Mt. Gox demise as told by a Bitcoin insider
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Mt. Gox demise as told by a Bitcoin insider
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Re: Mt. Gox demise as told by a Bitcoin insider
#2FYI, this “Bitcoin Insider” (there should be no such thing in a decentralized currency?) apparently took $5M from mtgox, claiming he could get them through regulation in the U.S. (he did no such thing)... then sued them for $16B after they went bankrupt, holding the thousands of creditors hostage for years... so far.
And apparently now fortress will give him (CoinLab) $11M to move (slightly) out of the way.
Re: Mt. Gox demise as told by a Bitcoin insider
#3FYI, this “Bitcoin Insider” (there should be no such thing in a decentralized currency?) apparently took $5M from mtgox, claiming he could get them through regulation in the U.S. (he did no such thing)... then sued them for $16B after they went bankrupt, holding the thousands of creditors hostage for years... so far. And apparently now fortress will give him (CoinLab) $11M to move (slightly) out of the way.
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Re: Mt. Gox demise as told by a Bitcoin insider
#4This article starts off with an ambiguous premise. The SEC Enforcement Division asking about Mt Gox in early 2013 has nothing to do with Mt Gox being in securities trouble. It more likely means the SEC was following funds in a bitcoin transaction that were deposited or transferred to that exchange. Or fiat transferred by an investor following a securities promoter’s instruction on how to invest via bitcoin.
The article then switches to other issues about Mt Gox that also never involve the SEC or securities issues again.
There is a pervasive meme amongst cryptocurrency enthusiasts of the SEC being an all encompassing police. It is weird and counterproductive.
Re: Mt. Gox demise as told by a Bitcoin insider
#5>>“It could’ve been a trillion-dollar company,” Vessenes said. “It’s so sad.” The current $16 billion CoinLab claim against Mt. Gox is based on what the company thinks their portion of Mt. Gox would be worth if it had been managed well, he said.
Quoting this part of the article to emphasize the absurdity of CoinLab's assertion.
>>Peter Vessenes has spent years trying to recoup lost coins
This article byline is strange because the CoinLab claim is entirely for cash/fiat damages, and not for the remaining cryptocurrency that the estate holds. Creditors know this because CoinLab's claim is evidently still incurring delay and interest, which the Tokyo District Court only affords to monetary Mt. Gox claims.
Re: Mt. Gox demise as told by a Bitcoin insider
#6The problem with trying to suggest that Bitcoin is a fundamentally flawed idea is that you will be down voted to oblivion.
As a computer science concept it's rather mundane. We know what merkle trees are.
It's an extremely wasteful form of computing. Mining is an exercise in wastefulness. Proof-of-work is one of the worst concepts I've ever seen.
Ah, Tether.
Re: Mt. Gox demise as told by a Bitcoin insider
#7The problem with trying to suggest that Bitcoin is a fundamentally flawed idea is that you will be down voted to oblivion. As a computer science concept it's rather mundane. We know what merkle trees are. It's an extremely wasteful form of computing. Mining is an exercise in wastefulness. Proof-of-work is one of the worst concepts I've ever seen. Ah, Tether.
that has nothing to do with this article, I’m sure there will be plenty of other bitcoin articles less tangentially related to your copypasta where you’ll be more in context pasting that
Re: Mt. Gox demise as told by a Bitcoin insider
#8Since we're on the subject, how do people think the Tether situation will play out?
Re: Mt. Gox demise as told by a Bitcoin insider
#9The problem with trying to suggest that Bitcoin is a fundamentally flawed idea is that you will be down voted to oblivion. As a computer science concept it's rather mundane. We know what merkle trees are. It's an extremely wasteful form of computing. Mining is an exercise in wastefulness. Proof-of-work is one of the worst concepts I've ever seen. Ah, Tether.
I've never seen self propagating transaction networks that pay for themselves and recruit their own evangelists before bitcoin.
Seems pretty amazing.
Re: Mt. Gox demise as told by a Bitcoin insider
#10FYI, this “Bitcoin Insider” (there should be no such thing in a decentralized currency?) apparently took $5M from mtgox, claiming he could get them through regulation in the U.S. (he did no such thing)... then sued them for $16B after they went bankrupt, holding the thousands of creditors hostage for years... so far. And apparently now fortress will give him (CoinLab) $11M to move (slightly) out of the way.
Yeah, Vessenes is so far inside that he has a massive conflict of interest in this case. He's also acted in pretty bad faith. Here's the story from a knowledgeable outsider: https://blog.wizsec.jp/2019/04/coinlab-v-mtgox-imaginarium-o...
Even putting aside the Mt. Gox bankruptcy, the original contract with CoinLab looks pretty bad: https://www.courtlistener.com/recap/gov.uscourts.wawd.192566... They agreed on damages of $50M if either side breached the contract but neither party ever had nearly that much money and the deal was only worth less than $1M per year. IANAL but this seems like a dumb suicide pact.