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Mt. Gox: CoinLab’s $16 billion claim coincides with Bitcoin’s ATH price, multiplied by 800,000 BTC

Priya

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Mt. Gox: CoinLab's $16 billion claim coincides with Bitcoin's ATH price, multiplied by 800,000 BTC
Source: Unsplash

Andy Pag, the Founder and Administrator of Mt. Gox Legal, spoke about the claims made by CoinLab, in an interview with Peter McCormack on WhatBitcoinDid. During the interview, Pag was asked whether the claim was high because CoinLab wanted to block out the potential future value of the entire holding.

To this, Pag stated that the total Bitcoin assets’ value that was going to be given to the creditors was roughly $1.5 billion, considering the largest cryptocurrency’s volatile market. Taking this into consideration, he stated that CoinLab resubmitted a claim of $16 billion, clear of the fact that that their claim was not going to be approved. However, there was “some thought process” that went into that massive claim as they could not have “just stumbled across [that] number”, added Pag. He further said,



[…] the number $16 billion coincides with $20,000, the all-time high for Bitcoin price, multiplied by 800,000 Bitcoin, which is the total amount of Bitcoin being claimed by creditors [..] or they happen to have chosen a number that matches exactly the amount the best case claim that all creditors put together could have […]”

This was followed by Pag speaking about the impact this claim would have on proceedings. He stated that voting rights would be based on the size of claims. The party with the largest amount of claims had “more say in how things were done”, he added. Pag went on to state that when a creditor had “basically 16 times more” voting power compared to the rest, “then clearly [they] get to dictate”. In his words,

“[…] until the trustee is in a position where you can say this is actually what CoinLab’s claim is worth […] even if you give [CoinLab] 50% of the voting rights they still have eight times more voting power then everybody else combined. So, it makes a mockery of the process and its groundless to a halt”

Pag further stated that it was “frustrating” because the initial deadline was supposed to be towards the end of April, and now nobody knew how long the settlement would take. He stated,

“[…] I’ve got my views and they are my opinions and views and I want to make that clear to anyone that’s listening to this and thinking about what their options are that I’m offering this is a personal set of views […] but my view is that it’s going to take between at least 18 to 24 months there’s a good chance it will take longer than that.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin [BTC]: Andreas Antonopoulos breaks down life cycle of a transaction on the BTC blockchain

Akash Anand

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Bitcoin [BTC]: Andreas Antonopoulos breaks down the life cycle of a transaction on the BTC blockchain
Source: Pixabay

Bitcoin [BTC] and its intricacies have been a concept that many users in the cryptoverse have been trying to understand since its inception. In his latest video, Andreas Antonopoulos, a major Bitcoin bull and the author of Mastering Bitcoin, elucidated on the life cycle of a wallet transaction from start to finish.

Antonopoulos stated that from the point someone sends a transaction from a wallet to its confirmation on the Bitcoin blockchain, the wallet constructs a transaction by accumulating the BTC in the user’s wallet and assigning the addresses. The user’s wallet then transmits the transaction’s information to one of the many nodes it is connected to, from where it can be sent to ‘1, 2 or even 8 other nodes’. He added:

“The transaction is then transmitted to other nodes, which can be mining nodes, e-commerce payment gateways, and many such options. Each of those nodes will receive the transaction from your node and each of those, in turn, will validate every single transaction. When the nodes receive the transactions, they don’t’ know whether it was created by you or was forwarded and hence each of these transactions need to be validated individually.”

Antonopoulos went on to state that if all the nodes are validated, ie. if the payment details are correct and if it is confirmed that no double spend has occurred on the blockchain, then eventually through the process of ‘flood propagation’, the transaction information will be sent to every other node, out of which some may be mining nodes. In his words:



“Once the transaction reaches the mining pool, it maintains a pool of unconfirmed transactions, like a bucket where all this unconfirmed data is stored. This is the pool known as the mempool. Also, know that there isn’t THE mempool rather there is ‘A’ mempool. Information in separate mempools can be in a 99 percent overlap but there will never be a case where it will completely similar.”

According to the author, the mempool also serves the purpose of providing transaction for a miner to add a new block after which ‘the race is on’ for the next block. Miners usually have to construct a block and then solve the Proof of Work on it to eventually make it a confirmed block. Antonopoulos claimed that once the block is made, the information will be sent to the mining equipment to solve the PoW on that particular block and probably after a “billion hashes” the miners will find the block. The Bitcoin bull elucidated on the information transfer back by saying:

“Once the PoW is solved, the mining node will propagate the node back the same way as it received. The nodes validate the block on the way back and once all the nodes confirm its validity, then the user’s wallet will know that there is a confirmation on the transaction. That is the entire life cycle of a transaction.”





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