Brock Pierce: My Mt. Gox Redemption Plan 'Shows Power Of Bitcoin' –

Esther Kim

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 latest edition of the Keiser Report February 16, Pierce, who has gained mixed reactions to his ‘Gox Rising’ scheme, said community action was key to ensuring the defunct exchange did not become a cryptocurrency “Lehman Brothers.”

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

Or would we like this story to end differently? Would we like this story to end in a way that demonstrates the power of the open source community and blockchain and Bitcoin[?]

‘Visceral Hatred’

Pierce’s company attempted to acquire Mt.Gox from former CEO Mark Karpeles several times while it was still functional. After its implosion in early 2014, Pierce tried again, but no deal emerged.

Five years later, amid new controversy circling around a $16 billion claim by Coinlab, which could jeopardize creditors’ chances of receiving lost funds, frustration is showing.

“I just want to make sure that creditors 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.

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