To avoid a chaotic situation, we propose:
1- Immediately reduce liabilities as much as possible with partners
With actual assets using arbitrage/ injecting new coins to erase them from the books. Informing andasking selected Bitcoin main players to ask for their help. The MtGox price is low, making it possibleto erase a significant portion of the debt, but it needs to be done quickly. Injections in coin are mostuseful (enough to run the exchange) but some cash is also needed to not run a fractional reserve.
2- Switch off the MtGox exchange temporarily (1 month) while announcing a restructuring andre-branding
On a freshly branded static homepage, post a letter from Mark Karpelès stepping down as CEO ofMtGox, bringing in transition advisors, and citing poor organization and technology. Moving to a newcountry (Singapore?) could be helpful.
3- Push the new branding (ready) and reset all SNS channels for communication:
Using Facebook, Twitter, etc with the new branding, we will give constant updates, changing the toneof communications and informing stakeholders on all progress: new advisors, team members,location, fee structure. We need to inspire confidence.
4- Set up a competent team and redesign the service and codebase:
Announce a new CEO, talented developers, and trusted business people to establish a new businessmodel. ( Finance, marketing strategy, IT, developers, Customer support). Build a low-cost, profitablebusiness again that gives customers a reason to stay (low fees, stability, etc) while we work off ourdebts to stakeholders.
4 Parts Strategy