Quote from: viajero on April 30, 2014, 02:16:00 PM

Quote from: JonHolmquist on April 28, 2014, 02:42:49 AM

Hey guys!

I'm on the SaveGox team. If you guys have questions for the team, please post them.
I'm opening this thread because Goat closed the other one.

Thanks,
-Jon

hi jon, thanks for your communication effort. i have a question for you and johnbetts:

why are you guys don't join forces with the OKcoin team? from what i've heard, they offered their know-how and to license their trading software to make it easy for you, to restart gox as fast as possible.

i understand, that you want to run this on your own without the need to license anything. especially since you already put in a lot effort to make that deal possible. i'm quit sure your team has the legal capacity and a lot of experience in the financial business which are some badly needed qualifications. but you seem to forget, that dealing in bitcoin is quit special! at least i get that impression, when i read statements like that:

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[09:10] I have been involved in electronic trading Since 2004 - bitcoin is just another asset class, not different to stocks when it comes to trading (http://pastebin.com/SbH84VDr)

since your initial rehab plan was leaked (http://www.goxdox.org/) and everybody got the impression, that you don't care to much about the creditors, there is almost no support left for sunlot. statments like this only make things worse:

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[09:06] we could go and build a new exchange - though if we did that - who would be challenging the courts to protect the customers intersts, and creating a mechanism for them to earn back their losses, and go after the stolen funds?

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[09:26] fishfish - I said the OK Coin discussion of them joining us formally did not materialize - and I said I will not say anything negative, and wrote to them to give them support for their efforts (in the sense that we want the same thing, and if they win, we are just interested in customers being taken care of)

to me and almost everyone this reads between the lines like something more or less like this: "shit, our plan got leaked and now everybody knows that we only want to make a quick buck and don't give a shit about the creditors! lets tweak the plan a little and repeat everywhere how importand the creditors are to us, maybe that way we'll get their support back"

don't get me wrong, i'm not saying that's the case! i'm just saying it kind of sounds like that! there is absolutely no harm in admitting that this is business! it's about money and helping ppl can never be the first priority. we, the creditors, understand that! sunlot has to make money and there won't be any restart if you can't get a good deal for yourself. we don't blame you for that! but to get our support the deal has to be fair! as long as it feels like a total fuck over there won't be much support.

my impression is that the sunlot team learned from their mistake and is now trying to do better, i.e. work together with the creditors for a solution everybody or at least the majority can agree to. so far there is still much greater support for the OKcoin proposal or, lets say, for what the OKcoin proposal is expected to be.

my personal impression is, that OKcoin might be somewhat optimistic regarding the legal and regulatory hurdles and what they can promise the creditors without cripling the new gox right from the beginning. you guys might be somewhat optimistic when it comes to all the possible technical glitches that can fuck up a bitcoin exchange! ("bitcoin is just another asset class, not different to stocks when it comes to trading" johnbetts)

even if i'm wrong and you have the expertise, your leaked initial plan lost you the community support. OKcoin has our support and a approved bitcoin trading engine ready to go, sunlot has the connections and resources to deal with all the non technical issues.

sounds like a dream team to me!

and last, but not least: if there is no chance to join forces for whatever reason, you might want to come up with a better plan to get more support. i personally don't need 49% equity! but i can't trust sunlot as long as you just use mt.gox [our] assets at the beginning. i'm talking about the 10m you want to take out to get started. put a reasonable amount of your own money at stake! trust can be bought. at least in this case...

Thank you for this thoughtful post!

I agree with a lot of what you said. I think though a lot of this stems from the lack of transparency in this whole ordeal.

As for OkCoin, we're more than happy to work with them. We've been in talks with them and were under the impression that they would support our deal. They decided to do their own deal instead. Either deal is still better than liquidation.