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Anyone have any theories about what will happen to the coins? Smart money says "A lawyer at a downtown Tokyo legal firm with sterling reputation informs the ba
by patio11 12y ago
Anyone have any theories about what will happen to the coins?
Smart money says "A lawyer at a downtown Tokyo legal firm with sterling reputation informs the bankruptcy trustee of their desire to purchase certain assets of Mt. Gox. The lawyer demonstrates that they've been engaged by a consortium of foreign investors. The trustee looks diligently for other options to liquidate 200k BTC, finds that the Bitcoin ecosystem is a hive of scum and villainy, and says that he's willing to consider the consortium's offer. They offer $PICK_A_NUMBER, which represents a substantial discount to what many Bitcoiners believe the spot price of 200k BTC to be, but which is -- crucially -- actually available, in actual honest-to-the-Constitution yen, from someone who is almost certainly not a criminal enterprise. The bankruptcy trustee, satisfied that he has diligently explored the options, counteroffers with regards to the price. Terms are reached, a contract is hammered out in an afternoon, and payment is made via a wire transfer. Physical delivery of the Bitcoins is accomplished by the technical experts nominated by the buyers, in the company of the bankruptcy trustee and the representative director of the company. The bankruptcy trustee writes them a receipt and enters the transaction into the books of the company. The universe quivers in anticipation but then realizes 'Wait, much more interesting commerce happens in Tokyo every day.' The bankruptcy trustee then begins drafting a memo to stakeholders of the corporation on the likely amount of liquid assets which the corporation controls to satisfy claims made against it."
- danielweber 12y agobut which is -- crucially -- actually available, in actual honest-to-the-Constitution yen I will happily predict this is how it will play out: 1. Someone buys the BTC, like you said 2. Everyone on /r/bitcoin is horrified at the price, like you said. 3. Everyone on /r/bitcoin is pointed at your very comment right here, which is now months old, for the sober explanation that if the deal was so good, then they should have gotten there and put in a bid as well. 4. Commence the gnashing of teeth. There are times when being reputable is a big win. Unwinding a cluster-fudge is one of them. They want to get through this mess as cleanly as possible.