Like the King Solomon’s Lost Mines or the treasures of the Spanish Main, the 750,000 BTC lost in the Mt. Gox implosion isn’t gone – it’s just really, really hard to get back. The solution, then, is a sort of treasure hunt/dedicated vigilante mission with a bit of crypto thrown in. It’s called Goxcoin.
Essentially, with the help of Mt. Gox and Mark Karpeles, goxcoin would replace the bitcoins lost by Mt. Gox. For every bitcoin you lost, you’d get one goxcoin. Owners of goxcoin would receive dividends based on how many bitcoin are recovered over the next few years and users can trade them with each other or buy them up if they assume the recovery effort is going well. All the goxcoin organizers would need is a list of Mt. Gox transactions and a ledger of accounts.
In theory, this would encourage bounty hunters to start figuring out what happened at Mt. Gox, creating a sort of vigilante bailout that would, at the very least, give the victims of Mt. Gox some recourse. Just as treasure hunters don’t want to start digging for free, folks who go hunting for Gox’s Coin can potentially get for a 10% payout for every bunch of bitcoins found.
Writes the team at humint:
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