Mt Gox to distribute up to 140,000 bitcoins to its creditors

[Wiwo]

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 Bitcoins that Mt. Gox is holding for creditors will safely be part of the circulating supply once they start selling it.

Exactly the point, only short-term speculators with no knowledge of how this kind of situation act on the price of bitcoin, because most old times bitcoin Investors won't pay any close attention to the immediate market reaction to such events, and always if you have been following the news, then you should be informed at what point the creditors are going to receive their credits and when to expect such reactions.

Only newbies will panic selling at such a time, but for investors like myself, I won't take any price action seriously since I have a long-term forecast for the market and if everything is equal I will expect a more stable and positive market when all these things are over.

[SamReomo]

Only newbies will panic selling at such a time, but for investors like myself, I won't take any price action seriously since I have a long-term forecast for the market and if everything is equal I will expect a more stable and positive market when all these things are over.

Yes, the newbies and the ones with weak hands sell when they see that Bitcoin's price is going down while those who believe in Bitcoin will keep accumulating more in such times and holding their Bitcoin for long term.

Bitcoin is still cheap for some of us who believe it can reach or cross $1M in future and that's why those who sell Bitcoin for cheap values will surely regret when they see Bitcoin at $100k during the peak of this bull run.

You're a smart person that's why you won't sell your Bitcoin for cheap values or for some percentage of profit. Bitcoin is a coin for those investors who believe in HODLING concept not for those who want to earn 100% within a year or two.

[alltalk]

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.

Yep. German government has sold all their Bitcoin, the market has shown good signs. The price has been above $65k, the highest price today is $66k. Not sure if we can reach a new ATH in Q4 of 2024 but it looks like we will have another uptrend. I think we can have a chance to return to above $70k again in the next few weeks/months.

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.

If many of the creditors are trying to keep their Bitcoin, so there will be no bad impact on the market. It even leads to a positive impact on the market, it is because the investors realize that the creditors believe in the future of Bitcoin. So the demand of Bitcoin in the market will keep rising.

[MrSpasybo]

If many of the creditors are trying to keep their Bitcoin, so there will be no bad impact on the market. It even leads to a positive impact on the market, it is because the investors realize that the creditors believe in the future of Bitcoin. So the demand of Bitcoin in the market will keep rising.

Not all Mt.Gox users will sell their entire BTC immediately upon receiving it because if they have a bit of understanding of the crypto market, they will likely know that we are only in the early stages of the bullrun and BTC price could reach higher price in the next few months. They may continue to hold until the end of the bullrun.

We will soon know more about the selling pressure from Mt.Gox users in the next few weeks. At least, after the German government's BTC sell-off event, we also know that there is still a lot of buying power in the market, enough to absorb the selling pressure of 50K BTC and quickly push BTC price above $60K. I hope the same thing will happen if we face selling pressure from Mt.Gox users.

[pawel7777]

Not all Mt.Gox users will sell their entire BTC immediately upon receiving it because if they have a bit of understanding of the crypto market, they will likely know that we are only in the early stages of the bullrun and BTC price could reach higher price in the next few months. They may continue to hold until the end of the bullrun.

We will soon know more about the selling pressure from Mt.Gox users in the next few weeks. At least, after the German government's BTC sell-off event, we also know that there is still a lot of buying power in the market, enough to absorb the selling pressure of 50K BTC and quickly push BTC price above $60K. I hope the same thing will happen if we face selling pressure from Mt.Gox users.

I read that around 36% of all the funds have already been distributed, and apparently they either didn't get dumped immediately, or they have been dumped but the market managed to absorb them without significant impact on the price.
If anyone has any tracking info of how many of the distributed coins have been transferred to exchanges - please share, it would be nice to know (although transferring to exchange doesn't mean one intends to sell, some could use exchanges as wallets).

[summonerrk]

It's amazing how we all expected a fall, but in fact this huge number of times Bitcoins were given to people did not affect the price. On the contrary! For the fourth week we have seen a green candle and it feels like the bulls are very serious. However, from my experience I feel that further growth is in great question, because the trend was broken - if you look at the weeks, but the local bottom was lower than the previous one, which means that the trend is broken.

[vegasus]

MT Gox has started its distribution and currently more than 41.5% of the total MT Gox debt of 141,686 BTC has been distributed. So it is only natural that the current BTC price immediately dropped and was stuck at $ 65,323. - $ 66,810.21. This price drop occurred in the last 24 hours with a total drop of more than -1.10% in 1 day. And maybe this will continue. In addition to the issue of MT Gox distribution, the market has also experienced a fairly deep correction after previously the BTC price was able to reach more than $ 70k.

And the distribution is still not finished. In the sense, MT Gox is still trying to distribute the BTC even until October. So we have to be prepared for all possibilities. because, MT Gox holders still want their assets back in BTC, not fiat.

Source:
https://cointelegraph.com/news/mt-gox-creditors-hold-41-percent-bitcoin-distribution
https://coinmarketcap.com/currencies/bitcoin/

[debra]

It's amazing how we all expected a fall, but in fact this huge number of times Bitcoins were given to people did not affect the price.

It is because the creditors of MT Gox didn't sell their Bitcoin. If they sell the Bitcoin, no doubt it will bring big impacts to the price. I am sure the price may freefall, it may drop below $60k again. But they prefer to keep the Bitcoin, they may wait for a better time to sell their Bitcoin.

On the contrary! For the fourth week we have seen a green candle and it feels like the bulls are very serious. However, from my experience I feel that further growth is in great question, because the trend was broken - if you look at the weeks, but the local bottom was lower than the previous one, which means that the trend is broken.

We already have some months of uptrend, it is not so surprising if we have few months for downtrend. So far, I think the correction looks normal, we don't feel so worried. The best thing to do know is to keep holding and be patient. We may experience more decline if there is more bad news in the market. It is not only about the Bitcoin of MT Gox creditors but we may have other bad news. So, just keep our focus on the market and don't be easily influenced by the FUDs.

[bounceback]

If many of the creditors are trying to keep their Bitcoin, so there will be no bad impact on the market. It even leads to a positive impact on the market, it is because the investors realize that the creditors believe in the future of Bitcoin. So the demand of Bitcoin in the market will keep rising.

I am not sure with many creditor and rumor said above 40% most of them will hold or keep their bitcoin assets, current price since invested or Mt Gox hacked their bitcoin price very cheap and earn much profitable if sell their bitcoin right now.
Still not update yet with how much percent bitcoin have been refund by Mt Gox to their creditor have been full or not regarding bitcoin price still not stable yet until right now.

I think need one or two weeks later after refund issues of Mt Gox to their creditor have been over to see recovery of bitcoin will reach up back to higher price.

[summonerrk]

It's amazing how we all expected a fall, but in fact this huge number of times Bitcoins were given to people did not affect the price.

It is because the creditors of MT Gox didn't sell their Bitcoin. If they sell the Bitcoin, no doubt it will bring big impacts to the price. I am sure the price may freefall, it may drop below $60k again. But they prefer to keep the Bitcoin, they may wait for a better time to sell their Bitcoin.

Yes, they haven't sold the Bitcoins they got from MT Gox yet, but believe me, there are ways to make many of them think about the rightness of holding digital gold further. As you have noticed, there is a lot of FUD now and there is no need to think that certain news will not cause a large-scale panic sale, including among holders of Bitcoins from MT Gox.

[Freemind]

Yes, they haven't sold the Bitcoins they got from MT Gox yet, but believe me, there are ways to make many of them think about the rightness of holding digital gold further. As you have noticed, there is a lot of FUD now and there is no need to think that certain news will not cause a large-scale panic sale, including among holders of Bitcoins from MT Gox.

At this point, I believe that MT Gox creditors already have enough experience (as well as a lot of patience) to allow FUD to affect or influence their decision whether or not to sell their Bitcoins. As I said in another post, it is very possible that they sold some coins, but comparing the value of when they "lost" their Bitcoins and the current value gives them a very broad and lucrative picture of how far Bitcoin could go.

I don't think creditors are afraid nor can FUD scare them, until recently they had nothing, now they have their investment multiplied and the experience of having remained in the market. That's why I don't think all those Bitcoins will be sold.