The MtGox Saga: Insolvency, Incompetence, or Bad PR?

The MtGox Saga: Insolvency, Incompetence, or Bad PR?

This altered photo of Mark Karpeles uploaded by /u/MorXpe on /r/bitcoin shows how some MtGox customers feel right now. A large chunk of the Bitcoin community has been ready to give up on MtGox for more than a few months, but the question still remains as to whether they are insolvent, incompetent, or just bad at public relations. While there is no need for a debate over whether or not this exchange has had problems in the past, there is little proof that Mark Karpeles and the rest of the staff over at MtGox are actually fraudsters. Although MtGox bitcoins are still being sold at a....


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Breaking: MtGox Appears to be Insolvent

It turns out the protesters may have had a real reason to camp outside of MtGox. A variety of sources are starting to report on the state of MtGox's insolvency. CCN's Caleb Chen started to report on today's crisis at MtGox earlier today. Here's what we know so far: It started with this docment leaked by Two Bit Idiot. The document claims to be a contingency plan in the face of MtGox's current outstanding liabilities. Coinbase, Kraken, Circle, and others are releasing a joint statement MtGox's insolvency. Someone has decided to purchase gox.com. It's important to remember that three letter....

Roger Ver is Betting on MtGox's Solvency

Roger Ver speaking at LeWeb 2013. Photo via LeWeb13. Roger Ver, also known as Bitcoin Jesus, is looking to buy MtGox bitcoins from people who believe the Bitcoin exchange may be insolvent. As reported yesterday, people are already selling their MtGox bitcoins at discounted rates on a new exchange that popped up overnight. Ver made a post on the bitcointalk forum where he stated his interesting in purchasing at least 100 bitcoins from other MtGox users. It's interesting to see this bid of confidence from Ver after so many people in the Bitcoin community have been bashing MtGox for the past....

People are Selling Their MtGox Bitcoins at Discounted Rates

People are lining up to get rid of their MtGox bitcoins at discounted rates. Questions of insolvency have surrounded MtGox for roughly half a year, and it has now gotten to the point where some people are willing to sell their GoxBTC at a discounted rate. Whether they think Gox is playing with funny money or they just want to get out of the exchange right now for another reason, there seem to be plenty of people willing to sell their GoxBTC for less than what it should be worth. Josh Jones, the founder of Dreamhost, has decided to take advantage of the situation by setting up an exchange....

CCN Week in Review: Mt. Gox's Lies, Hacking Bitcurex, Dogecoin Forks, and More

This week on CCN, we learned that Mt. Gox kept trading despite its insolvency, Bitcurex successfully thwarted a hacking attempt, Dogecoin forked again, and more. Check out our top stories this week (10 March - 16 March) in video and article form. [youtube http://www.youtube.com/watch?v=X1Bh_po5xYE?rel=0]. Mt. Gox Knew it was Insolvent Yet Kept Trading for Weeks. Mt. Gox CEO Mark Karpeles knew 19 days before shutdown of the exchange's insolvency issues. Mt. Gox recently filed for bankruptcy in the United States, and after taking a closer look at the U. S. filing, it looks like Mt. Gox kept....

MtGox Has No Friends

MtGox is left playing by themselves. Photo via unicefiran. It's not clear as to whether or not MtGox was expecting others to agree with them on transaction malleability, but yesterday's announcement proved they pretty much have zero friends in the Bitcoin world. After releasing their announcement in the morning, it seemed that every other big player in the Bitcoin space decided to basically take Bitcoin's side over MtGox. After all, MtGox was blaming all of their problems on an issue that has been known about for years, so it's not clear what their true intentions were with their press....