...and is currently in bankruptcy so that is dead in the water.
The time to save Gox has passed.
Topic: We should become shareholders of MtGox and save it! (Read 2274 times)
The time to save Gox has passed.
I too think it is in everyone's best interest to see a new and improved crypto trading exchange even better than Mt Gox where Mt Gox victims get a share of their losses in ownership. Even if the migration is to a P2P decentralized exchange and leaves old management out of the new management, I don't see where the community at large has anything to gain by having so many people with so many losses on a protocol that quite frankly is not ready for prime time.
Bitcoin still needs to become easier for mainstream users and until then, we need all the cheerleaders we can get. And a better exchange wouldn't hurt either.
Bitcoin still needs to become easier for mainstream users and until then, we need all the cheerleaders we can get. And a better exchange wouldn't hurt either.
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MtGox starts an IPO of 500 million dollars
IPO probably doesn't mean what you think it does because no Bitcoin related company has ever had an IPO. The timeline for a public offering is measured in years and requires solid revenue, operating history, and a minimum capitalization. MtGox doesn't meet the criteria for listing on any exchange, and is currently in bankruptcy so that is dead in the water.
In the real world an Initial Public Offering isn't something done trivially. Even coinbase or bitpay have no shot of an IPO today, maybe in a couple more years if they continue to be well run, and grow their businesses.
You may mean a private placement? A debt for equity swap is one method of funding a private placement. There are two issues with that, the first is private placements are limited to accredited investors and in Japan they are limited to 49 shareholders.
I liked this idea yesterday, but that was before Mark admitted that +800.000 coins were lost. So there are no coins to trade, I don't expect other people to deposit...
People will deposit once they will find out the management is completely new, no Mark in sight, and in fact everything would be completely open, as opposed to bitstamp and other exchanges who operate today with closed doors, just like mt gox operated.
Im guessing if we could build that, this new exchange gox 2.0 would be the biggest, attracting most of the users from the other exchanges.
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.
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.
Mark would not be involved with this new exchange. In fact this is an opportunity to build the first truly safe and transparent exchange. You are opposed to the chance to build an exchange led by thousands of users. This venture could set an example for all other exchanges who otherwise could turn up one day bankrupt.
Well... you need Jordan Belfort to do that
I liked this idea yesterday, but that was before Mark admitted that +800.000 coins were lost. So there are no coins to trade, I don't expect other people to deposit...
From what i read somewhere they already started the process of bankruptcy. If we would be able to solve it this way it would be used more often. But I'm also afraid it also would be rather bad idea for investment. Owners apparently don't care that much and they would still be in charge of everything until shareholders would gather all together.
I am taking legal action against Karpeles/ Mt Gox - ASAP.
Anyone want to join me see my thread for info:
https://bitcointalksearch.org/topic/who-wants-to-sue-mtgox-mark-karpeles-490247
p.s. I like the idea of the OP - but how would we achieve that? Call up Mark and ask him?!!! If there is a way to do that please tell me.
Maybe Mark Karpeles and his friends read bitcointalk and reddit?Anyone want to join me see my thread for info:
https://bitcointalksearch.org/topic/who-wants-to-sue-mtgox-mark-karpeles-490247
p.s. I like the idea of the OP - but how would we achieve that? Call up Mark and ask him?!!! If there is a way to do that please tell me.
We can hope so.
I am taking legal action against Karpeles/ Mt Gox - ASAP.
Anyone want to join me see my thread for info:
https://bitcointalksearch.org/topic/who-wants-to-sue-mtgox-mark-karpeles-490247
p.s. I like the idea of the OP - but how would we achieve that? Call up Mark and ask him?!!! If there is a way to do that please tell me.
Anyone want to join me see my thread for info:
https://bitcointalksearch.org/topic/who-wants-to-sue-mtgox-mark-karpeles-490247
p.s. I like the idea of the OP - but how would we achieve that? Call up Mark and ask him?!!! If there is a way to do that please tell me.
Yes, Mark would feel fine since all clients got back their money. But he would lose his firm, in worst case get just $1 after the IPO
You're OK with Mark feeling fine? I want him to feel the pain he has caused. And I want that to be in the back of the mind of every exchange owner.
The bankers felt fine after destroying the world economy and receiving a bailout. How is that working out?
the whole idea in the OP is not too dissimilar to something that an incompetent CEO may suggest himself, after failing miserably as a businessman.
Yes, Mark would feel fine since all clients got back their money. But he would lose his firm, in worst case get just $1 after the IPO
You're OK with Mark feeling fine? I want him to feel the pain he has caused. And I want that to be in the back of the mind of every exchange owner.
The bankers felt fine after destroying the world economy and receiving a bailout. How is that working out?
No but IF you go for an IPO bailout you will lose your majority share holdings and the new shareholders will kick you out from the management.
And my conscience would be clear, no one lost anything, all is well. I'll try another project. Right?
The market force should be "I cannot show my face in public because people are out of pocket"
No but IF you go for an IPO bailout you will lose your majority share holdings and the new shareholders will kick you out from the management.
And my conscience would be clear, no one lost anything, all is well. I'll try another project. Right?
The market force should be "I cannot show my face in public because people are out of pocket"
Explain to me how you're going to find underwriters for a MtGox IPO.
It sounds like you have no idea how the process works or how slow and expensive it is to undertake.
It sounds like you have no idea how the process works or how slow and expensive it is to undertake.
Trust me an IPO is cheaper than 500 million dollars, Ive seen many bullshit companies get listed that even don't have any customers (penny stocks).
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)
I care about the customers privacy and their money, not MtGox itself.gox has nothing to do with bitcoin (make this your mantra)
well, that's honourable, however, suggesting an IPO to raise 500mil for this failed business, is not. sorry, i'm out
Explain to me how you're going to find underwriters for a MtGox IPO.
It sounds like you have no idea how the process works or how slow and expensive it is to undertake.
It sounds like you have no idea how the process works or how slow and expensive it is to undertake.
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)
I care about the customers privacy and their money, not MtGox itself. gox has nothing to do with bitcoin (make this your mantra)
I will also say that this should shake the faith people have in exchanges. One of Bitcoins failings is that it is increasingly being centralised, whether it's exchanges, mining pools etc. This is already driving alts like NXT to develop peer to peer exchanges - that's the market effect we should be rooting for.
Best to stay away form scam
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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