All participants of the crypto-currency community are closely watching the take-off of bitcoin prices in recent weeks. But in addition to increasing the capitalization of the Crypto currency, this process has another curious side effect.
One of those who are especially interested in the growth of the bitcoin course is the former president of the now defunct MtGox exchange. Mark Karpeles (Mark Karpeles) says that the solvency of bankrupt MtGox is rising, thanks to an increase in the price of the crypto currency.
Indeed, the main remaining asset of MtGox is 200,000 BTC, which Karpeles "accidentally found" in his backup wallet. The total amount of client funds lost by the exchange is approximately 744 thousand bitcoins, which is slightly more than 420 million dollars at the closing exchange rate (about 565 $ per 1 BTC). Thus, without taking into account other circumstances, in order to fully compensate for losses in dollars, the bitcoin rate should grow above $ 2100, which now does not seem incredible at all.
Last week in a record on Reddit (subreddit r / mtgoxinsolvency) it was said that "Mt Gox has reached approximately 78.5% of the value of its debt obligations." The person who made the record also asked the former owner of the exchange what would happen if the price of bitcoin would increase this figure to 100%. Carpels responded in the same comment line, noting that due to the fact that Coinlab is suing Mt Gox, the actual amount of debt that the company has now reached is about 59%. Coinlab sued Mt Gox, requesting the exchange 75 million dollars, even before it went bankrupt.
"I'm monitoring the situation," explains Marc Carpels. "We are still at the level of 59.92% (74.29% if we exclude CoinLab, but this is impossible, since the trial has not yet ended). Remember that you need to conduct calculations in the Japanese yen, since the calculations in dollars are not entirely accurate. "
After this statement, Bitcoin's developer, under the nickname Lukejr, asked Carpels: "Is it possible that Mt Gox will cease to be bankrupt if it reaches 100%?"
"Yes, but this will not help reopen the Mt Gox," Carpeles said. "The idea is to establish some confidence in the distribution of the BTC beyond the bankruptcy process, allowing it to be easily distributed. Our plan is to distribute the recovered BTC to the lenders at the addresses they provided to receive the initial payments. "
"Based on the current state of affairs, the creditors will not be able to get more than the approved amount of the claim (in Japanese yens), which means that the recovered BTC in the future will theoretically be distributed among the shareholders."
Then the optimists asked Carpeles what the possibility of reopening MtGox and giving creditors a chance to become shareholders of the company, which may allow to cover the cost of some stolen BTC. However, unlike Bitfinex, which was able to restore work and maintain a reputation after a major theft, Carpeles has no chance at all. However, he himself understands this.
"This is an alternative solution, but it implies a restart of MtGox, whose stable operation is unlikely for many reasons," Karpeles explained. "The main reason that prevents the restart of MtGox - the undermined reputation of the brand and the inability to compete with today's stock exchanges."
The discussion aroused hope in those who lost their funds during the break-in of the exchange in 2013, followed by its bankruptcy. Carpiles also explained that the bulk of the refund process can not be started until a 100% threshold is reached on the volume of debt obligations. As for the suit of Coinlab, Carpeles said that if someone wants to help with the trial, he can get acquainted with the documents, but he himself now can not deal with this issue.
"Theoretically, everyone can do this, so if someone makes such a wish, then I will be happy to upload all the necessary files to the dropbox or elsewhere," Karpeles added.
