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Bitcoin Businesses

Mt. Gox Ordered Into Liquidation 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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Mt. Gox Ordered Into Liquidation

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  • by squiggleslash ( 241428 ) on Wednesday April 16, 2014 @09:49AM (#46766867) Homepage Journal

    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

    • by Anonymous Coward

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

    • by sirwired ( 27582 ) on Wednesday April 16, 2014 @10:05AM (#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

    • by wiredog ( 43288 )

      I rate this troll as Adequate [].

    • :)

      To be fair this doesn't really prove or disprove anything except that MtGox's specific business model doesn't work.
  • by Anonymous Coward on Wednesday April 16, 2014 @09:49AM (#46766875)
    Good news: Mt. Gox ordered into liquidation.
    Bad news: All debts paid out in Dogecoin.
  • by mysidia ( 191772 ) on Wednesday April 16, 2014 @09:59AM (#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.

    • 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.
    • Arrested on what charges?

  • wait. Actually I totally enjoy saying it in this case.
  • by Anonymous Coward

    Why liquidate? I thought they found enough bitcoins to cover their losses: "The value of the coins is estimated to be $116 million USD, which happens to cover their $64 million USD in outstanding debts nicely "

    • 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.
  • 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.

  • Now they'll have to melt all their bitcoins into liquid bitcoins. Darn.
  • For whatever reason, WSJ seems to give Google a pass when it comes to the paywall []

  • 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

Nondeterminism means never having to say you are wrong.