Bitcoin has brought with it a plethora of new terminology. Not too long ago, when someone said “hash”, mathematics was not the first thought to enter most people’s minds.
The collapse of Mt. Gox in 2014 brought about the term “Gox’ed”. Millions of dollars’ worth of Bitcoin (not so?) magically disappearing and reappearing in “old wallets” enraged thousands of people.
Protection by bankruptcy filings, lack of a common definition of what type of asset Bitcoins were, and shear geological distance made the situation even more frustrating for people that had placed their life’s savings in the hands of the French born 30 year old Mr. Karpeles.
Some investors even went as far to fly to Japan to and protest the disappearance of their investment outside the office of Mark Karpeles and his, at one time the largest, Mt. Gox Bitcoin exchange.
It would appear now, to be Gox’ed means to be misled, spoofed, and flat out lied to and robbed in the fantastical way.
Some estimations place the missing Bitcoin from Mt. Gox as high as 7% of the total Bitcoins in existence. Hundreds of millions of dollars surly found its way somewhere and someone does know the answers to the question of “where did it all go?”
Finally an arrest was made and the glimmer of hope for answers is finally looming on the horizon.
The impact of the collapse of Mt. Gox was greater than just the tragic losses investors suffered. It, along with the numerous other alleged hacks, glitches, and unexplained “magic” events leaving common people holding the bag, has cast a great shadow of distrust onto the entire industry.
Events like this prosecution and forth coming sentencing are a great sight for honest people. I hope the term Gox’ed gets further defined as paying the price for an attempt of theft in such a grand scale.
Many honest people would like to see the “You got Gox’ed” phrase be re-coined to mean “justice, however long it takes, will be served.” In history, time has had a way of sifting out the evil doers.
Unfortunately, Japanese courts have now ruled against a man seeking compensation over lost Bitcoins, stating the digital currency cannot be owned.
The Tokyo District Court said Bitcoin was “not subject to ownership,” effectively dismissing the lawsuit seeking repayment.
Judge Masumi Kurachi ruled that Japanese law only allowed for proprietorship of tangible entities that occupy space and which allow for exclusive control.
As such, Bitcoin could not be owned. An example the judge gave was that transactions between users must involve a third party and therefore exclusive control over Bitcoins was not possible.
This could be what ultimately ends up being the case for the Mt Gox debacle if left to the Japanese courts to decide, so brace yourself because this may just be the price we pay to have freedom of controls in our financial systems.
Welcome to the “Wild, Wild West” of digital currency!!