Post
Topic
Board Speculation
Re: URGENT, Bitcoin is on the verge of collapse !!!
by
JorgeStolfi
on 24/12/2014, 14:20:54 UTC
But why do you say "Chinese government stole from him"?  If Mark Karpeles was selling MtGox customers' bitcoins on Chinese exchanges, he should still have a ton of yuan IOUs, prepared to buy back bitcoins at the bottom of the bear market. Do you mean that Karpeles was robbed of those IOUs by the Chinese authorities?

It is a totally wild guess, so the details can be fudged as needed...

In that theory, the cooperating Chinese exchange collected billions of yuans of deposits from thousands of Chinese citizens.  Those yuan were kept in the exchange's bank account.  In Dec/2013, the PBoC forced the banks to close that account, presumably freezing the funds to prevent them being sent to Japan.  (*That* would probably have violated the capital export laws.)

So, indeed, by this theory Mark would be owed billions of yuan by the Chinese exchange; but the exchange no longer has that money, specifically.  ANd the coins were bought by thousands of Chinese with their real hard-earned yuan, so the exchange cannot take those coins back, either.