Brock Pierce: Mt. Gox Redemption Plan ‘Shows Power Of Bitcoin’

Brock Pierce

Venture capitalist and ex-Bitcoin Foundation director Brock Pierce thinks his plan to take over the Mt. Gox rehabilitation process “demonstrates the power of open source.”

Avoiding Crypto ‘Lehman Brothers’

Speaking on the current edition of the Keiser Report February 16, Pierce, who has gained mixed responses to his ‘Gox Rising’ plan, stated community action was essential to guaranteeing the defunct exchange did not end up being a cryptocurrency “Lehman Brothers.”

“Do we want it to end like Lehman Brothers, like the old monetary system?” he reasoned.

Or would we like this story to end in a different way? Would we like this story to end in a manner that shows the power of the open source community, blockchain and Bitcoin?

‘Visceral Hatred’

Brock Pierce Bitcoin

Pierce’s company tried to acquire Mt.Gox from former CEO Mark Karpeles numerous times while it was still practical. After its implosion in early 2014, Pierce tried once again, but no offer emerged.

5 years later on, amidst new controversy circling a $16 billion claim by Coinlab, which might threaten financial institutions’ chances of getting lost funds, frustration is beginning to unravel.

“I just want to make sure that financial institutions get all [the surplus funds] and Mark Karpeles gets zero,” Pierce continued.

The only reason Mark Karpeles should care about who owns [Mt. Gox] is because he cares who potentially is the beneficiary of that potential surplus.

Pierce did not dispute Keiser when the latter summarized he had a “visceral hatred” of Karpeles.

Mt. Gox Where is Our Money

As Bitcoinist reported, the prolonged civil rehabilitation process for Mt. Gox’s financial institutions has actually sparked various criticisms in the past.

Throughout the time when trustee Nobuaki Kobayashi was liquidating funds to pay them, the Bitcoin rate went through several remarkable recessions. It later on emerged that Kobayashi was most likely selling substantial amounts of Bitcoin on public exchange BitPoint.

Karpeles continues to deny any misbehavior as his court case winds down, with prosecutors in December nevertheless requiring a ten-year prison sentence. He remains CTO of Mt. Gox, under Kim Nilsson, who berated Pierce’s plans in a dedicated post earlier this month.

What do you think about Brock Pierce’s perspective on Mt. Gox? Let us know in the comments below!

Images courtesy of Shutterstock

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