Post
Topic
Board Exchanges
Re: Kraken Accepting MtGox Bankruptcy Claims
by
kvb
on 22/04/2015, 13:47:07 UTC
I don't seem to grasp where is the catch with the magic number $483? 1 Bitcoin = USD483 = JPY50,058.12.  Huh

MTGOX online bankruptcy claim filing system page:
7. "The amount of my/our bankruptcy claim will be converted into Japanese yen using the exchange rate designated by the bankruptcy trustee (the closing rate of the telegraphic transfer selling rate of the Tokyo Foreign Exchange Market (the rate published by Mitsubishi UFJ Research and Consulting Co., Ltd.) on April 23, 2014, Japan time) and the Bitcoin rate designated by the bankruptcy trustee (CoinDesk Bitcoin Price Index on 23:59 on April 23, 2014 Japan time) (1 Bitcoin = USD483 = JPY50,058.12. This calculation is made using the rate “USD1 = JPY103.64” (the closing rate of the telegraphic transfer selling rate of the Tokyo Foreign Exchange Market (the rate published by Mitsubishi UFJ Research and Consulting Co., Ltd.) on April 23, 2014, Japan time)."
https://claims.mtgox.com/assets/index.html#/signin

I don't get it.. They are betting that the price of BTC will be above $483 at the time of distribution? Because of that they want to lock out this price for users? For example you agree here to take $483 for every btc they should give you. Then on september 2015 after creditors meeting when they decide to distribute, the price of BTC lets say is $1000, so they basically shave you for the difference?

Interested what's your take on this?