Source
r/Bitcoin•
hiddenb

Bitcoin Builder will buy your GOXBTC!

Just received the following email:

Builder's Back Get .11 BTC per GOXBTC. Heya!

I know it's been a long time since you've heard anything from Bitcoin Builder, but I promise... a lot has been going on behind the scenes!

We've re-launched as a "Bitcoin Exchange Aggregator" that pulls in the best prices from multiple exchanges and allows you to trade without fee.

But more importantly, from now through February 24th, 2015, we are offering the option to sell the GOXBTC you have "locked" in Mt. Gox to us at the rate of .11 BTC per GOXBTC.

Just based on public information, we of course expect the value of a GOXBTC to be higher than this when the claims process is complete. We also expect distributions perhaps by September or even earlier.

However, if you would like to get some liquidity now and remove some potential risk, simply visit https://bitcoinbuilder.com/sellgox to take us up on our offer.

You will be able to trade or withdraw your BTC immediately after being verified and agreeing to the Assignment of Claim.

If you'd rather not sell, do nothing, and whenever any Mt. Gox bankruptcy funds are distributed to Bitcoin Builder, your account will automatically be credited with whatever your portion turned out to be worth at that time.

To check it all out, just visit Bitcoin Builder: https://bitcoinbuilder.com

Thanks, Josh Jones Founder, Bitcoin Builder, Inc.

Posted Feb 20, 2015, 9:39 PM UTC

8550
bigfuckingwhale•

Good news for the goxxed I guess. They must know something.

20
analogrithems•

Please, nobody knows anything. Having worked with Mark after the fallout to help in security I can tell you nobody has a clue what's going on including Mark.

1
bigfuckingwhale•

that was a year ago.

and I don't believe Mark had no clue back then. He lied so much, he must have been hiding something.

1
goxxed123•

http://i.imgur.com/oXg3Oir.png

-lawyer cost

-unknown shit

+optimistic

13
apoefjmqdsfls•

You forgot the fiat liabilities and I think they claimed an official loss of 750k customer btc (and 100k from mtgox itself). You can find the fiat liabilities here https://www.mtgox.com/img/pdf/20141126_document.pdf

If you take all of that into account, you get 0.20.

3
Z0ey•

Wait a year for 0.2 or sell now for 0.11. Tough choice.

1
shayanbahal•

how did you calculate 0.20?

1
goxxed123•

It includes 73 million dollar fiat liabilities and around 80k btc supposed banned accounts, also some guys won't file their claims.

The supposed Tibanne claim will go right back to creditors because they owe mtgox 7 million.

1
cpgilliard78•

+ goodwill

+ cost of acquiring customer

1
totes_meta_bot•

This thread has been linked to from elsewhere on reddit.

^If ^you ^follow ^any ^of ^the ^above ^links, ^respect ^the ^rules ^of ^reddit ^and ^don't ^vote ^or ^comment. ^Questions? ^Abuse? ^Message ^me ^here.

6
apython88•

careful! I had sold my gox BTC to them, but they needed a scanned copy of passport and other things to release them; so I literally just let them keep it (not enough value in the BTC to give my documentation out)

5
tomyumnuts•

I'm still mad at him for closing the market for no apparent reason.(Gox was long daed then) Let the people speculate and the price to be decided by the market.

So right now he is profiting of people in need of the cash, because there is no other way to trade those goxcoins he owes. I would buy them at 0.13, but there is no way to do so.

4
myrond42•

he was processing withdrawal's manually. Additionally the longer he had it open for trading the more KYC he had to do. Probably felt the income wasn't worth the hassle.

4
tomyumnuts•

He made a fortune and took 2% commision. Its his own fault to collect 100% of the fees in goxcoins.

Also I'm still not able to move goxcoins between bitcoinbuilder accounts, so I can't trade them myself and only have the option of taking his shitty offer. I really feel taken advantage of.

1
Iamhollywood5•

agreed, that was kind of shady for him to do that.

3
jwBTC•

How would he/does he guarantee anything?

Its not like we can log into the site and transfer gox credits...

4
BEN_ANNA_FOSGALE•

Just based on public information, we of course expect the value of a GOXBTC to be higher than this when the claims process is complete.

What are the latest estimates for that? I remember hearing ~0.3 BTC per GOXBTC a while back.

4
apoefjmqdsfls•

They have the funds to pay .2, maybe more when some people won't claim their btc back.

6
ajwest•

I had about $1000 CAD in there that I was trying to withdraw at the time. How would that work for me?

0
apoefjmqdsfls•

It will actually all depend on how they will manage the bitcoin assets. You'll get a bit more than 20% if they mix bitcoin and fiat and if every bitcoin is worth $240. It's also possible that they will handle bitcoin and fiat separately, because in the balance sheets they don't even talk about the bitcoin assets. Or maybe they will take the value of bitcoin from the moment mtgox went bankrupt and calculate the liabilities to the customers according to that or ... well who knows.

1
kodofodder•

If true it means about 75$ per goxbtc

3
[deleted]•

[deleted]

1
auzaar2•

Asking for address, SSN and all that shit, I hope he will not file claim on behalf of us on mtgox and get all btc :)

4
gynoplasty•

Well how else would he redeem your goxbtc?

7
cpgilliard78•

You can assign a bankruptcy claim to someone else with a written agreement. You wouldn't have to pretend you are someone else.

3
gynoplasty•

It seems like he is probably only trading with people who already sent their coin to the bitcoinbuilder account? I'm not sure how he could buy peoples goxbtc. The site has been down for almost a year.

2
auzaar2•

It is his site, all goxbtc people traded on his site are in his database he can do whatever he wants, if you allow him, all btc you bought through bitcoinbuilder are already with bitoinbuilder account on mtgox

1
auzaar2•

These are goxbtc we are talking about which exist only on bitcoinbuilder, all the real btc on mtgox are already owned by bitcoinbuilder and when you sell goxbtc you are anyway sigining online that I give up all claims etc etc

1
David_Crockett•

This is only for goxbtc that are already at bitcoinbuilder, which means that they are already in bitcoinbuilder's mtgox account, meaning bitcoinbuilder already controls/has claim to them in terms of filing for a claim in Japan.

5
SimonBelmond•

No, no, I payed 0.35 for each. Not going to sell out for 0.13...

4
lacksfish•

Care to tell why you got them in the first place?

1
SimonBelmond•

A gamble. I was out of gox for over a year already when it went down. But because transaction malleability was/is a real problem and others like Bitstamp had halted BTC payouts as well I thought that there was a fair chance that BTC payouts would resume at some point.

Without any thorough anaylis, I still think that a lot of funds from GOX will never be claimed as there were so many money-laundering accounts from SR there. Lot's of BTC were probably already in some kind of claimable state when GOX suddenly started to ask for account validation. Lot's of money-launderers are not going to claim their money back, I guess.

Edit: I only invested what I could afford to loose. And luckily, unlike others, I still got the GOX coins when they were still transferable internally. I didn't want to be left with double 3rd party trust. So all my Bitcoin IOUs are now "safe" on GOX itself and I have screenshots and mails to prove it to them directly. Alltough maybe being still in the BTC builder boat would't be that bad cause the guy is still around and filing claims for his clientele as soon as claims can be filed.

4
3pence•

Is this a bet to be the largest single credit holder in the Gox liquidation?

4
idlestabilizer•

He may already be that.

1
jwBTC•

YAY! My 12.94 GOXBTC is worth 1.4234 Real BTC to someone?

How the heck are they going to guarantee the transaction? "Agreeing to the assignment of Claim" HAH

2
apoefjmqdsfls•

The offer is only available for those that have their goxbtc at bitcoinbuilder.

6
caston1981•

Yes, I went to all the hassle of verifying my account only to realise this. If only I could get something for my btc stuck on mtgox it might save my life.

2
oceanicorganic•

Your life? Really? Do you owe money to someone important?

1
caston1981•

not really just those infuriating banks

1
RockyLeal•

Notice that they said "We also expect distributions perhaps by September or even earlier."

If you can hold until then you're fine. Or if you are in need of some money desperately sooner, maybe you can ask in bitcointalk, since this offer has been made now goxcoins are worth something again and there will be people interested in making a deal for them.

1
lacksfish•

!RemindMe 1 September 2015

Hope all goes well.

1
rydan•

And your 2015 BTC is worth about 1/3 of your 2014 BTC.

1
bigfuckingwhale•

Do you think it's a coincidence this is published a day after the second Willy report?

1
h1d•

What is a second Willy report? You mean the bizsec blog post?

1
nord123•

What do people think the % of coin and fiat we will get back is?

1
todu•

Sometimes a cigar is just a cigar.

-1
bigfuckingwhale•

sometimes. but this is a strange offer. why the limited deadline? why not open the exchange to everyone?

5
childofgold•

You can apparently either sell all or none of your GoxBTC (can't just sell a portion). Is selling at .11 the smart move? Not too sure what I should do or what this public information is..

1
idlestabilizer•

I'd rather like to have the option to trade GOX, than to sell them.

1
aakashkumar•

If They Trust GOX BTC means they should allow us to Trade GOX BTC to Real BTC again :)

1
fast5alive•

Just your average bitcoin Josh shafting the members of the community

-5
jhansen858•

If you don't like it, don't sell.

8