John
5
John  

In the last week i looked at exchanges etc myself, and liked kraken, hitbtc and bitstamp as their layout was simpler and people have written a lot about them. Can anyone give me tips to help me choose now? i haven't parted with any cash as yet as there must be pros and cons to these places and i wanted an inside scoop, so to speak! ANy help much appreciated!

thenews
28438
thenews  

Failed bitcoin exchange Mt Gox gets U.S. bankruptcy protection

The failed Tokyo-based bitcoin exchange, Mt Gox, received court approval on Tuesday to begin Chapter 15 bankruptcy proceedings in the United States as it awaits approval of a settlement with U.S. customers and a sale of its business.

Mt Gox was once the world's leading exchange for trading the digital currency, but shut its website earlier this year after saying it lost some 850,000 bitcoins - worth more than $500 million at current prices - in a hacking attack.

It subsequently said it found 200,000 bitcoins.

The company filed for Chapter 15 bankruptcy protection in March to prevent U.S. customers who had filed a class action lawsuit from seizing its U.S. assets, such as computer servers, and demanding evidence and access to Mt Gox executives.

Since then, the company and the class action plaintiffs reached a settlement, which is awaiting final approval by a federal court in Chicago.

Judge Stacey Jernigan of the U.S. Bankruptcy Court in Dallas granted recognition of the Chapter 15 case, which allows Mt Gox's foreign representative to file lawsuits and pursue potential funds to repay creditors.

Under the deal, U.S. and Canadian customers will split the 200,000 bitcoins held by Mt. Gox and share in a 16.5 percent stake after Mt. Gox is sold.

Sunlot, a firm backed by child actor-turned entrepreneur Brock Pierce and venture capitalist William Quigley, has proposed buying Mt Gox for one bitcoin, or around $600.

The Sunlot deal must be approved by the Tokyo District Court overseeing its bankruptcy.

source

whisperer
1880
whisperer  

That was their intention from moment 1

I can kiss my money now goodbye

eurofreek
2927
eurofreek  
whisperer:
That was their intention from moment 1 I can kiss my money now goodbye

That is probably why it is over 600 again. They are protected now and they know it

thenews
28438
thenews  

Japan: we’re not regulating Bitcoin, at least for now

apan has decided not to impose regulations on Bitcoin, at least for now.

In early March, there were calls for the country to regulate Bitcoin, motivated by MtGox’s shocking collapse unfolding at the time.

Lawmakers had reportedly commenced work on regulation. Japan’s Financial Services Agency (FSA) and other agencies looked more into the matter following the request of an official who requested clarification on the status of virtual currency. Until then, the government had only reaffirmed its existing position that Bitcoin is not a currency and as such, they bear no responsibility for its oversight.

One official sought regulation in order to address Bitcoin’s anonymity, saying “transactions that cannot be traced even by authorities are problematic from the point of view of law and order.”

Proceedings will, for now, take a pause. Takuya Hirai, a Liberal Democratic Party (LDP) lawmaker who leads the party’s internet media division, said, “Basically, we concluded that we will, for now, avoid a move towards legal regulation.” He added that a final decision will be made after more opinions are heard on the matter.

Several countries have already regulated Bitcoin- in a sense. Their regulations usually take the form of assigning existing restrictions for legal tender to Bitcoin, which is termed as “convertible virtual currency” by FinCEN. Such rules include the requirement for money transmission licensing or its equivalent, and anti-money laundering (AML) vigilance. However, there does not yet exist any form of regulation recognizing digital currency on the same level as legal tender.

whisperer
1880
whisperer  

Yah :

“transactions that cannot be traced even by authorities are problematic from the point of view of law and order.”

They all know where the money wen, but they do not want to do anything

thenews
28438
thenews  

The Government Is About To Hold A Gigantic Bitcoin Auction — Here's How To Participat

The U.S. Marshals Service will be auctioning off nearly 30,000 Bitcoins worth $17.5 million on Friday from 6 a.m. to 6 p.m.

The coins come from the government's seizure of Silk Road's massive Bitcoin stash, worth more than $80 million.

The announcement of the auction earlier this month sent prices below $600 for the first time in weeks, as the community seems to think they will go for a discount. The assets have been divided into 10 blocks, nine with 3,000 Bitcoins (~$1.8 million each), and one with a single block of 2,656 Bitcoins (~$1.6 million).

If you don't own any Bitcoin now, how can you get any?

The deadline to register directly with USMS passed today at noon. Participants were required to front a $200,000 deposit to join the bidding. (If you don't win the bid you get it back).

But there's still another way. SecondMarket, the New York-based alternative investments firm helmed by Barry Silbert, has set up a syndicate that will pool bids. To subscribe, you must make a minimum bid of $50,000 minimum bid, plus a 5% fee. The deadline for joining the syndicate is noon Thursday.

You can also obtain shares in SecondMarket's Bitcoin Investment Trust in lieu of a direct allocation of Bitcoin. To do so only requires a $25,000 minimum bid. In order to receive shares of the Bitcoin Investment Trust you must be an accredited investor and the standard fund fees will apply.

Coindesk recently published a list that was accidentally leaked showing folks who've already signed up to bid. They include Silbert, Coinbase co-founder Fred Ehrsam, a lawyer at megafirm Wilmer Hale, a quantitative arbitrageur at BNP Paribas, and Yelp's director of public policy.

We also asked DOJ some additional questions about the auction. Here were their written emailed responses.

BUSINESS INSIDER: What were DOJ's principal reasons for deciding to hold this auction now, as opposed to an earlier or later date?

DEPARTMENT OF JUSTICE: We have a complex assets team in our Asset Forfeiture Division that worked with specialists from the FBI, the U.S. Attorney's Office in the Southern District of New York, and the Department of Justice to develop the auction plan.

BI: Why has DOJ decided to auction only ~20% of the Bitcoins seized in the Silk Road case? Will there be further auctions?

DOJ: That was the amount of the forfeiture order by the court on Jan. 15, 2014.

BI: How many bidders does DOJ expect to have, or hope to have?

DOJ: We don’t speculate.

BI: Are international bidders permitted?

Yes. Bids will not be accepted, however, from any person or entity that appear on the U.S. Treasury Department’s Office of Foreign Assets Control list of “Specially Designated Nationals.” All deposit and purchase funds must be received from a US bank.

source

sebatian
676
sebatian  

Selling the bitcoins They legalized it with that act : they could not have sell it if it was not legal. All is laid down for legalization of bitcoin

whisperer
1880
whisperer  
sebastianK:
Selling the bitcoins They legalized it with that act : they could not have sell it if it was not legal. All is laid down for legalization of bitcoin

Then why don't they admit that it was stolen from me?

test
1232
test  
whisperer:
Then why don't they admit that it was stolen from me?

The will not do that.

It was meant for money laundering and you fell a victim of that