Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 29140.

JorgeStolfi

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Quote from: mmitech on March 01, 2014, 08:15:29 AM

what is happening around Bitcoin businesses ? Butterfly Labs website also mysteriously went down and left so many customers who pre-ordered millions of dollars into their new generation hardware empty hands...

Seems to have been just a temporary glitch of their webserver (and a bit of healthy paranoia).

MickeyT2008

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This account was recently hacked

Quote from: dreamspark on March 01, 2014, 08:38:06 AM

Quote from: shmadz on March 01, 2014, 08:18:30 AM

Quote from: dreamspark on March 01, 2014, 08:03:46 AM

Jorge they filed for bankruptcy protection.

is this true?

I thought they filed for bankruptcy.

I don't know Japanese law, but I have seen a Canadian company go through a bankruptcy protection. Some people at the company were fired, some quit, some stayed... Within 2 years they were back to business as usual. Admittedly, I watched this from the outside, I have no idea of the internal workings of the procedure.

Yes it was bankruptcy protection, I'd imagine mainly because of the shit storm of class actions landing on their desk. In a normal business with products to sell or services I would agree with but at this point how to Gox plan on making back 850,00 BTC while having no btc? There's no business left other than the brand which at one point investors were considering buying but as soon as the non-disclosure of the lost funds was revealed the investors didn't want to touch it with a shitty stick. One of the investors told his story on reddit.

Maybe they're hoping that their incompetence will drive BTC down to 0.1 cent per bitcoin, then they'll only have to find $850

dreamspark

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Quote from: shmadz on March 01, 2014, 08:18:30 AM

Quote from: dreamspark on March 01, 2014, 08:03:46 AM

Jorge they filed for bankruptcy protection.

is this true?

I thought they filed for bankruptcy.

I don't know Japanese law, but I have seen a Canadian company go through a bankruptcy protection. Some people at the company were fired, some quit, some stayed... Within 2 years they were back to business as usual. Admittedly, I watched this from the outside, I have no idea of the internal workings of the procedure.

Yes it was bankruptcy protection, I'd imagine mainly because of the shit storm of class actions landing on their desk. In a normal business with products to sell or services I would agree with but at this point how to Gox plan on making back 850,00 BTC while having no btc? There's no business left other than the brand which at one point investors were considering buying but as soon as the non-disclosure of the lost funds was revealed the investors didn't want to touch it with a shitty stick. One of the investors told his story on reddit.

fluidjax

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Quote from: ErisDiscordia on March 01, 2014, 08:23:38 AM

Quote from: mmitech on March 01, 2014, 08:15:29 AM

what is happening around Bitcoin businesses ? Butterfly Labs website also mysteriously went down and left so many customers who pre-ordered millions of dollars into their new generation hardware empty hands...

http://dorktech.com/where-did-butterflylabs-go/

Butterfly the 2nd version of MTgox, and empty website:

http://www.butterflylabs.com/

Quote

3/1/14 – Popular Bitcoin ASIC hardware/software company ButterflyLabs has mysteriously disappeared Friday evening. The company was just getting ready to roll-out their 600/GH and 300/GH cards that many individuals and companies have pre-ordered as early as 8 months ago. Their website currently just shows an empty blank white page at the moment. Although upon deeper digging, some of their directories still exist on the server. Also, the ButterflyLabs Twitter page is also not showing any new signs of activity. Does this mean that ButterflyLabs is also going to leave us as well?

This comes just a few days after MtGox, a highly used Bitcoin/USD trading platform, went down due to mistakes made in the security of the platform.

What is next for Bitcoin? All I can say is that we are in for a bumpy ride – so strap on your seat-belts and hold on.

(I will be updating this page if any new information comes in. Feel free to comment if you know what is going on. Our official Reddit comment thread is located here)

© 2014, Payton Peterson. All rights reserved.

Maybe they had all their coins at empty gox?

Maybe a good time to run, this news will be lost in the Gox fallout.

"the scouring of the block chain" - SR, Gox & BFL

Miz4r

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If there was one Bitcoin related business more shady than MtGox, it was BFL lol.

ErisDiscordia

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Imposition of ORder = Escalation of Chaos

Quote from: mmitech on March 01, 2014, 08:15:29 AM

what is happening around Bitcoin businesses ? Butterfly Labs website also mysteriously went down and left so many customers who pre-ordered millions of dollars into their new generation hardware empty hands...

http://dorktech.com/where-did-butterflylabs-go/

Butterfly the 2nd version of MTgox, and empty website:

http://www.butterflylabs.com/

Quote

3/1/14 – Popular Bitcoin ASIC hardware/software company ButterflyLabs has mysteriously disappeared Friday evening. The company was just getting ready to roll-out their 600/GH and 300/GH cards that many individuals and companies have pre-ordered as early as 8 months ago. Their website currently just shows an empty blank white page at the moment. Although upon deeper digging, some of their directories still exist on the server. Also, the ButterflyLabs Twitter page is also not showing any new signs of activity. Does this mean that ButterflyLabs is also going to leave us as well?

This comes just a few days after MtGox, a highly used Bitcoin/USD trading platform, went down due to mistakes made in the security of the platform.

What is next for Bitcoin? All I can say is that we are in for a bumpy ride – so strap on your seat-belts and hold on.

(I will be updating this page if any new information comes in. Feel free to comment if you know what is going on. Our official Reddit comment thread is located here)

© 2014, Payton Peterson. All rights reserved.

Maybe they had all their coins at empty gox?

FTWbitcoinFTW

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Quote from: shmadz on March 01, 2014, 08:18:30 AM

Quote from: dreamspark on March 01, 2014, 08:03:46 AM

Jorge they filed for bankruptcy protection.

is this true?

I thought they filed for bankruptcy.

I don't know Japanese law, but I have seen a Canadian company go through a bankruptcy protection. Some people at the company were fired, some quit, some stayed... Within 2 years they were back to business as usual. Admittedly, I watched this from the outside, I have no idea of the internal workings of the procedure.

http://www.differencebetween.net/business/difference-between-bankruptcy-and-bankruptcy-protection/

ShroomsKit_Disgrace

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Yeah! I hate ShroomsKit!

Quote from: mmitech on March 01, 2014, 08:17:41 AM

I dont understand what is happening, this is not FUD anymore, we need answers...

Shit is becoming strange as hell.

NSA theories in da house.

shmadz

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@theshmadz

Quote from: dreamspark on March 01, 2014, 08:03:46 AM

Jorge they filed for bankruptcy protection.

is this true?

I thought they filed for bankruptcy.

I don't know Japanese law, but I have seen a Canadian company go through a bankruptcy protection. Some people at the company were fired, some quit, some stayed... Within 2 years they were back to business as usual. Admittedly, I watched this from the outside, I have no idea of the internal workings of the procedure.

mmitech

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things you own end up owning you

I dont understand what is happening, this is not FUD anymore, we need answers...

mmitech

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Activity: 1148

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things you own end up owning you

what is happening around Bitcoin businesses ? Butterfly Labs website also mysteriously went down and left so many customers who pre-ordered millions of dollars into their new generation hardware empty hands...

http://dorktech.com/where-did-butterflylabs-go/

Butterfly the 2nd version of MTgox, and empty website:

http://www.butterflylabs.com/

Quote

3/1/14 – Popular Bitcoin ASIC hardware/software company ButterflyLabs has mysteriously disappeared Friday evening. The company was just getting ready to roll-out their 600/GH and 300/GH cards that many individuals and companies have pre-ordered as early as 8 months ago. Their website currently just shows an empty blank white page at the moment. Although upon deeper digging, some of their directories still exist on the server. Also, the ButterflyLabs Twitter page is also not showing any new signs of activity. Does this mean that ButterflyLabs is also going to leave us as well?

This comes just a few days after MtGox, a highly used Bitcoin/USD trading platform, went down due to mistakes made in the security of the platform.

What is next for Bitcoin? All I can say is that we are in for a bumpy ride – so strap on your seat-belts and hold on.

(I will be updating this page if any new information comes in. Feel free to comment if you know what is going on. Our official Reddit comment thread is located here)

© 2014, Payton Peterson. All rights reserved.

dreamspark

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Quote from: nakaone on March 01, 2014, 06:55:48 AM

for me there are two legitimate options regarding the "unavailable" coins

1) confiscation by some authority (most likely after all the stuff i read) - short and long term extremely bullish

2) he lost the private keys (even thogh supply is much shorter that is extremely bearish due to the public picture that even the oldest exchange cannot handle the technical issues around the currency, how should average joe do that?)

and one option that does not make sense

3) 840k (!) coins are stolen (without noticing), that is almost 1000 coins per day since the time mtgox is operating

1) Could you explain how the authorities, namely the US government, having over a million BTC is extremely bullish?

dreamspark

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Jorge they filed for bankruptcy protection.

ChartBuddy

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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ

Explanation

TERA

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Quote from: seldon on March 01, 2014, 06:58:49 AM

Quote from: Erdogan on March 01, 2014, 06:55:48 AM

Hmm, we have started on an upward leg for the last hour (huobi), but for how long? Hopefully 3 hours more, so we can make some progress.

We are "up" .38% in the last hour on Houbi.. not really significant methinks.

JorgeStolfi

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Quote from: HairyMaclairy on March 01, 2014, 04:21:29 AM

Gox is trying to come up with a business plan to continue operations. We know this because of the type of bankruptcy they chose. Mark is still hoping for a white knight.

They are not winding up at this stage. There will be no distribution of $ or BTC to anyone in the short term.

Is that so? I thought that they had filed for "bankruptcy" and that meant liquidation. "Reorganizaton" seems to be a distinct procedure with its own law. That is what I understood from that booklet; am I wrong?

(Note that most of the booklet is about reorganization "because that is what most of our readers are interested in".)

F-bernanke

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Quote from: HairyMaclairy on March 01, 2014, 07:23:56 AM

Quote from: GreekGeek on March 01, 2014, 06:42:54 AM

*artificial pumping = fiat shortage on Gox made people buy back coins after the April13 bubble and pumped the price in all Markets

*This* worries me. I have thought about it before.

This goes both ways, If they were pumping BTC price by reducing the BTC supply, they would have more than enough BTC by now.

HairyMaclairy

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Degenerate bull hatter & Bitcoin monotheist

Quote from: GreekGeek on March 01, 2014, 06:42:54 AM

*artificial pumping = fiat shortage on Gox made people buy back coins after the April13 bubble and pumped the price in all Markets

*This* worries me. I have thought about it before.

ChartBuddy

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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ

Explanation

darklight

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Quote from: kurious on March 01, 2014, 05:34:09 AM

Quote from: gizmoh on March 01, 2014, 03:35:30 AM

http://www.coindesk.com/mt-gox-files-bankruptcy-claims-63-6m-debt/

"That same document also described fiat assets of $32.43m and liabilities of $55m. The assets include $5m “held by CoinLab” and another $5.5m “held by the DHS”. "

So $21 million in liquidity remains in Gox bank to be disbursed to clients. How much will go back to purchase real coins! Roll Eyes

Once gox is done liquidated, we are going up..

You are forgetting administration costs.

In my experience, expert liquidators would be wondering if 21 million USD was enough to pay the costs of auditing the mess at Gox.

You almost need to run the company for a 6 months to a year to organise evaluating the situation - but without its normal profits continuing to pay the costs. And a freeze of assets pending 'investigations' will put a hold on this for ages anyway.

Then most liquidations I have seen seem to spend almost all the cash in the bank, by pure coincidence.

The only possible 'payout' would be from coins being sold from a substantial pile left (if there is one) and even then a lot of cost would still be taken off.

Basically - forget a payout of any substantial percentage, and forget seeing even this anytime soon.

DISCLOSURE: I had coins on Gox - not many, but I am not sneering, just being realistic.

Yeah, the accountants and lawyers will make sure they get their cash before anyone else. Its messed up, but customers are generally at the bottom of the list of those getting money from a bankruptcy

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