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Why 23%? Seems arbitrary. Is that the amount in BTC that is expected to be paid out to creditors?

by Lambdanaut 6y ago

wmf 6y ago
Yes.
- perennate 6y ago
  That is not at all my understanding of what the draft rehabilitation plan says. There are fiat assets and fiat claims and other complicated factors. The payout would depend on the BTC/BCH-to-yen conversion rate at the time that the distribution begins, and the total claims that make it through all the way to the end. Based on one creditor's read of the plan, along with the current exchange rates and such, the current expected payout is closer to 0.16 BTC per 1 BTC held, some of which is paid back in Japanese yen and some as BTC/BCH [https://old.reddit.com/r/mtgoxinsolvency/comments/l08ymh/mt_gox_draft_rehabilitation_plan_payout_calculator/ https://old.reddit.com/r/mtgoxinsolvency/comments/l08ymh/mt_...].
perennate 6y ago
It is much more complicated than that because part of the BTC will be paid from yen fund and part from BTC fund. And there are both fiat claims and cryptocurrency claims. The draft document has been made available to creditors but it says not to share with the public. But it does say that BTC and BCH claims will be valued at the BTC/BCH-to-yen conversion rate as of the time of commencement of rehabilitation proceedings (749,318.83 yen/BTC). And the payout will be less than that because the remaining assets will be distributed to creditors in a prorated system (although certain small fiat claims and possibly other claims may have higher priority). There is definitely not a specific amount of BTC currently that would be paid to creditors per BTC that they held, since it depends on the final total claims (which is mostly finalized but may still change a bit), and presumably on the value of the remaining BTC/BCH assets held by the trustee at the time of distribution. One creditor made a calculator to compute the payout based on the current exchange rates and such: https://old.reddit.com/r/mtgoxinsolvency/comments/l08ymh/mt_gox_draft_rehabilitation_plan_payout_calculator/ https://old.reddit.com/r/mtgoxinsolvency/comments/l08ymh/mt_...

Why 23%? Seems arbitrary. Is that the amount in BTC that is expected to be paid out to creditors?

wmf 6y ago

Yes.

perennate 6y ago
That is not at all my understanding of what the draft rehabilitation plan says. There are fiat assets and fiat claims and other complicated factors. The payout would depend on the BTC/BCH-to-yen conversion rate at the time that the distribution begins, and the total claims that make it through all the way to the end. Based on one creditor's read of the plan, along with the current exchange rates and such, the current expected payout is closer to 0.16 BTC per 1 BTC held, some of which is paid back in Japanese yen and some as BTC/BCH [https://old.reddit.com/r/mtgoxinsolvency/comments/l08ymh/mt_gox_draft_rehabilitation_plan_payout_calculator/ https://old.reddit.com/r/mtgoxinsolvency/comments/l08ymh/mt_...].

perennate 6y ago

It is much more complicated than that because part of the BTC will be paid from yen fund and part from BTC fund. And there are both fiat claims and cryptocurrency claims. The draft document has been made available to creditors but it says not to share with the public. But it does say that BTC and BCH claims will be valued at the BTC/BCH-to-yen conversion rate as of the time of commencement of rehabilitation proceedings (749,318.83 yen/BTC). And the payout will be less than that because the remaining assets will be distributed to creditors in a prorated system (although certain small fiat claims and possibly other claims may have higher priority). There is definitely not a specific amount of BTC currently that would be paid to creditors per BTC that they held, since it depends on the final total claims (which is mostly finalized but may still change a bit), and presumably on the value of the remaining BTC/BCH assets held by the trustee at the time of distribution. One creditor made a calculator to compute the payout based on the current exchange rates and such: https://old.reddit.com/r/mtgoxinsolvency/comments/l08ymh/mt_gox_draft_rehabilitation_plan_payout_calculator/ https://old.reddit.com/r/mtgoxinsolvency/comments/l08ymh/mt_...