You are viewing a single comment's thread from:
RE: The Curse of Mt. Gox 💀 Current Bitcoin price crashed yet again due to Mt.Gox
😮 Oooh damn. Ya know what would have been better, is if he GAVE THE PEOPLE WHO ARE OWED COMPENSATION THOSE BITCOINS. But I suppose he WANTS to manipulate so he can buy low.
It's going to happen again to a lesser degree perhaps 19 March, when US Marshals dump $25m of Bitcoin at auction: https://cointelegraph.com/news/us-marshals-service-to-sell-nearly-25-mln-worth-of-seized-bitcoin-at-auction
They can't give back 850.000 BTC if they only have 200.000. But they can give back the 2014-value of 850.000 BTC by selling 200.000 at today's price. I trust the lawyer is just trying to do his job and following Japanese law. And I very much doubt this is part of a deliberate effort to manipulate the market.
Right, but, why do they only have 200,000? They should be on the hook for the rest. They took what was cheap then and had it remained in the hands of the people who owned them, made them rich now, but now those people are only getting the cheap price back. They should owe those people the CURRENT price that they WOULD HAVE HAD if they had been hodling for four years, you know what I mean? It would be like stealing someone's baseball card in 1962 that today is worth $100,000, and today saying, I feel really bad about that, here's the penny you paid for it in 1962, now we're square!
I'm sure it's legal, but that doesn't make it right.
Quote from the article we're discussing:
It's lucky Mt. Gox has any BTC at all.
Mt. Gox is bankrupt. Bankruptcies suck for everyone involved. Creditors never get back their full value, unless the bankrupt company had an amazing insurance policy.
This case is a very special bankruptcy case, in that the 200.000 BTC they still have is actually worth more than the 850.000 BTC heist that bankrupted them. The best solution for those who had their BTC stored at Mt. Gox might have been to divide the remaining BTC among them instead of selling it and giving them the money. The problem with this is that these aren't the only debts Mt. Gox has! They probably owe money to banks, investors, landlords, employees, the power company, and dozens of others. And few of those would accept BTC as payment, and thus they have to sell most of it.
Alright, that's true. Fair point, thanks.