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

[pawel7777]

I don't see this topic being discussed anywhere, but the possible reason (or just one of the factors) behind the recent drop in price, could be the scare of Mt Gox distributing anything from 65,000 to 140,000 bitcoins to their creditors, starting from July. People fear that a lot of that could be dumped on the market, causing the price to drop.

https://finance.yahoo.com/news/mt-gox-finally-repaying-customers-155925395.html
https://www.theblock.co/post/302217/jpmorgan-mt-gox-bitcoin

[bee]

They will not dumped entirely into the spot market, creditors also know about the volume and liquidity of the exchange even as big as binance. If not, they will only get an average price that is not much different at 2014. There are several alternative markets where activity will not influence prices as significantly as the OTC market, the rest may prefer to hold and sell periodically.

[Husires]

Its impact on the price would be catastrophic if it were sold all at once, but that will not happen soon. To compare how bad it is, Luna Foundation Guard held reserves of 80,394 bitcoin worth approximately $2.4 billion, which were disposed of in a short period, leading to a correction in the price by 60%, let alone 65,000. to 140,000 bitcoins.

[Captain Corporate]

I have said this before somewhere else, and I will say it here again, selling all of 140k all at once would still not make a big dent. Don't get me wrong, I neither believe that all 140k would be sold all at once because I think some people will keep it, but I also believe that it will definitely make the price go down. But we are forgetting one thing, we have billions bought and sold every single day, so this would not make it like some crypto winter for us, it will be recovered. Whatever price it falls to, that will be another base and from there we will start to go back up eventually, so there is nothing to worry about.

[pawel7777]

I have said this before somewhere else, and I will say it here again, selling all of 140k all at once would still not make a big dent. Don't get me wrong, I neither believe that all 140k would be sold all at once because I think some people will keep it, but I also believe that it will definitely make the price go down. But we are forgetting one thing, we have billions bought and sold every single day, so this would not make it like some crypto winter for us, it will be recovered. Whatever price it falls to, that will be another base and from there we will start to go back up eventually, so there is nothing to worry about.

I think you might be right. d5000 has done a good work of putting things in perspective in this Bitcointalk topic:
https://bitcointalk.org/index.php?topic=5500934

I might as well just repost it here:

So you are panicking due to MtGox's payments in July? With 140.000 [btc] flooding the market, driving the price of Bitcoin to 0, or just close to that?

Well, think again.



Today the Bitcoin trading volume was around 45 billion. As you can see here in the historical data, in most of the past days the Bitcoin trade volume was around 20-30 billion on weekdays and 10-15 billion on weekends (ignore the volume today, it's incomplete), with one exception being June 19 with 41 billion.

We can thus safely assume that 10 to 15 billion more Bitcoins were traded today than on a "normal" day of the week.

Now, were these coins bought or sold? Well, the price is telling us that the vast majority were sell orders.

The 140,000 Gox[btc] are currently (at ~$60.000) worth slightly less than 9 billion.

This means that today the panicking Bitcoin holders sold more coins than all the Goxcoins that will be sold in July.

Draw your own conclusions

[bounceback]

I have said this before somewhere else, and I will say it here again, selling all of 140k all at once would still not make a big dent. Don't get me wrong, I neither believe that all 140k would be sold all at once because I think some people will keep it, but I also believe that it will definitely make the price go down. But we are forgetting one thing, we have billions bought and sold every single day, so this would not make it like some crypto winter for us, it will be recovered. Whatever price it falls to, that will be another base and from there we will start to go back up eventually, so there is nothing to worry about.

Its not about the people will sell once or not but depend on will Mt.Gox keep their promise to refund more than 140k btc to its users?
It big amount for Mt.Gox and they have made many fake news when distribution their user fund almost several years ago.
Actually how many bitcoin sold never make bitcoin dump drastically and has moment for recovering raise more higher price in the future, when any exchange collapse and sold many bitcoin but can't make bitcoin dropping drastically, indeed doubt with Mt.Gox will distribute or not over 140 bitcoin fund I believe never make bitcoin down.

[Husires]

I think you might be right. d5000 has done a good work of putting things in perspective in this Bitcointalk topic:

The effect of panic was neglected, as panic can inflate liquidity and it is withdrawn in a short time, and if the price is at the peak of the price and the beginning of the downward trend, it may lead everyone to sell. The snowball will roll from 9 billion to 30 billion easily, and this amount is definitely not small or can be ignored.

[bitterguy28]

I don't see this topic being discussed anywhere, but the possible reason (or just one of the factors) behind the recent drop in price, could be the scare of Mt Gox distributing anything from 65,000 to 140,000 bitcoins to their creditors, starting from July. People fear that a lot of that could be dumped on the market, causing the price to drop.

https://finance.yahoo.com/news/mt-gox-finally-repaying-customers-155925395.html
https://www.theblock.co/post/302217/jpmorgan-mt-gox-bitcoin

what I want to ask here is that do this event is the reason why we have a dumping market since last week? is this mt gox distribution brings the market into a bloody week?

and that 30 thousand bitcoin that has been deposit into unknown wallet?  still looking for the main reason why this market dumped as this when we are expecting a bullying in 3rd quarter .

I don't see this topic being discussed anywhere, but the possible reason (or just one of the factors) behind the recent drop in price, could be the scare of Mt Gox distributing anything from 65,000 to 140,000 bitcoins to their creditors, starting from July. People fear that a lot of that could be dumped on the market, causing the price to drop.

https://finance.yahoo.com/news/mt-gox-finally-repaying-customers-155925395.html
https://www.theblock.co/post/302217/jpmorgan-mt-gox-bitcoin

still not clear to what  is the main reason of this dumping and now we are growing again as standing to 56k as of the typing .

[Crwth]

It is all continuous with the dumping and going down of the market, but he think it is generally a cycle and since this is the drop and all is red I think this is the best Time to buy. We should Reimagine this into A good thing because it is for sale.

[LogitechMouse]

I don't see this topic being discussed anywhere, but the possible reason (or just one of the factors) behind the recent drop in price, could be the scare of Mt Gox distributing anything from 65,000 to 140,000 bitcoins to their creditors, starting from July. People fear that a lot of that could be dumped on the market, causing the price to drop.
~

This just shows that that most of the investors are still affected by the news that's popping out of their computers.
I mean there's nothing to be scared of if you will ask me. The term "scare" that they used caused panic towards other investors hence, they sold their Bitcoins probably pushing its price even lower.

Well, there's nothing we can do about it, but to take advantage of what's happening. If people are scared, let's take the opportunity to buy even more. People feel fear that the price could drop even more. Let's buy even more. Be a contrarian. As for Mt. Gox, it's good that they're starting to pay those who lost their money more than a decade ago.

[target]

Has anyone of you ever encounter a user who actually are from that Mt. Gox time and admit he received  his coins?  Because to me, if I got back my coins that I bought less than $100, I more than likely not to sell them.

Non a good decision especially if you already have adjusted yourself in the current economic condition. They should buy back when the price goes 52k.

[armanda90]

Has anyone of you ever encounter a user who actually are from that Mt. Gox time and admit he received  his coins?  Because to me, if I got back my coins that I bought less than $100, I more than likely not to sell them.

Non a good decision especially if you already have adjusted yourself in the current economic condition. They should buy back when the price goes 52k.

Recently are there any one receiving the bitcoin refund from Mt.Gox? the Mt.Gox wallet get movement by sending bitcoin to other wallet and become bad news make bitcoin drop significant yesterday and I think they will refund their user bitcoin fund. I don't sure with any other Mt.Gox user if get refund back keep hold bitcoin because reach much profitable since Mt.Gox get collapse their bitcoin fund have lower price and right now up drastically get much profit for selling it.
But you make goo decision keep holding bitcoin until break out to $100k but do you have good news when the refund sending or Mt.Gox make fake news agaian?

[Freemind]

Without a doubt, the recent distribution of MT. Gox is an influential part of the market decline we are witnessing and some of it seems normal to me. MT. Gox has taken many years to return Bitcoins, meaning that many users, tired of so much time, may have decided to sell and forget about it while others may have decided to keep their coins.

For those who doubt the return of those Bitcoins, I recommend reading this article (and its links) to learn more about the recent movements of MT. Gox:

Mt Gox moves nearly 47,229 BTC ahead of $9 billion payout

[Rruchi man]

People fear that a lot of that could be dumped on the market, causing the price to drop.

The people who are afraid are those who still respond to FUD. Like I have said before, the charts are a good place to base your confidence in. Take a look at them; they do not lie. Bitcoin is still bullish.

[pieppiep]

People fear that a lot of that could be dumped on the market, causing the price to drop.

The people who are afraid are those who still respond to FUD. Like I have said before, the charts are a good place to base your confidence in. Take a look at them; they do not lie. Bitcoin is still bullish.

Maybe we should provide more graphs with a duration scale of how many days which assumes that Bitcoin is still bullish, because so far on several graph scales provided from price increases starting from prices below $20k, Bitcoin has entered the bearish season, so it has become a thing which is normal when a few days ago many coin prices collapsed and were unstable. New traders need to be informed that the charts displayed are sometimes easily manipulated by whales.