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MtGox ( Tibanne ) Claims Bitcoin.London Domain with Trademark ( Bitcoin ) | The Bitcoin News

MtGox ( Tibanne ) Claims Bitcoin.London Domain with Trademark ( Bitcoin ) | The Bitcoin News submitted by BitcoinCryptoNews to Bitcoin [link] [comments]

We must become organised to stop a corruption of the BCH protocol

Yesterday BitcoinABC released version 0.21 of their client. In this release a consensus rule is included that requires all BCH miners to pay 5% of their block subsidy and 5% of the fees they receive to a set of up to 4 BCH addresses. These addresses are controlled by:
This significant change in the protocol is to be activated using a BIP9 method. It will activate when at least 66% of 2016 blocks are produced by miners running their new release. There is no end date for the tax once it has been activated, so it will go on indefinitely unless manually removed with another hardfork.
This is occurring in the context of an almost unanimous opposition by the BCH ecosystem of businesses, miners, projects and users. This is something that they are fully aware of and have decided to ignore and push ahead anyway.
While it is of course true that the community needs to make sure there is sufficient funding for the projects within the BCH ecosystem that deserve it, and that the funding is provided voluntarily, there are currently numerous efforts under way to create software that makes this as simple as possible. For example, Flipstarter, U-DID, , and pool Donations. There is also a significant amount of will in the community to provide funding if sensible and concrete proposals are put forward.
This change is not only a fundamental change to the properties of Bitcoin as described in the original whitepaper, but has the high likelihood of causing a major split if the entire ecosystem does not work towards stopping it from happening.
Many of us are now organising an effort to oppose this fundamental change. We need as much of the ecosystem as possible to put their effort into stopping this if you don't want this to happen, so please join us at:

t.me/notaxBCH

In the interest of showing again just how much of the ecosystem is against this change I have added the list again below.

Businesses, Infrastructure, Projects & Institutions

Developers

Individuals

submitted by singularity87 to btc [link] [comments]

Detailed crypto background check on u/Tibanne

Of u/Tibanne's last 1073 posts (73 submissions + 1000 comments), I found 890 in cryptocurrency-related subreddits. This all the data I found:
Subreddit No. of comments Avg. comment sentiment Total comment karma No. of posts Avg. post sentiment Total post karma
Bitcoin 5 0.05 -2 0 0 0
Bitcoincash 1 0.0 1 1 0.0 1
BitcoinMarkets 1 0.0 1 1 0.0 1
btc 811 0.13 3117 45 0.09 1383
Buttcoin 1 0.28 (quite positive) 3 0 0 0
Crypto_Currency_News 1 1.0 (very positive) 1 0 0 0
helloicon 1 0.02 1 0 0 0
litecoin 17 0.17 11 0 0 0
Monero 2 0.16 3 0 0 0
CryptoCurrency 3 -0.08 5 0 0 0
submitted by cryptochecker to cryptochecker [link] [comments]

Happy Tipping Tuesday!

It's Tuesday and it's a happy day because over the weekend I found out chaintip is back and working. So why not celebrate it with a new Tipping Tuesday thread! What's a better way to help spread economic freedom to the world than showing the power of micropayments. Anyone anywhere in the world can send and receive Bitcoin (BCH) to each other, any amounts small and large, right now. Nobody has to wait years for new technology to develop.
Special shout out to tibanne who manages the chaintip bot and getting it back online. And don't forget you can still tip with tippr bot.
Other reasons to celebrate and be excited about BCH just in the past few days!
submitted by BitcoinXio to btc [link] [comments]

Mark - if MtGox does not enter Civil Rehabitilation, what are your itentions?

As title, if MtGox does not enter CR and we creditors get only claims pegged at btc/484$+fiat+interst most likely distributed in JPY, but the remaining btc and forks goes to the shareholders - Mark and others. What then Mark? What is you plan? Keep it to yourself?
Anyhow, if Mtgox get this 165k btc + forks converted to JPY (or not) to be distributed to the shareholders as dividend (you Mark) it would be enrichement from other people bitcoins - from mtgox creditors, not yours as shareholder. In my opinion, that funds 165k btc + forks should not be considered as dividend or to enter as mtgox active capital what can go to the shareholders either by MtGox company dissolution or trough dividends. How can be considered as divindend if Mtgox is banrupt, insolvent and in liqidation? Its contradictory! Did any jap. lawyer actually confirmed this?
u/MagicalTux
Edit: Hear this analogy: person is held as custodian other people gold. Around 3/4 of this gold get stolen and person declare bancrupcy although he is not actually bankrupt because no gold of his own got stolen. Appointed person bankrupcy trustee/supervisor use little bit of gold and sold furniture to settle and pay some of persons liabilities and debts with some of trustee monthly expenses. Some poor fool loaned this person TV and unfortunetly TV went under bankrupt person belongings and got sold to settle some debt. (TV owner should make a court claim to exclude TV from bankrupt person belongings, but he did not). After 4 years of bancrupcy, gold price goes to the roof, trustee sold enough gold or even whole gold and settle all bankrupt person debts and liabilities, including people who gave him a gold under his care or custody, but exchanged to old evaluated rate of 10% today gold prices and trustee wire the rest of the sold gold to the person bank account and bankrupt person is not bankrupt anymore. Why....., because, person assumed gold as his ownership and make entry as such in accounting books so gold he got from other people is regarded as his own asset/belonging, not just under his custody! That gold also can't be regarded as person liability such as credit or loan or investment are. Credit/loan/investment can be used to make a profit or share in profit trough dividend, funds/property under custody/care can't! This is similar what Mark did, just instead of person is an corporation/company, but he blames bankrupcy laws as unjust. Nope Mark, its your fuck up from the getgo! We should make a claim to the court to exclude this users funds from Mtgox/Tibanne assets as it wasn't belong to them! Its still possible! Beside Mark, why your 100% share in Tibanne are not liquidated under yourown personal bancrupcy?
Edit #2. Worst case scenario: Court settle all creditors claim with current evaluated btc (483$) where only enough intangible assets (btc) are liquidated (sold) to settle all creditors (what are almost already done), what makes bunkruptcy completed and reamining 165k btc and forks remain as Mtgox intangible asset where they can do whatever they want, liquidate and pay dividends, trade with btc, invest in other projects etc (bankruptcy is over, no obligation or liabilities to MtGox creditors). Little better scenario: Court accept new btc evaluation, but then these to be paid, all (or better to say) suficient remaining btc need to be sold(liquidate) to settle new evaluated creditor claims and question is how much liquid asset (funds) creditors would receive due to crushing the btc price. Eventual btc+forks surplus what would be quite lower then in worst case scenario, would remain as MtGox intangible asset, they can do whatever they want - bankruptcy is completed. Best scenario: Civil rehabilitation under supervision with approved plan where creditors can claim all remaining btc+ forks unexchanged (not liquidated) + what is already liquidated.
submitted by alfabi to mtgoxinsolvency [link] [comments]

Sellachi LLP vs MtGox, Discussion of fee

note: I am just trying to help the people who got goxed not advertise any particular law firm. Resources are posted first:
x post from: https://bitcointalk.org/index.php?topic=507274.0
background history on Selachii LLP:
http://imgur.com/XJg8Rxe source: http://wck2.companieshouse.gov.uk/ & search Selachii
'bitcoinsolicitor' on reddit i assume = Selachii representative
link given by selachii to confirm their background/experience:
http://www.sra.org.uk/solicitors/firm-based-authorisation/abs-registe597443.page
links to other related threads:
http://www.reddit.com/MtGox/comments/1zn09i/selachii_trustworthy/
A concerning review on selachii directors brought to our attention by http://www.reddit.com/useDonutmuncher:
"I read the whole thread on http://www.consumeractiongroup.co.uk/forum/showthread.php?367574-payday-loan-taken-out-2-years-ago-now-capital-credit-management-Lasker-International-taking-my-money/page4 when the Selachii directors were (allegedly) involved in debt collection.
It appears Richard Howlett (Capital Credit Management) was working behind the scenes with Simon Taylor (Lasker Int) to get debts paid back but denying they knew about each other. They both are directors of Selachii now. "
Selachii's letter to everyone:
Selachii LLP London 7th March 2014 www.selachii.co.uk
Selachii LLP have now received enquiries from more than 1,000 potential Claimants following the collapse of the MT Gox Bitcoin exchange. We have retained the services of Nigel Power QC and Daniel Rogers of 7 Harrington Street Chambers to pursue these claims. There are obvious advantages in costs for group action or actions to be pursued against Mt Gox (and/or Tibanne KK and Mark Karpeles) for fraud, negligence and/or breach of contract in Japan, the USA and/or England. Because of this, Selachii LLP are in advanced talks with Japanese and US lawyers with a view to combining resources and keeping costs to a minimum.
As Mt Gox have filed for bankruptcy protection in Japan, it is important to realise that establishing liability against the company may not necessarily result in the recovery of damages, a position which will be carefully monitored. As in all litigation, there is a cost risk for a Claimant if that Claimant were to lose the litigation. However, we are examining options for Insurance policies that would protect Claimants from such costs. Further and detailed advice from Counsel regarding appropriate litigation insurance and also the prospects of success of any claims will be forthcoming to clients in due course. However, more detail regarding the losses is required in order for us to provide this advice and guidance to clients.
A questionnaire has been prepared which will give sufficient information for every potential claim to be assessed quickly. Counsel will provide a full opinion on the merits and advice as to how matters should be taken forward by the 24th March 2014, or 7 days after receipt of the questionnaire, whichever is the later date. The fee for Counsel and Selachii LLP to initially build a case, obtain evidence and undertake fact finding will be 2 BTC per claimant.
This fee will also include:-
(i) The written Opinion from Counsel referred to above, with regular updates as your case progresses. (ii) Management of your claim generally (iii) Negotiation with Lawyers instructed by Mt. Gox (and others) (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
It is felt that at this stage, it will only be viable financially to claimants to join in the class actions if they have 7 BTC or more.
We would be grateful if each client who wishes to proceed would return the signed questionnaire and terms of business (with certified ID as per the questionnaire) by email and post. The claim will then be processed when funds on account of 2 BTC arrive (address TBA).
It is important for claimants to understand that a claim will only be issued if negotiations fail. If it becomes necessary to issue claims, consideration will be given to the filing of class actions in whichever jurisdiction is deemed appropriate for your case. At that stage a further quotation will be provided (if necessary) for the costs relating to litigation, although consideration will also be given to proceeding on a contingency fee basis.
My questions:
Sorry but i think this should be discussed, many young people in bitcoin are likely very new to the legal world:
The pricing is 2 BTC for initial legal costs = $1200, if you get near 1k people that is over 1 million dollars before we get started. Fully aware this would cost huge amounts with individual cases.
1.) Approximately how much extra could be charged from selachii if the MtGox case goes further?
2.) Is the 2 btc refunded if MtGox open for business in say a weeks time & have the ability to pay everyone back?
3.) Why 2 btc? (Dont always have to round up to whole bitcoins if pricing things in bitcoins guys Smiley). There is no price break down for the 2 btc.
Note: I will personally find 2btc amazing value with some kind of result or guarantee btw
4.) Will selachii be waiting to see MtGox's plan for rehabilitation before charging any clients?
5.) Will clients be asked to pay 2btc before knowing insurance policy details/potential success of any claims?
I really think you should hold off on charging 2 btc until we know more from Mtgox or another idea would be charge for an application admin fee & any any initial legal work up to this point. The negotiation cost could come later.
Anyone else have concerns please post.
So everyone knows, im assuming 'bitcoinsolicitor' is connected with Selachii LLP https://bitcointalk.org/index.php?action=profile;u=212314
Selachii response:
The pricing is 2 BTC for initial legal costs = $1200, if you get near 1k people that is over 1 million dollars before we get started. Fully aware this would cost huge amounts with individual cases.
Yes we have been contacted by approx 1000 people. We have people who have lost 1 BTC or less and others who have lost many thousand. For some people unfortunately our proposal will not be viable.
We may release a second proposal for smaller claims at a later date.
1.) Approximately how much extra could be charged from selachii if the MtGox case goes further?
This is impossible to accurately answer. If there are enough validated claims from a certain jurisdiction then there may be enough funds to issue a claim if necessary. If further funds are required then a new proposal will be provided.
Please note that the fee is not just for a potential group action and includes the following:
(i) The written Opinion from Counsel referred to above, with regular updates as your case progresses. (ii) Management of your claim generally (iii) Negotiation with Lawyers instructed by Mt. Gox (and others) (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
2.) Is the 2 btc refunded if MtGox open for business in say a weeks time & have the ability to pay everyone back?
Please see above. If Counsel have started work on your matter and advice has been provided then no refund would be due. It would be brilliant news if everyone was paid back by Mt Gox in two weeks Smiley
3.) Why 2 btc? (Dont always have to round up to whole bitcoins if pricing things in bitcoins guys Smiley). There is no price break down for the 2 btc.
Why does no one query this with fiat currency pricing? Often services and products are for sale for £10 or £100 or £9.99 or £99.99. Rarely do you see fixed fixed service prices at £9.34 or £913.45 etc
Obviously we did have a choice here when pricing our service.
We could have said £749.41 GBP (which is an odd number Smiley) and let people choose to pay with GBP or BTC.
FYI you can still pay the fee in GBP / Pound Sterling.
Note: I will personally find 2btc amazing value with some kind of result or guarantee btw
Thank you - we think so too. It is not cheap to retain the services of a QC and Barrister to work on these matters. However it is simply not possible to guarantee success in any type of litigation.
4.) Will selachii be waiting to see MtGox's plan for rehabilitation before charging any clients?
As per above
Please note proposal includes:
(iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
5.) Will clients be asked to pay 2btc before knowing insurance policy details/potential success of any claims?
The 2 BTC is for:
(i) The written Opinion from Counsel referred to above, with regular updates as your case progresses. (ii) Management of your claim generally (iii) Negotiation with Lawyers instructed by Mt. Gox (and others) (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
It is not possible to advise of individual success of claims until Counsel have reviewed full details. This is why we have asked for the 'Information Questionnaire' and any documentary evidence of losses.
Insurance will only become relevant if a claim is issued. If this needs to happen a quote will be provided. The cost will be shared between claimants. More claimants = less to pay
I really think you should hold off on charging 2 btc until we know more from Mtgox or another idea would be charge for an application admin fee & any any initial legal work up to this point. The negotiation cost could come later.
What do you think is a fair fee?
Thank you for your questions and comments.
submitted by MarkKarp to Bitcoin [link] [comments]

What's going on with Mark Karpeles?

We haven't had any news from Japan about Maruku Karupuresu. Is he still a guest of the constabulary? Is he subsisting entirely off his bodily reserves of Bitcoin? What is Tibanne's ghastly plan? We must know! (Probably.)
submitted by dgerard to Buttcoin [link] [comments]

Mt. Gox Class Action Lawsuit - Important Announcement

Good evening,
You're receiving this e-mail because you've reached out to us regarding the putative class action lawsuit against Mt. Gox currently pending in the Northern District of Illinois (Greene v. Mt Gox, Inc. et al).
We've recently had an important development in the case that we'd like to share with you all. As you may soon hear from the press, we've filed papers tonight seeking approval of a settlement that has been reached with certain defendants. The filed documents have been uploaded onto the Mt. Gox litigation website that you've already been invited to.
A few highlights from the settlement:
We are very excited about this deal and believes it provides strong relief to the class. Going through the Japanese liquidation would have taken significant time and expense, and would likely have depleted existing assets and returned only pennies on the dollar. This deal will provide immediate funds to class members and give you all a stake in the new entity. Further, as the settlement does not release claims against many of the principal players, the class action lawsuit will still continue against the non-settling defendants (i.e. Tibanne, Karpeles, Mizuho Bank) and the class may well recover additional monies.
Update
More info here: http://www.savegox.com/press/Gox_Creditor_Settlement_Press_Release.pdf
submitted by agggat to Bitcoin [link] [comments]

My view for the worst, better, best case scenario

Even with current straight bankruptcy (hasan) trustee can address the court based on finance analysis and cuncil for new evaluations of intangible assets(btc) due to price violity and significant asset value increase after inital btc value evaluation, what if approved, with current straight bankrupty btc+forks must be sold to pay all creditors with updated and new evaluated claims. On another hand, only if CR and plan is approved, these btc and forks can be distributed unexchanged (unliquidated) to the creditors.
All asset whatever tangible or not is liquidated only to the certain point to get liquid asset (funds) to pay all creditors. When that is done, bankruptcy is completed and court/trustee authority stops. Any remaining asset remain as asset what company can use to resume busines or whatever they choose. Ordinary, in bankruptcy liquidation, all asset in full had to be liquidated, because creditors claims are much higher then company assets worth. Its liqidated in full only if asset can't be sold partialy and there is no other assets to be liquidated. However, in MtGox bankruptcy things has changed, untangible asset are now worth much more then total of approved creditors claims and if claims stays with current evaluation, asset will be liquidated only to the funds worth what equal all total approved creditor claims, nothing more! Update: under bankruptcy (hasan) corporation has to be dissolved what after distribution of all creditors has been made and Court bankruptcy termination order , dissolution esentualy cause all remaining asset liquidation and surplus sent to the shareholders - Tibanne and then Mark Karpeles.
Worst case scenario: The Court settle all creditors claim with current evaluated btc (483$) +fiat+interst coverted and paid as JPY where only enough intangible assets (btc) are liquidated (sold) to settle all creditors (what are almost already done), what makes bunkruptcy completed and reamining 165k btc and forks remain as Mtgox intangible asset where they can do whatever they want, liquidate and pay dividends, trade with btc, invest in other projects etc (bankruptcy is over, no obligation or liabilities to MtGox creditors). (Unfortunetly, in my opinion, this will most likely be the case. Read edit at the end of the OP).
Update: under bankruptcy (hasan) corporation has to be dissolved what after distribution of all creditors has been made and Court bankruptcy termination order , dissolution esentualy cause all remaining asset liquidation and surplus sent to the shareholders - Tibanne and then Mark Karpeles.
Better scenario: If some miracle (never) happens the Court accept new btc evaluation, but then these to be paid as JPY, all (or better to say) suficient remaining btc need to be sold(liquidate) to settle new evaluated creditor claims and question is how much liquid asset (funds) creditors would receive due crushing the btc price. Eventual btc+forks surplus(°) what would be quite lower then in worst case scenario, would remain as intangible MtGox asset where corporation can do whatever they want - bankruptcy is completed. (°(eventual btc+forks surplus would depend on new btc price evaluation for creditor claims and difference in new total claimed sum vs. funds JPY what trustee get from actual btc liquidation). Update: corporate dissolution aplies here too, just much less funds to be sent to the shareholders.
Best scenario: (Low probability, read edit at end of the OP) Civil rehabilitation under supervision with approved plan where creditors can claim all remaining btc+ forks unexchanged (not liquidated) + what is already been liquidated.
In this case, if plan is approved we would get 100% our current claim. We need to divide total claimed JPY sum with 50.058JPY (btc 483$) to get how much that is as btc base and on that result add aprox 17% of btc/bcc distributed as btc/bcc. Percentage (17%) might be lower, depend on ther lawsuit and non mtgox users creditor claims. Example of the best case scenario: Current approved claim. Rates to JPY (2014) BTC= 50,058.12 JPY; US$ = 1USD=103.64 JPY Currency US$ balance = 1,200$= approved sum JPY=124,368. Bitcoin balance = 14btc = approved JPY = 700,813.68 124,368+700,813.68 =825,181.68 JPY total of approved creditor claim/ that is sum what creditor receive 100% sum (liquid funds almost available, to be distributed as JPY). 825,181.68/50,058.12=> 16.48 BTC base: 16.48x17%=> 2.80 BTC and 2.80 BCC to return as cryptocurrency. Sumarise: Creditor receive 825,181.68 JPY and 2.80 btc and 2.80 bcc. That would be max return. Same calculation is aplied if creditor had only btc balances, only any currency (fiat) or both currency(fiat) and btc. Both fiat or currency mean: USD, EUR, GBP, JPY etc.
Iam not sure what that actual CR and plan are in the "best case scenario" as I have no details. We actually need sort of "better case scenario" just without required to liquidate remaining btc+forks and to be distributed as intangible asset (btc+forks). Beside, its Trustee duty to look best interest of all creditors, but for bankrupt company as well, what might cause conflict. Its defenetelly hard and complex situation, for all parties.
Questionable is whatever liquidated intangible asset (btc) under bankruptcy (straight or CR) are subjected to the capital gain (not dividend) and approprate income tax what would cause lower(dilution) funds distribution. However, in that case question is how would be regarded our creditor claims i.e. deductable as intangible asset value entry? Capital gain/profit- loss - deductable - expense=> corporate gross income - tax=> net income. So actually, from what I know from accounting practise, paid funds for evaluated claims would be asset (btc) "in value" while liquidated asset "out value" so actual capital gain net from btc are: difference in paid claims minus actal liquidation value! Beside, that "net capital gain" are not actually "net gain" as there are minus from other deductable sums and only when they are substracted make net income before corporate income tax! It maight be discharged, but I doubt it. Only liquidated untangible asset (btc) are regarded as corporation capital gain/profit, its not corporation dividends. Its conflicted situation because MtGox did not bought these btc, nor mined them, nor gifted, nor received as Mtgox investment and they were never corporation assets. Control of btc as intangible assets does not always equal propietorship (if there are contract or mutual agreement), but it will be (are) if not chalanged and Iam not sure on what grounds are we creditors then (unless corporation addmited debt/liability, but then again on what terms and conditions or user agreement these btc have been received?). Regardless, Trustee must have profesional finance advisoaccountant.
Some examples of intangible assets: patents, trademarks, franchises, goodwill, copyrights, Internet domain names, performance events, licensing agreements, service contracts, computer software, blueprints, manuscripts, joint ventures, medical records, permits, and trade secrets and many more. When MtGox were alive, such intangible asset doesn't enter finance balance sheet neither as asset value or liability value. It would if MtGox exchanged them (trade) for his account with buy/sell price. MtGox when alive these btc just had to record in secundary books as btc +/- held analiticaly for each user. Under bankruptcy proceedings, such a intangible assets as bitcoin is very hard to assest (evaluate), usualy trustee waits until last minute bankrupt company to liquidate them or best bid (°) and to update btc evaluation value what prior were blank, in order creditors get as much as possible. In our case, trustee did not do that and I have not found anything what would make him to evaluate at start of the filling the claims. (°)Actually I think, in case of public auction certain restriction might apply, certain party can't bid (I might be wrong).
However, not all asset are in the same category. In my country, bitcoin is regarded as financial asset, it does not matter is it tangible or not. If I as a person or the company make money from trading internet domains, it would be regarded as income subject to the tax. But if I as a person (not company) make money from exchanging certain personal financial assets, btc, any currency, diamonds, gemstone, gold and earn (dividends and interest excluded) from the positive rate difference, it would not be income subjected to income tax. But in same situation, company would be subjected to the taxes. Capital gain has two separate catogory, dividends what is profit on top of asset (asset reamin) and capital gain from the trade of asset, where one asset is exchanged to another asset and profit is from the rate difference, which can be either positive either negative.
There was a lawsuit against bankrupt Mtgox where user requested full btc refund what were denied with this explanation:
Presiding Judge Masumi Kurachi said the Civil Code envisages proprietorship for tangible entities that occupy space and allow for exclusive control over them. The judge said it is evident bitcoins do not possess the properties of tangible entities...
Basicly that mean, bitcoin is intangible where envisaged proprietorship can't be claimed as they are not phisical in nature and because Mtgox had exclusive control!(based on Japan civil code btw what is 120 years old (°), but what about corrporation/commerce law?) Beside, whatever is exclusive control of said bitcoin (intangible asset) depend on mutual contract, user agreement, term and conditions. Regardless, it was right Court call in this case, they just couldn't return full btc holdings, no chance whasoever, it would be a nightmire for the rest of users who doesn't follow his step, but if he accepted loss of aprox 3/4 btc and wanted only remaining 1/4 rulling might be different.
(°) The National Diet approved significant amendment to the Civil Code in May 2017 to update the Civil Code which is approximately 120 years old. Some general rules and many provisions regarding contracts were amended. The amended Civil Code will be enacted sometime before June 2020.
Edit: Our btc and any other currency balances held at MtGox with 2014 market value is our claim against mtgox all assets. BTC belong to the Mtgox -we creditors only claim that debt. Even these BTC are sold at higher rate then 2014. this just make raise in value of the mtgox liquid financial asset (while intangible asset btc exit books), but doesn't automaticly raise mtgox debts to us! Debt stays as is. According to the mtgoxlegal lawyer, new claim evaluation is not possible and I agree. Then how we the creditors, even in CR will be able to claim the btc as they dont belong to us as btc, but only current debt? Its like we sold our btc at 2014. at 483$ to the Mtgox who never paid us and that value we claim now within our claims. Try to imagine how btc dont exist or it exist but with same rate in 2018 as in 2014. We would be in the same situation if JPY rate against all other currency went to the roof, but btc are still at around 500$. Like its not in 2014, 1usd=103 JPY, but let say in 2018, 1usd=100,000 JPY, our claims would still reflect 2014 rates (even in CR) btc are not different. Even if CR reopen the window for filling claims and evaluation of the ALL claims, it would be at 2014. market rates!
I have a idea where we could get something over our current claims, but still brainstorming and many users won't like it as that is not what they expect to get. I think we are fucked - worst case scenario. Even if someone try to sue based on btc balances once held at Mtgox, it would fail. It might be different case, if Mark(•) said before bankruptcy, hey, these btc never belonged to the Mtgox, return what is left after audit to the mtgox users and then start bankruptcy to try get what went missing from real owned mtgox asset, what is not much and beside, I think bankruptcy would be terminated on grounds how mtgox asset can't even cover administrative creditors who have priority, let alone other creditors. (•) (All three insolvency proceedings can be filed either voluntarily or involuntarily. Generally, no one, including a debtor or any of its creditors, is obligated to file a petition to commence insolvency proceedings under Japanese law.).
50k JPY per bitcoin from creditors approved claim from 2014. is not binding because of Mtgox online claim system state it (or offline claim signiture), but its final and binding based on the Japan Bankruptcy Act court rulling and applicible as binding contractual Agreement in any other Japan proceeding, or eglible laws, Civil Rehabilitation included. Beside, that is only one reason, other reason is how Mtgox is in the bankruptcy proceeding since 2014. its never completed, eventual civil rehabilitation is only transition and if it ever commence, Mtgox is still under rehabilitation Act where for creditors claim total on 2014 rates total nothing change, but can increase distribution from the debtor profits max 100% claim total value (Mtgox has already enough funds or asset to sell to cover 100% payout). Third reason is how Mtgox users are regarded as last class unprotected non-priority creditors. And more reasons, but you get the picture! There is not much difference for the last class of creditors (Mtgox users) between liquidation or civil rehabilitation.
Due to Mtgox terms of use and accounting, Mtgox users are something as unsecured none-priority trade creditors without right to retain proprietorship of sold/bought, but unpaid btc (goods) until actual user withdraw. Real IN and OUT for both fiat and bitcoin with Mtgox are deposits and withdraw, trading are all just virtual balancing and Mtgox is in bankruptcy since 2014. without activity for creditors in regard on this IN and OUT (or trade). Otherwise, if we had legal grounds to get Mtgox btc asset surplus, we would get portion of non-stolen bitcoin back long time ago either outside of bankruptcy or within as separate satisfaction and with that portion btc back, would be able to claim damages for the missing bitcoins.
Anybody can (sponsor) buy MtGox capital (surplus included) and negotiate ~2000-3000$ per bitcoin where sponsor would need ~400-500M$ fresh capital (to take surplus and liabilities) and for that need civil rehabilitation, but nothing change for the creditor claims value (50k JPY/BTC), sponsor is still obligated only creditors claim total value and when settled, sponsor can use surplus free, fresh as their choice. If sponsor is a (group) of creditors, from that ~400-500M$ their claim total on 2014 rates is deducted. Bitcoins balances can't be segretated, otherwise creditors would have it long time ago.
Be careful who use you (creditor) to send umbiguous letters to their lawyers, surveys, without really knowing concrete and detailed plan and what is creditor benefit and how and on what legal grounds they plan to achive it, don't accept diplomatic responses! If somebody want to be a sponsor, I accept it, its a busines, but if nothing change to my creditor claim value with concrete plan how to achive it, it would just further delay distribution! Then its sponsor benefit, not ALL creditors benefit, even though might look like it! Read Bankruptcy and Rehabitilation Acts to learn about trustee duties and responsibilities and how Mtgox trustee have no say in this, trustee only follow court issued order.
Its not only this binding claim value a problem! If we had legal grounds on surplus btc assets, we would be secured creditors and would get portion of non-stolen bitcoin back long time ago either outside of bankruptcy or within, as separate satisfaction and with that portion btc back, would be able to claim damages for the missing bitcoins. I just don't understand people who spent $100k-200k for lawyers blind trust where lawyers just ensure them to think how CR somehow make Mtgox users what are last unsecured non-prority class of creditors into secured creditors with preserved propetorship of Mtgox bitcoin balances, who can claim bitcoin seperatelly either as btc or liquidated value and who could not claim that in the bankruptcy liquidation, but somehow magically in Civil Rehabilitation they can! Based on what legal grounds? Group lawyer told them how would need an court precedent in order creditors get above of 2014 rates claim value!? Precedent? If Mtgox users had agreemant what state how all balances (btc and fiat) are preserved propietorship until user withdraw, we would have aprox 1/4 btc long time ago and no precedent is required for that, (I could tell them this for free).
MtGox case were true Caveat Emptor. Finally, we all bought and sold bitcoin what was not actually fully unspent at Mtgox bitcoin wallets and users monetary balances did not reflect fully MtGox bank account balances.
04/22. I tried to discuss at mtgoxlegal group about counter-arguments what would overturn this major problems in order to help group lawyers, even we end up with nothing, but many misunderstund and bombarded me with questions to defend this and insulted me personaly, because some are ignorant, arrogant, rude, on ego trip and missed the the point how I must post problems first in order to discuss about valid arguments to overturn it, otherwise they would not understand what I talk about. They asked me even to prove it??? Imagine ignorance! Creditor situation is already funded within Japan bankruptcy and Rehabilitation Acts, Civil and Corporate Code, but I have to prove it to them! OMG, that all I can say on that. Wrong group to discuss obviously!
Even by some magic CR commence (if Tibanne appeal fail), it does not mean creditors get anything above of already approved claim total based on 2014 rates, unless Mtgox trustee state it so and rehabitilation plan is confirmed within 5 months after commencement.
submitted by alfabi to mtgoxinsolvency [link] [comments]

VPSBG.eu took down TibanneBackOffice.exe malware server - thanks for doing the right thing!

Just want to thank VPSBG (VPSBG) for taking down the server which was retrieving wallets stolen by TibanneBackOffice.exe (see http://www.reddit.com/Bitcoin/comments/200k30/the_tibannebackofficeexe_executable_is_wallet/). If you opened the file, please remember to delete it and move all your coins to a new wallet.
submitted by olalonde to Bitcoin [link] [comments]

WTF? Mark Karpeles Will End Up Taking $859 Million From Mt. Gox Bankruptcy

This is the best tl;dr I could make, original reduced by 54%. (I'm a bot)
The price of bitcoin has risen by 70-fold, and former Mt. Gox CEO Mark Karpeles is expected to take the majority of the profit from the bankruptcy proceedings.
In July, Karpeles attended a court hearing and pleaded not guilty to charges on money laundering and embezzlement, for his involvement in the loss of approximately one million bitcoins, which were worth $400 million during the period wherein the Mt. Gox bankruptcy was filed.
During the investigation into the Mt. Gox bankruptcy from 2014 to 2016, 200,000 bitcoins were recovered and with that, Karpeles was requested to proceed accrediting creditors of Mt. Gox with the recovered bitcoins.
After a strange turn of events, it turned out that creditors of Mt. Gox, or former bitcoin traders on the Mt. Gox exchange, requested an equivalent amount of bitcoin to be paid out in Japanese yen at the beginning of Mt. Gox liquidation proceedings.
On paper, the company of Karpeles, called Tibanne, owns about 88% of Mt. Gox as per the WSJ. After the bankruptcy filings are settled, Mt. Gox will be left with a surplus of $977 million worth of bitcoins.
Out of that, 88 percent will be granted to Karpeles and in the end, after losing more than $7 billion of user funds, Karpeles will take home $859 million for his role in the demise of Mt. Gox.
Summary Source | FAQ | Feedback | Top keywords: Mt.#1 Gox#2 bitcoin#3 Karpeles#4 creditor#5
Post found in /Bitcoin, /Buttcoin, /sidj2025blog and /BitcoinAll.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

Statement from Mt.Gox regarding the outage yesterday & lag

Source: http://www.facebook.com/MtGox/posts/453409538076792
It’s been an epic few days: What happened?
Dear Mt.Gox users and Bitcoiners,
It’s been an epic few days on Bitcoin, with prices going up as high as $142 per BTC. We all hope that this is just the beginning!
However, there are many who will try to take advantage of the system. The past few days were a reminder of this sad truth.
Mt.Gox has been suffering from its worst trading lag ever, 502 errors, and at one point some users were not able to log in their account. The culprit is a major DDoS attack against Mt.Gox.
Since yesterday, we are continuing to experience a DDoS attack like we have never seen. While we are being protected by companies like Prolexic, the sheer volume of this DDoS left us scrambling to fine-tune the system every few hours to make sure that things don’t go beyond a few 502 error pages and trading lag.
Why has Mt.Gox become the target of a DDoS attack? It is not yet clear who is behind this DDoS and we may never know, but these actions seem to have two major purposes:
  1. Destabilize Bitcoin in general. It is not a secret Mt.Gox is the largest Bitcoin exchange with more than 80% of all USD trades and more than 70% of all currencies. Mt.Gox is an easy target for anyone that wants to hurt Bitcoin in general.
  2. Abuse the system for profit. Attackers wait until the price of Bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their Bitcoins, wait for the price to drop to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times like we saw over the past few days and they profit.
What can be done? Believe it or not, there is pretty much nothing that can be done. Large companies are frequently victims of these kinds of attacks. Even though we are using one of the best companies to help us fight against these DDoS attacks, we are still being affected.
There are a few things that we can implement to help fight the attacks, such as disconnecting the trade engine backend from the Internet. By separating the data center from the Mt.Gox website, we will continue to be able to trade.
What can you do? Like our favorite author here at Tibanne says… Don’t Panic!
“Panic-selling is a wide-scale selling of an investment which causes a sharp decline in prices. Specifically, an investor wants to get out of an investment with little regard of the price obtained. The selling activity is problematic because the investor is selling in reaction to emotion and fear, rather than evaluating the fundamentals.” (Source: Wikipedia)
I understand that many of you have a lot at stake here, but remember that Bitcoin, despite being designed to have its value increase over time, will always be the victim of people trying to abuse the system, or even the value of Bitcoin decreasing occasionally. These are not new phenomena and have been present since the beginning of time when humans first started trading.
Trade Engine Lags Lag affects everyone, not only us, but also major, world-renowned exchanges like the NASDAQ and NYSE. We can fix lag, but we cannot eradicate lag. Only small exchanges with low volume and liquidity are immune to lag.
Does this mean that we are giving up fighting lag? Hell, no. We are working on it by creating a new trade engine that will solve many problems, but it’s not a magic bullet. We can always try to scale our servers, but we cannot predict what happens from external sources: DDoS, panic selling, immediate increase of buyers, etc. Lag will always be there, but our mission is to make lag as small as possible.
Account Verification As if a major DDoS attack was not enough, we at Mt.Gox are victim of our own success!
Last year, Mt.Gox saw an average of 9,000 to 10,000 new accounts created every month. This number doubled in January, tripled in February, and sextupled in March. In this month alone, over 57,000 new accounts were created!
Our support and account verification team went from four people in January 2012 to twenty-two people working every day of the week. We are now hiring even more people to solve this problem by finalizing some deals with external companies.
Remember that even if you are waiting for your account to be verified, you can still deposit or withdraw funds via our Japanese account and make your trades! (Only accounts that we pro-actively required to be verified are limited to deposits and trade only.)
Finally We have seen a significant amount of comments on the web (various forums, Reddit, etc.) that portray Mt.Gox as a company held by “idiots” and other rather rude words, complaining about inability to deal with lag and other system issues, without understanding the magnitude of work and attacks we are facing every day.
I understand the frustration many of you feel. We hate this situation as well. Since we took over Mt.Gox, we have been through Hell and back and we are still here. We are still the largest exchange with over 420,000 trades per month and USD $121 million monthly trade volume. We have worked our way through all the requirements needed to run our exchange legally.
Now, there are some things we can improve, but so far we are doing an incredible job that no other exchange has been able to do so far. While I understand a certain amount of frustration, realize what we have accomplished. I appreciate all the work you are doing everyday to push things forward and to help secure the future of Bitcoin
And to all of you who are supporting us on a daily basis, thank you! We could not have done any of this without your help!
Source: http://www.facebook.com/MtGox/posts/453409538076792
submitted by papa_doke to Bitcoin [link] [comments]

🔥How to avoid unnecessary risks: the history of the development and fall of Mt Gox

🔥How to avoid unnecessary risks: the history of the development and fall of Mt Gox
⠀⠀⠀⠀Cryptocurrency exchanges are a convenient place for trading and exchanging of virtual money. Besides, it’s convenient and affordable. You can do business without leaving home and trade currency remotely.
⠀⠀⠀⠀However, there are certain risks associated with the protection of personal data and monetary assets. Recently, cases of hacker attacks have become more frequent. Craftsmen bypass even the highest levels of protection.
⠀⠀⠀⠀So it happened with the once popular trading platform Mt Gox. In just a year, this platform has turned from a well-known exchange into a bankrupt. Recently, the media reported about the company's plans to return to the market. In this regard, we recall the history of its formation.
⠀⠀⠀⠀The platform was first launched in 2006. At first, Mt Gox was engaged in buying and selling cards for a popular game. In 2010, the head of Jed McCaleb completely changed his profile and created one of the first exchanges for bitcoin transactions. After some time, the successful business was sold to the French businessman, the owner of the company Tibanne Mark Karpeles.
⠀⠀⠀⠀Then the exchange began the first problems, because it was not organized reliable protection against hacking. As a result, the attackers managed to steal a large amount of user funds. Nevertheless, the reputation of the service was restored and in 2013 the site again earned its full strength.
⠀⠀⠀⠀Unfortunately, the success didn’t last long, because there were many legal problems with partners and government agencies. In may 2013, the company had to sue one of the partners. The amount of the claim was huge. Many customers began to doubt the reliability of Mt Gox and hurried to withdraw their assets.
⠀⠀⠀⠀Then a new blow followed - 750.000 bitcoins were stolen from the exchange. At the end of February 2014, the company had to confirm the rumors of bankruptcy. According to unverified data, today the site owns 160 thousand bitcoins, but they are not enough even for the payment of sums in lawsuits. However, the owner plans to return to the crypto business and prove his worth. Well, these are quite ambitious plans, we wish you success in their implementation.
⠀⠀⠀⠀You can make one conclusion-trust your funds to trusted operators of electronic services!
🚀Take crypto payments with PayKassa.pro!
https://preview.redd.it/vo94km9w6vb11.jpg?width=1191&format=pjpg&auto=webp&s=3e474d0a4382e7fc3f72af0aeeb362590fa1a2d1
submitted by paykassa to u/paykassa [link] [comments]

'Twas the night before Buttmas (xpost, not mine originally)

'twas the night before christmas, and all through the net, no transactions were processed, not even a bet the miners were hung by the fans with aplomb, in the hopes that they wouldn't be unplugged by mom the manlets were nestled all snug in their chairs, losing their wallets to trojaned warez, and tibanne on his throne, ver on a stick, andreas is drunk and getting vitriolic when suddenly on reddit a new thread is hot, "banks buying bitcoin! they're buying the lot!" no evidence is posted to support this notion, but the upvotes have spoken, and caused a commotion the lines on the graph of the unstable price start rocketing upwards, no more rolling the dice! when suddenly, selling, a red arrow shows some actual volume, and transaction lag grows with this kind of movement, so many orders to fill, they knew it their hearts it was the work of a shill with money to burn thanks to the fed, battle plans formed, and the sticky now said: "now voorhees! now fenton! now, charlie and roger! hang on a minute, who isn't a tax dodger? no matter just buy, the beast isn't picky! quick, give it money, while i start the wiki!" their fortunes depleted, pocket money spent, the older among them investing the rent, personal credit forever in red, but totally worth it, the bearwhale was dead and then, a new message, a reply to a post, some economic analysis from user cum-ghost, the rainbows confusing, the triangles scattered, but it turns out none of that had really mattered utility, value, a wave of the hand, none of this matters to freemen of the land a reminder, he posted, as best as he could: "no matter what happens, for bitcoin it's good!" 
submitted by roidragequit to Buttcoin [link] [comments]

Current state of affairs

LAST UPDATE: 8 JULY 2015 12:00 PM GMT
CLAIMS ARE NOW OPENED AT: https://claims.mtgox.com
NOTE: Progress is slow nowadays, so this current state of affairs sticky thread should be up to date.
Deadline for claims extended: From announcement dated 6 July 2015:
The period for filing bankruptcy claims was until May 29, 2015, but the bankruptcy trustee has been accepting filings of bankruptcy claims after the expiry of the said period. The bankruptcy trustee decided that the deadline for filing bankruptcy claims using the Online Method will be 12 noon on July 29, 2015 (Japan time).
A note on recovering funds: From announcement dated 22 April 2015:
Please access https://claims.mtgox.com and enter the username or e-mail address and password that is registered with the MTGOX Bitcoin exchange. After entering this information, please log in to the System after agreeing to certain terms and set a new password using the temporary authentication code which will be sent to the e-mail address that was originally registered with the MTGOX Bitcoin exchange. As the said temporary authentication code is only effective for 15 minutes, please set a new password immediately after receiving the code. Otherwise, it will be necessary to request another temporary authentication code.
Important dates: From announcement dated July 6th 2015 and July 24th 2014:
  • Period for filing proofs of bankruptcy claims
    By July 29, 2015
  • Date and time for investigation of claims
    September 9, 2015, 1:30 pm.
July 6th, 2015
Deadline for filing of bankruptcy claims using online method and temporary restriction on functionality of online system.
Discussion thread: https://www.reddit.com/mtgoxinsolvency/comments/3c9kti/deadline_extended/
April 22nd, 2015
Notice of Commencement of Filing of Bankruptcy Claims by MTGOX Bitcoin Exchange Users.
Discussion thread: http://www.reddit.com/mtgoxinsolvency/comments/33fpga/notice_of_commencement_of_filing_of_bankruptcy/
February 2nd, 2015
Commencement of the bankruptcy proceeding for TIBANNE, as a creditor thereof, with permission from the Tokyo District Court. In response, on January 30, 2015, the Tokyo District Court issued an order of commencement of the bankruptcy proceeding for TIBANNE.
Discussion thread: http://www.reddit.com/mtgoxinsolvency/comments/2uiy5x/tibanne_declared_bankrupt_by_kobayashi/
December 17th, 2014
The second creditors’ meeting of MtGox Co., Ltd. (“MtGox”) was held on November 26, 2014. In addition to the FAQs previously disclosed on this website, below are our answers mainly to questions, etc. that the creditors were particularly concerned about at the second creditors’ meeting.
Discussion threads: http://www.reddit.com/mtgoxinsolvency/comments/2ngo7p/mtgoxcom_documents_distributed_at_the_second/
http://www.reddit.com/mtgoxinsolvency/comments/2nk3q8/kolin_burgess_report_on_creditors_meeting_and/
November 26th, 2014
The second creditors’ meeting of MtGox Co., Ltd. (“MtGox”) was held on November 26, 2014. These are links to the FAQ and documents distributed at that meeting.
Discussion thread: http://www.reddit.com/mtgoxinsolvency/comments/2pkjpx/im_too_lazy_someone_give_me_a_tld
November 26th, 2014
Payward Japan K.K (Kraken) has been selected as the supporting company for the bankruptcy Proceedings concerning MtGox.
How will Payward support MtGox from here on? Pursuant to its agreement, Payward’s support for the bankruptcy proceedings of MtGox will entail, among other things, (i) cooperation concerning the investigation of the bitcoins which are said to have been possibly lost; (ii) cooperation concerning the filing of claims and investigation related thereto; and (iii) cooperation concerning bankruptcy distributions (items (i) and (ii) will be provided without charge up to 500 hours in total, and item (iii) will be provided without charge). In addition, Payward will purchase MtGox’s equipments (formatted after deleting all the saved data and software).
Discussion thread: http://www.reddit.com/mtgoxinsolvency/comments/2ng8bv/kraken_selected_to_aid_mtgox_liquidation/
External rehabilitation process/ external bidders:
The 3 external rehabilitation proposal bidders which are yet to be confirmed by the bankruptcy trustee:
Sunlot/ SaveGox/ Brock Pierce group - http://savegox.com
Discussion thread: http://www.reddit.com/mtgoxinsolvency/comments/24kcxl/savegox_site_updated_huge_faq_with_more/
OkCoin-backed Btcocean group - http://www.btcocean.com
Article: http://www.coindesk.com/can-chinese-exchange-okcoin-rescue-mt-gox-creditors/
Discussion thread: http://www.reddit.com/mtgoxinsolvency/comments/24ympb/where_okcoin_is_at_with_mt_goxfrom_okcoin_employee/
Coinlab - http://coinlab.com
Article: http://www.coindesk.com/us-judge-approves-mt-goxs-bankruptcy/
Discussion thread: http://www.reddit.com/mtgoxinsolvency/comments/28fvam/in_addition_to_sunlot_holdings_seattlebased/
July 24th, 2014
On July 24, 2014, the Tokyo District Court 20th Civil Division issued an order to change the period for filing proofs of claims and the date for investigation of claims... (refer to top of this sticky for the dates)
Discussion thread: http://www.reddit.com/mtgoxinsolvency/comments/2byq60/date_for_investigation_of_claims_until_septembe
July 23rd, 2014
On July 23, 2014, the first creditor's meeting was held. The second creditor's meeting will be held at Tokyo District Courtroom for Creditors' Meeting No.1 (5F, joint government building for the domestic, summary and district courts) at 13:30 on November 26, 2014.
Discussion thread: http://www.reddit.com/mtgoxinsolvency/comments/2bhidn/mtgox_creditors_meeting_megathread/
July 14th, 2014
Please find below our responses to frequently asked questions regarding creditors' meetings (to be held July 23, 2014). We will update this page as needed, and thus please check this webpage periodically.
Discussion thread: http://www.reddit.com/mtgoxinsolvency/comments/2anlbb/mtgoxcom_20140714_faqs_regarding_creditors/
July 1st, 2014
Postcard from Office of Bankruptcy Trustee sent to MtGox victims starting from July 1st, which appears to be still being sent, as some people have been receiving the postcard a week later. The postcard content is similar to the May 21st announcement. The postcard cover contains a unique number that may or may not be significant so it is worth storing the postcard, just in case.
Discussion thread: http://www.reddit.com/mtgoxinsolvency/comments/29kart/dont_throw_away_your_mtgox_postcard_from_japan_it/
submitted by MtGoxInsolvencyMod to mtgoxinsolvency [link] [comments]

The Miraculous Christmas bitcoin song

'twas the night before christmas, and all through the net, no transactions were processed, not even a bet the miners were hung by the fans with aplomb, in the hopes that they wouldn't be unplugged by mom
the manlets were nestled all snug in their chairs, losing their wallets to trojaned warez, and tibanne on his throne, ver on a stick, andreas is drunk and getting vitriolic
when suddenly on reddit a new thread is hot, "banks buying bitcoin! they're buying the lot!" no evidence is posted to support this notion, but the upvotes have spoken, and caused a commotion
the lines on the graph of the unstable price start rocketing upwards, no more rolling the dice! when suddenly, selling, a red arrow shows some actual volume, and transaction lag grows
with this kind of movement, so many orders to fill, they knew it their hearts it was the work of a shill with money to burn thanks to the fed, battle plans formed, and the sticky now said:
"now voorhees! now fenton! now, charlie and roger! hang on a minute, who isn't a tax dodger? no matter just buy, the beast isn't picky! quick, give it money, while i start the wiki!"
their fortunes depleted, pocket money spent, the older among them investing the rent, personal credit forever in red, but totally worth it, the bearwhale was dead
and then, a new message, a reply to a post, some economic analysis from user cum-ghost, the rainbows confusing, the triangles scattered, but it turns out none of that had really mattered
utility, value, a wave of the hand, none of this matters to freemen of the land a reminder, he posted, as best as he could: "no matter what happens, for bitcoin it's good!"
Courtesy of SA user Dex
submitted by unfit_bagel to Buttcoin [link] [comments]

Mark Karpeles was sentenced for fraud in 2013

http://www.cryptocoinsnews.com/2014/03/03/exclusive-tibanne-co-ltd-sentenced-2013-mark-karpeless-lies-new/
from: http://www.reddit.com/Bitcoin/comments/1zfcwq/tibanne_co_ltd_sentenced_in_2013_mark_karpeless/
I have not seen discussion about this here. Basically Mark Karpeles scammed someone promising to build a webpage, not delivering, asking more money to finish and finally not delivering again after getting the extra money. He was sentenced by the japanesse authorities in 2013. Only caveat, as a commenter points out, is that the article does not give the original sources.
If this is true, I dont know if I want to believe the excuse he gave for his fraud in France that got him into Tokio (that he had back ups at home).
submitted by hugolp to BitcoinMarkets [link] [comments]

[Informational] [CC0] The Dijon Malaise: The Rise and Fall of Karpelès

Mark Karpelès

Mark Karpelès, also known as MagicalTux, is a former operator of the notable Bitcoin exchange MTGox, as well as a founding member of the Bitcoin Foundation, and a major contributor to the Bitcoin Wiki project.
Karpelès notably presided over the great failure of the MTGox exchange, with his tight control of information and seemingly criminally irresponsible behavior yielding unprecedented outrage in the Bitcoin community.

History

Mark was born June 1st, 1985 in France, and grew up in the city of Dijon. In his teenage years, it is rumored that his interest in computers turned criminal, according to various sources. Although apparently convicted, Mark served no time and was burdened with no public criminal record. It's documented that Mark moved from Dijon to Paris, attending the schools Lycée Claude Bernard, and Lycée Louis Armand in Paris, finishing his education in 2003 at age 18.
He soon found employment at the Linux Cyberjouers company, working as a network administrator and software developer for two years. After his stint at Linux Cyberjouers, Mark reportedly went to work for the French company Eurocenter, a game software development studio for two years. Reportedly Mark's work at Eurocenter led to a dispute and accusations of financial fraud. Mark was eventually convicted of the accusations in 2010, resulting in a one year prison sentence. However Mark never returned to France to serve his one year sentence, because in 2009 at age 24 he had moved to Tokyo Japan, never to return to France.
In Tokyo, Mark formed a limited liability company Tibanne, named after his cat, and found a new life there, marrying a local woman, fathering a child, and developing a conversant ability in Japanese. In 2010, Mark began to take part in the early Bitcoin community, volunteering time and effort to restore and rehabilitate the neglected Bitcoin Wiki project by reforming it and switching to a MediaWiki installation. Mark worked to create an extension to the wiki to charge for edits, and he ran a fund drive to generate funds to promote development of wiki content, although the five hundred donated bitcoins were never spent or returned.
In 2011, at age 26 Mark purchased the nascent Bitcoin exchange MTGox from the developer Jed McCaleb, acquiring an 88% stake in the company. It is rumored that at that point, he may have also taken on some hidden debt, stemming from a possible hack on the exchange during Jed's tenure, and reportedly during the switchover there may have been more funds lost.
Nevertheless, the MTGox exchange led the way as an early pioneer of what was to follow in Bitcoin exchanges, and quickly rose in prominence as Bitcoin's fame and fortune began to pick up in 2012. At 2012, at the age of 27, Mark joined Gavin Andresen and others in forming the Bitcoin Foundation, a trade association that was intended to funnel money towards the interests of Bitcoin, as decided by its board and members.
Towards the end of 2013, Karpelès worked to keep up with the rapacious demand of a Bitcoin bubble, fueled by massive media coverage. As the months wore on, the increased scrutiny and volume started to cause obvious issues. US regulators froze his accounts. He started to report issues with his own Japanese bank partners. The MTGox exchange started to delay and block withdrawals of fiat, and eventually Bitcoin, sparking concern. After drafting several crisis plans and circulating them to possible investors to help bail out MTGox, Karpelès eventually revealed that the exchange was inoperably bankrupt, had lost users' funds on deposit, and he pointed blame at a Bitcoin Blockchain bug called transaction malleability as being the culprit, demanding that the Bitcoin Core developers immediately fix the issue.
The Bitcoin Core developers rebuffed these demands and accusations, pointing to documentation on Mark's own wiki that detailed the bug and showing that it could be worked around, and that it was a well known issue that should have been dealt with by a competent programmer.
In February of 2014, Mark stepped down from the Bitcoin Foundation, and the MTGox exchange became defunct, the entire matter turning to the courts for resolution. In August of 2015, at age 30, Karpelès was arrested for falsification of financial documents, embezzlement and misuse of company funds, including recorded instances of solicitation of prostitutes with company money.
submitted by pb1x to writingforbitcoin [link] [comments]

Is anybody else having trouble getting money into Mt. Gox?

I've watched the value of bitcoins increase 2 and a half times while I wait for my transfer (which was acknowledged on Friday) to show up in my Mt. Gox account. I've emailed multiple times over the past two days but have gotten no response. I tried calling Tibanne Ltd. directly in Tokyo (during Japanese business hours) but nobody answers the phone.
edit: Finally went through. I'll pass on the advice Mark gave to me: the emails are being answered oldest thread first. So if you send multiple emails, your email thread will get pushed back with each new one and there will be additional delay.
submitted by MonkeyDeathCar to Bitcoin [link] [comments]

My summary of current situation

Coins visible in bitcoin_tx API are untouchable by us as they were by bookkeeping a deposit from new customer and this was done after protection from bankcruptsy started. We cannot sue him for lost coins in Japan and US, we cannot withdraw or deposit fiat. Nothing prohibits the withdrawal of coins by new customers, old customers can only withdraw coins which Mark marks as been specificaly trackable to the customer, part of this tracking is done outside of blockchain. Nothing prohibits mtgox from providing its services and it can rent mtgox engine and other assets to eg. Tianne. If new customer deposits fiat to tibanne, nothing prohibits the trading, withdrawals, deposits or more or less complete funcionality of mtgox. It is safe from new customers point of view as his deposits and assets are untouchable by old customers. We are fucked. We need to ack fast and force mtgox into chapter 7 to get at least some compensation otherwise Mark doesn't need to give us anything and can continue to run bussiness as usual.
submitted by lnovy to mtgoxinsolvency [link] [comments]

5/29/14 - First Bitcoin Scholarship, Dish Network teams with Coinbase, & How Do I Get Bitcoins? How Do I Buy Bitcoins? Step By Step Instructions ДЕНЬГИ ЧТО ЭТО ТАКОЕ?ИСТОРИЯ ДЕНЕГ?КАК ПОЯВИЛИСЬ ДЕНЬГИ ...

The site has thus far been a reliable hub for news related to the ongoing bankruptcy case of the failed bitcoin exchange, and a post published on Tuesday claims that Mt. Gox’s bankruptcy trustee has paid out large sums of money to Tibanne K.K., Mt. Gox’s parent company run by Mark Karpeles. Je stärker der Bitcoin-Kurs steigt, desto schmerzlicher wird der Verlust für den Waliser James Howells. Der 32-Jährige Informatiker gehörte nach einem Bericht des britischen "Daily Telegraph ... Tibanne has entered its own bankruptcy, and their trustee is apparently pursuing a claim for 82,500 bitcoins. Because Tibanne has filed an appeal against the court’s decision to side with the MT Gox trustee, and because Coinlab could potentially do the same, any redistribution is likely to take some time depending on how long the appeal court takes. News Tibanne, Parent of Bitcoin Company MtGox Granted Recognition of Its Japanese Proceeding. On April 2, 2015, the United States Bankruptcy Court for the Southern District of New York granted foreign main recognition under Chapter 15 of the Bankruptcy Code of the Tibanne Co., Ltd bankruptcy proceeding pending in Tokyo, Japan. RCT represented Taro Awataguchi, the Trustee of Tibanne in his ... Der Untergang der Bitcoin-Börse Mt. Gox reißt auch die Mutterfirma Tibanne in den Abgrund: Wegen offener Schulden ließ der Insolvenzverwalter nun ein weiteres Verfahren einleiten.

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5/29/14 - First Bitcoin Scholarship, Dish Network teams with Coinbase, & "Bitcoins" for sale

ДЕНЬГИ ЧТО ЭТО ТАКОЕ?ИСТОРИЯ ДЕНЕГ?КАК ПОЯВИЛИСЬ ДЕНЬГИ?ВСЕ ЧТО ВЫ НЕ ЗНАЛИ О ПОЯВЛЕНИИ ДЕНЕГ! БИТКОИН ВСЯ ... Tibanne, the Japan-based holding company of collapsed digital currency exchange Mt. Gox, is looking to sell its trademark on the word "bitcoins" registered in both Japan and the EU, as well as the ... However, the site abandoned Magic and became a bitcoin exchange, quickly growing to handle 60% of the bitcoin exchange volume, as of August 2013. It was established in 2010. Originally founded by ...

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