4 ms·

This is the easy way out for them. Instead of battling the unjust done to their users, they simply call it a day and leave millions of people with non-refundabl

This is the easy way out for them. Instead of battling the unjust done to their users, they simply call it a day and leave millions of people with non-refundable money they were trusted with. I am absolutely certain the owners or at least an elite top at Mt. Gox have made a gain from this. Due to the nature of Bitcoin we will never 100% be certain where the coins exactly went, but it's highly unlikely they just vanished in air somewhere.

nomailing 13y ago
That doesn't make sense. Due to the nature of bitcoin we might actually be able to know where the coins went. what do you mean by nature of Bitcoin? if someone steals yoir wallet, then due to the nature of your physical wallet we will never 100% be certain where it went. Due to the nature of Bitcoin there is a trace left in the blockchain.
- perlgeek 13y ago
  People keep saying that, and one would think that if it were that simple, and enough people lost money/BTC on the MtGox debacle, then someone would have gone hunting for it, and found it. I have read no report, so if it hasn't happened yet, why should I believe it will happen?
  - danbruc 13y ago
    It is that simple once you know all of MtGox addresses and transactions. But I doubt you will ever get that information, I even tend to doubt MtGox that MtGox has this information itself.
    - eterm 13y ago
      No it isn't that simple, because a 1BTC on a MTGox account isn't the same thing as 1BTC on the blockchain, if it were then Gox wouldn't have collapsed the way it did.
      - danbruc 13y ago
        MtGox internals don't matter for tracing the lost coins. You need to know all addresses owned by MtGox, then you also know all the coins deposited to MtGox, and you need the list of legitimate withdraws. Then you can just look what happened to the coins not legitimately withdrawn.
naterator 13y ago
> This is the easy way out for them. As far as I understand they wanted to restructure but they are not being allowed to by the court. The first line[1] in the doc essentially says this. This happens when the court doesn't think there is hope for rehab, which is not surprising in Mt.Gox case. [1] "At 5 p.m. on April 24, 2014, the Tokyo Distri ct Court issued an order of commencement of the bankruptcy proceedings for MtGox Co., Ltd."

nomailing 13y ago

That doesn't make sense. Due to the nature of bitcoin we might actually be able to know where the coins went. what do you mean by nature of Bitcoin? if someone steals yoir wallet, then due to the nature of your physical wallet we will never 100% be certain where it went. Due to the nature of Bitcoin there is a trace left in the blockchain.

perlgeek 13y ago
People keep saying that, and one would think that if it were that simple, and enough people lost money/BTC on the MtGox debacle, then someone would have gone hunting for it, and found it. I have read no report, so if it hasn't happened yet, why should I believe it will happen?
- danbruc 13y ago
  It is that simple once you know all of MtGox addresses and transactions. But I doubt you will ever get that information, I even tend to doubt MtGox that MtGox has this information itself.
  - eterm 13y ago
    No it isn't that simple, because a 1BTC on a MTGox account isn't the same thing as 1BTC on the blockchain, if it were then Gox wouldn't have collapsed the way it did.
    - danbruc 13y ago
      MtGox internals don't matter for tracing the lost coins. You need to know all addresses owned by MtGox, then you also know all the coins deposited to MtGox, and you need the list of legitimate withdraws. Then you can just look what happened to the coins not legitimately withdrawn.

naterator 13y ago

> This is the easy way out for them. As far as I understand they wanted to restructure but they are not being allowed to by the court. The first line[1] in the doc essentially says this. This happens when the court doesn't think there is hope for rehab, which is not surprising in Mt.Gox case. [1] "At 5 p.m. on April 24, 2014, the Tokyo Distri ct Court issued an order of commencement of the bankruptcy proceedings for MtGox Co., Ltd."