Makes you really think

makes you really think

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Buy Mobius, Sir.

B-buy the dip.

BTC's going to be going to session lows. Wouldn't shock me to see $2000 if the $5600 target is broken. That would really fuck the market, as everything else would get dragged to near nothing. But, none the less it would dethrown BTC and pave the way for actual growth of the market. At those levels, I think even massive institutional investors would see the potential. Imagine banks buying billions of Dollars worth to start their own offerings.

Can someone explain who this Mt.Gox trustee is? Why does he have so many BTC? Why are they allowed to sell them when Mt.Gox was hacked? Why are the funds not returned to the hacked accounts?

Tika confirmed W bottom iminent

*MAYBE double bottom, could be even lower

i need this answer too please

OP is retard they sold only the amount they were forced to sell from lawsuit and don't need to sell more for 4 years

This is correct, the $ value of the bitcoin sold = the amount they had to repay

Because no regulation.

not to mention the coins are moving from weak hands (literally forced to sell with a gun to their head) to strong hands (under no such court order) if you have above room temp IQ you realize this

>Can someone explain who this Mt.Gox trustee is?
He's someone hired by the Japanese courts to oversee the bankruptcy of Mt. Gox.

>Why does he have so many BTC?
He doesn't have any BTC. The estate of Mt. Gox does. He is in control of them, for the purposes of processing the bankruptcy.
>Why are they allowed to sell them when Mt.Gox was hacked?
The hack has nothing to do with it. He's allowed to sell the coins, because the court ordered Mt. Gox be liquidated in 2014. He can't just do whatever he wants, he reports to the court, and he's constrained by laws and rules in what he does. He had claims to pay, from claims by legit creditors who filed petitions to get their money back, in the BK, court. This is how BK works.
>Why are the funds not returned to the hacked accounts?
Again, this has nothing to do with hacking. The people who had coins on that exchange, under Japanese law, will get their value in cash, at some point in the process. The issue for them is Japanese law dictates that they get the value of their coins at 2014 prices, when the court ordered the company be liquidated. It's unclear when the account holders will get paid.

Is there anything else you'd like to misunderstand?

One more question:
Why would they keep selling if they already got all the fiat they had to give back to the people who got JUST'd?

yeah if the orginal holders are only getting the 2014 usd value where is the rest of the money going

they only sold the amount of btc needed to cover the fiat value. they didnt sell the exact number of BTC the people that got Goxxed had. i cant believe we got goxxed 4 years later. This thing is surreal.

They've only paid off a portion of the claims against Mt. Gox. It's a process.

It would be like if you declared bankruptcy - your creditors lining up would be your landlord/bank for morgage, credit card companies, car loan company, utilities, cable company - anyone you owe money to.

If you were Mt.Gox, the coins the trustee sold covers the car loan, but the other creditors are still waiting in line.

Remember how Gox was hacked? They need to pay back for the fiat value of the stolen coins. Fortunately for them, the fiat value of the fraction of their reserves that wasnt stolen now exceeds the 2014 value of the stolen coins.

To the investors. Tibanne, the parent company, is the largest stakeholder - which is owned by Mark Kepeles.

A good overview is here, I suggest you read it:

and it will also happen again in another short span of time unless the fucking japs get their shit together and investigate this trustee and also change the FUCKING protocol. Bunch of fucking zipperheads they need to get nagasaki hiroshima on the line

LOL. No.

Read up before running your mouth.

I stand corrected. Fucking japs

lawsuits take a LONG time, especially ones of this caliber. why are people so stupid

They will sell the rest OTC, now the story has broke the buyers will line up.

More magical thinking from a desperate nolambo.

This trustee is a highly trained and respected lawyer, who faces long jail sentences for fucking up a legal process like this. Everything he does is overseen by the courts, and he has to follow strict rules and laws. And the "protocol" isn't broken, you have no fucking clue what you're talking about. The bankruptcy court has no responsibility to give one fuck about the price of bitcoin, it's fiduciary responsibility is to make as many legit claims by creditors and claimants whole as possible. What happens to the market is your problem, not theirs.
If you blame anyone, blame Merk Kepeles. He's the one who declared bankruptcy, which led to the court ordering Mt. Gox be liquidated, which let to Kobayashi selling those coins.

This is the trustee:

Now start sniveling about lawyers and conspiracies, loser.

you're delusional

This isn't a lawsuit. How can you be in a business related forum, and not even know what the process is going on right now?

This is a BANKRUPTCY. This is from Mark Kepeles telling the Japanese courts that Mt. Gox couldn't pay it's bills, and declared bankruptcy to got out of it's debts. The courts ordered the sale of the coins, because creditors, who were owed money by Mt. Gox, filed claims in BK court, and Kobayashi, the trustee, sold coins to pay those claims, because they were determined to be legitimate.

How can you even begin to think about investing when you can't even be bothered to get the basic facts about this story?

>t. brainlet

There is no indication at all this will happen. The trustee will take the highest price he can find, whether that's OTC or on the exchanges, as his duty to the court requires.

hi rajish

how u doin my lil pajeet poop face

Okay I have question.
Why did they wait so long to liquidate?
Most bankruptcies do it within weeks to months....

Most bankruptcies aren't on this scale

Assuming that they won't sell anymore because they have enough fiat, is baseless and wishful thinking.
pic very related.

decoupling is the only option. fuck that fat kike. we will couple our alts to fiat. that, or we will crypto-crowdfund a hit on his head.

Go read this:

Personal bankruptcies are nothing like like this - it's a completely different thing. The trustee first has to gather all of the assets - and he reported that he found more coins than what were declared originally. Then he has to process all claims by creditors. This can and is taking years, with more years of work ahead of them. The trustee I'm sure is looking at years more work ahead of him, and probably has a large staff working on it with him. The amount of paperwork alone probably means a handful of paralegals running around. He's also dealing with officials from several countries that are investigating Kepeles and Mt. Gox.

Seriously, i don't envy the guy. I read that Kepeles turned paranoid towards the end, and was pulling coins out of the exchange, into cold storage, often printed, and stashing them in safe deposit boxes. Just determining what Mt Gox had is a mountain of bullshit. Then you factor in the layers of bankruptcies he declared, the layers of ownership and investors - this is not an easy task to unravel. Then, each claim has to be investigated, to the penny, to make sure they're legit an accurate, and he's probably wading through thousands of claims. Tens of thousands. That's not even including the account holders.

Implying some fat fuck dumping bitcoin will kill one of the most promising emerging technologies in the past decade. It might kill bitcoin, but not the entire market.

and what kind of jerk name an exchange as mt.gox?

what a stupid fucking nameee.

What's with this shitty board and obsessing over literal who twitters. Is this fucking /v/ and /pol/?

That "fat fuck" isn't dumping shit. He lost control of those coins in 2014.

Why do you retards insist on making comments from pure ignorance? It's not that hard to read a couple of articles about what's going on. If you can't be bothered to find out how BK works, what trustees are, and what happened to Kepeles, how can you even begin to think you're capable of making sound investments?

Oh, wait, most of you throw your money at scam coins. Nevermind.

Mt. Gox is short for Magic: The Gathering Online eXchange.

I'm not kidding. Kepeles bought it from a guy who started it to trade cards.

Magic The Gathering Online Exchange
they traded MTG cards as digital assets backed by a deliverable physical card.


>I'm not kidding


Damn. This is a swindle of epic proportions.

so now a defunct magic the gathering card exchange's lawyer is basically the federal reserve of bitcoin with the level of influence they are gonna hold with such iron hands. it's like the sword of damocles.

thank god he cant claim his Stellar from the Bitcoin program. This fat fuck would have legit gotten 1 billion

So this is bearish as fuck for btc right?


I'm not going there. Sorry. Go read tea leaves somewhere else. I'm just talking about the known, published facts about the Mt. Gox story.

So they will pay out in fiat and then have million laying around. Somehow they made millions from bankruptcy court then. They should be forced to give btc value back.

what roll Kraken plays in this?

Fuck if I know. Do some research.

100% Rebecca.

MtGox Bankruptcy Claims
If you had a balance with MtGox when they went bankrupt, you can file a bankruptcy claim through Kraken. The claim and payout service through Kraken is available in all areas of operation, including all US states.

Creditors claiming funds with Kraken can expect the following benefits:

100,000 KFEE credits redeemable for up to $1 million in free trading volume at the lowest fee tier of 0.1%
Creditor claim and payout support including live chat and email
Option to receive funds in the form of bitcoin
An easier and more convenient process from claim to payout

Please note that if you don’t file through Kraken and instead elect to make your claim through the alternative system provided by the MtGox trustee, we will not be able to assist you with the failures or problems with their system and will not be liable in any way for the failures or problems with their system.
Claim your MtGox account

Okay, great. I don't really care. What's your point?

fuck off

So they sold the coins to pay the people that had btc on the exchange the value it was. It's mostly paid off already but there's still a massive amount of coins.

What happens to the remaining coins?

>don't know what Mt.Gox stands for
How old are you user?

A court will decide, they have already asked the court what to do with them.

Got an educated guess at what the court could decide?

Mount Gox is a japanese mountain that's not that far from mt fuji

I’ve notied these people always need confirmation from random people online. Yeah, totally not a bubble

Nope. Some of the creditors have been paid - like banks. The account holders are still waiting for their claims to be paid off.

The remains go to the investors. The largest investor is the parent company, that Kepeles owns. The whole thing was beyond incestuous - he owned the company that had a majority stake in Mt. Gox, and he was the CEO.

>trying to have an actual, fact finding and objective conversation with an user.

you dumb fuck, 85% of this user base is 15-19 year old suburban white kids who have been listening to lil xanax for the last 3 years.

There's a large amount of petitions for civil rehabilitation by the account holders. That has to be dealt with. It's the account holders asking for more than the price that's locked in now - because of Japanese law, they get the value of their coins at the time the court ordered that the company be liquidated. That's in the $400 range. If they get civil rehabilitation, they will get more, but they have to ask every person claiming if they want it or not. It's gonna be a long haul. The trustee has also said he's still considering giving them BTC and not cash. My hunch is that they'll over BTC, instead of having to go through the civil rehabilitation process, which could take years. Just a hunch tho.