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Author Topic: Mt Gox to distribute up to 140,000 bitcoins to its creditors  (Read 1626 times)

Offline Stompix

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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #30 on: July 10, 2024, 03:21:21 PM »
Source: https://x.com/offshorehodl/status/1810656686765400306
The German government are selling everyday and despite the hard set, the Bitcoin isn't no longer dumping, in fact today it has show strong bounce.

We don't know if they are selling!
They moved coins to an exchange, that's all we know, the coins might be sitting in their account or in the cold storage of that exchange and they might have dumped them all, half of them or maybe none!
The only thing that can confirm the sale is over is a statement from the Bundeskriminalamt and the amount they have obtained from it!

(...) but how about someone who sees the opportunity passing and was not able to do it, the frustration would be in this case!

If we are to enter the territory of reading the minds of the creditors - it could go both ways. Some of them could indeed be frustrated (which does not necessarily mean they would now perceive bitcoins as a hot potato), but those who accepted the loss early on, could see Mt Gox payouts as a bonus and might choose to hold to them for a little bit longer.

Yup, that's the thing, the first one would need to enter their minds and think like them and ignore what your own way of thought is and what your interests right now are, so think completely from their point of view and we don't have that much info on them to even know where to start.
That's why I won't label them as a group, and not put a label.

The me right now would not sell, the me of 2013 getting scammed in such a huge way might have not bought a single coin back and is now waiting for the funds just to dump them in envy!


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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #30 on: July 10, 2024, 03:21:21 PM »

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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #31 on: July 10, 2024, 09:01:54 PM »
Maybe creditors will not sell their Bitcoins right after they received it. It's also cause fear to all investors, that's why most of the time when there's a bad news about crypto the market will fall. So I think it's better to sell some of your invest and reinvest it a discounted price when we hear obvious news that can really affect the price negatively.

The problem is that after so many years of waiting and uncertainty, the people who now receive their Bitcoins may not have been involved with cryptocurrencies for a long time and will sell their coins when they receive them. Although I suppose that not all users will do it and possibly the majority will sell one part and keep the other. It's also worth noting that when Mt. Gox closed permanently, in February 2014, Bitcoin was priced around $830. If we compare it with the current value, the difference is enormous and can tempt many users to sell.
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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #32 on: July 11, 2024, 08:07:31 AM »

The German government are selling everyday and despite the hard set, the Bitcoin isn't no longer dumping, in fact today it has show strong bounce. Those this means that if Mt.gox exchange finally distribute their own coins to owners, it is possible that we might not dump the way things are looking and if it indeed happens, then I think the market is going to be bullish again.

I just hope that any bad omen doesn't happen again like Government and their ways of manipulating the public into dumping their bags in the market.

I totally appreciate the evaluation of the Bitcoin market, which you have provided, as well as understand your fears about the government being able to manipulate the market. In this regard, it can be agreed that the market as we know it can really be totally unpredictable and possibly swayed by certain factors. As for the present situation, we might as well watch the further evolution of the situation and check whether the distribution of Mt. Gox's bitcoins will have a certain reflection in the market. Anyways, it would be wise to better conduct a research on your own and then decide what kind of risk and threat you can handle. So let's just folllow the market in terms of trends and updates and just be optimistic that the market would take a bullish turn after it.

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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #33 on: July 11, 2024, 10:25:05 AM »
Maybe creditors will not sell their Bitcoins right after they received it. It's also cause fear to all investors, that's why most of the time when there's a bad news about crypto the market will fall. So I think it's better to sell some of your invest and reinvest it a discounted price when we hear obvious news that can really affect the price negatively.

The problem is that after so many years of waiting and uncertainty, the people who now receive their Bitcoins may not have been involved with cryptocurrencies for a long time and will sell their coins when they receive them. Although I suppose that not all users will do it and possibly the majority will sell one part and keep the other. It's also worth noting that when Mt. Gox closed permanently, in February 2014, Bitcoin was priced around $830. If we compare it with the current value, the difference is enormous and can tempt many users to sell.
That's a valid point and it's absolutely worth noting. Some of the long and waited users might have lost interest and thereby left the cryptocurrency space, so selling the Bitcoins as soon as they get them might as well be the only option they'll have. Furthermore, the price increase over the last three years alone has risen from $830 to current prices, and this may make many wish to sell their share. But as you rightly pointed out, some of the users would prefer to keep a portion of their Bitcoins during this time, especially if they are more enlightened about the cryptocurrency market during the wait. The effect of Mt. Gox’s bitcoin distribution is still unknown and unpredictable, which makes it difficult to predict what it'll really hold, so I guess we'll all just sit back and watch.

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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #34 on: July 11, 2024, 10:40:57 PM »
We don't know if they are selling!
They moved coins to an exchange, that's all we know, the coins might be sitting in their account or in the cold storage of that exchange and they might have dumped them all, half of them or maybe none!
If I'm not wrong then they're selling those coins. Either they're selling those coins directly to those exchanges in order to protect the value of Bitcoin or they're slowly selling those bitcoins to not make the market highly dumped.

They previously might have thought that selling all their Bitcoin won't impact its value but after selling 10k Bitcoin they noticed huge dump in market and that's why they might have made plans to do something that may not affect the value of Bitcoin to high extent.

There is not point keeping their Bitcoin in cold storage of an exchange if I'm not wrong. They're surely doing something which may help them to convert their Bitcoin into fiat without impacting the value of Bitcoin.
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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #35 on: July 12, 2024, 12:35:41 AM »
~
If I'm not wrong then they're selling those coins.

Nobody knows what they are doing!
They could have sold 20,000 or 200 or those coins, there is a company that is in charge of that, and only they and probably high-rank officials from the BAK know that everything is speculation.

There is not point keeping their Bitcoin in cold storage of an exchange if I'm not wrong.

Again, the government entrusted a company to do their bidding, what the company's strategy is how much of those funds are really for sale, and how much may be just moved to a custodian service like Coinbase and Bitgo offer is just speculation!

Besides, the whole tracking thing is getting stupid:
https://platform.arkhamintelligence.com/explorer/entity/germany


5000 BTC outflow from the German government to.....the German government  ;)


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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #36 on: July 12, 2024, 04:33:55 PM »
Source: https://x.com/offshorehodl/status/1810656686765400306
The German government are selling everyday and despite the hard set, the Bitcoin isn't no longer dumping, in fact today it has show strong bounce. Those this means that if Mt.gox exchange finally distribute their own coins to owners, it is possible that we might not dump the way things are looking and if it indeed happens, then I think the market is going to be bullish again.
It is good that the German Government sold everyday but the price of Bitcoin can survive above $50k. So, we have 2 issues, MT Gox and German Government which moved their Bitcoins recently. However, it won't affect much the market again, the dump looks over. You're right, it seems we have a strong bounce and may continue for the next few days. I just hope the next correction won't be very huge anymore.

I just hope that any bad omen doesn't happen again like Government and their ways of manipulating the public into dumping their bags in the market.
This bad news will be over but we may have another bad news. However, I just expect that there will be good news as well. We need good news to trigger more demand on the market. Investors must be optimistic again to have crypto assets.


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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #36 on: July 12, 2024, 04:33:55 PM »


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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #37 on: July 12, 2024, 05:25:59 PM »
Let's be serious! A lot of them will spend that money, it's money you never thought you would be getting back, you waited 11 years for a 20x gain, what are they going to do, wait another 4 years for 2x?
Yes, I believe most of them will sell their Bitcoin and dump the market because even if Bitcoin drops to $40k they'll still keep selling their bitcoins and convert those into stable coins like USDT and then withdraw it as fiat.

Those people have waited for a long time and now they're getting something that they never expected to get or were only hopeful for it. They will rush sell the Bitcoin as soon as they receive it.
The point is that, those people getting back they entire capital  pluses the gains that the bitcoin have accumulated in the last eleven years is something huge that no one will be waiting any longer to take the profits that their Bitcoin have earn for them, now is the best time for them and even if Bitcoin should drop below 50k to 40k and they next coin distribution is done, they still going to sell.

I don't see anything wrong with the whole thing, all that those that bought Bitcoin at price above 50k should do is to have long term perspective for their investment and ready to give more time, let the GOXs have the floor for now and after all the bitcoins owe to them are distributed, it will be time for the ordinary bitcoin investors.
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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #38 on: July 12, 2024, 09:01:22 PM »
Honestly, constantly bickering and complaining and worrying about this won't change anything. On top of that, we are talking about a situation that is getting a little bit weird, because we are talking about something that will take some time, and its not that easy, we should consider how this could be moved to another subject, and with that in mind maybe we could realize that no matter how long this takes, or no matter how hard it may sound, eventually all of this will be over one way or another. So we could end up going back up again, and if you are holding then you are going to make money once more.

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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #39 on: July 13, 2024, 05:01:36 PM »
Honestly, constantly bickering and complaining and worrying about this won't change anything.

But we might just as well speculate on it, the market is pretty boring and if we go by the inevitable then we could stop talking about everything as no single individual on this forum has enough power to try and turn the tide when billions are involved, Maybe Buttercup coming back to BT and saying he will donate 25% of his ETH or he will switch ETH back to PoW might change a thing but we can't do anything else than speculate.

This bad news will be over but we may have another bad news.


Don't look too far away, the US gov still has 200k that will eventually be for sale!

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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #40 on: July 13, 2024, 05:28:33 PM »
Honestly, constantly bickering and complaining and worrying about this won't change anything. On top of that, we are talking about a situation that is getting a little bit weird, because we are talking about something that will take some time, and its not that easy, we should consider how this could be moved to another subject, and with that in mind maybe we could realize that no matter how long this takes, or no matter how hard it may sound, eventually all of this will be over one way or another. So we could end up going back up again, and if you are holding then you are going to make money once more.

It's not bad to do the discussion anyways but sometimes I think whenever Bitcoin isn't going up and it's shows some bear sign all of a sudden, the bears begin to Fud the market in a slight manner they hear bad news about Bitcoin. Haven't you noticed that all this drama doesn't occur during the bull run, it's because they don't have power over it but now, it's their time to enjoy the liquidity in the market to short it, some whales has an open order of shirt position since $70k and still holding it.

I think MT. Gox is not helping the situation. They should save this nonsense they are always doing about distribution until it's certain and let's the market rest and people that are optimistic about the distribution knows exact date of having their Bitcoin, it's not hard isn't.
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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #41 on: July 13, 2024, 11:28:34 PM »
I don't see anything wrong with the whole thing, all that those that bought Bitcoin at price above 50k should do is to have long term perspective for their investment and ready to give more time
Yes, that's the best way I believe in such situations. The German government has somehow sold their 50k Bitcoin by following a good strategy and that doesn't impacted the value of Bitcoin too much.

I hope that Mt. Gox's crediting will also not impact the value of Bitcoin too much and the number of Bitcoin that Mt. Gox is holding for creditors will safely be part of the circulating supply once they start selling it.
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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #42 on: July 13, 2024, 11:59:02 PM »
Yes, that's the best way I believe in such situations. The German government has somehow sold their 50k Bitcoin by following a good strategy and that doesn't impacted the value of Bitcoin too much.

I hope that Mt. Gox's crediting will also not impact the value of Bitcoin too much and the number of Bitcoin that Mt. Gox is holding for creditors will safely be part of the circulating supply once they start selling it.
We have a better situation if the German government has sold all their Bitcoin. The current price of Bitcoin looks quite well, it stays above $57k and seems to try jump above $60k in the near future. If we have no more bad news, I think we can see again another rally of Bitcoin price. I just hope we can reach a new ATH of Bitcoin in Q4 of 2024, so it can improve the optimism of crypto investors.

MT Gox news already bring impacts to the market. You can see the price of Bitcoin dropping to $53k in a few days ago. Although there are still many Bitcoin to transfer to the creditors, I think it won't influence the market very significantly as in the few days ago. The market looks better, I hope it is the sign of another green market.

« Last Edit: July 14, 2024, 12:03:42 AM by alltalk »
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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #43 on: July 15, 2024, 07:54:41 PM »
I just hope we can reach a new ATH of Bitcoin in Q4 of 2024, so it can improve the optimism of crypto investors.
The German government has done its Bitcoin selling and now the market is recovering. The current value of Bitcoin is over $63k and that's a very good sign.

If Bitcoin continues to move upwards or reaches $65k today then there's chance that we may see new ATH in Q4. of 2024.

I believe that Mt. Gox crediting could somehow stop Bitcoin's price from reach a new ATH but after that we may have no problems and then Bitcoin may reach a new ATH.
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Re: Mt Gox to distribute up to 140,000 bitcoins to its creditors
« Reply #44 on: July 16, 2024, 08:21:03 PM »
The German government has done its Bitcoin selling and now the market is recovering. The current value of Bitcoin is over $63k and that's a very good sign.

If Bitcoin continues to move upwards or reaches $65k today then there's chance that we may see new ATH in Q4. of 2024.

I believe that Mt. Gox crediting could somehow stop Bitcoin's price from reach a new ATH but after that we may have no problems and then Bitcoin may reach a new ATH.

What you say depends on the number of creditors who decide to sell. At the moment the drop has not been too notable in terms of time and quantity, but with time, and the following Bitcoin shipments, the recovery could be slower. As I said, after so many years, it is possible that a part of those affected decide to keep their coins, while another part has "forgotten" about the world of cryptocurrencies and decides to sell as quickly as possible. Although something makes me think that the current value may influence the majority of creditors.
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