Topic: Support a Bailout for (MT)Gox.com (Read 7882 times)

What do you say, we show some support for a Bailout in the case of MTGox?
I think it will be the best thing for Bitcoin as we are in the transition stage from "innovative tech" to "regulated and trusted main stream innovative tech"...
In order to make this transition we need support from the community and the world.

Of course, on top of that... people (like me) who have funds @ MTGox would like to get access to those funds asap.

Let's get this thread a lot of positive support for a bailout for MTGox!

It is not the time to be cynical. It is not the time to say "told you". This is the time to help.

What do you say? help and show support for the Bitcoin ecosystem, Bitcoin holders and traders who spent money, time and effort supporting this business and also the public image? Everyone who traded on MTGox probably talked about Bitcoin a lot with friends, family and others helping the ecosystem and we are talking about A LOT OF PEOPLE.
If this works out, then the Bitcoin community will be stronger than ever and also, don't worry about the bail-outer/s, they will get their Bitcoin value increased, self recognition for knowing they did the right thing and also, a lot of commissions and future funds.

So please, for all the right reasons, show support for a bailout in this case!

I think this is a true test for Bitcoin and the community.

NO.

For so many reasons, NO.  I am sorry to those who lost their money.

What could actually motivate anyone with the resources to bail them out?

Other than turning over $400 million worth of cash,  only to cover existing debts,  with probably in return --- most likely nothing other than potential legal problems....

If you want to get into the exchange business,  the amount of cash it would require to bailout Gox,  would probably get you started within 12 months as a compelling alternative/replacement.

You haven't been involved with Bitcoin very long, have you.

Bitcoin is declared "dead" almost once every year. Gox is no different, and resurrecting its business won't help anything. You want to help people? Then start a donation fund to restore balances that were stolen to the Gox victims. Gox doesn't deserve to exist, because the CEO has zero ability to run a business.

I can't even believe I have to point this out to you. They tried to reorganize and get new investors - and those investors GOT THE FEDS INVOLVED. That alone should tell you something.

The people who say "Bitcoin is dead" will look like idiots over time - and we don't need some half-baked plan to "save" Gox to achieve that.

Not a bailout. Have you read this ? https://bitcointalksearch.org/topic/open-letter-to-mark-karpeles-voluntary-reorganization-best-option-for-us-all-489949 (Voluntary Reorganization Best Option for Us All)
Gox staying dead would have repercussions throughout the entire community. Most people say :"see ? I told you bitcoin would fail" ..and so on.
 
While a GOX rebirth will encourage the newbies that a private bank can fail, but a public run exchange (like bitcoin itself) is better, and it cannot fail.

It will be a great example to the world. All the news/media proclaiming the death of bitcoin because of GOX, will look like idiots.

Not a bailout. Have you read this ? https://bitcointalksearch.org/topic/open-letter-to-mark-karpeles-voluntary-reorganization-best-option-for-us-all-489949 (Voluntary Reorganization Best Option for Us All)
Gox staying dead would have repercussions throughout the entire community. Most people say :"see ? I told you bitcoin would fail" ..and so on.
 
While a GOX rebirth will encourage the newbies that a private bank can fail, but a public run exchange (like bitcoin itself) is better, and it cannot fail.

It will be a great example to the world. All the news/media proclaiming the death of bitcoin because of GOX, will look like idiots.

Things that fail should stay DEAD. Any money given to this FAILED BUSINESS will be an IDIOT TAX that will result in NOTHING POSITIVE.

So please, for all the right reasons, show support for a bailout in this case!

I think this is a true test for Bitcoin and the community.

The solution to all these problems is simply to create decentralized trust-less exchanges.  Those are in the works.  It's only a matter of time.

2 years from now there will be no central exchanges.   There will be no need to trust any third party.

And the price of Bitcoin will be multiples of its last high.

Sure, i've got coins all over the interwebs (Kraken, BTC-E, Cryptsy, ...). But not enough to cry myself to sleep if I lose them all. Never more than 1/3, much less if possible.

Any business that is so irresponsible should be shut down and liquidated. And the owners/operators never trusted again.

I never did put any on Mt.Gox. I was late in the game and by then there were a lot more reliable/faster/cheaper exchanges around. I mean in October 2013 i got my EUR withdrawal from Kraken faster (5 hours) than a lot of people got their BTC from Mt.Gox.

I just couldn't understand why people put up with them. One week for a money transfer is NOT fast. Maybe in the 80s... And if constant two-three month delays are not a big enough warning sign for you to see that the company might be in trouble. And that it might not be a good idea to keep more than you can afford to lose over there. Than, I'm very sorry, but I can't help you.

just join us on this, we already doing pretty good, growing following

https://bitcointalksearch.org/topic/open-letter-to-mark-karpeles-voluntary-reorganization-best-option-for-us-all-489949

Bailouts, even in the form you're suggesting, are counter to what decentralized networks are all about.
Decentralized networks are superior because you don't have to bail out, or save any one entity.

If an arm or a leg dies and falls off, the organism grows new ones back, and continues thriving.
Bailouts are a mentality for the legacy centralized financial system where specific entities are needed so the whole system doesn't collapse.
Bitcoin was created for the explicit purpose of not needing such a process.

Bitcoin doesn't need to bail out MtGox.  Its just a limb that can fall off.  The organism will continue to thrive.
All this babble in the media about Bitcoins reputation being harmed for "years to come" is just that.  Babbling nonsense.

Highly recommend everyone watch this:  http://www.youtube.com/watch?v=wc1ZFTnSSVM

-B-

You are talking about MtGox needs to die, but what if tomorrow same situation happens to bitstamp? btc-e？

You guys don't have any bitcoins at exchange? You guys never trade online?

You are talking about MtGox needs to die, but what if tomorrow same situation happens to bitstamp? btc-e？

You guys don't have any bitcoins at exchange? You guys never trade online?