What makes you assume everyone who uses Bitcoin is a "free market libertarian"?
Well, anyone who wants a state distorted market is welcome to stick to those markets.
Topic: Unconfirmed tweet that MtGox lawyer making statement now. (Read 4437 times)
Well, anyone who wants a state distorted market is welcome to stick to those markets.
That being said I still hope his ass winds up in jail over criminal negligence or something. Losing tens of millions of dollars of other people's money because you don't know how to read a fucking ledger should be a crime.
As free market libertarians, shouldn't we just say that the market will sort this out? It will create a market demand for mechanisms that allow exchanges to demonstrate their solvency.
What makes you assume everyone who uses Bitcoin is a "free market libertarian"?
As free market libertarians, shouldn't we just say that the market will sort this out? It will create a market demand for mechanisms that allow exchanges to demonstrate their solvency.
Stop using such logic, this is no time to be thinking that way! People are here hurt, crying and pleading for government/fed/law enforcement/lawyers/etc. to save their money; once that happens I'm sure they'll be fine and back on track saying the market will sort stuff out (as long as it benefits them that is).
As free market libertarians, shouldn't we just say that the market will sort this out? It will create a market demand for mechanisms that allow exchanges to demonstrate their solvency.
Or a demand for decentralised exchanges. Or both.
That being said I still hope his ass winds up in jail over criminal negligence or something. Losing tens of millions of dollars of other people's money because you don't know how to read a fucking ledger should be a crime.
As free market libertarians, shouldn't we just say that the market will sort this out? It will create a market demand for mechanisms that allow exchanges to demonstrate their solvency.
It's possible that of the 744k BTC lost, MtGox has enough coins in cold storage to cover all but the $64 million he's filing for.
That being said I still hope his ass winds up in jail over criminal negligence or something. Losing tens of millions of dollars of other people's money because you don't know how to read a fucking ledger should be a crime.
That being said I still hope his ass winds up in jail over criminal negligence or something. Losing tens of millions of dollars of other people's money because you don't know how to read a fucking ledger should be a crime.
No, the $63.6 million is liquid liabilities - so it's basically the cash liabilities.
It's possible that of the 744k BTC lost, MtGox has enough coins in cold storage to cover all but the $64 million he's filing for.
That being said I still hope his ass winds up in jail over criminal negligence or something. Losing tens of millions of dollars of other people's money because you don't know how to read a fucking ledger should be a crime.
That being said I still hope his ass winds up in jail over criminal negligence or something. Losing tens of millions of dollars of other people's money because you don't know how to read a fucking ledger should be a crime.
As claimed in the Crisis plan, they have:
Assets: 32,430,000 USD + 2,000 BTC
Liabilities: 55,000,000 USD + 744,408 BTC
Now they say they have assets of 3.84B JPY = 37.71M USD and liabilities of 6.5B JPY = 63.84M USD
So solving the equations:
32430000 + 2000 A = 37710000
A = 2640 (USD/BTC)
55000000 + 744408 B = 63840000
B = 11.87 (USD/BTC)
So there must be something wrong with the crisis plan figures
Assets: 32,430,000 USD + 2,000 BTC
Liabilities: 55,000,000 USD + 744,408 BTC
Now they say they have assets of 3.84B JPY = 37.71M USD and liabilities of 6.5B JPY = 63.84M USD
So solving the equations:
32430000 + 2000 A = 37710000
A = 2640 (USD/BTC)
55000000 + 744408 B = 63840000
B = 11.87 (USD/BTC)
So there must be something wrong with the crisis plan figures
I am far from convinced that crisis plan was anything other than a made up crock of shit.
I mean it was claimed to be an internal document but stated in it that "to stop Gox going under (although god knows they deserve to)"
and
on one page the mountain logo of Gox had a goat sat on top of it.
Not convinced by it at all.
But the lawyer really claims that they have lost 750000 customer's coins. Even at $100 each that would be $74M. But now they say their outstanding debt is only $63.84M, including fiat. Just don't add up.
Maybe the outstanding debt has already deducted the assets? That would make the total liability as $101,550,000 and $135.4/BTC, exactly the closing price. (However, this assume they have no fiat liability.....)
The figure of $63 million seems to refer only to their liquid liabilities.
http://www.cnbc.com/id/101455170
Seppuku is an old Japanese tradition isn't it?
But the lawyer really claims that they have lost 750000 customer's coins. Even at $100 each that would be $74M. But now they say their outstanding debt is only $63.84M, including fiat. Just don't add up.
Maybe the outstanding debt has already deducted the assets? That would make the total liability as $101,550,000 and $135.4/BTC, exactly the closing price. (However, this assume they have no fiat liability.....)
Maybe the outstanding debt has already deducted the assets? That would make the total liability as $101,550,000 and $135.4/BTC, exactly the closing price. (However, this assume they have no fiat liability.....)
Don't forget Dwolla and US account seizures.
As claimed in the Crisis plan, they have:
Assets: 32,430,000 USD + 2,000 BTC
Liabilities: 55,000,000 USD + 744,408 BTC
Now they say they have assets of 3.84B JPY = 37.71M USD and liabilities of 6.5B JPY = 63.84M USD
So solving the equations:
32430000 + 2000 A = 37710000
A = 2640 (USD/BTC)
55000000 + 744408 B = 63840000
B = 11.87 (USD/BTC)
So there must be something wrong with the crisis plan figures
Assets: 32,430,000 USD + 2,000 BTC
Liabilities: 55,000,000 USD + 744,408 BTC
Now they say they have assets of 3.84B JPY = 37.71M USD and liabilities of 6.5B JPY = 63.84M USD
So solving the equations:
32430000 + 2000 A = 37710000
A = 2640 (USD/BTC)
55000000 + 744408 B = 63840000
B = 11.87 (USD/BTC)
So there must be something wrong with the crisis plan figures
I am far from convinced that crisis plan was anything other than a made up crock of shit.
I mean it was claimed to be an internal document but stated in it that "to stop Gox going under (although god knows they deserve to)"
and
on one page the mountain logo of Gox had a goat sat on top of it.
Not convinced by it at all.
But the lawyer really claims that they have lost 750000 customer's coins. Even at $100 each that would be $74M. But now they say their outstanding debt is only $63.84M, including fiat. Just don't add up.
Maybe the outstanding debt has already deducted the assets? That would make the total liability as $101,550,000 and $135.4/BTC, exactly the closing price. (However, this assume they have no fiat liability.....)
steal 350 mil in bitcoin .. file for protection so you dont get sued pay down 60mil in debt sell to some other sucker and walk off with 290 mil ....
Anyone believe he was stole? It was too much over a long period, impossible i think. I believe he was just using everyone's funds for his own profit and did shit. Or maybe he just sold at profit, hide it in Switzerland and then created the ponzi.
Not convinced by it at all.
No, something isn't right.
I've not gone through all the details carefully, was the 744,000BTC ever corroborated? That's a LOT of BTC. This would only be possible if they had lost coins they claimed were in cold storage. If so, how were they lost? Were they really in cold storage?
As claimed in the Crisis plan, they have:
Assets: 32,430,000 USD + 2,000 BTC
Liabilities: 55,000,000 USD + 744,408 BTC
Now they say they have assets of 3.84B JPY = 37.71M USD and liabilities of 6.5B JPY = 63.84M USD
So solving the equations:
32430000 + 2000 A = 37710000
A = 2640 (USD/BTC)
55000000 + 744408 B = 63840000
B = 11.87 (USD/BTC)
So there must be something wrong with the crisis plan figures
Assets: 32,430,000 USD + 2,000 BTC
Liabilities: 55,000,000 USD + 744,408 BTC
Now they say they have assets of 3.84B JPY = 37.71M USD and liabilities of 6.5B JPY = 63.84M USD
So solving the equations:
32430000 + 2000 A = 37710000
A = 2640 (USD/BTC)
55000000 + 744408 B = 63840000
B = 11.87 (USD/BTC)
So there must be something wrong with the crisis plan figures
I am far from convinced that crisis plan was anything other than a made up crock of shit.
I mean it was claimed to be an internal document but stated in it that "to stop Gox going under (although god knows they deserve to)"
and
on one page the mountain logo of Gox had a goat sat on top of it.
Not convinced by it at all.
they still have the coin 
you cannot file for Bankruptcy when your guilty of Fraud
you cannot file for Bankruptcy when your guilty of Fraud
That's correct. Even if it is true that he was stolen, he still frauded his customers by pretending to have their funds and creating a ponzi.
You are right, it was a massive simplification on my part.
I would be amazed if the asset and debt didn't include BTC. The court would throw it out in a second.
Although it's logical to assume that, we honestly won't know until the filings are made public exactly what's going on, what's included and what's not, and exactly what MtGox has sought.
I want to see those filings just as much as everyone else, although I suspect that no matter what they indicate people are still going to be unhappy with the information and believe that the process "should" be handled differently. It's a novel case, so even the lawyers who filed on behalf of MtGox are still only guessing about how BTC liabilities will be addressed during the process.
Agree entirely.
Quote
Kolin Burges
@The_K_meister
#MtGox's lawyer making an announcement to the press at 6pm.. i.e. NOW! I am heading there.
@The_K_meister
#MtGox's lawyer making an announcement to the press at 6pm.. i.e. NOW! I am heading there.
https://twitter.com/The_K_meister/status/439325163700502529
As claimed in the Crisis plan, they have:
Assets: 32,430,000 USD + 2,000 BTC
Liabilities: 55,000,000 USD + 744,408 BTC
Now they say they have assets of 3.84B JPY = 37.71M USD and liabilities of 6.5B JPY = 63.84M USD
So solving the equations:
32430000 + 2000 A = 37710000
A = 2640 (USD/BTC)
55000000 + 744408 B = 63840000
B = 11.87 (USD/BTC)
So there must be something wrong with the crisis plan figures
Assets: 32,430,000 USD + 2,000 BTC
Liabilities: 55,000,000 USD + 744,408 BTC
Now they say they have assets of 3.84B JPY = 37.71M USD and liabilities of 6.5B JPY = 63.84M USD
So solving the equations:
32430000 + 2000 A = 37710000
A = 2640 (USD/BTC)
55000000 + 744408 B = 63840000
B = 11.87 (USD/BTC)
So there must be something wrong with the crisis plan figures
You are right, it was a massive simplification on my part.
I would be amazed if the asset and debt didn't include BTC. The court would throw it out in a second.
Although it's logical to assume that, we honestly won't know until the filings are made public exactly what's going on, what's included and what's not, and exactly what MtGox has sought.
I want to see those filings just as much as everyone else, although I suspect that no matter what they indicate people are still going to be unhappy with the information and believe that the process "should" be handled differently. It's a novel case, so even the lawyers who filed on behalf of MtGox are still only guessing about how BTC liabilities will be addressed during the process.
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