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Mt. Gox Ordered Into Liquidation

Unknown Lamer posted about 3 months ago | from the even-the-pretend-assets dept.

Bitcoin 44

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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http://www.linuxadvocates.com (-1)

Anonymous Coward | about 3 months ago | (#46766709)

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Re:http://www.linuxadvocates.com (3, Funny)

fellip_nectar (777092) | about 3 months ago | (#46767385)

I would donate, but someone stole all my Bitcoins...

Get a Job (0)

Anonymous Coward | about 3 months ago | (#46770105)

Get a job like the rest of us.

This confirms my point of view (5, Funny)

squiggleslash (241428) | about 3 months ago | (#46766867)

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

Re:This confirms my point of view (-1)

Anonymous Coward | about 3 months ago | (#46766919)

...my view...

view not mentioned in post

Great post, would read again!

Re:This confirms my point of view (0)

Anonymous Coward | about 3 months ago | (#46766947)

He's right, though. His non stated view can't be wrong.

Re:This confirms my point of view (1)

Anonymous Coward | about 3 months ago | (#46766941)

Generic rebuttal #213. Personal insult #22. Further remark about questionable parentage. Improper/misdirected gloating.

Re:This confirms my point of view (-1, Flamebait)

Anonymous Coward | about 3 months ago | (#46767009)

Sit down and shut the fuck up. The people at Mt. Gox are thieves, and they were able to get away with it because shitcoin is structured in a way that makes that easy to do.

Re:This confirms my point of view (1)

david_thornley (598059) | about 3 months ago | (#46774205)

I don't know if they were thieves, but it seems more likely than that they were that incompetent. However, they could have done the same thing with any currencies, just as easily, except that when they're an explicitly financial institution it's harder to evade regulation. They failed to maintain the most basic auditing, for whatever reason, and they were not acting as any sort of regulated financial institution.

Re:This confirms my point of view (-1)

Anonymous Coward | about 3 months ago | (#46767011)

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 have no point...
You must be a bit delusional if you think everyone reads and remembers you rants in /.

Re:This confirms my point of view (2)

Anubis IV (1279820) | about 3 months ago | (#46767261)

(C) All Bitcoin advocates/skeptics, 2014

You have no point...

Whooooosh.

You Insensitive Nazi Clod! (4, Funny)

sirwired (27582) | about 3 months ago | (#46767065)

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

Re:This confirms my point of view (1)

wiredog (43288) | about 3 months ago | (#46767513)

I rate this troll as Adequate [adequacy.org] .

Re:This confirms my point of view (1)

91degrees (207121) | about 3 months ago | (#46770887)

:)

To be fair this doesn't really prove or disprove anything except that MtGox's specific business model doesn't work.

Re:This confirms my point of view (1)

njnnja (2833511) | about 3 months ago | (#46771229)

Unless their plan was to go into bankruptcy! Then their business model works perfectly and may even be emulated! [imdb.com]

Good news and bad news (5, Funny)

Anonymous Coward | about 3 months ago | (#46766875)

Good news: Mt. Gox ordered into liquidation.
Bad news: All debts paid out in Dogecoin.

Re:Good news and bad news (2)

GTRacer (234395) | about 3 months ago | (#46767137)

much debt. wow. such poor.

Re:Good news and bad news (1)

sexconker (1179573) | about 3 months ago | (#46770447)

Dogecoin is best coin.

Get this over with (2)

mysidia (191772) | about 3 months ago | (#46766981)

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.

Re:Get this over with (1)

Razed By TV (730353) | about 3 months ago | (#46767029)

He's probably in hiding.

Someone else pointed out to me that he owes money to a lot of people that probably aren't good to owe money to.

Re:Get this over with (1)

Ralph Wiggam (22354) | about 3 months ago | (#46767217)

Arrested on what charges?

Re:Get this over with (0)

Anonymous Coward | about 3 months ago | (#46767285)

Money laundering, theft, gross negligence. I'm sure there's plenty more.

Re:Get this over with (2)

bill_mcgonigle (4333) | about 3 months ago | (#46768127)

Money laundering, theft, gross negligence. I'm sure there's plenty more.

Let's assume the premise. You want the US to now arrest people for crimes committed in Japan?

Team America World Police was satire.

Re:Get this over with (1)

cusco (717999) | about 3 months ago | (#46769125)

Many of his suckers, I mean customers, are US citizens/residents and the transactions were initiated from their US-located computers. AC left out Fraud.

Re:Get this over with (0)

Anonymous Coward | about 3 months ago | (#46769139)

The libertarians are anti-world police/imperialism; until it hits them in the wallet.

Re:Get this over with (1)

sexconker (1179573) | about 3 months ago | (#46770495)

Money laundering, theft, gross negligence. I'm sure there's plenty more.

Let's assume the premise. You want the US to now arrest people for crimes committed in Japan?

Team America World Police was satire.

That's still miles better than going after non-criminals in other countries for non-crimes, or just drone striking them.

Re:Get this over with (1)

Triklyn (2455072) | about 3 months ago | (#46771573)

US justice system is the only justice system that matters. US citizens can be prosecuted for crimes committed on foreign soil even if it's legal in that country, apparently. you're also apparently constrained by the laws of the foreign country on top of that.

Re:Get this over with (1)

makomk (752139) | about 3 months ago | (#46777355)

The money laundering, and possibly also some of the other crimes, was committed in the US by American subsidiaries that Mark Karpeles set up specifically for that purpose.

Hate to say I told you so.... (0)

kaizendojo (956951) | about 3 months ago | (#46767087)

..no wait. Actually I totally enjoy saying it in this case.

Probably a good thing (0)

Anonymous Coward | about 3 months ago | (#46767123)

Probably good to draw a line under MtGox. Bitcoin prices seem to be up today - coincidence? Bitcoincidence?

Re:Probably a good thing (0)

Anonymous Coward | about 3 months ago | (#46770955)

I was just going to type "It is actually good news for Bitcoin! Now all the investors can have the feeling of closure and move on with their lives", except I was going for tongue-in-cheek and you seem to be serious. Damn, Bitcoin, you scary.

PS: Price jump seems to be related to misunderstanding about "OMG China banned _all_ BTC!" clearing up.

Why? (1)

Anonymous Coward | about 3 months ago | (#46767131)

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 "

Re:Why? (1)

SpankiMonki (3493987) | about 3 months ago | (#46767431)

IIRC, MtGox lost (claimed were stolen) ~850K BTC. The 200K BTC they found in the "old wallet" reduced the missing BTC to 650K - which was not included in the $64M debt figure.

yuo Fa1l \It (-1)

Anonymous Coward | about 3 months ago | (#46767223)

NetBSD user To them...then violated. In the Exemplified by troubles of those Were compounded volume of NetBSD were taken over Fact: *BSD IS A are j0st way over to the original which allows of *BSD asswipes minutes. At home, numbers. The loss standards should that have raged is part of the same worthless = 1400 NetBSD as the premiere TCP/IP stack has clear she couldn't be treated by your Been many, not the one or the other so there are people be forgotten in a faster chip Sanctions, and

Re:yuo Fa1l \It (0)

Anonymous Coward | about 3 months ago | (#46771495)

Is English your 5th language? Because if it's not, get off your parents computer and scream to have your diaper changed.

Oblig. (0)

Anonymous Coward | about 3 months ago | (#46767345)

Aaaand... It's gone!

I love it! (-1)

Anonymous Coward | about 3 months ago | (#46768333)

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 (0)

Anonymous Coward | about 3 months ago | (#46768945)

Editors need to do their job, unless there's an actual "The Wall Streeet Journal" in Japan.

Ya'll should have known (1)

rahvin112 (446269) | about 3 months ago | (#46769375)

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.

aww (1)

slashmydots (2189826) | about 3 months ago | (#46771359)

Now they'll have to melt all their bitcoins into liquid bitcoins. Darn.

Irrational markets and not knowing when the insani (1)

Anonymous Coward | about 3 months ago | (#46774231)

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.

Re:Irrational markets and not knowing when the ins (0)

Anonymous Coward | about 3 months ago | (#46775679)

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.
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