Bitcoin Builder buys your GOXBTC
Bitcoin Builder has been keeping the public in the dark as of late, but it has recently recently updated their website with a new announcement:
“We’ve re-launched as a ‘Bitcoin Exchange Aggregator’ that pulls in the best prices from multiple exchanges and allows you to trade without fee.
Bitcoin Builder will now enable you to sell and buy bitcoins knowing that you will be getting the best price, and trade executions are feeless. Bitcoin Builder is also purchasing your “GOXBTC” at a rate of.11 BTC per GOXBTC.”
GOXBTC is classified as Bitcoin that is “locked” in the Mt. Gox exchange, which shut down in early 2014. Bitcoin Builder is expecting the price for GOXBTC to go higher than .11 BTC. However, people were able to immediately liquidate their locked bitcoins at this price until February 24th, which eliminated a lot of risk that would have came from waiting for a higher price.
I was able to talk to Josh Jones, the CEO over at Bitcoin Builder. He was able to answer a couple of questions for me.
Why are you deciding to offer people a way to liquidate their GOXBTC?
Four reasons really. Foremost, we hope it will be a good ROI… if everything works out and mtgox does start paying out claims in the fall, they should hopefully be at least .2, so we may make about an 80% return in less than a year. Secondly, a nice service to offer our customers… they of course don’t have to sell, but at least now they have the option. Third, those who do sell may try out our new trading and lending platform with the “real” BTC they now automatically have in our system. Finally, god forbid for some reason the mtgox trustee does have some problem with payouts and these GOXBTC become worthless (or even just worth less than .11 BTC), at least people had a fair option now to get out.
What future services/ features will Bitcoin Builder be adding in the future?
We already have a super-liquid trading platform (we aggregate the order books of multiple major exchanges) with lending and shorting capabilities, as well as being the only place where you can actually withdraw USD after borrowing against your BTC on deposit. We are considering creating a syndicate for the current US Marshal’s bitcoin auction as well, and may even get into merchant processing and other bitcoin ease-of-use tools down the road. I guess adding altcoins or becoming a ripple gateway is also a possibility, but we don’t really believe in the future success of any crypto besides bitcoin… not to mention the site is called Bitcoin Builder afterall! :)
Offering to purchase GOXBTC is certainly an interesting proposition. While there is a risk, there can also be a considerable payout like Josh has described.
For more information: Bitcoin Builders Website
Will you be selling your GOXBTC? Do you think Mt. Gox will pay out? Let us know in the comments below!