Suing MtGox for $75m is a dick move.

dbcch0

newbie

Activity: 28

Merit: 0

Quote from: TiagoTiago on May 04, 2013, 07:31:38 PM

Doesn't the contract specify they agree to use Washington as the jurisdiction for any dispute between them?

I don't know, does it? ;p. If you read that, then that's where the lawsuit will be. That actually is another sign that Mt.Gox may not have been as big into business as Coinlab, something I suspect is a big part of the problem here. Mt.Gox grew very organically, and I'm just not convinced Mark whoever is an experienced businessman. While you wouldn't think that matters, when it comes to contracts, it's easy to 'get one over' on the other party, which is why everyone has buttloads of lawyers to review these things.

And, yea, I'm sure Mt.Gox regrets the deal, BUT they probably wanted isolation from the possibility of US and Canadian regulation. They hedged their bets to decrease risk, and then - seemingly - reneg'd when the risk abated.

Jakewell

newbie

Activity: 56

Merit: 0

Yeah but i had been better if mt gox hadnt done that deal.

GreenGod

newbie

Activity: 5

Merit: 0

I'd say many people interested in bitcoin are capable of such a 'dick move' - it is money after all. It brings the worst out in many of us. Not an excuse, just saying especially in the early adoption phase of a technology, innovators come for many different reasons. Often profit.

cobrabyte

member

Activity: 70

Merit: 10

meh, a contract's a contract. it'll all come out in court.

ancap

newbie

Activity: 1

Merit: 0

If i were gox, id turn all my profits into BTC so they cant be stolen.

dsmith

newbie

Activity: 6

Merit: 0

meh cost me my summer school credit. was going to sell at 250 to pay for a course but it crashed so hard.

supercoins

newbie

Activity: 32

Merit: 0

I think both parties will sort the matter out of the courts

TiagoTiago

hero member

Activity: 616

Merit: 500

Firstbits.com/1fg4i :)

Quote from: dbcch0 on May 04, 2013, 02:29:59 PM

Quote from: Malawi on May 04, 2013, 02:18:58 PM

Does anyone know if this is under US or Japanese jurisdiction?

I believe it was filed in the US, though I may be wrong. It does get somewhat problematic to file a lawsuit internationally, though Japan is one country where there are at least fewer barriers than in some other countries.

Doesn't the contract specify they agree to use Washington as the jurisdiction for any dispute between them?

bornloser

newbie

Activity: 28

Merit: 0

I know they should have sued for alot more. according to all the pros on here we are talking billions upon billions. so 75 million is chump change.

JoeChmoe

member

Activity: 91

Merit: 10

Quote from: dbcch0 on May 04, 2013, 12:12:39 PM

Quote from: MiningUnited on May 04, 2013, 11:38:43 AM

I am sure every single original BitCoin user had this in the back of their mind.

There are those who are interested in more than profit. Not everything is profit (hate to tell you). There is more to life. Who knew, right?

Many are interested in the design of Bitcoin and its positive attributes as a potential currency. These type of people find reward in intellectual exercises, not simply profit.

My exact stance.

dbcch0

newbie

Activity: 28

Merit: 0

Quote from: Malawi on May 04, 2013, 02:18:58 PM

Does anyone know if this is under US or Japanese jurisdiction?

I believe it was filed in the US, though I may be wrong. It does get somewhat problematic to file a lawsuit internationally, though Japan is one country where there are at least fewer barriers than in some other countries.

Malawi

full member

Activity: 224

Merit: 100

One bitcoin to rule them all!

Does anyone know if this is under US or Japanese jurisdiction?

They may have a bit different takes on setting up a trap and then sue. (If that is what have happened here.)

yuyu123

newbie

Activity: 40

Merit: 0

MTGOX would need to pay coinlab a lot of money but it'll take years to the sue to end

dbcch0

newbie

Activity: 28

Merit: 0

Quote from: MiningUnited on May 04, 2013, 11:38:43 AM

I am sure every single original BitCoin user had this in the back of their mind.

There are those who are interested in more than profit. Not everything is profit (hate to tell you). There is more to life. Who knew, right?

Many are interested in the design of Bitcoin and its positive attributes as a potential currency. These type of people find reward in intellectual exercises, not simply profit.

Namealreadyexists

newbie

Activity: 20

Merit: 0

Sueing, or threatening to sue is just an invitation for a serious conversation. Otherwise Mt.Gox will feed you "we are working on it" line until the end of time. They should just create another check box in the help desk menu "I am not messing around, if you don't address my grievance right away I'll sue your Delaware registered subsidiary". Or are they actually going after the Japanese headquarters?

MiningUnited

newbie

Activity: 28

Merit: 0

Quote

Its all about the money. It would be naive to believe everyone is truly behind Bitcoin and not its monetary potential.

I am sure every single original BitCoin user had this in the back of their mind.

JoeChmoe

member

Activity: 91

Merit: 10

Its all about the money. It would be naive to believe everyone is truly behind Bitcoin and not its monetary potential. That includes a percentage of the members here as well.

dbcch0

newbie

Activity: 28

Merit: 0

Quote from: dumbflex on May 04, 2013, 09:40:44 AM

I bet that they made a lot of money by selling their bitcoins before the lawsuit was published and then buying them back at the bottom.

Cynical, but maybe true. Actions like that are another reason that the exchanges need to be properly regulated. There's a reason all traditional markets are regulated; and it's not 'just because'. Regulations were in response to people abusing, defrauding, and manipulating the markets. Since humans aren't saints, you have to have reasonable 'laws' to ensure fair play.

As for the lawsuit, Coinlab should have just terminated their contract with Mt.Gox and started soliciting customers on their own. I don't see why they wouldn't do this. There are enough people either disillusioned with Mt.Gox or wanting to operate with an exchange in North America that I'm sure they'd succeed. For THIS reason, I am a little skeptical. It's almost as if CoinLab is more interested in milking Mt.Gox out of money than building their own profitable exchange.

Evolekam

newbie

Activity: 29

Merit: 0

LOL @dumbflex

It would be a pretty smart idea to do that.

dumbflex

newbie

Activity: 10

Merit: 0

I bet that they made a lot of money by selling their bitcoins before the lawsuit was published and then buying them back at the bottom.

Topic: Suing MtGox for $75m is a dick move. (Read 2342 times)