# Last edited on 2014-12-05 21:25:06 by stolfilocal
# For the thread "MtGox withdrawal delays [Gathering]"
# NOT POSTED YET


[quote author=DrApricot link=topic=179586.msg9745120#msg9745120 date=1417759888]
It would be really great to see this matter settled in the "Japanese way" like JAL without having endless amounts of litigation. The bottom 80% of depositors could immediately be refunded their bitcoins with quite a bit of change left over from the 220K bitcoins held by the trustee. Then, the government could simply guarantee the funds of the remaining depositors--a relatively small number compared to the 80%--after selectively purging any accounts involved in the heist, money laundering, or other crime. Perhaps Mt. Gox could even be resurrected under the watchful eye of JADA. 
[/quote]

Dreaming will not lead nowhere...  

We already went through this.  There is zero chance that the Japanese government will think, for a second, to save MtGOX. 

There are so many differences between JAL and MtGOX that I can't tell where to start.  

* For starters, MtGOX was small in terms of revenue.  In its best year (2013) it collected ~13 million USD in fees.  The revenue of medium-size supermarket in the US is ~25 million USD/year.  JAL's revenue in 2008 (in the middle of the crisis) was ~18 [b]billion[/b] dollars.

* Although it held ~800'000 BTC, worth ~700 million USD at the time of bankruptcy, almost all of them were owed to clients; so, even if there had been no loss, its net worth was much less, probably less than 100 million USD.  JAL had at least 10 billion USD in assets, including planes, hangars, office buildings, etc..  

* MtGOX had ~40 employees at its peak (IIRC, actually employed by Tibanne and "rented"to MtGOX).  JAL had more than 40 thousand in 2008.

* MtGOX served a community of short-term speculators in a dubious virtual commodity; it was  essentially an unregulated casino.  JAL provided an essential service to all the Japanese people.

* MtGOX was a foreign company that happened to be quartered in Japan, ran by a young Frenchman with questionable past. JAL was a "crown jewel" of Japan.

* MtGOX failed because of fraud (or at least a criminal level of incompetence) that resulted in the disappearance of ~500 million dollars that belonged to clients; and management hid the loss for several months.  When the loss became public, the company's worth was negative.  In contrast, JAL failed because its expenses became greater than its revenue; there was no fraud, and the company's worth was still positive (debts much less than assets) when it filed for bankruptcy. 

Moreover, in order to save the company from liquidation, the Japanese government lent it ~1 billion USD, and convinced the creditors to hold back until the company was