gox has nothing to do with bitcoin (make this your mantra)
Topic: We should become shareholders of MtGox and save it! - page 2. (Read 2293 times)
it would be preferable if all centralized exchanges failed. what we actually need is more p2p exchanges, not the reincarnation of a failed business, which died due to it's own incompetence.
gox has nothing to do with bitcoin (make this your mantra)
gox has nothing to do with bitcoin (make this your mantra)
The difference between Wall street bailout, and an IPO bailout is that you have a choice to participate or not, nobody forces you to save MtGox.
There's a difference in the coercion used, but no difference in the damage it does to the long term health of the Bitcoin economy.
If I run an exchange, I shouldn't be thinking "if I screw up, an IPO will bail me out and all will be well".
The difference between Wall street bailout, and an IPO bailout is that you have a choice to participate or not, nobody forces you to save MtGox.
There's a difference in the coercion used, but no difference in the damage it does to the long term health of the Bitcoin economy.
If I run an exchange, I shouldn't be thinking "if I screw up, an IPO will bail me out and all will be well".
You're insane.
I would not give pocket change to anything even remotely related to Mark. He is obviously pathologically incompetent and dishonest.
Secondly - Bitcoin is supposed to be decentralised. If we cannot allow parts of the Bitcoin ecosystem to die off, we cannot make that claim. We should let MtGox die and use this as proof that the network, the community, the technology is decentralised and resilient.
Opting for the "too important to fail" position dramatically weakens the evolutionary process of Bitcoin services. It should fail, and fail fast. This is the market in operation.
I would not give pocket change to anything even remotely related to Mark. He is obviously pathologically incompetent and dishonest.
Secondly - Bitcoin is supposed to be decentralised. If we cannot allow parts of the Bitcoin ecosystem to die off, we cannot make that claim. We should let MtGox die and use this as proof that the network, the community, the technology is decentralised and resilient.
Opting for the "too important to fail" position dramatically weakens the evolutionary process of Bitcoin services. It should fail, and fail fast. This is the market in operation.
Exactly, isnt that the old model we're trying to replace, too big to fail!!
Let Gox die and bitcoin moves on as always, bitcoin is not gox and vice versa
I believe it is a great threat to the bitcoin community if MtGox fails by two simple reasons:
1. If the company goes bankrupt, the highest bidder may be a middleman for some criminal organization that buys the company for say 1 million dollars and uses the client database to scam people later on.
Or sells the data to NSA.
2. The bankruptcy itself will destroy the faith of many clients who have invested huge amounts of money and bitcoins in their MtGox account.
They might give up on bitcoin completely.
So as a bitcoiner I beg you to not wish the death of MtGox, instead we should help Mark to solve this mess.
My suggestion is as follows:
MtGox starts an IPO of 500 million dollars, and increases the share amount so Mark Karpeles only owns 1% of the company after the IPO.
The money you pay for the shares goes directly to the company, not to Mark.
500 million should be more than enough to cover:
-settle clients at bitcoin price of $500
-hire developers
-buy professional exchange system and back office from wall street technology firms
Company gets listed at Nasdaq and you sell your shares for a profit in a couple of years if you wish.
i belive its honest approach and its also workable. People in mtgox should stand still and somehow clean this mess.1. If the company goes bankrupt, the highest bidder may be a middleman for some criminal organization that buys the company for say 1 million dollars and uses the client database to scam people later on.
Or sells the data to NSA.
2. The bankruptcy itself will destroy the faith of many clients who have invested huge amounts of money and bitcoins in their MtGox account.
They might give up on bitcoin completely.
So as a bitcoiner I beg you to not wish the death of MtGox, instead we should help Mark to solve this mess.
My suggestion is as follows:
MtGox starts an IPO of 500 million dollars, and increases the share amount so Mark Karpeles only owns 1% of the company after the IPO.
The money you pay for the shares goes directly to the company, not to Mark.
500 million should be more than enough to cover:
-settle clients at bitcoin price of $500
-hire developers
-buy professional exchange system and back office from wall street technology firms
Company gets listed at Nasdaq and you sell your shares for a profit in a couple of years if you wish.
You're insane.
I would not give pocket change to anything even remotely related to Mark. He is obviously pathologically incompetent and dishonest.
Secondly - Bitcoin is supposed to be decentralised. If we cannot allow parts of the Bitcoin ecosystem to die off, we cannot make that claim. We should let MtGox die and use this as proof that the network, the community, the technology is decentralised and resilient.
Opting for the "too important to fail" position dramatically weakens the evolutionary process of Bitcoin services. It should fail, and fail fast. This is the market in operation.
The difference between Wall street bailout, and an IPO bailout is that you have a choice to participate or not, nobody forces you to save MtGox. I would not give pocket change to anything even remotely related to Mark. He is obviously pathologically incompetent and dishonest.
Secondly - Bitcoin is supposed to be decentralised. If we cannot allow parts of the Bitcoin ecosystem to die off, we cannot make that claim. We should let MtGox die and use this as proof that the network, the community, the technology is decentralised and resilient.
Opting for the "too important to fail" position dramatically weakens the evolutionary process of Bitcoin services. It should fail, and fail fast. This is the market in operation.
I believe it is a great threat to the bitcoin community if MtGox fails by two simple reasons:
1. If the company goes bankrupt, the highest bidder may be a middleman for some criminal organization that buys the company for say 1 million dollars and uses the client database to scam people later on.
Or sells the data to NSA.
2. The bankruptcy itself will destroy the faith of many clients who have invested huge amounts of money and bitcoins in their MtGox account.
They might give up on bitcoin completely.
So as a bitcoiner I beg you to not wish the death of MtGox, instead we should help Mark to solve this mess.
My suggestion is as follows:
MtGox starts an IPO of 500 million dollars, and increases the share amount so Mark Karpeles only owns 1% of the company after the IPO.
The money you pay for the shares goes directly to the company, not to Mark.
500 million should be more than enough to cover:
-settle clients at bitcoin price of $500
-hire developers
-buy professional exchange system and back office from wall street technology firms
Company gets listed at Nasdaq and you sell your shares for a profit in a couple of years if you wish.
i belive its honest approach and its also workable. People in mtgox should stand still and somehow clean this mess. 1. If the company goes bankrupt, the highest bidder may be a middleman for some criminal organization that buys the company for say 1 million dollars and uses the client database to scam people later on.
Or sells the data to NSA.
2. The bankruptcy itself will destroy the faith of many clients who have invested huge amounts of money and bitcoins in their MtGox account.
They might give up on bitcoin completely.
So as a bitcoiner I beg you to not wish the death of MtGox, instead we should help Mark to solve this mess.
My suggestion is as follows:
MtGox starts an IPO of 500 million dollars, and increases the share amount so Mark Karpeles only owns 1% of the company after the IPO.
The money you pay for the shares goes directly to the company, not to Mark.
500 million should be more than enough to cover:
-settle clients at bitcoin price of $500
-hire developers
-buy professional exchange system and back office from wall street technology firms
Company gets listed at Nasdaq and you sell your shares for a profit in a couple of years if you wish.
You're insane.
I would not give pocket change to anything even remotely related to Mark. He is obviously pathologically incompetent and dishonest.
Secondly - Bitcoin is supposed to be decentralised. If we cannot allow parts of the Bitcoin ecosystem to die off, we cannot make that claim. We should let MtGox die and use this as proof that the network, the community, the technology is decentralised and resilient.
Opting for the "too important to fail" position dramatically weakens the evolutionary process of Bitcoin services. It should fail, and fail fast. This is the market in operation.
I would not give pocket change to anything even remotely related to Mark. He is obviously pathologically incompetent and dishonest.
Secondly - Bitcoin is supposed to be decentralised. If we cannot allow parts of the Bitcoin ecosystem to die off, we cannot make that claim. We should let MtGox die and use this as proof that the network, the community, the technology is decentralised and resilient.
Opting for the "too important to fail" position dramatically weakens the evolutionary process of Bitcoin services. It should fail, and fail fast. This is the market in operation.
If we assume that 25% of the 1 million MtGox customers has a huge interest to save MtGox, and MtGox needs 500 million to get alive, that's just 3 bitcoins per client, or $1500 that they need to invest in MtGox shares.
We should demand Mark to present this option and give it a couple of weeks, if they fail with the IPO they have to sell the company to the highest bidders who will liquidate what is left from the company (customer data)
HOW?
I have heard people say this but How is this even possible? Where to start?
I have heard people say this but How is this even possible? Where to start?
http://www.reddit.com/r/Bitcoin/comments/1z6bpy/we_should_become_shareholders_of_mtgox_and_save_it/
I believe it is a great threat to the bitcoin community if MtGox fails by two simple reasons:
1. If the company goes bankrupt, the highest bidder may be a middleman for some criminal organization that buys the company for say 1 million dollars and uses the client database to scam people later on.
Or sells the data to NSA.
2. The bankruptcy itself will destroy the faith of many clients who have invested huge amounts of money and bitcoins in their MtGox account.
They might give up on bitcoin completely.
So as a bitcoiner I beg you to not wish the death of MtGox, instead we should help Mark to solve this mess.
My suggestion is as follows:
MtGox starts an IPO of 500 million dollars, and increases the share amount so Mark Karpeles only owns 1% of the company after the IPO.
The money you pay for the shares goes directly to the company, not to Mark.
500 million should be more than enough to cover:
-settle clients at bitcoin price of $500
-hire developers
-buy professional exchange system and back office from wall street technology firms
Company gets listed at Nasdaq and you sell your shares for a profit in a couple of years if you wish.
I believe it is a great threat to the bitcoin community if MtGox fails by two simple reasons:
1. If the company goes bankrupt, the highest bidder may be a middleman for some criminal organization that buys the company for say 1 million dollars and uses the client database to scam people later on.
Or sells the data to NSA.
2. The bankruptcy itself will destroy the faith of many clients who have invested huge amounts of money and bitcoins in their MtGox account.
They might give up on bitcoin completely.
So as a bitcoiner I beg you to not wish the death of MtGox, instead we should help Mark to solve this mess.
My suggestion is as follows:
MtGox starts an IPO of 500 million dollars, and increases the share amount so Mark Karpeles only owns 1% of the company after the IPO.
The money you pay for the shares goes directly to the company, not to Mark.
500 million should be more than enough to cover:
-settle clients at bitcoin price of $500
-hire developers
-buy professional exchange system and back office from wall street technology firms
Company gets listed at Nasdaq and you sell your shares for a profit in a couple of years if you wish.
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