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© (c) Copyright Thomson Reuters 2017.CEO of bitcoin exchange MtGox pleads not guilty to embezzlement
By Thomas Wilson TOKYO©2024 GPlusMedia Inc.
18 Comments
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Goodlucktoyou
how can currency change value? a dollar is a dollar. time for a world currency.
gogogo
What a moron, JT please follow this story I would love to hear his weak excuses, he thinks he is smarter than everyone else.
sf2k
Goodlucktoyou
Currency only makes sense locally otherwise you can't make adjustments as different geographies have different economic ebbs and flows, inflation, deflation, wage pressures. This I think is why part in parcel to Greece's problems with debt is that they were not allowed to de-value their currency because they adopted the Euro. Countries that peg their value to another country tend not to have any say in their monetary policy. Something like that anyway. I'm probably mixed up!
Strangerland
And a bitcoin is a bitcoin. But same as with any currency, the value relative to other currencies can fluctuate. A yen is a yen, but the amount of USD you can buy with that yen will change by the hour. Same with bitcoin - the number of dollars you can buy with bitcoin (and/or vice versa) fluctuates.
That's essentially what bitcoin is.
Madden
I hope that conviction rate stays up with this guy. One of his former workers had a long post on some Bitcoin forum where he talked about how the company had no oversight and Mark was throwing money away like crazy. The former worker was actually trying to be set up as the fall guy before he realized what was happened and ran away. The prosecution just needs to get this guy to be a witness!
smithinjapan
Hmmm... were he Japanese and being tried here I'd say the suspended sentence is a given, but this time it's a foreign CEO who screwed some Japanese companies, so he might just be convicted.
Yubaru
Somehow I have a hard time believing that this came across in Japanese the same that it does in English.
miyakojimadan
Anyone remember the Xing pyramid scheme that went belly up here in Japan? A lot of my friends lost money on that one and no one was prosecuted. This story certainly reminds me of that one.
theFu
Incompetence or theft, can't tell.
He failed in his fiduciary responsibilities. Some sort of recompense is required. For US$500M stolen, someone needs to pay - one way or another.
Bitcoin is like any other commodity with the perceived value being more important than any real usefulness.
There are lots of different crypto currencies. Be careful where and how you exchange them.
thepersoniamnow
I actually dont know the details of what happened. Does anyone have any evidence as to whether he probably did it or is he the fall guy or what? It's a lot of money for just one dude to be involved.
Dango bong
haha another one duped to believe bitcoin is a legit currency haha
fxgai
I just hope he gets a fair trial.
i was kind of disappointed about how his name has been dragged through the media afterwards for spending money on hookers and booze. Even if he did, that's not a crime.
JeffLee
Guilty of incompetence. surely. But I think the Japanese prosecutors need a charge that will stick, hence the "embezzlement" rap.
Black Sabbath
Private currency market: what could ever go wrong?
Yubaru
Just an attempt to titillate and bias the readers into thinking, and because they read it here they just "know" it's fact, that he is guilty.
Oh btw, the booze may not be a crime, but here in Japan, the hookers are. lol
commanteer
When the head of a young company that lost millions of dollars worth of its clients funds is spending on hookers and booze, it's quite relevant. If I see any conspicuous consumption by the president of a new and growing company (like most start-ups), I avoid investing. It shows where their head is at. I don't even like it when they buy an expensive car. Not while investor/client money is on the line.
A lot of young guys who come into money overnight end up living like rock stars while the company tanks. At the very least, we are looking at criminal negligence.
Strangerland
Having used it as a legit currency, there is no 'duped' about it. I've done international money transfers with it, and even bought things with it.
On top of this, the Japanese has recognized Bitcoin as a legal currency (http://www.newsbtc.com/2017/04/02/japan-officially-recognises-bitcoin-currency-starting-april-2017/)
Seems you're just not able to keep up with the times. Things change. Those who adapt, prosper.
Scrote
Let's look at the pertinent facts of the case that the judges will consider when they make their verdict:
He's not a member of Nippon Kaigi
He is under 60
He hasn't been bribing politicians
He isn't one of Abe's mates
Result: he's going to jail. 100% guaranteed.