Apologies for typos and grammatical errors; wanted to get this out as soon as possible for those that weren't able to watch the live stream. Cleaned up formatting to make it more readable.
While this isn't a 100% word-for-word transcript, the overtone of the meeting should have been conveyed. SEC and CFTC want protections for consumers, but don't want to outright ban crypto. I was under the impression that both agencies were well-educated, but understaffed. They both want to introduce protections for customers and investors and go after scam artists, but don't want to impose any restrictions or regulations that would be bad for crypto as a whole (both from a security perspective, and a technological innovation perspective). Overall a huge positive.
Touched on the definition, use, history, all-time-high, market cap, negative news
Mentioned that the techonology has positives to transform the financial landscape, transfer risk
Volatility, 1000% rise, 60% fall, compared to DOW Jones
touched on scam artists/hackers, undereducated market participants
mentioned there are regulatory gaps, potentials for abuse
neither SEC/CFTC has authority to police all aspects
mentioned some analogies to the dotcom bubble
may be used to fund illicit activity
says they need to do more to get ahead of the curve
"don't forget your day jobs to pursue and punish misconduct", mentioned the 3 big banks being punished recently
crypto brings us to a new age, but don't overlook the princilpes of going after the bad guys and being tough
estimated highest market cap $700 bn; promising new technology
great efficiencies, including capital markets; seek to WORK WITH those who seek to bring innovation
Crypto currencies - replacement for dollars
widely known introduced as substitutes
make it easier and cheaper ot buy and sell goods
verification and fees/costs eliminated
ICOs - stock offering
stocks and bonds, under a new label
security being offered is a virtual token
"if it functions as a security, it IS a security"
doesn't mean you are investing in blockchain ventures
market have less oversight than traditional securities
if it looks like a stock exchange, don't take comfort
no capital and conduct requirements
many ICOs are conducted illegally
creators not following securities laws
those who try to circumvent the SEC are in their crosshairs
do not have control over the regulation of the markets that exchanges exist in
"do not view this as a request for increased SEC jurisdiction"
"I believe every ICO I have seen is a security"
we are working with the DOJ to enforce laws
story about how his kids recently showed an interest in Bitcoin
"we must foster their interest, but crack down hard on those that abuse"
response should have several elements:
learn as much as we can - Lab CFTC to engage with innovators
put things in perspective - as of this morning, Bitcoin 113 bn market cap. less than the market cap of McDonald's. sometimes compared to gold; value of gold dwarfs Bitcoin at 8 trillion market cap
educate consumers - podcasts, webinars, visits to libraries, outreach to seniors
legal authority - "The CFTC does not regulate the dozens of cryptocurrencies"; through their authority, they have enforcement over spot coin markets; analyze manipulation
tough enforcement - they have already launched civil actions, more will follow overall take: wants to work to foster education but introduce protections
Suggesting that perhaps one or both of SEC/CFTC may or should have full control
we should all come together and have a coordinated plan for dealing with the virtual currency market
far from how the stock market is addressed
asked by Crapo if there needs to be additional measures, responded "we may"
FINCEN has been active with AML/KYC
there isn't a comprehensive structure to deal with this
cross-border and international concerns; what challenges?
international nature means patchwork is not sufficient
FINCEN reports that these currencies are used for
encourages FINCEN to continue pursuing this
Markets have been global
Challenge working with overseas and bringing regulations
Challenge requires a lot of new thinking
Encourage to work together to decide how the regulation should look
ICOs raised $4bn globally
SEC focused to protect investors
not clear how much was raised in the U.S., due to unregulated basis; "significant portion"
cooperation between SEC and CFTC regulating Bitcoin but doesn't mention consumer protection bureau CFPB
we're in the enforcement perspective, i can check on that
report that "SEC has stopped enforcement actions against wall street firms"
"I saw that report"; found it annoying; gestation period is 22-24 months, latency period
we've put out a comprehensive report; i'm happy with that
we're pursuing our securities laws vigorously
troubled by a statement "SEC might lose 100 of its enforcement staff by not hiring those who leave"
how are you going to stay on top of everything else we've talked about as well as virtual currencies
personnel is my biggest challenge at the moment
we have a hiring freeze - natural cost, trouble finding people, etc
would receive the "greatest return for additional bodies"
is that the message that you're not the cop it should be?
not at all
I hope you will ask for money and flexibility
I've been very straight about money and value that can be added
Federal reserve is the biggest bank regulator we have
how are you going to put together a task force to deal with crypto currencies before this gets out of control
treasury secretary has brought us together to talk about this
"the funny thing is, they only work for their purported purpose if they're integrated with the financial service"
we are going to be coordinating responses; needs to be clear as to what we're doing
do you need additional legislation
we may be back to ask for that
virtual; go to a virtual doctor, virtual currency, etc
"i started out with pencil and paper in school"
Lack intrinsic value, lack liquidity
gained money going up, lost money going down
don't know where the floor is
relation between Bitcoin value and the cost of mining
charts plotting the correlation
the floor isn't zero, because there is some cost
"think there is something to the value of the crypto exchange"
"I'm not seeing the benefits manifesting themselves in the market yet"
"I'm interested in protecting the main street investors; they should see that"
in the securities world, there are rules that dictate how much you have to tell someone about what they're investing in
we will give you every tool you need to do your job and to hire every person you need to execute that
(essentially) do you have any cryptologists?
emerging area; could always use more horsepower
hired the industry's first "chief innovation officer"
started Lab CFTC
formed virtual currency task force
brought 3 cases against bitcoin fraudsters
used bypass authority for additional resources (13% over budget)
Bitcoin isn't the only one; there are seemingly new ones every day
are you tracking them all?
is someone looking at the long-term systemic effects
eerily similar to late-90s derivatives
Bitcoin is one of many; important to know that many are fraudulent
"MyBigCoin" which became known as "MyBigCon" - Ponzi scheme; we went after them
relatively small market, but we have to watch it
we have had to watch it because they're integrated with the markets we do oversee
on systemic - agrees with Giancarlo
if people are getting ripped off, that is an issue
"I used a pen and pencil as well"
fascinating to see how things are moving
we keep coming back to dollars and cents
new type of exchange; bartering
could avoid determination of the value of the dollar and cents
how do you tax? how do you recognize income?
seems that have to be filled, but basics that a lot of us don't understand
how do you respond to ICOs?
definition of a security is broad
"when you're offering me something and i give you money and the purpose of me giving you money is to profit from your actions going forward"
is Bitcoin a commodity or a security or is it both?
has characteristics of both
is a "medium of exchange, store of value, or a means of account"
we hear a lot of people holding - "HODL - hold on for dear life"
30 year old niece bought some years ago, is holding on
in this regard, it's a commodity
we are looking for fraud and manipulation so that people like his niece are protected
Jan 26th Bloomberg "SEC weighs a big gift [...] blocking class action lawsuits"
wants to get a straight yes/no - "do you support this enormous change in SEC policy"
bottom line - "I can't dictate whether or not this issue comes to us, but I'm not anxious to see a change in this area"
change can't happen without your approval
I'm only 1 of 5 votes
I'd guess there will be at lest 2 votes against it
It would take a long time
I'll let you get away with that
SEC's mission is to protect; not throw under bus
advisers that put fees, kickbacks for recommending product ahead of interest of clients
I want to know that you will not weaken the protections for retirement savers
that's what I'm trying to do - the relation between a broker and their client is regulated by no less than 5 people (the SEC)
want to make sure you're not jeopardizing investors
insufficient standard, lack of clarity, "the standard is only as good as the remedy available"
what dollars do you actually collect when someone does you harm?
if you want to strengthen it, i'm with you
who pays for frivolous lawsuits?
regulatory arbitrage, hard to trace
South Korea, China
was a largely unregulated space
each country is now taking regulatory measures
there's a lot happening beyond the understanding of your average investor
what do we need to do to combat this?
regulatory arbitrage, price arbitrage
different regional and international market
regulation - i think some time ago there was a perception Bitcoin was off the regulatory grid
enforcement / ICOs - we're using our full authority
we will go after misconduct
pump and dump
unregulated exchange, ability for price manipulation
we've taken 3 cases in the last few weeks, more to come
digging deep, learning a lot, seeing a lot
we are working the beat hard
what about retail investors?
formed partnership with CFPB (Consumer Financial Protection Bureau)
Bitcoin is one of the most frequently searched term on library computers
enhancing outreach to educate people coming to the library
getting the word out - financial intermediaries
are you protecting retirement investments
seniors seem to be the prey of choice - not just for Bitcoin
we seek to prosecute these predators
article from Kentucky "Bitcoin is my potential pension"
what would you do to protect them?
troubling, which is why we're putting out so much material
"if it sounds too good to be true, it is"
"if you're giving them money, you'd better be prepared to lose it"
disruptive technologies, but you shouldn't bank on it
pumping all of your money into a disruptive technology has a very high probability of not working out
"there will be winners, but there will be many losers"
want to ensure it's not used against terrorist groups and countries like N Korea
working with FBI; will require cooperation among multiple organizations
also has a dark web working group
when was the last time you bought a fund?
a year or two ago, index funds
did you read the fine print?
not cover to cover
so what's the point of all this over-disclosure if nobody's reading it?
why do we want to do the same for Bitcoin?
adequacy of full disclosure
"I don't think the disclosure we have right now works"
good for lawyers / financial advisers, but right now, we over-disclose
how far should we go to protect people from themselves?
how far do you think we ought to go here? should we just go after the shysters and fully disclose?
what is the right way to deal with this new technology?
we want to deal with ICOs; don't want to go too far
our securities laws work pretty well, but disclosure can be improved
we have to have disclosure that works, and helps the helpless people
if we see the same continued growth, we may see the market cap at 20 trillion dollars by 2020
we may see the same transformation take place
we are going to have to wrap our hands around this
not sure what the right answer is, but this could systemically rise to an FSOC-level event
if this does keep going, is this a systemic issue?
want to go back to separating these two things
should regulate ICOs like securities
false disclosure is fraud, period
so much more to be done
Ethereum - creating "file sharing or extra computer time"
are these in your realm?
if it's an ICO that promises to deliver server time, it's a security
worried that we need a much more coordinated effort
could be as transformational as wireless technology
it is important; we are all working to understand our authorities
bitcoin futures are different; fully transparent and regulated, compared to Bitcoin that's opaque and unregulated
ICOs should be taken under our regime
Putting aside Bitcoin and other distributed ledger, what do you think the value is?
Without Bitcoin, there would be nothing. everything grew out of it.
applications range from financial services and banking, to charity dollars are spent, refugee, access to banking for those who don't have it
66 million tons of soybeans were traded using Bitcoin
allow regulators to do really close market surveillance with precision
challenges, but the potential is significant
agree the potential is significant
hope people pursue it vigorously
DOW Jones fell 4.6%; dollar seen 2% inflation or less; Bitcoin seems to be very volatile in comparison
we have seen volatility but in our world, we're used to it
emergence of futures to provide those who are exposed to it
don't really know what's driving the volatility
not related to foreign currencies
must be something different
lot of volatility compared to what they're supposed to be a substitute for
(essentially) so how does that bode to its claim?
it would not be a very effective means of exchange
with the volatility and delays, there's a significant risk
(quick shout out to) rogue nations, hackers, etc
under what circumstances do the SEC and CFTC have a role in regulating this?
fraud and manipulation - will not hesitate to take authority
what about manipulating to avoid U.S. sanctions?
I'll have to look into that
are there gaps that could create vulnerabilities?
part of a virtual currency task force; includes the fed and FINCEN
meeting with FINCEN this week to get some discussion of cooperation started
seen increase in ICOs; investors using digital tokens
grew from $96mil in 2016 to $4bil in 2017
celebrity promotion - Floyd Mayweather, Kardashian, et al
investors may not understand true risk when they see a product promoted by celebrities
we put out an alert that if you promote a security, you are taking on securities law liability
can you walk us through why the SEC is not comfortable with approving ETFs with crypto currencies?
we've made it clear that there are some issues - price discovery, custody, volatility
don't want to approve an ETF product with a cryptocurrency underlier without working out these issues
don't ETFs mitigate those concerns? are crypto currencies different?
MGT act - modernizing government technologies
create a fund for federal agencies to rid themselves of legacy technology
allows access to dollars; move to cloud
i would be delighted that there isn't a SEC/CFTC hack in the papers soon; advise strengthening cyber security
Kodak and Burger King investments
companies are using block chain as an opportunity to pump up stock prices
Long Island Ice Tea - Long Blockchain
nobody should think it's okay to chain your name to something that contains block chain when you have no idea what you're doing
any time there's something new that can raise the value of their stock without the underlying goods being there, it's not good
ICOs misrepresenting their affiliation where there are wild claims
"Our big task is bringing in enforcement cases and letting people see that"
3bn Bitcoin have been hacked, $500bn hack weeks ago, MtGox
what can buyers do to get their money back?
when you engage in investing online with an offshore entity, the chances that we can do anything to get your money back are very low
for the underlying spot markets, we don't have the authority to enforce safeguards and protections; this is a problem
"It's the old axiom "buyer beware"."
(in regards to the stock market) "Is this perhaps more than ordinary correction?"
I asked my staff and the federal government the same question
nothing to indicate any of our systems didn't indicate properly
largest volume since 2016
Neither single stock nor circuit breakers triggered
Nothing that came out of this are concerning
Is it profit taking? Is it a spook?
Interest rates? Fed has info we don't have?
Economy high, unemployment low?
Combination? Can we really say?
I can't really say. Lots of opinions.
Our job is to look at the systemic risks.
I've not seen anything.
"Markets up? More people bought than sold. Market down? More people sold than bought."
Markets are very complex. Fundamentals are sound. Doesn't appear to be any significant breeches.
Some ICOs are legitimate, some are just Ponzi schemes
"It's now so bad that Facebook recently banned all ads for virtual currencies"
How do we make ICOs safer?
Companies raised more than $4bil
How many companies registered with SEC?
Can you say just a word as to why that's so?
the gatekeepers haven't done their job. we've made it clear what the law is.
there are thousands of private placements. we want them to raise capital. but we want them to do it right.
folks somehow got comfortable that this was new and it's okay.
5 Reasons Why Storing your Crypto on an Exchange is a Bad Idea!
Most of us already know that storing cryptocurrency is inconvenient and almost too difficult. It’s not surprising, given how new the technology is. We’re still a little while away before we hit high adoption rates for cryptocurrency because of this. But with tech startups paving the way for innovative solutions around storing cryptocurrencies,we’ll hopefully experience more convenience, security, and trustworthy services. For some of us that continue with the struggle, we continue the with the hard route and ‘be our own bank_’. Others continue to go down the _somewhat easier route: leaving their cryptocurrency on the exchange. Keeping your cryptocurrencies on exchanges does offer some benefits though. Pros:
Offers liquidity — transfer coins in/out very quickly
No danger of losing access because of forgotten passwords or seeds
Low fees to transfer between coins
Access to a large number of altcoins
Offer multi wallet capability (storage for multiple cryptocurrencies)
No technical knowledge required to setup
Offers two factor authentication
These are significant advantages over cold storage solutions currently. However, the following will make you think twice before you keep your cryptocurrency on an exchange.
5. Exchange BTC-E seized by FBI- locking users funds
Mid 2017 BTC-E, a popular exchange in the past, was seized by the FBI over the alleged Alexander Vinnik who was found guilty of laundering funds through the exchange. Alexander Vinnik was originally thought to be one of the operators of the website, however these claims were denied by BTC-E later on. Since then BTC-E has shipped operations to New Zealand and re-branded to WEX. It is believed that most users have been able to access their funds. Having said that, it was difficult time during the down-time, with all users unsure if they’d ever be able to access their funds. Although the user base continues to grow, the community had been split over BTC-E. Several users have resisted transacting on the exchange due to their secretive operations. On the other hand BTC-E has had significant support, one user commenting “BTC-E deserves respect” over their commitment to re-opening the portal to it’s users. It has been in-evident that BTC-E played any part in the laundering. So, although BTC-E may not have been 100% at fault- the story does show you the risk you put yourself against trusting a third party to mind your coins for you.
4. Indian crypto exchange Coinsecure loses $3.5m in customers’ bitcoin
April 2018 An exchange operating in India had nearly $3.5 million worth of user’s Bitcoin stolen. The company blamed the security chief, Dr Amitabh Saxena for stealing the funds. Regardless of how the 438.318 Bitcoin went missing- it clearly shows the lack of protective measures exchanges get away with. Coinsecure claims that they are working “_day in and day out, and investigations are in full swing for a possible recovery of the lost BTC_”. However they are treading carefully, even with their promises, their website states “should we be able to recover all of our BTC, all BTC holdings will be refunded”. Key words being ‘should we be able to’.
3. Italian exchange BitGrail claims $195 million worth of Nano (XRB) lost through hack
February 2018 The exchange claimed that the cryptocurrency was stolen through a hack. Bitgrail have not accepted responsibility for the breach, claiming that the Nano cryptocurrency was flawed. Nano on the other hand continues to hold its ground, stating: “to date, all reliable evidence we have reviewed continues to point to a bug in BitGrail’s exchange software as the reason for the loss of funds.”
Once again, BitGrail confirms to have been a victim of theft. A crime made possible by taking advantage of known failures in the NANO team’s various software (Rai Node and the Official Block Explorer) and therefore, for these reasons and in accordance with the law, BitGrail doesn’t consider itself responsible for the unforeseen circumstances.- Official statement from BitGrail
After several months of halt, Bitgrail has announced a commencement of operations on 2 May 2018 at 10:00 UTC stating, “the markets and withdrawals will be operating for all coins, except for NANO/XRB. BitGrail re-open the NANO/XRB market for users at a date to be announced shortly.”
2. $400 Million Goes Missing From Japanese cryptocurrency Exchange Coincheck
January 2018 Yet another unsettling few months for investors as they wait for 500 million XEM tokens to be refunded after they were stolen. The Japanese exchangehalted all trading at the time and have recently restarted trading. This was regarded as one of the biggest cryptocurrency thefts, next to the infamous Mt Gox saga.
1. Mt. Gox Declares bankruptcy over 850,000 missing Bitcoin
2011–2014 Mt. Gox at its prime was regarded as one of the biggest Bitcoin exchanges. Unfortunately, it came to a nasty end once it was found that an extensive number of Bitcoins went missing. Investigations in 2015 found that the coins went missing over time, starting in 2011. By far, the most infamous and nerve wrecking loss in the history of cryptocurrency. The saga continues to date though, with the trustee claiming to have sold a large chunk of Bitcoin in early 2018. It was speculated but not definitive that this had a large hand in causing the Bitcoin crash around the time. The above is not intended to spread FUD. It is a reminder to be careful on how you store your cryptocurrency and raise awareness of the potential risks. The statement ‘be your own bank’, rings true still. It will continue to do so until we can receive service offerings that combine cryptocurrency with convenience, trust, and security. Having said that, there are also severe risks you carry if you do become your own bank. Damned if you do, damned if you don’t! Here’s a quick run down on different storage methods for cryptocurrencyand their associated risks. Most of the cryptocurrencies in the market today are based on ERC20. So you can also download this free guide on storing Ethereum and ERC20 tokens. But if you decide to continue storing your cryptocurrency on an exchange you may want to do the following:
Diversify across multiple exchanges- keeping your crypto on multiple exchange means less risk of losing ALL your holdings in case one exchange goes down or shuts down
Keep a small portion on an exchange for transfers while the rest in cold storage.
Ladies and Gentlemen, I present to you the person in charge of Bitfinex's OTC trading desk (HOWTO: SFYL v2.5.6)
I logged into bitfinex the other day to check on my altcoin shorts and was greeted with a lovely new tab at the top of the website about an OTC market. Interested, I clicked in and...well, the SFYL popcorn will be buttery. Text from the Bitfinex website:
Recently, many Bitfinex usersTether USDT Tokens Bitfinex internal managers have expressed interest in the ability to make larger trades offload worthless tokens and cash out directly with a counterparty suckers without having to go through the public order books by laundering through our offshore tulips exchange. To make that possible, Bitfinex is pleased to offer a new Over The Counter (OTC) trading desk. Through our OTC desk, customers suckers will be able to access digital currency liquidity buy our worthless beanie babies without affecting the exchange market price elaborate automated wash-sale/money laundering operation. Important: OTC trades incur a fee of 0.100% on both sides. Bitfinex makes more money OTC is for large orders only (100k USD notional minimum) We need large orders so we can create more useless USDT tokens to artificially inflate the price of bitcoin Ready to begin OTC trading? Email [email protected] and we will configure your account today.
It got interesting here
Introduction to Bill Brindise Heading up our desk laundering operation is Bill Brindise, the former Chief Trading Officer of DigitalX. He brings with him claims over three years of digital currency MtGox trading experience and contacts throughout the industry such as Roger Ver. Before trading digital currencies worthless energy tokens, Bill spent 18 years claims to have spent time trading and brokering energies and metals on the NYMEX floor and in the OTC pink-sheet (read: wolf of wall stree) markets. With over~~ 20 years of trading and sales experience~~ 10 years of Poker experience on Full Tilt, Bill is the ideal candidate to lead our OTC desk and support future innovation at Bitfinex.
Ladies and Gentleman, I present to you Bill Brindise. I mean, nevermind that as his role in the capacity of a C-level exec, his LinkedIn mentions absolutely nothing about his actual trading experience. Okay, but if he has grown a company $20MM or worked as a lead trader for major NYC financial firms then surely his name has been in the news at some point. Hmmm. We must go deeper. Turns out he's worked at other commodity trade groups, let's check out his experience shall we? Turns out everything he has original said about himself is the same as what he is saying about himself now. Or in otherwords, people never lie on their resumes! .....whoops
Bill Brindise joins as an Energy Trader in the Commodities Group. He previously worked at BES Capital and SHK Management as Head Energy Trader. Two ways to take for us to take advantage of the OTC desk you
bullish on USD. it is clear USD is increasingly popular with past hodlers of the deprecated bit-Coin. USD has gone up hugely in just the past day against the b.t.C!! in the future it is posible with enough imagination that the US economy could run on USD ! in conclusion you should get into currency (186 points, 26 comments)
Kobayashi, who’s liquidating the tokens on behalf of Mt. Gox creditors, has another $1.9 billion to offload.
I see 2 things very critical: 1) Zerohedge inventing a timeline with 'offloading soon' 2) Bloomberg claims to know that Mr. Kobayashi plans to offload. Where is the proof? I want a fucking proof! Also read discussion on ethtrader
I'm donating 5057 BTC to charitable causes! Introducing The Pineapple Fund (20020 points, 2927 comments)
Farewell from the Pineapple Fund (10944 points, 610 comments)
🍍 $4mil will fund MDMA trials for PTSD; marked 'Breakthrough Therapy' by FDA. Pineapple Fund is matching MAPS donations 1:1. Reddit, let's make history by crowdfunding an incredible treatment for PTSD, in bitcoin! (10650 points, 558 comments)
Day 2: I will repost this guide daily until available solutions like Segwit & order batching are adopted, the mempool is empty once again, and transaction fees are low. You can help. Take action today (5145 points, 766 comments)
Day 9: I will post this guide regularly until available solutions like SegWit, order batching, and Lightning payment channels are mass adopted, the mempool is empty once again, and tx fees are low. Have you done your part? (2070 points, 190 comments)
Day 5: I will post this guide regularly until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. User demand from this community can help lead to some big changes. Have you joined the /Bitcoin SegWit effort? (2017 points, 268 comments)
Day 7: I will post this guide regularly until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and tx fees are low. Do you want low tx fees, because this is how you get low tx fees (1959 points, 166 comments)
Day 3: I will repost this guide daily until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. ARE YOU PART OF THE SOLUTION? News: Unconfirmed TX's @ 274K, more exchanges adding SegWit, Core prioritizes SegWit GUI (1758 points, 220 comments)
Day 8: I will post this guide regularly until available solutions like SegWit, order batching, and Lightning payment channels are mass adopted, the mempool is empty once again, and tx fees are low. BTC Core SegWit GUI coming May 1, Coinbase incompetence exposed, more exchanges deploy SegWit (1454 points, 177 comments)
Day 6: I will post this guide regularly until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and tx fees are low. Refer a friend to SegWit today. There's no $10 referral offer, but you'll both get lower fees and help strengthen the BTC protocol (1193 points, 99 comments)
Latest sticky thread here: http://www.reddit.com/mtgoxinsolvency/comments/2nlz74/current_state_of_affairs/ BACKUP: LAST UPDATE: 28 NOVEMBER 2014 9:00 PM GMT NOTE: We are trying our best but because of the sheer volume of tidbits popping up every day, this post might occasionally miss some updates. Please feel free to point it out in the comments whenever you feel there is information missing in the post, thanks! Send a PM to -Mahn or Redditcoin. A note on recovering funds: From announcement dated 26 November 2014: The deadline for filing the proof of claims of bankruptcy in these bankruptcy proceedings is set as May 29, 2015, and we plan to disclose the necessary information one or two months prior to the said deadline. The bankruptcy trustee will make effort to ensure that creditors around the world have a reasonable period of time in which to file proofs of claim.
Important dates: From announcement dated July 24th 2014:
Payward Japan K.K (Kraken) has been selected as the supporting company for the bankruptcy Proceedings concerning MtGox. How will Payward support MtGox from here on? Pursuant to its agreement, Payward’s support for the bankruptcy proceedings of MtGox will entail, among other things, (i) cooperation concerning the investigation of the bitcoins which are said to have been possibly lost; (ii) cooperation concerning the filing of claims and investigation related thereto; and (iii) cooperation concerning bankruptcy distributions (items (i) and (ii) will be provided without charge up to 500 hours in total, and item (iii) will be provided without charge). In addition, Payward will purchase MtGox’s equipments (formatted after deleting all the saved data and software).
On July 24, 2014, the Tokyo District Court 20th Civil Division issued an order to change the period for filing proofs of claims and the date for investigation of claims... (refer to top of this sticky for the dates)
On July 23, 2014, the first creditor's meeting was held. The second creditor's meeting will be held at Tokyo District Courtroom for Creditors' Meeting No.1 (5F, joint government building for the domestic, summary and district courts) at 13:30 on November 26, 2014.
Please find below our responses to frequently asked questions regarding creditors' meetings (to be held July 23, 2014). We will update this page as needed, and thus please check this webpage periodically.
Postcard from Office of Bankruptcy Trustee sent to MtGox victims starting from July 1st, which appears to be still being sent, as some people have been receiving the postcard a week later. The postcard content is similar to the May 21st announcement. The postcard cover contains a unique number that may or may not be significant so it is worth storing the postcard, just in case.
On June 18, 2014 (central time), the US Bankruptcy Court for the Northern District of Texas entered the order recognizing the bankruptcy procedure under Japanese Bankruptcy Act as the foreign main proceeding and granting related relief.
U.S. Bankruptcy Judge Stacey G. Jernigan said today in Dallas she has “ample legal authority” to accept the U.S. filing and recognize Mt. Gox’s Japanese bankruptcy as the foreign main proceeding. The ruling empowers the company’s Japanese trustee to examine witnesses, gather and review evidence, and oversee assets in the U.S., such as servers.
On the 21st of May, a new announcement was put up on the MtGox site that essentially repeats the announcement of the 24th of April. Information about dates and claims have been included at the top of this stickied thread. Emails have been sent to MtGox customers with this announcement attached as well on the same day.
Q. What is expected to happen under the bankruptcy proceedings? A. The bankruptcy trustee will implement the bankruptcy proceedings, in which the assets of the bankrupt entity will be managed and converted into cash, the investigation of the claims, etc. will be conducted, and if funds for a distribution are secured, the liquidating distribution will be made. Q. Will a creditors’ meeting be held? A. It will be held on July 23, 2014 (it is expected that serial creditors’ meeting(s) will be held at proper times). For the details of the creditors’ meeting to be held on July 23, 2014, please refer to the order for commencement of the bankruptcy proceedings, etc. which will be available on the Company’s website. In addition, creditors are not obligated to attend creditors’ meetings, and the creditors will not be disqualified from the liquidating distribution due to their absence from creditors’ meetings. It is planned that the content of the report at the creditors’ meetings will be disclosed on the Company’s website.
Reasons From the records of a case, it is recognized that the debtor is in a situation of insolvency. Accordingly, this judgement is decided. Further, together with this decision, it is also hereby decided as follows.
Taking into account this situation and the fact that the drafting of a rehabilitation plan and its adoption or approval appear difficult, after consultation with the Court and the Supervisor on the continuation of the procedure, the Tokyo District Court decided today to dismiss the application for commencement of a civil rehabilitation and at the same time, an order for Provisional Administration was issued and Attorney-at-law Nobuaki Kobayashi (Supervisor and Examiner under the Civil Rehabilitation Procedure) was appointed Provisional Administrator.
Q. By when and how should I file proof of my claim? A. If the bankruptcy proceedings commence, the period for filing proofs of claims will be designated by the court. Thus, it is not necessary for the creditors to make such filings at this stage. When the period for filing proofs of claims, the date of investigation, etc. are designated, it is expected that the bankruptcy trustee will announce the details for filing proofs of claims, etc. at acertain time. To be clear, even if the bankruptcy proceedings commence, the period for the filing of proofs of claims or the date of the investigation may not be designated, and even if so designated, the time may not be the same as the commencement of the bankruptcy proceedings.
NOTE: I'm trying my best but because of the sheer volume of tidbits popping up every day, this post might ocasionally miss some updates. Please feel free to point it out in the comments whenever you feel there is information missing in the post, thanks! A note on recovering funds: We have no information on how to recover fiat/bitcoins/goxcoins yet and MtGox has only given very vague statements so far. It is speculated Mark Karpeles (CEO of MtGox) is currently figuring out what to do and not flying to the Bahamas with our money. It is advisable to have patience and wait for new developments on the subject for the time being. March 26th, 2014
Following its application for commencement of civil rehabilitation, MtGox Co., Ltd. consulted with the metropolitan police department with regard to the disappearance of bitcoins which is one of the causes for said application. MtGox Co., Ltd. hereby announces that it has submitted necessary electronic records and other related documents. MtGox Co., Ltd. intends to fully cooperate with each competent authority. Further, MtGox Co., Ltd. continues to make efforts to clarify facts as quickly as possible and to recover from damages.
Match 25th, 2014 A new rumor has surfaced twitter, currently unsubstantiated, from @CanarslanEren who according to his previous tweets would have previously either guessed correctly or know in advance about the recovered 200K BTC (emphasis mine):
Within a few days(or hours) @MtGox will announce that "they found ~670.000 #bitcoin & may release some BTCs to the victims. @PatronaPartners
There's a new update on mtgox.com confirming the previous story of having recovered 200K BTC that were thought lost. Key points:
On March 7, 2014, MtGox Co., Ltd. confirmed that an oldn format wallet which was used prior to June 2011 held a balance of approximately 200,000 BTC (199,999.99 BTC)
For security reasons, the 200,000 BTC which were at first on the 7th moved to online wallets were moved between the 14 th and the 15th to offline wallets.
The bitcoins held today by MtGox Co., Ltd. amount to a total of approximately 202,000 BTC, including the above 200,000 BTC and the approximately 2,000 BTC which existed prior to the application for commencement of a civil rehabilitation proceeding.
March 20th, 2014
Several users were reporting issues with the balance-checking tool online at mtgox.com, namely that bank transfers and transactions stuck in progress were not showing. This is now apparently fixed and balances seem to have been accordingly updated. Thread here.
In line with the blockchain movements we've seen for the past few weeks and the respective MtGox API activity, finally a japanese news article appeared where MtGox lawyers announce MtGox has found and owns 200K BTC, translation, courtesy of h1d:
Bitcoin exchange Mt.Gox which collapsed in February announced on 20th that they have found they're still in possession of the 200,000 BTC out of the 850,000 BTC that was reported to be lost. According to the lawyer, they found them on the 7th of this month by searching through a storage on the internet called a "wallet" which was being used by MtGox up until June 2011. MtGox has reported that they have lost almost all of the 850,000 BTC owned while filing for bankruptcy protection on February 28th.
A new update on mtgox.com is now online: account holders can now provide their login authentication data on the site to retrieve the last status of their wallets for convenience. It would appear that this update is legimitate, Redditcoinstates:
I just called the MtGox call centre in Japan - they confirmed that the login has been put there by "legal" and they have not been hacked. I called this number from the original banckrupty announcement (I called from Australia - we are only 2 hours ahead): +81 3-4588-3922. A nice man with an American accent said that the login has been put there by "legal" for users to check their balances and that the website has not been hacked.
Redditcoin asked for transaction history data as well:
I called the number again (about an hour later) - again, absolutely no waiting - I called again to ask about my transaction history. The same man answered, with the American accent (although sounded Japanese), who spoke impeccable English. He said that the transaction history is still unavailable because the courts still have to "polish" it (whatever that means). I said I needed it for taxation purposes. He replied by saying he will "check on this, and post an update on the website soon".
As for the balance data that can now be retrieved on mtgox.com, the site notes (emphasis mine):
This balance confirmation service is provided on this site only for the convenience of all users. Please be aware that confirming the balance on this site does not constitute a filing of rehabilitation claims under the civil rehabilitation procedure and note that the balance amounts shown on this site should also not be considered an acknowledgment by MtGox Co., Ltd. of the amount of any rehabilitation claims of users. Rehabilitation claims under a civil rehabilitation procedure become confirmed from a filing which is followed by an investigation procedure. The method for filing claims will be published on this site as soon as we will be in situation to announce it.
The MtGox API which used to list pending transactions has been removed today. In the past few weeks, this API had shown that the hundreds of thousands of BTC moving in the blockchain connected with MtGox wallets could still belong to Gox. Thread.
we are working on resuming service, can't say how soon it'll be
While the authenticity is still in question, if true this would be in line with all the rumors and hints we've seen up until now. March 15, 2014
The hundreds of thousands of coins moving in the blockchain that MtGox allegedly still own have been spotted doing something new: the outputs are now merging in new addresses of 2K BTC each. This was first spotted in this thread and later confirmed here. As usual, we have zero indications of what this means yet. -Mahnspeculates:
The only thing I can imagine myself is that whoever is doing the splitting decided 50 BTC was too little or would take too long and switched to bigger outputs per address.
New movement in the MtGox order book as reported by their still online API has been detected. Thread.
March 14th, 2014 There's a new update on mtgox.com concerning their Chapter 15 US filing. It contains no new information other than the confirmation of the news that appeared on March 11th. March 12th, 2014
MtGox US subsidiary assets have been temporarily frozen by US Judge. Story here.
"On February 7, 2014, all bitcoin withdrawals were halted by MtGox due to the theft or disappearance of hundreds of thousands of bitcoins owned by MtGox customers as well as MtGox itself. The cause of the theft or disappearance is the subject of intensive investigation by me and others -- as of the present time I believe it was caused or related to a defect or "bug" in the bitcoin software algorithm, which was exploited by one or more persons who had "hacked" the bitcoin network. On February 24, 2014, MtGox suspended all trading after internal investigations discovered a loss of 744,408 bitcoins presumably from this method of theft. These events caused among others MtGox to become insolvent and to file the Japan Proceeding."
"These reports suggests that the adoption by Baidu is a signal that the big vendors are accepting bitccoin - consider the close tie between baidu and central government, that the government may be interested too. It is like saying Microsoft or Facebook started to accept bitcoin. That tapped on the emotion and BTC rose. I think the big vendors are no way closer to accepting bitcoin in the last week than any weeks before. It is indeed a small change, and signals nothing from big vendors nor the central government at all. Chinese information technology vendors, including the big ones, in general prefer the studio model. A big company is devided into multiple studios, some companys have 100 studios. They each compete against each other. They compete on revenue and profit, within the embralla of a same company. Each studio find their own ways of making profit, and enjoy freedom of decision as long as they are making money. The mother company acts like a referee, dismissing unprofitable studios and buying out (admitting) small competitors to form new studios; the mother company also act as a protector, backing the studios with tremendous PR and governmental relationship power in case their competitor choose to fight on a different level (which also happens). This fast-proliferating fast-evoluting style isn't very co-ordinated, but it is effective because in general in China our culture emphasize competition, and we like to compete and win and we work the best if competition is physically next door. If instead big vendors are organized like Microsoft to co-operate and create huge products (Windows 7) in 5-year span, the youngsters wouldn't stay on their edge - they need quick confirmation whether they are wining or not - they work very hard but doesn't have much patience. Skipping between studios is frequent, the fast-growing studios get more resource and people. The recent acceptance of bitcoin is likely a decision of a single stuidio in the embralla of baidu, perhaps trying to beat other studios of the same company. Baidu HQs speaksman said nothing about bitcoin in the whole year. How Baidu HQs treats the move is unkown, and they probably don't have an attitude, for it (bitcoin) is trivial compare to the huge online information market they are already on. News interview suggests this is a decision of an individual studio: "We always try to satisfy the webmasters, so when they want to pay with bitcoin, we accept them". Notice the interviewee said 'webmasters', that's the customers of this studio, not Baidu in whole, and he speaks for his own studio. Also take notice the customer of this studio (jiasule.baidu.com), the webmasters, happen to be the major group of bitcoin miners in China. So why such a small piece of news that indicates nothing for sure, stirs up such a rally? More important than the news itself it says Chinese investors are desperately looking for a reason to rally. They perhaps expected bitcoin to be above 1000¥ for a long time, now they only need a slight upward vibrate to rally. And they have a good reason to hope for a rally, for they bought huge amount of mining equipments in anticipation of raise of bitcoin value. My reading of the event is, that Chinese investors are anticipating a rally for a long time, thus it won't cool down in just a few days. However they are speculating, not having much faith in sustanibility of bitcoin and may be frighten away by small bad news within China. They are less sensitive to western news like silkroad. In China we have highly centralized political power. The chance Chinese government allows bitcoin on the markets (when it calls their attention) is like the chance U.S. government raise debt in BTC. The big vendors foresee it and shouldn't be interested. Besides we have a monoplay business atomosphere in China (every player are greedy, wants to win and take all), and you don't monoplay bitcoin. I see no reason Baidu being interested to include bitcoin into their development strategy. Small vendors are much more likely to be interested in btc. (OP is a Chinese citizen in Beijing)" . If Chinese government pays attention to bitcoin, it would act the same way they do towards shadow banking: fine those involved in bitcoin yet backed by government, and prosecute the entities without gvernment backing (even execute a few, like the unlucky millionaire Wu Ying last year and Zeng Chengjie this year). The charge will be as usual: illegal fund-raising. Right now there are two points that needs to be considered on understaind Chinese behaviour:
Chinese traders speculate. Few believed in a non-governmental currency taking root, as few believed anything significant yet non-governmental can take root. This translate to a huge bear market when Chinese government acts.
The atomsphere in China is like the roaring twenties which I read from books. Everyone feels like they are ready to make a big fortune. This can translates to potential huge bulls.
So it is not the question whether bitcoin can be regulated, but whether bitcoin can obey. Bitcoin trading can be regulated but bitcoin itself bends to no one - which begets the question whether or not it will be allowed to live. On the other hand, if Bitcoin becomes so significant that the government has to make a decision, and they decided to let it live, the acceptance of bitcoin will have no consumer psychological barrier, because, as you said, we are pretty familiar with virtual currencies.
. . My personal opinion is that China is in not going to have a robust bitcoin economy anywhere in the medium or long term future.
China currently has a $50k USD restrictions on the amount of money its citizens can take out of the country. Bitcoin with its anonymous nature can easily by pass these restrictions. yeah i know there's AML/ KYC rules set up for BTCchina now but i know that if btc becomes a widely circulated "commodity" in exchange for services and goods that it will be easier to launder and hide illicit gains in bitcoin than it would be to hide them yuan. http://www.china-briefing.com/news/2011/11/11/getting-cash-money-rmb-out-of-china.html
if citizens in China start using btc as a "commodity" in exchange for services and goods that would threaten the stability of the chinese yuan. it certainly would not raise the value of the yuan. i don't see how the chinese govt would encourage this to happen.
the Chinese banks are banned from offering services/goods in bitcoin. that was NOT a good sign. it certainly wont make it easier to start bitcoin related businesses in china. Baidu/China Telecom's immediate removal of btc as a payment option following the offical govt announcement was NOT a good sign. i don't know how anybody can spin those actions as a positive for bitcoin.
i also don't believe that bitcoin is booming in China because it's citizens believe in it as an alternative currency. I believe the price skyrocketed due to greed and pure speculation. take a look at the 2010 China Garlic Bubble where in a few months the price of garlic rose 40-50x due to pure speculation, price manipulation and hoarding. Sound familiar to bitcoin in China? http://www.npr.org/templates/story/story.php?storyId=121125739
Plenty of redditors have claimed that China would be supportive of btc because it would devalue the US dollar and raise it's own yuan in value for foreign trade. that's highly unlikely since the Yuan is already the #2 most used currency for foreign trade in the world. China is about to start direct trade with the UK in yuan/pounds. the daily global trade in Chinese Yuan is over $120 billion which is 10x the market cap of bitcoin. http://www.bloomberg.com/news/2013-12-03/yuan-passes-euro-to-be-second-most-used-trade-finance-currency.html
China is a quasi-totalitarian regime that has no qualms about crushing any form of rebellion (labour camps for journalists, tiananmen square, human rights violations, highest # of executions in the world). Bitcoin by its very nature is designed to give the power back to its people, its users. China's entire recent history is about controlling it's people.
tldr: bitcoin gives freedom and power to the Chinese citizens, the chinese government is realizes this and will move to prevent China from ever having a robust btc economy where btc will be widely traded for services/goods. Chinese citizens have a history of participating in mass speculative bubbles without caring about the fundamental value. (i could be wrong about the future of bitcoin in China but based on China's history i unfortunately might be right. also if any college students are reading this, please don't take out student loans to buy bitcoins, it is a huge speculative bubble in China and if the chinese govt comes down, you will see the bitcoin economy cut in half or more.)
What's going on: As you may have noticed: Bitcoin is worth over 10k and EVERYBODY is talking about Bitcoin right now. Be it the early adopter who says "told you so" or the sceptic who still calls it a ponzi scheme. Besides all the good news there is a lot going on right now: South Korea's prime minister thinks that "Bitcoin corrupts the youth", Nobel Price-winning economist Joseph Stiglitz says "Bitcoin ought to be outlawed" because "it doesn’t serve any socially useful function" (people in Zimbabwe and Venezuela maybe disagree) and (this is maybe the most important development) Coinbase lost a legal battle in the US and was ordered to turn over identities of 14,355 cryptocurrency traders to the IRS. Let's look at 6 things that could make the bubble pop: 1. Destroyed by a Fork (again) While it's nice for HODLers to get free coins, excessive forking could turn out to be Bitcoin's Achilles' heel. Bitcoin Cash and the debate around who is the "real" Bitcoin and who is not could only be the beginning. 2. Killed by Regulators As mentioned Coinbase lost a court battle and now has to hand over the identities of thousands of crypto traders. Stiglitz says Bitcoin should be outlawed. While one can argue that harsh regulations like in China will make it go only stronger, it could also lead to a long crypto winter. 3. Mt. Gox 2.0 Sure, there are a lot more exchanges right now than there were when Mt. Gox was hacked in 2011 and bankrupted in 2014, but what if for example Coinbase gets hacked? $65 million were stolen in a Bitfinex hack in 2016, $31 million of the altcoin Tether were stolen a couple of weeks ago. You see: Hacks happen all the time and had not that much impact, but who knows if it stays this way? 4. Short Demise The Nasdaq wants to introduce Bitcoin futures in Q2 2018 and so do many other financial institutions. The aim is clear: They finally want their share of the juicy crypto pie. While most of the investors buy real Bitcoins and Cryptos at the moment, the introduction of financial derivates like futures could put a downward pressure on prices. 5. Profit Taking The fact that Coinbase went down because it couldn't handle all the traffic as Bitcoin crossed $10k and that Bitfinex struggles with money withdrawals shows one of the main problems cryptos right now face: scalability and liquidity. These uncertainties could make selling waves and price swings even worse when psychological barriers are crossed. 6. Death by ¯_(ツ)_/¯ My personal favorite: Unexpected things happen nearly everyday in the crypto space, so why should the beginning of a feared "crypto winter" not be started by something completely surprising? Maybe it's simply the dot-com bubble all over again: investors who have no clue how to really value high-flying assets flee for the exit en masse. Why should I care: It's totally fine that some of you may say "nah, what are you talking about ... Bitcoin has been declared dead a thousand times and is going stronger than ever". I don't like to take sides here and just want to listen to what different point of views have to say. Things are happening at a breakneck speed, so I think it's important to be realistic about the way all this will potentially go on. I know that last week I argued why Bitcoin is NOT a bubble ... but as I said: You have to be open to different perspectives and draw your own conclusions. Source:bloomberg.com, motherboard.vice.com, coindesk.comGIF:giphy.com Want to get essential news on Cryptocurrencies and everything Blockchain for free? Subscribe to Cryptomizer, the daily newsletter with the most essential news on Bitcoin and everything blockchain.
Bitcoin Surges Above $900 on Geopolitical Risks, Fed Tightening
This is an automatic summary, original reduced by 47%.
Bitcoin headed for its biggest weekly jump since June as rising geopolitical risks boosted demand for alternative assets. The last time it was at such levels was in January 2014, when bitcoin was tumbling from its record price of $1,137 following the implosion of the MtGox exchange and tightening Chinese controls. Weakening pressure on the yuan, which intensified this month as the U.S. projected a faster pace of tightening next year following Donald Trump's election win, is also increasing demand for bitcoin in China, where the majority of trading occurs. "Global instability has to a large extent directed funds to the bitcoin market." Bitcoin, which trades in cyberspace and is mined by code-cracking computers, is gaining popularity among some investors as an alternative safe haven because it's deemed to be less influenced by government regulations and changes to monetary policy. Gold, which tends to trade in tandem with bitcoin when haven demand is strong, has fallen this quarter as U.S. rates rise, narrowing its premium over bitcoin to the least in three years.
Bit redditors are complaining that Amir Taaki is a childish rep of bitcoin and needs someone more corporate, like Erik Voorhees or Trace Mayer however stop complaining on reddit and do your part. The bit coin needs good PR and good publicity and more importantly positive Media Representation especially in Western Media. Understand the trends. Since bitcoin prices have skyrocketed from $30 upwards. Media agencies such as BBC, CNN have stopped reporting factual events in bitcoin such as the bitcoinica and mtgox hacks earlier to taking an editorial stance for or against it. Most outlets and newspapers have not done their research properly which shows how rushed and sensationalised journalism has become. Tech and Business news have started to output their views also on bitcoin also highlighting inaccurate events and publicizing weaknesses such as Hacks, Bubbles and laughable bearish views. The Tech news outlets have been pretty favourable and business outlets pragmatically harsher. Its simple. News Agencies and Newspapers have hierarchies and therefore their editorial output is determined in a meeting even if the journalist is doing an independent piece as it still have to be editorially approved. So quite simply if Media proprietors, newspaper and magazine editors and journalists and news anchors actually had bitcoins in their wallets, like the tech journalists have, hence why they are favourable to it, they would naturally promote bitcoins similar to how Goldman Sachs promotes the assets or derivatives they are long on. Most here are long on bitcoin so you need to make sure that Media proprietors, editors and journalists have bitcoins. This includes News Agencies, Newspapers and Magazines and Tech and business news outlets also. In addition to politicians and regulators. Find out everyone connected and send them bitcoins to get them connected. Clearly aimed at early adopters since the new guys cant send out bitcoins that they had to pay large amounts for. It may sounds ridiculous to send relatively affluent people in society bitcoins however the long term aim fully justifies this and I hope most of you read this over again if you do not understand this. These people promote their bias and interest directly and indirectly and still can appear neutral and professional. Get these guys to do our Marketing and PR without paying a PR agency millions of dollars. Just send them a few coins. Remember Wordpress, Reddit, Mega, 9Flats, Expensify, Of course a legitimate currency has to be used for illegitimate human vices such as Drugs, Sex, porn prostitution and Gambling. But Food & Drink, Clothing and Shelter need to be purchased with bitcoin for it to fully function. So contact or even flood them on email or twitter. BBC, CNN, Reuters, AP, AFP, AlJazeera, CBS, ABC, Fox, NBC, New York Times, USA Today and Gannett, LA times and Tribune, MediaNews Group, Daily News, Sun-Times, Hearst Corp, Washington Post, Associated Newspapers, News International, GMG, TMG and Press Holdings, Bloomberg, FT and Economist, Tech like Verge, Arstechnica, Wired, TC, BGR, GigaOM, VB, Mashable, Media proprietors, CEO, Chairman, CIO, CTO, CFO, Editors, and Journalists, Also your politicians Senators, Reps and MPs, and Regulators like FinCen and others in US/EU. and finance commentators, strategists and economists - since they put out their views regularly to sheep that follow their every word even if they lie. No point commenting this guy and that girl gave a negative view or that newspaper or blog is biased. Do something. Go. Bloomberg correspondent Sara Eisen, Convergex Group Chief market Strategist Nick Colas , Eurasia Group President Ian Bremmer, Societe Generale Senior Forex Strategist Sebastien Galy, Bob Rice, general managing partner with Tangent Capital Partners LLC, UBS stockbroker Art Cashin, Reuters claim Morgan Stanley and Goldman Sachs traders visiting mtgox Mastercard are watching, Steve Hanke, http://economics.wustl.edu/people/stephen_williamson, Scott Sumner, Tyler Cowen, George Selgin, Paul Krugman, Benjamin M. Friedman, http://econ.williams.edu/people/knk1, Lawrence H. White, Russ Roberts. Paypal is watching, Media Proprietors will call short now but then... Let their greed enable us. The greed is unbelievable. http://techcrunch.com/2013/04/05/why-do-vcs-care-about-bitcoin/
The Tokyo attorney and bankruptcy trustee for the now-defunct Mt. Gox exchange disclosed on Wednesday that he sold about $400 million of Bitcoin and Bitcoin Cash since late September. Kobayashi ... Mt. Gox, once the world’s biggest Bitcoin exchange, was sued for fraud by a U.S. customer within hours of filing bankruptcy. Сайт Bloomberg в очередной раз пытается манипулировать курсом Bitcoin. В своей статье Блумберг пишет "Попечитель MtGox продал ещё Bitcoin и Bitcoin Cash на сумму $ 230 миллионов. Продажи были произведены в период с момента проведения 10-го ... Mark Karpeles, former head of the collapsed bitcoin exchange M tGox, at one time the largest Bitcoin intermediary and the world’s leading Bitcoin exchange, has been convicted by The former chief executive officer of the once-largest Bitcoin exchange, Mt. Gox, said he no longer is a Bitcoin believer, and sounded pessimistic about cryptocurrencies in general.
Feb. 10 (Bloomberg) -- Matt Miller reports on Bitcoin exchange Mt. Gox's cash withdrawal woes on Bloomberg Television's "In The Loop." (Source: Bloomberg) Mt. GOX To DUMP 150,000 BITCOIN. October 15th will be the decision day. Will this lead to a Market CRASH or BIG OPPORTUNITY? ALSO, 50% of Americans Retire i... Troubled bitcoin exchange MtGox was forced to close and file for bankruptcy protection this week, after bitcoins worth almost $500m were apparently stolen from its servers. Meanwhile, UK tax ... Bitcoin users in Tokyo will gather on Thursday for a meeting set to be dominated by the shuttering of the MtGox exchange amid claims of a multi-million dollar theft. Duration: 01:04. Japanese police have arrested the CEO of the failed company MtGox, which was once the world's biggest exchange of the virtual currency, bitcoin. Mark Karpeles, 30, is being held in connection with ...