4 ms·

Isn't Mt Gox in the process of paying based on later found coins? A fraction of that total is is worth several times more than the USD value of BTC at the time

by Clent 4y ago

Isn't Mt Gox in the process of paying based on later found coins? A fraction of that total is is worth several times more than the USD value of BTC at the time.

primax 4y ago
They will after January 2023. And yes... bitcoin has gone up a lot in that time. That doesn't mean the creditors are happy about their crypto being stuck on a bankrupt exchange for almost a decade. I have a small fortune in the civil rehabilitation proceedings. Since mtgox went down, I've since met my wife, got married, had children, started a Masters, finished a Masters, and bought a house. Having access to my crypto at any point during that period would have been really nice.
- inDigiNeous 4y ago
  Do you happen to know if there is any way to apply for this process later? I had tens of bitcoins when MtGox went down. But I have no proof of the transaction or even a proper memory of my account name, and I missed their stupid deadline for applying for the payback program.
  - otoburb 4y ago
    You can try by contacting the official support email (support@mtgox.com), but I believe you have missed all deadlines to register as a creditor.
    - inDigiNeous 4y ago
      Thanks, yeah I think so too..
  - primax 4y ago
    The entire mtgox database was leaked and was googleable, with real names. You should be able to find yourself in it. I'm not sure you can still get approved as a creditor but have a go.
    - inDigiNeous 4y ago
      Thank you, I will check it out. Yeah I think the deadlines are already over, the whole process was quite shady and I did not even realize you can apply, until the deadlines were over.
- lupire 4y ago
  Maybe losing that crypto taught you a lesson and made you a better person and presented you from losing far more in the intervening years. If you got your crypto back you might have been misled into believing that when you give your keys to a strangers, it's still your crypto.
  - rags2riches 4y ago
    Come for the free money. Stay for the life lessons!
  - deleted 4y ago
    [deleted]
- irae 4y ago
  It is unfortunate and no creditor should be exactly "happy" about the situation or completely satisfied with the outcome. But everyone early on crypto knew there were some risks involved. And there is a chance you, or other creditors would have, for whatever reason, withdrawn and converted earlier to less USD (or even lost everything). Getting a fraction now can be a win for many. Call it "enforced diamond hands" if you like the meme... I guess in the average case it is a fair outcome.
sillysaurusx 4y ago
If you’re looking for an opportunity that might 2x your investment over a decade, I imagine the good old stock market would be better than gambling your funds on a dying exchange. But what do I know. I put in $11k at $1,100/coin. I’ll be lucky to walk with 1 BTC after more than a decade. So, not really. And I’ll believe that when the coin is in my wallet. Till then, it’s a mental write-off.
- otoburb 4y ago
  >>I’ll be lucky to walk with 1 BTC after more than a decade. The payout is clearly stipulated on the MtGox website, assuming you've done the work of registering as a creditor. The minimum you'll be walking away with is roughly ~1.5BTC.
- lupire 4y ago
  > And I’ll believe that when the coin is in my wallet In your wallet? 10years of your money trapped and you'd voluntarily choose to leave it dangling it in front of theives as soon as you get it back?

by Clent 4y ago

Isn't Mt Gox in the process of paying based on later found coins? A fraction of that total is is worth several times more than the USD value of BTC at the time.

primax 4y ago

They will after January 2023. And yes... bitcoin has gone up a lot in that time. That doesn't mean the creditors are happy about their crypto being stuck on a bankrupt exchange for almost a decade. I have a small fortune in the civil rehabilitation proceedings. Since mtgox went down, I've since met my wife, got married, had children, started a Masters, finished a Masters, and bought a house. Having access to my crypto at any point during that period would have been really nice.

inDigiNeous 4y ago
Do you happen to know if there is any way to apply for this process later? I had tens of bitcoins when MtGox went down. But I have no proof of the transaction or even a proper memory of my account name, and I missed their stupid deadline for applying for the payback program.
- otoburb 4y ago
  You can try by contacting the official support email (support@mtgox.com), but I believe you have missed all deadlines to register as a creditor.
  - inDigiNeous 4y ago
    Thanks, yeah I think so too..
- primax 4y ago
  The entire mtgox database was leaked and was googleable, with real names. You should be able to find yourself in it. I'm not sure you can still get approved as a creditor but have a go.
  - inDigiNeous 4y ago
    Thank you, I will check it out. Yeah I think the deadlines are already over, the whole process was quite shady and I did not even realize you can apply, until the deadlines were over.
lupire 4y ago
Maybe losing that crypto taught you a lesson and made you a better person and presented you from losing far more in the intervening years. If you got your crypto back you might have been misled into believing that when you give your keys to a strangers, it's still your crypto.
- rags2riches 4y ago
  Come for the free money. Stay for the life lessons!
- deleted 4y ago
  [deleted]
irae 4y ago
It is unfortunate and no creditor should be exactly "happy" about the situation or completely satisfied with the outcome. But everyone early on crypto knew there were some risks involved. And there is a chance you, or other creditors would have, for whatever reason, withdrawn and converted earlier to less USD (or even lost everything). Getting a fraction now can be a win for many. Call it "enforced diamond hands" if you like the meme... I guess in the average case it is a fair outcome.

sillysaurusx 4y ago

If you’re looking for an opportunity that might 2x your investment over a decade, I imagine the good old stock market would be better than gambling your funds on a dying exchange. But what do I know. I put in $11k at $1,100/coin. I’ll be lucky to walk with 1 BTC after more than a decade. So, not really. And I’ll believe that when the coin is in my wallet. Till then, it’s a mental write-off.

otoburb 4y ago
>>I’ll be lucky to walk with 1 BTC after more than a decade. The payout is clearly stipulated on the MtGox website, assuming you've done the work of registering as a creditor. The minimum you'll be walking away with is roughly ~1.5BTC.
lupire 4y ago
> And I’ll believe that when the coin is in my wallet In your wallet? 10years of your money trapped and you'd voluntarily choose to leave it dangling it in front of theives as soon as you get it back?