Observations on the stocks and companies I follow
My guess is Mt. Gox success simply outgrew the capacity of the company, staff, management and CEO. They muddled on and eventually the mess caught up with them, and unfortunately a lot of account holders got hurt in the process. Some external attacks (hacking) and internal issues might have been major too.
A lot of ex-pats in Japan start their own small companies and can get away with things, a lot of perception being based on appearances rather than substance here. Renting an office, incorporating a company, setting up a decent website aren’t so difficult.
World-wide investors probably imagined Mt. Gox as a much bigger and much more professional company than it really was. Perhaps they thought there would be all sorts of checks and regulations to operating in Japan, to being a company.
The Japanese authorities would have been most concerned with Mt. Gox and Tibanne basically paying their taxes and the taxes of the owners and shareholders. The FSA simply doesn’t see crypto currency as falling in their jurisdiction.
I am somewhat surprised they weren’t concerned about the money laundering potential though.
Another issue might be that the victims of Mt. Gox are world-wide and I would imagine Japanese nationals are in a minority. If there were many Japanese victims I think there would be more interest and action from the Japanese authorities.
Then again, potentially some of those Japanese victims might be the types to not complain to the government but more to take things into their own hands.
I am alluding to this type of story: Garin Dart
I really wonder what is Mark Karpeles next move.
If the stories are true and a huge number of BTC have been lost would you want to be in his shoes? Mt. Gox relocated to their virtual office in Cerulean Tower, but I would imagine Mark Karpeles would go into hiding too.
Whilst I am sure most of his customers were on the level, how many were “shady” or “serious” people.
I don’t think Karpeles set out to be a crook; he seems too open - google him and you can find all sorts. He has acted as the face of his company - I don’t think a crook would do that, I guess events just escalated out of control.
Interesting WSJ article with video of the meeting - Karpeles seems to like the fancy coffee or chocolate drinks (previous protester noted the same)…..
But if I were Mark Karpeles I would think about some protection - a bodyguard or something like that! The downside of fame.
Also I wonder how much longer worldwide coverage of Mt.Gox will go on before the Japanese authorities get involved (if they aren’t already).
The irony is that the associations with Japan - Mt.Gox in Shibuya, Satoshi Nakamoto - don’t really involve Japanese people.
Mt.Gox CEO Mark Karpeles is simply a French ex-pat living here, and whoever he may be “Satoshi” is not Japanese, again probably an ex-pat based in Japan.
Meanwhile some bitcoin holders are flying to Tokyo to visit Mt.Gox offices.
Taken about a month of irregular visits to bit coin faucets to accrue this vast sum!!
What if Apple and Nintendo signed a deal for Nintendo titles to be offered on revised version of Apple TV?
Good for Apple… Good for Nintendo!
iPad as Wii U like interface?
Nintendo controls work with Apple TV?
Family friendly, closed ecosystem.