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

[Stompix]

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.

Yeah, looking right at them, dropping like a stone from 63k down to 53k and only 2000 coins out of the whole chest of 140 000 have been moved to only two exchanges!

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.

Plenty of reports of users getting their accounts credited in coins, check the mtgox subreddit, it's the most active source.

As for your if, you're still talking from your own perspective, if you had $400 000 coming from MtGox and for 4 years you would have been living paycheck to paycheck on $1000 a month you would still keep it? 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?

It's easy money for a lot, and easy money is spent pretty fast!

[SamReomo]

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.

[armanda90]

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.

Unfortunately, most of Mt.Gox users not has ideas keep holding their bitcoin assets refund after long time waiting for and earned much profitable behind current bitcoin price get up drastically since first time their bitcoin assets loss after the exchange collapse.
But not clearly when the refunding moment for Mt.Gox users although jave activities with wallet transfer and make bitcoin get correction last three days ago. I don't sure about Mt.Gox will refund for their user in once time regarding how much expensive the current bitcoin price now.

[UNIVERSE]

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.

Not all the creditors care about Bitcoin market, they only want to get their money again. So, they have no problem to sell their Bitcoin at any price. Sure, they may keep selling even if Bitcoin drops under $50k. They don't want to wait a longer time to get their money, so it looks like very possible to see red market in the next few months. I heard that MT GOX will distribute it until October.

However, there should be few of them probably to keep the Bitcoin. Those creditors who understand well the potential of Bitcoin, they may consider to keep until Bitcoin to reach again a new ATH.

[pawel7777]

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.

Why though? If they've already written that money off, why would they be desperate to sell immediately at any price? Would you do that?
I could argue the other way - since those bitcoins are likely just unexpected extra funds for most of the creditors, they can afford to hold them speculatively and wait for the most optimal time to sell.
Not to mention that most of those creditors are Bitcoin early adopters, so likely to know about 4-year cycles etc.

[hugeblack]

Why though? If they've already written that money off, why would they be desperate to sell immediately at any price? Would you do that?
I could argue the other way - since those bitcoins are likely just unexpected extra funds for most of the creditors, they can afford to hold them speculatively and wait for the most optimal time to sell.
Not to mention that most of those creditors are Bitcoin early adopters, so likely to know about 4-year cycles etc.

Age is what determines this. Whoever invested in Bitcoin 10 years ago will be at least 18 years old at that time, and at that time he will try to enjoy even a small portion of the free money that he will receive, especially after all this waiting. Therefore, if the distribution begins, most of them will sell this Bitcoin. A small percentage will hodling 25% or more.

[Stompix]

Why though? If they've already written that money off, why would they be desperate to sell immediately at any price? Would you do that?

They haven't written that money off cause if they did they wouldn't have gone through 10 years of sending letters, voting and approving the rehabilitation plan of the trustee. They fought and spent time for that money, so they see it as a reward for the time spent battling! Besides, it's 20x what they had previously, it's like winning the lottery, how many people that won the lottery you know to not having spent a dime?

Not to mention that most of those creditors are Bitcoin early adopters, so likely to know about 4-year cycles etc.

You do know a lot of those early adopters are also like in their 50-60 by now, right?
Andreas is 52, Gavin 58, and even Karperless and Shrem are in their 40s!
So how many 4 year cycles do you want these people to wait? And how do you know there will be another cycle?

[pawel7777]

Age is what determines this. Whoever invested in Bitcoin 10 years ago will be at least 18 years old at that time, and at that time he will try to enjoy even a small portion of the free money that he will receive, especially after all this waiting. Therefore, if the distribution begins, most of them will sell this Bitcoin. A small percentage will hodling 25% or more.

You do know a lot of those early adopters are also like in their 50-60 by now, right?
Andreas is 52, Gavin 58, and even Karperless and Shrem are in their 40s!
So how many 4 year cycles do you want these people to wait? And how do you know there will be another cycle?

I wasn't talking about holding forever but just waiting for a more optimal time to sell, as everyone is expecting the bull run is yet to come.
It's not like all those creditors have lost all their money and means of income and have been living in poverty for the last decade.
I'm in a somewhat similar situation patiently waiting for my money from another bankrupt entity, BlockFi. Unfortunately, I'm to receive cash not crypto, but if I was to receive crypto I wouldn't be rushing to sell. So maybe I'm just projecting my own approach onto others.

[Stompix]

I wasn't talking about holding forever but just waiting for a more optimal time to sell, as everyone is expecting the bull run is yet to come.

In terms of revenue if Btc reaches 100k they would look at 30x instead of 20x, a 50% increase to wait more....without knowing it will happen as no cycles are not guaranteed and not knowing when it will happen!

Let's see from the perspective of a long-time holder, let's say 2016 
I could have sold in 2021 at 68k, I could sell 3 years later now at 57k, of course, I have time and I made my decision, but how about someone who sees the opportunity passing and was not able to do it, the frustration would be in this case!

It's not like all those creditors have lost all their money and means of income and have been living in poverty for the last decade.

Nobody is saying every! But trying to minimize it at 10-20% is also not really going to happen:
https://www.marketwatch.com/story/one-in-three-americans-who-get-an-inheritance-blow-it-2015-09-03
and this included real estate and hard property, not money already available to spend!

[jeraldskie11]

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.

[SamReomo]

However, there should be few of them probably to keep the Bitcoin. Those creditors who understand well the potential of Bitcoin, they may consider to keep until Bitcoin to reach again a new ATH.

I don't think that any of them will think about keeping their Bitcoin even for a day. Most of them have been waiting to get credited and as soon as they get credited they'll keep dumping their holding at market and that can affect the value of Bitcoin to some extent.

In order to protect the current conditions of the market, Mt. GOX should refund them slowly like 5000 Bitcoin or 10000 Bitcoin per month.

Why though? If they've already written that money off, why would they be desperate to sell immediately at any price? Would you do that?

They'll sell it because they weren't able to sell it before as they were waiting to have those and once they get those Bitcoin in their hands they'll most probably sell it off than holding it to get a better values.

I believe for some people 2x to 10x is more than enough and those people are getting around 50x to 55x depending on the value of Bitcoin then why would they even think about holding an asset with which they can get that multiplayer instantly.

I know they have waited for it but that wasn't in their control but now they won't even consider anything else than selling those coins at market rate. If I were at their place then I would also sell my Bitcoin at market rate because that would give me 50x return on my investment which's more than enough for me.

[Gurujebs]

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.

I saw this today on X platform.

Germany Government Wallet #Bitcoin  Balance:

DATE.         No. of BTC
June 17:      49,878
June 24:    47,178
June 30:    46,191
July 1:         44,691
July 2:        43,458
July 3:        43,358
July 4:        42,273
July 5:        40,526
July 6:        38,826
July 8:        27,460
July 9:        22,845

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.

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.

[Captain Corporate]

I feel like we are talking in circles and not really improving anything on the long run. We should consider that its going to change a lot more, and we will do differently with time. I think it should be noted down that we are going to see a lot of people sell because of this news more than people who would sell after they receive their bitcoins. This doesn't mean that we are going to end up with anything good, it just means that people should not be this afraid of it. I know this was talked about a million times before, but we are failing to keep this people protected and not fearing, we need to figure out to make sure to these people that even if all 140k was sold at once, we can recover easily.

[pawel7777]

(...) 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.

The rational position is to discount the past completely. It doesn't matter how much they bought it for or how long they've been waiting. What matters is you're right here, right now, with X amount of btc in your hands, and need to assess whether it's a better idea to hold it till it goes up or to exchange it for $.
My guesstimation is that more than half would choose to hold.

Of course, if one is in financial hardship and needs to cash out, that's a different story.

[bee]

The rational position is to discount the past completely. It doesn't matter how much they bought it for or how long they've been waiting. What matters is you're right here, right now, with X amount of btc in your hands, and need to assess whether it's a better idea to hold it till it goes up or to exchange it for $.

What I can confirm is that they'll sell a little to secure the initial caps, let's say 100x of it with various calculations like inflation every year and I think it only takes a few fractions of bitcoins from their dozens.
The creditors of Mt. Gox has likely been fully identified by the local authorities especially taxation, they will be thinking about strategies to cash in their profits (well it could take longer).
Fair speculation.