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Mt. Gox Ordered Into Liquidation
An anonymous reader writes "The Japanese edition of The Wall Streeet Journal reports that Mt. Gox has filed for liquidation under Japanese bankruptcy law (link to article in Japanese, U.S. version may be paywalled). The article cites a 'related party' as saying that Mt. Gox was unable to work out how to deal with creditors spread out all over the globe, nor design a realistic rebuilding plan. The article adds a comment from the company lawyer: Mark Karpeles will not be attending the bankruptcy court hearing in the United States scheduled for April 17th."
The announcement from Mt. Gox's lawyer.
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Many of my critics have claimed that the closure of Mt. Gox means something I'd prefer not to believe about Bitcoins. But ultimately, I think this proves they're wrong, and that surprisingly this actually confirms what I've been saying all along.
Sure, my view has its detractors. But they're not basing their viewpoint on calm, reasoned, objective criteria mixed with a bigger vision of how the world works and the economics of Bitcoins vs the economics of normal currencies. They're simply mixing some observations with their own prejudiced view of economics, and coming to the opposite conclusion.
I think, in the end, you'll find I'm right about Bitcoins and that my view is confirmed by the closure of Mt. Gox. It may not be the view you have, but it is the right one.
(C) All Bitcoin advocates/skeptics, 2014
You are not alone. This is not normal. None of this is normal.
Good news: Mt. Gox ordered into liquidation.
Bad news: All debts paid out in Dogecoin.
Mark Karpeles will not be attending the bankruptcy court hearing in the United States scheduled for April 17th.
Extradite him. He's probably not coming to the US for the hearing, because he could be arrested on the spot.
By glorifying MtGox's collapse, you have shown yourself to be a Thuggish Tool Of The Oppressor! You would have made Hitler and his minions proud with your slavish dedication to the status quo.
Maybe you should open your eyes to the real world instead of digging yourself into a bunker of group-think as part of the great mass of sheeple and perpetuating hysteria and hype.
(c) All Politically Frothy Slashdot Commenters, MMXIV, All Rights Reserved
..no wait. Actually I totally enjoy saying it in this case.
Probably good to draw a line under MtGox. Bitcoin prices seem to be up today - coincidence? Bitcoincidence?
Why liquidate? I thought they found enough bitcoins to cover their losses:
http://news.slashdot.org/story/14/03/21/1312245/mtgox-finds-200000-bitcoins-in-old-wallet "The value of the coins is estimated to be $116 million USD, which happens to cover their $64 million USD in outstanding debts nicely "
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Aaaand... It's gone!
very good! http://thienanvietnam.com/
I love hot the Libertarians are showing their true hypocrisy right now.
We're non-interventionist!
We don't think government should regulate currency!
We don't believe in the use of force!
The free and unregulated market will take care of itself, we don't need no guberment regulation for our businesses!
Now its:
Help us Uncle Sam, some French guy in Japan ripped us off and we want him arrested and brought to the USA!
This just makes my day.
Editors need to do their job, unless there's an actual "The Wall Streeet Journal" in Japan.
Ya'll should have known Karpeles would do anything to avoid coming to the US and risking jail time for his actions. The Japanese will never go after this like the US would.
Get a job like the rest of us.
Now they'll have to melt all their bitcoins into liquid bitcoins. Darn.
For whatever reason, WSJ seems to give Google a pass when it comes to the paywall
http://webcache.googleusercontent.com/search?q=cache:http://online.wsj.com/news/articles/SB10001424052702303663604579504691512965308
[Fuck Beta]
o0t!
I was days away from deciding to buy $5,000 USD of MtGox reduced-price bitcoins which I could sell for 3x-5x times their value once the "irrational fear" of MtGox's PR situation. If it worked, I would have been able to pay off all my remaining student loans, and if it didn't, I'd learn a lesson and only be out a couple k. I did the same thing with ATYT stock back in 2002 and almost tripled my meager savings. Was a total rollercoaster.
Now I've been very unexpectedly unemployed for over a month now, and there's only $6k in the emergency fund.
It's amazing how one piece of information can take an idea from being 80% sure it's worth the risk, to knowing absolutely that it would have been a total mistake. Speculating is little more than gambling. I dodged a major bullet.
The most important lesson in gambling: do not bet more than what you can afford to lose. I'm glad you learned the lesson without actually losing any money. I hope it sticks with you for the rest of your life.