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Mt. Gox Files for Bankruptcy Protection

online.wsj.com

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Re: Mt. Gox Files for Bankruptcy Protection

#41

Post by [deleted] »

ck2 wrote: post #25
mertd wrote: post #16

Earlier quoted context omitted.

Isn't it more like walking down the same bad street every night with other people's cash in their hands, getting mugged repeatedly, not telling anyone and still taking more money?

This is a very good point. But they were also dumb enough not to realize they were getting mugged, or so they claim. Maybe I should have used "pick-pocketed" instead of mugged as an example. I am not trying to give them an excuse but we don't seem to have enough anger against the criminals that caused this.

[deleted]

Re: Mt. Gox Files for Bankruptcy Protection

#42

Post by johnminter »

JumpCrisscross wrote: post #5

> The company's lawyer also said at a news conference at the Tokyo District Court that Mt. Gox had outstanding debt of about ¥6.5 billion ($63.6 million) with assets worth ¥3.84 billion. This implies a debt ratio of 170%. Assume: (1) no outside debt (only customer deposits) and (2) only 100% liquid assets (only currency). Even in that case, a depositor would recover no more than 59 cents to the dollar (the maximum re…

My employer emerged from Ch. 11 bankruptcy a few months ago. Never underestimate legal fees and consultant fees. Japanese laws may be different, but I would be surprised if these fees did not consume a significant fraction of the assets.

Re: Mt. Gox Files for Bankruptcy Protection

#44

Post by MWil »

mtgoxloser wrote: post #37

In this incident I lost a bit more than $500,000 USD that was in my MtGox account. I sold my Bitcoins a few months back, but the USD have been sitting in my account waiting to be withdrawn. This was a massive fuck up by MtGox, but I really do feel sorry for Mark Karpeles. He seemed really enthusiastic about Bitcoin. Right by MtGox's offices in Japan was a Bitcoin Cafe being built. You can [see here]( http://si.wsj.ne…

it may be lost to spend but can't you spread the loss out over some years and never pay taxes for that period?

Re: Mt. Gox Files for Bankruptcy Protection

#46

Post by josephagoss »

Yuioup wrote: post #10
broolstoryco wrote: post #4

Earlier quoted context omitted.

> 63 million in debt it is still not clear if it is 63 million + 750k BTC in debt, or in total. If in total it is not clear how btc are valued.

Zero. Bitcoins are worthless.

My experience suggests otherwise, in addition I know many people who have made money from them.

I get what you're saying though, something along the lines of "if no government is behind it, it is inherently worthless".

I disagree, many commodities hold value even though our governments do not assign that value, instead it's their inherent value that is worth something.

To me and many others, a token that can be sent to anyone, be split into a million smaller parts, is not issued by the wills of a handful of men, that isn't forced on a population, is used of our own volition and limited in quantity deserves some inherent value.

Re: Mt. Gox Files for Bankruptcy Protection

#47

Post by ghshephard »

ck2 wrote: post #9

It's easy to be angry at them and/or see how stupid they were about accounting, security, etc. But I guess on the other hand we do have to realize they are victims of massive theft, as far as we know this massive loss was not due to their own profiteering or internal theft, it was an organized outside force targeting them. It occurs to me it is like blaming someone for getting mugged, although they were stupid enough…

"they are victims of massive theft,"

What leads you to believe this?

Re: Mt. Gox Files for Bankruptcy Protection

#48

Post by Oculus »

To all the HN members who lost a lot of money in this closing, remember the community is here for you. Don't do anything too rash and if you need someone to talk to, myself and most other people would be happy to lend an ear.

Re: Mt. Gox Files for Bankruptcy Protection

#49

Post by JumpCrisscross »

mtgoxloser wrote: post #37

In this incident I lost a bit more than $500,000 USD that was in my MtGox account. I sold my Bitcoins a few months back, but the USD have been sitting in my account waiting to be withdrawn. This was a massive fuck up by MtGox, but I really do feel sorry for Mark Karpeles. He seemed really enthusiastic about Bitcoin. Right by MtGox's offices in Japan was a Bitcoin Cafe being built. You can [see here]( http://si.wsj.ne…

>I lost a bit more than $500,000 USD that was in my MtGox account

Sorry for your loss. Why didn't you move it to an interest-bearing bank account?

Re: Mt. Gox Files for Bankruptcy Protection

#50

Post by [deleted] »

ck2 wrote: post #9

It's easy to be angry at them and/or see how stupid they were about accounting, security, etc. But I guess on the other hand we do have to realize they are victims of massive theft, as far as we know this massive loss was not due to their own profiteering or internal theft, it was an organized outside force targeting them. It occurs to me it is like blaming someone for getting mugged, although they were stupid enough…

[deleted]
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