Why SaveGox is Important for Bitcoin

Today, Bruce Fenton of the Fenton Report blog has shared the latest news on the Save Mt. Gox campaign.

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Why SaveGox is Important for Bitcoin
Today, Bruce Fenton of the Fenton Report blog has shared the latest news on the Save Mt. Gox campaign. 

Recently, Bruce has spent the last few days talking with experts, Japanese lawyers, and bankruptcy lawyers on the topic of Mt. Gox and the SaveGox campaign. 

SaveGox was created following the announcement that Mt. Gox has given up on rehabilitating the defunct exchange with the aim to stop the plan of liquidating Mt. Gox assets. The SaveGox website reads: 

“We need your help to stop a liquidation, which would be good neither for MtGox creditors nor Bitcoin's reputation with the general public and regulators!” 

Two points 

First, Fenton stated that one of the two main take-aways from his talks was that the current trustee is “not taking Bitcoin seriously as a real asset.” This could be bad news for Gox customers as it appears that the remaining 200,000 coins that where “found” will not be returned to their original holders. Moreover, if liquidation were to occur, there will be no one left with access to account records and customers will never know what happened to the stolen or lost coins. 

Second, Fenton asserted that SaveGox is the best course of action not only for Gox customers but for Bitcoin as a whole as he sees it being the only option that could potentially see the restitution of at least 200,000 bitcoins or 25% of the total amount. 

The customer is always right 

The SaveGox team has reassured everyone of their commitment to returning the 200,000 coins and immediately launching a full investigation into the whereabouts of the remaining funds while providing the Bitcoin community with full transparency of the process. 

Normally, the trustee would split customer and corporate assets and the aforementioned number of coins would have already been returned. Moreover, the trustee would have carried out a thorough investigation rather than interviewing Mark Karpeles and relying on a perfunctory police investigation. 

Indeed, if SaveGox gets enough support, then customers could potentially be reimbursed and their losses could be recovered. In result, this would give Bitcoin much-needed positivity in the media as it has been recently plagued by exchange meltdowns, price volatility, and government crackdowns. 

Potential customers and the general public would also feel more confident about getting their feet wet in the world of Bitcoin if Gox customers were to get even a portion of their money back. 

If you are in favor of rehabilitation - especially if you are an account holder - visit SaveGox.com to sign up and participate.
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