Mark Karpeles Will End Up Taking $859M from Mt. Gox Bankruptcy
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Mark Karpeles Will End Up Taking $859M from Mt. Gox Bankruptcy
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Re: Mark Karpeles Will End Up Taking $859M from Mt. Gox Bankruptcy
#2wow. considering the kind of people lurking in early cryptocurrencies i won't be surprised if he ends up assassinated fairly soon.
Re: Mark Karpeles Will End Up Taking $859M from Mt. Gox Bankruptcy
#3So, what would have happened if bitcoin had crashed to $0? Creditors would have received nothing because there would have been no value left to distribute? Instead he got a free "heads I win, tails you lose" exposure to bitcoin prices?
Re: Mark Karpeles Will End Up Taking $859M from Mt. Gox Bankruptcy
#4He should get nothing until after all his victims are made whole— in bitcoin, not USD.
Re: Mark Karpeles Will End Up Taking $859M from Mt. Gox Bankruptcy
#5[deleted]
Re: Mark Karpeles Will End Up Taking $859M from Mt. Gox Bankruptcy
#6He should get nothing until after all his victims are made whole— in bitcoin, not USD.
"creditors requested Karpeles and Mt. Gox to process refunds in Japanese yen rather than bitcoin"
The people he owed money to asked for it to be this way when proceedings began.
Re: Mark Karpeles Will End Up Taking $859M from Mt. Gox Bankruptcy
#7Lovely. I suppose one way out of bankruptcy is for your assets to increase in value 70-fold.
Re: Mark Karpeles Will End Up Taking $859M from Mt. Gox Bankruptcy
#8> However, after a strange turn of events, it turned out that creditors of Mt. Gox, or former bitcoin traders on the Mt. Gox exchange, requested an equivalent amount of bitcoin to be paid out in Japanese yen at the beginning of Mt. Gox liquidation proceedings. In simpler terms, creditors requested Karpeles and Mt. Gox to process refunds in Japanese yen rather than bitcoin, which has risen substantially in value since then.
Anyone has insights why did they do that? If they were owed 1 BTC, they then were supposed to be paid 1 BTC, why opt for Yen instead?
My assumption is it was because the last rally of 1k USD had come down to 400 by the time this came around and people felt they were owed equivalent value in fiat.
Re: Mark Karpeles Will End Up Taking $859M from Mt. Gox Bankruptcy
#9Re: Mark Karpeles Will End Up Taking $859M from Mt. Gox Bankruptcy
#10So, what would have happened if bitcoin had crashed to $0? Creditors would have received nothing because there would have been no value left to distribute? Instead he got a free "heads I win, tails you lose" exposure to bitcoin prices?
That is not my problem. He denied us the opportunity to cash out, or hold. If it had dropped to 0, I would expect a cash payment.