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Nextvaluta.com

I am one of, I am sure, far too many naive folks who were caught in the demise of MtGox… When MtGox went away, they took my 200+ BTC with them (please see this screen-shot that reports my balance according to Mt. Gox’ own records.)

How did it happen? I’ll summarize briefly here, but please visit The Mt. Gox Survivor’s Blog for deeper insights and to learn from my experience.

I’ve known about bitcoin almost since it’s beginning, and have always held high hopes for its success. I still believe, quite strongly, that bitcoin and similar peer-managed currencies are the future of money.

I did a little CPU mining in the early days, but mostly “dabbled” because of the usual reasons – life, career, family, and other various time-consuming obligations.

Because of the general difficulty of purchasing bitcoin, it wasn’t until the value started to rise seriously that I made the extra effort required to actually transfer funds to the major exchange at the time (Mt. Gox) and make some purchases. Scare stories about those who are BTC have stolen from private wallets led to irreparable procrastination, and I left the bulk of my coin “safely” in the hands of the exchange.

I’ve evangelized for Bitcoin; encouraged my friends to “get in” while the getting is good, and I intend to continue doing so! But, meanwhile, although I haven’t lost an insufferable amount “out of pocket,” I feel that I’ve lost significant leverage in my future. Hence, I’ve secured this domain and you are now reading part of my story.

Devastated!

Yes, that’s how I’ve felt these last few days as I’ve watched the news. Hundreds of bitcoin, my hoped-for future means of providing for my wife and family, a major prospect for my retirement, sucked into oblivion by the perfidious carelessness of MtGox and by my own fears…

I’ll be adding some more stories here to express how I feel, and to explain how this came about – but if you’re here, and you want to help, please visit my Bitcoin Shop and see if something I have to offer appeals to you, for your own use or as a gift for a friend?

I would definitely prefer your patronage in the Bitcoin Shop, but if you’re not interested in anything in the shop, I won’t object if you want to donate a little BTC towards maintaining this site!

strange goings on!

Coindesk and others have been reporting that a very sizeable number (200,000) of bitcoin have been “found” by Mt. Gox.

I don’t quite know what to think about this…

On the one hand, this represents perhaps 20% of the total supposed loss of BTC.

“Wouldn’t it be great?” I think, “if I could recover even 20% of my stolen bitcoin?” Forty BTC would be a lot better than zero!

On the other hand, some reports state that people like me, who held BTC in a wallet on Mt. Gox, are not creditors for the purpose of the bankruptcy proceedings. What? How can that be?

As I see it, Mt. Gox has a fiduciary responsibility to me and others for whom it was holding bitcoin.

But wait, there’s more… Allegations are flying that this could be some kind of Mt. Gox insider flim-flam, raising hope among those for whom it was holding coin, juggling their emotions so that by receiving back even a percentage of what they have lost, they will be relieved, grateful, and will not press charges against Mt. Gox.

Where’s the truth of all this? I wish I knew. Would I be glad to get back 40 of my 200 bitcoin? Of course, I would! Do I still want to see the responsible parties in all of this brought to justice? You bet I do.