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Topic: Will customers who have FIAT at Mt. Gox be able to withdraw their FIAT currency? - page 2. (Read 1893 times)

sr. member
Activity: 476
Merit: 250
I dont get it. If someone accepts a deposit and hold fiat currency for you, and they still have it, how the f*** can they legally deny to pay that money which is mine and which they have?Huh? I dont get it, sorry!

If you were dealing with an actual bank, they couldn't do that.
But MtGox isn't a bank, isn't regulated as a bank, and you have none of the safeguards you would have had if they were a bank.
sr. member
Activity: 476
Merit: 250
My question to you all then is: Does mt. gox have the legal right to "confiscate" these eur and usd and use them to pay their creditors? Or otherwise do they have the right to not pay it back to me, or force me to share the loss with all the other customers as they simply dont have enough money on their books to pay back all the customers funds?

If they declare bankruptcy, yes.
anu
legendary
Activity: 1218
Merit: 1001
RepuX - Enterprise Blockchain Protocol
That will be determined through the bankruptcy process.

This.

We don't have information. We have only rumors. The money or the fiat may all be gone or it may all be recovered. Or you get a haircut.
newbie
Activity: 10
Merit: 0
If there will be something left for users, it will be paid out but I doubt fiat ballances has priority over bitcoin ballances, bitcoins have fiat IOU value as well

Hopefully we get at least something back

I dont get it. If someone accepts a deposit and hold fiat currency for you, and they still have it, how the f*** can they legally deny to pay that money which is mine and which they have?Huh? I dont get it, sorry!
legendary
Activity: 942
Merit: 1026
That will be determined through the bankruptcy process.
member
Activity: 66
Merit: 10
If there will be something left for users, it will be paid out but I doubt fiat ballances has priority over bitcoin ballances, bitcoins have fiat IOU value as well

Hopefully we get at least something back
newbie
Activity: 10
Merit: 0
You're screwed.  No bitcoin - No fiat.  Write it all off and move on. 

I dont see how that makes any logical sense, so please explain.
If they have the money, does it not still belong to me?

One or more individuals who may or may not be affiliated with Mt. Gox have taken the bitcoin and fiat that belonged to the investors.


Well if that a lot of fiat is missing why dont we hear about it? All I read is that the bitcoins have been "hacked" - theres no (?) talk of any fiat being stolen?
But heres the thing, I will admit (and yes this will make you think Im some total idiot), that I actually wired the fiat to them just a few days ago and by the time the site went dark the money had still not been credited to my account! Sorry, I know, I just didnt know enough about the state of affairs at mt gox at the time and nor do I know much about bitcoin...

So, assuming the theft of fiat (if there was any??) happened a while ago, then my money is still there, on their books.

My question to you all then is: Does mt. gox have the legal right to "confiscate" these eur and usd and use them to pay their creditors? Or otherwise do they have the right to not pay it back to me, or force me to share the loss with all the other customers as they simply dont have enough money on their books to pay back all the customers funds?

legendary
Activity: 942
Merit: 1026
You're screwed.  No bitcoin - No fiat.  Write it all off and move on. 

I dont see how that makes any logical sense, so please explain.
If they have the money, does it not still belong to me?

One or more individuals who may or may not be affiliated with Mt. Gox have taken the bitcoin and fiat that belonged to the investors.
hero member
Activity: 798
Merit: 1000

I dont see how that makes any logical sense, so please explain.
If they have the money, does it not still belong to me?


Ummm.. they don't have the money ...
newbie
Activity: 10
Merit: 0
You're screwed.  No bitcoin - No fiat.  Write it all off and move on. 

I dont see how that makes any logical sense, so please explain.
If they have the money, does it not still belong to me?
legendary
Activity: 942
Merit: 1026
You're screwed.  No bitcoin - No fiat.  Write it all off and move on. 
newbie
Activity: 10
Merit: 0
I just have ONE question, because this applies to me. I have a lot of eur and usd there, and a little bitcoin, but mostly FIAT!

Will customers who have FIAT at Mt. Gox be able to withdraw their FIAT currency?

So, with 850k bitcoin apparently "missing" - does that mean that I wont get my FIAT back? Are they going to steal my fiat and pay back their creditors with it?
Are all clients going to share the loss, or is it only the bitcoins that are missing that will not be withdrawable? Or will simply all of it, even the bitcoins still there not go back to the customers because they will pay it to the creditors?

I hope someone with a good understanding of all of this stuff, can tell me what is most likely.

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