The 2010s In Bitcoin: The Year 2011 - Forbes

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]

Overview of the possible outcome of the MtGox bankruptcy proceeding

This post is to share the overview I made for myself to help estimate a possible outcome of the MtGox bankruptcy proceeding.
Your and my claim (BTC and/or Fiat) has a fixed JPY value.
Find your claim here: https://drive.google.com/file/d/0B7Lr1TBORafyR2wxUnBsVDkxSjA/view
As of today (8th March 2017):
Assumptions: + BTC 1 = USD 1,200.00 + USD 1 = JPY 114.00 + BTCs: 202,185.36428254 Roughly rates: BTC 1 = USD 1,200.00 USD 1 = JPY 114.00 Assets JPY 1,030,895,045 = Account Balance JPY 27,658,957,834 = current BTC assets value Assets Total: JPY 28,689,852,879 Accepted Claims JPY 45,609,593,503 (as of May 2016) JPY 34,884,662 (May 2016 to Sep 2016) JPY 126,630,380 (Sep 2016 to Mar 2017) Accepted Claims Total: JPY 45,771,108,545 (as of Mar 2017) 
74 of 142 petitions of assessment resolved, as of Mar 2017. It is not clear what the maximum additional 'Accepted Claims' will be once all petitions were resolved. So let's add the mentioned JPY 2,223,322,737:
Accepted Claims Total: JPY 47,994,432,282 (after all petitions resolved) 
Current payout, without any returned money from claims against Tibanne, Mark himself, Bitcoin Cafe and even without the USD 2,570,000 from the US government, but also without any pending lawsuits:
 JPY 28,689,852,879 divided by JPY 47,994,432,282 59,78% 
In hope that the the USD 2,570,000 can be added to that calculation:
 JPY 28,982,832,879 divided by JPY 47,994,432,282 60,39% 
There are three quite significant pending claims (from MtGox to other entities) that most likely will not get paid back, but maybe partially:
Currently pending claims: JPY 25,535,295,002 = Tibanne JPY 25,190,162,021 = Mark JPY 60,710,136 = Bitcoin Cafe 
Would be nice to know how those bankruptcy proceedings are getting along?
So the 2,5 mio USD are nice, but not significant. What matters is the current BTC price and the outcome of the other proceedings.
submitted by marcelklammer to mtgoxinsolvency [link] [comments]

Wall Street Journal Article about Mark Karpeles

Actual article behind wall:
TOKYO—Creditors of the collapsed Japanese bitcoin exchange Mt. Gox are on course to miss out on the recent surge in bitcoin prices. Instead, it is the exchange’s former chief executive, now on trial for embezzlement, who could turn a handsome profit.
That is because the claims by people who deposited bitcoin at Mt. Gox are calculated based on the yen value of the cryptocurrency at the beginning of Mt. Gox liquidation proceedings in April 2014. Meanwhile, Mt. Gox, which is mostly owned by a company controlled by former chief Mark Karpelès, is sitting on more than 200,000 bitcoins worth 17 times as much today as they were then.
Bankruptcy-court filings suggest Mt. Gox will have hundreds of millions of dollars left over after paying creditors—money that Mt. Gox’s bankruptcy trustee has indicated would belong to the collapsed exchange’s shareholders, with Mr. Karpelès’s company being the biggest.
“When it’s all sorted out, Karpelès would pretty much get [the] vast majority” of the extra value, said Kolin Burges, a creditor who held 311 bitcoins at Mt. Gox which would be worth about $2.3 million today. “So that seems incredibly unfair.”
Mr. Karpelès has denied all wrongdoing in the criminal case. In an email, he said he believed it unlikely he would end up with any money. He said finding bitcoin buyers would be difficult and it was common for bankruptcy assets to be sold at a fraction of their book value.
“[I]n the case these are sold, I do not believe it would realistically fetch any kind of value high enough to make this an actual issue,” he said.
Bitcoin prices rose to ¥836,761 ($7,365.85) on Thursday afternoon in Tokyo, compared with ¥50,058 at the beginning of the liquidation proceedings in April 2014.
Some lawyers say the Mt. Gox bankruptcy is an example of how existing laws aren’t yet fully adapted to issues involving virtual currencies. When a bank fails, governments and courts have well-established procedures for refunding depositors and apportioning losses if the bank’s assets fall short. But they have little experience when a bitcoin exchange fails, with both assets and liabilities largely in the volatile virtual currency
For anyone who deposited bitcoins at Mt. Gox, “it’s a relatively straightforward reaction to ask for your bitcoins back if any are left,” said Tetsuo Morishita, a professor at Tokyo-based Sophia University Law School. “Under current Japanese statutes, however, you can’t establish ownership well for nonphysical stuff.”
Mt. Gox was once the world’s largest bitcoin exchange. It filed for chapter 11-style bankruptcy protection in February 2014 after finding many of its bitcoins missing. It subsequently said it discovered roughly a quarter of what it had lost, but it was unable to draw up a recovery plan. In April 2014, a court ordered the company to be liquidated. Nearly 25,000 people around the world filed claims.
In 2015, Mr. Karpelès was arrested and charged with embezzlement and creation of unauthorized records at Mt. Gox. He was released pending trial. At the trial’s opening session in Tokyo District Court in July this year, prosecutors said Mr. Karpelès wrongfully spent ¥340 million ($3 million) of customers’ money for his personal use and altered the company’s books to inflate the amount of dollars and bitcoins held by customers.
At the trial, Mr. Karpelès said he was innocent and repeated his contention that the exchange’s collapse was caused by hackers. He said he regretted he was unable to prevent customers’ losses.
The unusual situation of a bankrupt criminal defendant potentially sitting on large gains became apparent at a creditors meeting Sept. 27 attended by about 30 people.
At the meeting, participants say, the bankruptcy trustee, Nobuaki Kobayashi, laid out his thinking, observing that when a bankrupt company turns out to have more assets than liabilities, those surplus assets belong to the company’s shareholders. A representative of Mr. Kobayashi’s law firm declined to make him available for comment.
Mr. Karpelès’s company, called Tibanne, owns about 88% of Mt. Gox.
The bankruptcy estate for Mt. Gox holds 202,185 bitcoins worth about ¥169 billion or $1.5 billion at current rates. Meanwhile, the trustee has recognized claims by exchange customers of ¥46 billion based on the April 2014 bitcoin price, a procedure that lawyers say has a sound basis in bankruptcy law.
After accounting for smaller amounts of nonbitcoin assets and liabilities, Mt. Gox has a surplus on paper of ¥111 billion, or $977 million, that could go to its shareholders, according to a calculation by The Wall Street Journal.
Several conditions have to be met before hundreds of millions of dollars actually make their way to Mr. Karpelès, according to lawyers involved the case. In addition to Mt. Gox, Mr. Karpelès personally and his company, Tibanne, are in bankruptcy proceedings. Trustees handling those cases would have to confirm that the bankrupt entities don’t have significant additional liabilities before Mr. Karpelès receives any remaining assets.
The customary period in which creditors may dispute the trustee’s decisions on claims has ended. Still, some frustrated creditors are talking about ways to get more money—quickly, if possible. “It’s just never-ending,” said Mr. Burges, who flew from London to protest outside Mt. Gox’s Tokyo offices in the weeks leading up to the exchange’s collapse. “We are in a worse position than we were 3½ years ago.”
Mr. Karpelès’s lawyer, Nobuyasu Ogata, agreed on the importance of speed.
“What is most important is to sell the bitcoin before the price falls and ensure that the bankruptcy estate has ample funds,” Mr. Ogata said.
submitted by blossbloss to Bitcoin [link] [comments]

CEO who presided over Mt. Gox’s collapse could end up with massive profits #ipnewsflash

This is the best tl;dr I could make, original reduced by 75%. (I'm a bot)
Despite the fact that he oversaw the period when Mt. Gox went from the world's largest Bitcoin exchange to a bankrupt and damaged company, CEO Mark Karpelès could stand to profit hundreds of millions of dollars.
According to The Wall Street Journal, because the value of claims by people who had bitcoins stored at the Tokyo-based site are calculated in the April 2014 exchange rate between bitcoins and Japanese yen, those creditors may miss out on Bitcoin's meteoric rise over the last year.
He's also the CEO of Tibanne, the company that now "Mostly owns" Mt. Gox, and has a cache of 200,000 bitcoins according to WSJ. So if that pool ends up being used to pay out claims, creditors fear Karpelès may get to do so at 2014 rates instead of 2017 rates.
After the site went bankrupt in March 2014, Karpelès told the public and a Japanese bankruptcy court that he had suddenly discovered that cache of 200,000 bitcoins.
As Ars reported in March 2014, Mt. Gox said previously that it had lost 750,000 bitcoins belonging to customers and more than 100,000 bitcoins of its own money.
At current exchange rates, 750,000 bitcoins are worth nearly $5 billion, at about $6,500 per bitcoin.
Summary Source | FAQ | Feedback | Top keywords: Bitcoin#1 Karpelès#2 Mt.#3 Gox#4 creditor#5
Post found in /IPNews, /Bitcoin, /technology, /mtgoxinsolvency, /BitcoinAll, /pancakepalpatine, /TheColorIsOrange and /SkydTech.
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]

CEO who presided over Mt. Gox collapse could end up with massive profits

This is the best tl;dr I could make, original reduced by 75%. (I'm a bot)
Despite the fact that he oversaw the period when Mt. Gox went from the world's largest Bitcoin exchange to a bankrupt and damaged company, CEO Mark Karpelès could stand to profit hundreds of millions of dollars.
According to The Wall Street Journal, because the value of claims by people who had bitcoins stored at the Tokyo-based site are calculated in the April 2014 exchange rate between bitcoins and Japanese yen, those creditors may miss out on Bitcoin's meteoric rise over the last year.
He's also the CEO of Tibanne, the company that now "Mostly owns" Mt. Gox, and has a cache of 200,000 bitcoins according to WSJ. So if that pool ends up being used to pay out claims, creditors fear Karpelès may get to do so at 2014 rates instead of 2017 rates.
After the site went bankrupt in March 2014, Karpelès told the public and a Japanese bankruptcy court that he had suddenly discovered that cache of 200,000 bitcoins.
As Ars reported in March 2014, Mt. Gox said previously that it had lost 750,000 bitcoins belonging to customers and more than 100,000 bitcoins of its own money.
At current exchange rates, 750,000 bitcoins are worth nearly $5 billion, at about $6,500 per bitcoin.
Summary Source | FAQ | Feedback | Top keywords: Bitcoin#1 Karpelès#2 Mt.#3 Gox#4 creditor#5
Post found in /Bitcoin, /technology, /mtgoxinsolvency, /BitcoinAll, /pancakepalpatine, /TheColorIsOrange and /SkydTech.
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]

Years after Mt. Gox crashed, CEO could net hundreds of millions of dollars - Creditors to be paid out at April 2014's ~$440 per Bitcoin, not Nov. 2017's ~$6,500.

This is the best tl;dr I could make, original reduced by 75%. (I'm a bot)
Despite the fact that he oversaw the period when Mt. Gox went from the world's largest Bitcoin exchange to a bankrupt and damaged company, CEO Mark Karpelès could stand to profit hundreds of millions of dollars.
According to The Wall Street Journal, because the value of claims by people who had bitcoins stored at the Tokyo-based site are calculated in the April 2014 exchange rate between bitcoins and Japanese yen, those creditors may miss out on Bitcoin's meteoric rise over the last year.
He's also the CEO of Tibanne, the company that now "Mostly owns" Mt. Gox, and has a cache of 200,000 bitcoins according to WSJ. So if that pool ends up being used to pay out claims, creditors fear Karpelès may get to do so at 2014 rates instead of 2017 rates.
After the site went bankrupt in March 2014, Karpelès told the public and a Japanese bankruptcy court that he had suddenly discovered that cache of 200,000 bitcoins.
As Ars reported in March 2014, Mt. Gox said previously that it had lost 750,000 bitcoins belonging to customers and more than 100,000 bitcoins of its own money.
At current exchange rates, 750,000 bitcoins are worth nearly $5 billion, at about $6,500 per bitcoin.
Summary Source | FAQ | Feedback | Top keywords: Bitcoin#1 Karpelès#2 Mt.#3 Gox#4 creditor#5
Post found in /mtgoxinsolvency, /technology, /pancakepalpatine, /TheColorIsOrange and /SkydTech.
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]

CEO who presided over Mt. Gox’s collapse could end up with massive profits

This is the best tl;dr I could make, original reduced by 75%. (I'm a bot)
Despite the fact that he oversaw the period when Mt. Gox went from the world's largest Bitcoin exchange to a bankrupt and damaged company, CEO Mark Karpelès could stand to profit hundreds of millions of dollars.
According to The Wall Street Journal, because the value of claims by people who had bitcoins stored at the Tokyo-based site are calculated in the April 2014 exchange rate between bitcoins and Japanese yen, those creditors may miss out on Bitcoin's meteoric rise over the last year.
He's also the CEO of Tibanne, the company that now "Mostly owns" Mt. Gox, and has a cache of 200,000 bitcoins according to WSJ. So if that pool ends up being used to pay out claims, creditors fear Karpelès may get to do so at 2014 rates instead of 2017 rates.
After the site went bankrupt in March 2014, Karpelès told the public and a Japanese bankruptcy court that he had suddenly discovered that cache of 200,000 bitcoins.
As Ars reported in March 2014, Mt. Gox said previously that it had lost 750,000 bitcoins belonging to customers and more than 100,000 bitcoins of its own money.
At current exchange rates, 750,000 bitcoins are worth nearly $5 billion, at about $6,500 per bitcoin.
Summary Source | FAQ | Feedback | Top keywords: Bitcoin#1 Karpelès#2 Mt.#3 Gox#4 creditor#5
Post found in /nottheonion, /technology, /mtgoxinsolvency, /BitcoinAll, /Bitcoin, /pancakepalpatine, /TheColorIsOrange and /SkydTech.
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]

CEO who presided over Mt. Gox's collapse could end up with massive profits

This is the best tl;dr I could make, original reduced by 75%. (I'm a bot)
Despite the fact that he oversaw the period when Mt. Gox went from the world's largest Bitcoin exchange to a bankrupt and damaged company, CEO Mark Karpelès could stand to profit hundreds of millions of dollars.
According to The Wall Street Journal, because the value of claims by people who had bitcoins stored at the Tokyo-based site are calculated in the April 2014 exchange rate between bitcoins and Japanese yen, those creditors may miss out on Bitcoin's meteoric rise over the last year.
He's also the CEO of Tibanne, the company that now "Mostly owns" Mt. Gox, and has a cache of 200,000 bitcoins according to WSJ. So if that pool ends up being used to pay out claims, creditors fear Karpelès may get to do so at 2014 rates instead of 2017 rates.
After the site went bankrupt in March 2014, Karpelès told the public and a Japanese bankruptcy court that he had suddenly discovered that cache of 200,000 bitcoins.
As Ars reported in March 2014, Mt. Gox said previously that it had lost 750,000 bitcoins belonging to customers and more than 100,000 bitcoins of its own money.
At current exchange rates, 750,000 bitcoins are worth nearly $5 billion, at about $6,500 per bitcoin.
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Named after Mark Karpeles’s cat, Mt.Gox parent company Tibanne owned more than a shockingly insecure bitcoin exchange. The company also held the Japanese and European Union trademarks on the word “bitcoin,” as well as the now-quite-valuable bitcoins.com domain name. With all of Mt.Gox’s operations effectively dead, save for a sliver of hope by some that … An AFP search of the online database has yielded info that states ‘Tibanne’ was a company registered and helmed by the former Mt.Gox chief Mark Karpeles, had its registration of the Bitcoin trademark approved in Japan in 2012. The Tibanne company effectively functioned as the sole operator of the trading exchange. The two companies had even shared the same business address in Tokyo, Japan. Convert your desired currency amount into Bitcoin (Calculator/device changing dollars into bitcoins). Verify the payment amount and send! The amount in Bitcoin is now deducted from your balance, and entered into the blockchain as a transaction so they cannot be spent twice. Your friend immediately sees the unverified transaction. The transaction is verified on the network, and then deposited ... I’m reviewing the 2010s in Bitcoin. This is the story about 2011 in Bitcoin. Read about 2010 here.. In 2011, Bitcoin reached parity with the US Dollar on February 9 — the same month Silk Road ... First, Tibanne, the company owned by Mark Karpeles who first filed the trade mark are the not the original users of the term "Bitcoin". The word first appeared in 2009 in Satoshi Nakamoto’s original white paper. This means that any firm looking to buy the trademark would have to prove the word hadn’t entered general usage prior to when the trademark was first registered. ...

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