Quote from: BTCisthefuture on May 16, 2013, 04:06:44 AM

Quote from: LorenzoMoney on May 15, 2013, 05:22:04 PM

But, I am not sure whether to be angry with MtGox for not making sure their operation was completely legal and could withstand legal attacks, or with the DHS for being overzealous in protecting Americans from imagined menaces.

I'm certainly more angry at Mtgox. Looking at how the CEO filled out those wells fargo documents, he just flat out lied on them. Period.

It seems like every week or month it becomes more and more obvious that the guy running Mt. Gox simply has little to no experience in running a company like this and really has no idea what he's doing. It's been problem after problem and mistake after mistake.

I look at this is a positive thing in the long run. Yes in the short run it could cause a lot of problems for the bitcoin community. But in the long run things like this are needed so other people have a clear understand how to follow the laws and operate a bitcoin exchange.

He did not lie, he told the truth. The entity in question did nothing more than fwd payments.

Take this example. Company A owns companies B and C. Company B is an auto dealership. Company C is a pizza shop. At the end of every month, B and C send all income above expenses to A, which then distributes the profits to the shareholders. If someone gets horribly sick from rotten sausage on a pizza and sues C and wins, A and B are not responsible. You can't sue A and expect to win.

That's what's going on here, the court is accepting that the US based company is the same at MTGox, which it's not. Different entity which does not trade bitcoin at all. So it's BS.

"You can beat the wrap but you can't beat the ride"

It could take years to work out and that's probably the point. Delay and disrupt.

CypressXM

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