cannot competently undertake the position should be independent.
22M USD is adequate to hire excellent developers to do the software.
However, software development for gox.com should be delegated to someone other than the person responsible for running a complex business such as 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.
What follows is a summary of where I read Mt Gox is at presently and developes a simple strategy for full recovery and beyond.
First of all I would like to say that the worst-case scenario and last case resort would be to declare Mt.Gox bankrupt and to put Mark Karpeles in a jail.
This will not return the customers funds and will not restore confidence to the bitcoin concept.
According to the leaked, but officially unconfirmed document, the balance of Mt.Gox looks like this now:
Active (Funds currently accessible by Mt.Gox right now):
- 2,000 BTC
- 22,430,000 USD (does not include frozen 10,500,000 USD)
Passive (Customers’ funds):
- 624,408 BTC
- 55,000,000 USD
The proposal is: Turn all of Mt.Gox customers into the shareholders by issuing 72,440,800 shares.
- The user-base from mtgox.com will be converted into user-base gox.com.
- All BTC account balances in mtgox.com will be converted into mtgoxShare account balances in gox.com by price 0.01 BTC per share.
- All USD in mtgox.com account balances will be converted into mtgoxShare accounts balances in gox.com by price 5.5 USD per share.
It is possible to recreate and re-brand the Mt.Gox business completely (including software reengineering) using 2,000 BTC and 22,430,000 USD which Mt.Gox has now.
The recreated site http://gox.com will allow trade pairs:
- mtgoxShare/BTC
- USD/BTC
- Other fiat currencies/BTC
- All BTC trade fee will go to pay share's dividents.
- All USD/other fiat trade fee will cover operational cost to run the business.
At the end of each week the dividends will be credited into BTC user’s accounts.
That is very simple and transparent scheme will allow each shareholder to see their profit instantly and use it weekly.
This simple and straight-forward plan will facilitate returning funds to existing customers and even bring some potential profit to them. It will allow customers to have the choice: to either sell shares at market price, which will be established immediately after gox.com goes live and withdraw it instantly, or earn dividends with the potential for capital gain recovery and, probably, have a benefit from raising shares prices.
It is obvious that with a clear, open and transparent plan there will be many investors who will deposited BTC and USD into gox.com for the opportunity to invest in one of the oldest and historically the biggest and most trusted bitcoin business institution.
The good points are:
- Mt.Gox has a well-trained AML team with lots of experience in dealing with banking and regulations.
- 22M USD is enough to recreate the business without additional investment.
I personally trust Mark Karpeles and even welcome him to stay in the position of CEO because:
- He knows the business very well
- He knows what mistakes he made and he knows how to avoid similar mistakes in future.
Naturally, the final decision regarding Mark Karpeles position would be first in the hands of the shareholders and second according to Mark’s own preferences.
Software development for gox.com should be the responsibility of someone other than the CEO because the CEO of such a complicated business cannot competently undertake the position should be independent.
22M USD is adequate to hire excellent developers to do the software.
However, software development for gox.com should be delegated to someone other than the person responsible for running a complex business such as 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.
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