Mark Karpeles Wants to Resurrect Mt Gox with an ICO

Yes, you read that right. Fallen figure Mark Karpeles would like to resurrect Mt Gox, which dropped in 2014 with the reduction of 850,000 bitcoins. He suggests with an ICO and he would really like your help. Where else is he going to raise the mandatory $245 million? It seems absurd, but until you hit caps lock and head directly to the remarks, have a little time to hear the guy out.

Goxxed Again

Mark Karpeles Wants to Resurrect Mt Gox

After Mt Gox folded, thousands and thousands of bitcoins went together with its own — clients’ bitcoins, which might today be worth billions. From the ensuing fallout, Karpeles, a maverick who had once sat at the Bitcoin Foundation, was vilified. When it appeared the former CEO could inherit a post-liquidation windfall, the knives came out and old wounds have been reopened.

Karpeles may or might not be in line for a bumper money back, but whatever the results of this Mt Gox bankruptcy instance, the Frenchman’s name will induce creditors to cosign. An individual may have anticipated Karpeles to keep his head down before the newest storm had blown over, but that is not his personality. In an astonishing and intriguing blog article, Mark Karpeles has broken his silence to indicate an audacious remedy to the Mt Gox issue.

The Corpse is Still Twitching

In a protracted blog post, Karpeles outlines the ongoing bankruptcy situation and makes mention of Coinlab, whose independent $75 million claim that he begs for delaying proceedings. (He also notes that the problem of bitcoin cash was cited in the very last creditors’ assembly — an interesting curveball, provided that there should now be an equivalent amount of BCH to disperse together with the 202,000 BTC which were recovered soon after the bankruptcy was announced.)

Karpeles then contemplates what occurs after the insolvency proceedings have been finished, confessing:

I have been pondering how to proceed should I want to solve this matter myself – which sounds better than being the object of hate of thousands of people for the rest of my days.

His proposal?

Bringing MtGox up through…new management and ownership sounds actually more and more easily done than before. This could work, joined with a solution similar to what Bitfinex did, where liabilities are covered with tokens issued to creditors.

That is correct, Karpeles just suggested bringing Mt Gox — that the very maligned bitcoin market ever — back to life. When most people’s first response is to laugh off this, it is an idea so crazy it might just work. The token issuance was not something back in 2014. If it was, Mt Gox might have hypothetically picked up the bits and carried on.

From Perdition to Redemption

Gox’s losses were a few times larger compared to 120,000 BTC stolen from Bitfinex this past year. Given Mt Gox’s dominance in 2014, nevertheless, had the frigate foundered on and the water already been bailed, there is a possibility that by now it could happen to be shipshape.

But that is all hypothetical. Back in the here and now, Karpeles’ suggestion of boarding the Marie Celeste and increasing her sails once again is guaranteed to be taken down. The Japanese trade is still a relic of a bygone age. Mark Karpeles seems undeterred nevertheless, averring: “MtGox would just require a brand new management group…and 245 million USD.”

Coy Karpeles

Even though Mt Gox’ creditors will probably disagree, Mark Karpeles is not actually a “bad man”. Bumbling, yes. Unfit to have custody of tens of thousands of dollars, yes. Nevertheless, the coy Frenchman is not the pantomime villain he has been made out to be. Karpeles concludes by placing two suggestions on the table: to market the Mt Gox title to anybody eager to reanimate the zombie’s corpse, or even to establish an ICO to serve the identical function. He is self-aware enough to acknowledge “I would not have anything related to MtGox anymore, that I suppose many folks would agree is that a fundamental necessity” and concedes:

In case there is not enough raised it could still be locked to be distributed to creditors, which would be better than nothing.

Then he concludes: “If anybody has 245 million USD sitting around and needs to buy MtGox, simply drop me an email.”

Within an AMA hosted by an ex-Gox worker, 1 Redditor place it best: Karpeles is “a timeless neckbeard who only got lucky and won a lottery”. The guy got in over his mind and now, belatedly, is hoping to make amends. So whaddya say: who is for an MTG token sale?

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