Mt. Gox shifts $9B in BTC, market braces for impact

[Lucius]

The price of Bitcoin won't be affected if they start the crediting process with a proper strategy.
~snip~

Don't take my word for it, but I think I read that this part of the payment in BTC and BCH will last about 3 months, and @Stompix mentioned in one post that those who receive the coins will not be able to sell them instantly, but that there will be a certain period in to which those coins will be frozen, so to speak. I don't know how much truth there is in all that, but it seems like some kind of strategy.


@Stompix, I'm afraid that if Bitcoin had features like Monero, who knows what the situation would be like today, considering how much pressure there is on so-called private coins. It seems to me that there are some discussions and proposals that go in that direction (more privacy), but I think that people still wonder if it might be a double-edged sword.

[SamReomo]

!Snip... I don't know how much truth there is in all that, but it seems like some kind of strategy.

If that's their strategy to prevent Bitcoin from losing its value then that sounds like a good one to me but who knows how the strategy is going to be implements on creditors accounts.

Let's say if they're going to give creditors Bitcoin and BCH in 3 months time then I'm pretty sure we won't see Bitcoin going down again.

[God Of Thunder]

Don't take my word for it, but I think I read that this part of the payment in BTC and BCH will last about 3 months, and @Stompix mentioned in one post that those who receive the coins will not be able to sell them instantly, but that there will be a certain period in to which those coins will be frozen, so to speak. I don't know how much truth there is in all that, but it seems like some kind of strategy.

Oh Crap!
I also did not know anything about it. If this is the truth, then it's not good for Mt. Gox victims. But it's good news for the Bitcoin community. I have also heard that it would take three months. But I thought it would take three months to distribute because of the number of people and the amount they have to distribute. They will have to do it by exchange by exchange and recheck the data or something like that. But, I did not know that the amount will have some kind of locked period. But, I will look for further sources before I consider this news as truth.

[Stompix]

@Stompix, I'm afraid that if Bitcoin had features like Monero, who knows what the situation would be like today, considering how much pressure there is on so-called private coins. It seems to me that there are some discussions and proposals that go in that direction (more privacy), but I think that people still wonder if it might be a double-edged sword.

Well, while I would say I'm sure for about 99% adoption would have been worse, there is the 1% unknown, if Bitcoin had been like that from the start maybe everything else would have been completely different too, so we might have had a different coin that was completely anti-privacy with white labels and stuff much like CBDC taking the second spot instead of ETH or god knows what scenario.
We might have had more adoption or none at all, we don't have a good enough crystal ball for it.

Let's say if they're going to give creditors Bitcoin and BCH in 3 months time then I'm pretty sure we won't see Bitcoin going down again.

Bitcoin no but BCH is going to get down no matter what, 3 days or 3 years, that coin doesn't have the liquidity for this.

[SamReomo]

Bitcoin no but BCH is going to get down no matter what, 3 days or 3 years, that coin doesn't have the liquidity for this.

BCH is a fail coin and I've never invested any money in it and even if it goes down I won't care much about it and surely its downward movement won't impact the market at all. I guess those who support Bitcoin often avoid BCH.

[Baofeng]

Just for the record though, here is the official document



https://www.mtgox.com/img/pdf/20240705_01_announcement_en.pdf

Most important conditions is number (iv) as the creditors will still have to wait. So it doesn't mean that it will be this July.

[LogitechMouse]

~
That 140000 is Worth $9 Billion US dollars, and it seems we are going to see some red candles again. Here is the news from CoinTelegraph

Mt. Gox shifts $9B in BTC, market braces for impact
Mt. Gox’s cold wallet transfers over 140,000 BTC in a significant move after two weeks of inactivity, causing market concerns.^[1]

We're ready. We're ready to buy if the time comes when many of them will sell.
However, it seems that it will take some time because as I'm reading some of the posts here, it seems that it will be locked or froze for some time hence, we might see a bit of a delay with regards to the price movement. Nevertheless, I'll be ready if the market goes down again.

I'm just curious. If the worst thing happens (all 140,000 BTC will be sold to the market), will that have a significant impact towards the price of Bitcoin. If yes, by how much or at least how much will be the decline. Just curious.

[Lucius]

Just for the record though, here is the official document

https://www.mtgox.com/img/pdf/20240705_01_announcement_en.pdf
Most important conditions is number (iv) as the creditors will still have to wait. So it doesn't mean that it will be this July.

Some would say Japanese precision, others Japanese sloppiness, which is to blame for people waiting 10 years to get something that belongs to them. Nothing surprises me, but maybe it's better that way, let everything stretch out for at least another 3 months, so the impact on the price of BTC will be minimal in any case.

[Baofeng]

Just for the record though, here is the official document

https://www.mtgox.com/img/pdf/20240705_01_announcement_en.pdf
Most important conditions is number (iv) as the creditors will still have to wait. So it doesn't mean that it will be this July.

Some would say Japanese precision, others Japanese sloppiness, which is to blame for people waiting 10 years to get something that belongs to them. Nothing surprises me, but maybe it's better that way, let everything stretch out for at least another 3 months, so the impact on the price of BTC will be minimal in any case.

Japanese is not known for their sloppiness though, they are culture that embedded discipline. Yes, it's better this way, it's been dragging us for years and what is just let's say 3 months to way before finally they got the repayment.

And most probably the trustee knows that he don't need to dump it at just one let go because the damage could be huge for the market.

[Lucius]

Japanese is not known for their sloppiness though, they are culture that embedded discipline.
~snip~

In this particular case, they didn't show themselves in the best light, right? The whole thing is not so complicated that it took even 10 years to finally start to come to an end - you have certain funds that remained after the hacking and you have clients that need to be compensated, so it could be solved in one to two years at the most.

Let's hope that by the end of this year the Mt.Gox case will become a thing of the past.

[robelneo]

Japanese is not known for their sloppiness though, they are culture that embedded discipline. Yes, it's better this way, it's been dragging us for years and what is just let's say 3 months to way before finally they got the repayment.

And most probably the trustee knows that he don't need to dump it at just one let go because the damage could be huge for the market.

This is good market protection and I'm glad they did, The claimants have waited for ten long years so waiting for another 3 months in the distribution is acceptable for them, There will be no market interruption because of the distribution and because of this, we will hardly notice that the distribution is over.

So those pessimists who are not aware of this news and are waiting for the crash are actually waiting for nothing.

[Faisal2202]

MT. Gox moved their first BTC transfer two weeks ago, and the market has been going on the same trend since then. But it started to accumulate again in the last three days. While Bitcoin started to accumulate again, Mt. Gox decided to make another move, and they moved 140000 Bitcoin just an hour ago, which is reported by Arkham Intelligence. That 140000 is Worth $9 Billion US dollars, and it seems we are going to see some red candles again. Here is the news from CoinTelegraph

You are right, Mt Gox did plan one or 2 days ago to distribute all the funds within the deadline and people started to share the word that now BTC might crash. But I am amazed to see how it is still holding its price above $62k while many (including me) predicted when the MT Gox will fully distribute the funds, especially in BTC form, BTC will dump below $60k or maybe $55k.

I think the receivers are smart enough and they know that if they could wait more they can get more profit. Plus, the market is not reacting to this situation as the market reacted to Germany's selling. Maybe these receivers thinking they waited 9 to 10 years for payment they can wait another decade maybe.

[God Of Thunder]

You are right, Mt Gox did plan one or 2 days ago to distribute all the funds within the deadline and people started to share the word that now BTC might crash. But I am amazed to see how it is still holding its price above $62k while many (including me) predicted when the MT Gox will fully distribute the funds, especially in BTC form, BTC will dump below $60k or maybe $55k.

Fortunately and surprisingly, nothing happened like this yet and the market seems stable for the last couple of days and it's moving sideways. I am glad that I did not have money in CEX to open a position, otherwise, I could have opened a short position when I heard the news that Mt. Gox moved the funds and they will start distribute as soon as possible.

But as you can see, the news did not affected the market and that fund shifts was just and internal transfer or possibly transfer to some exchanges which is going to distribute these funds soon. I am happy to be proved wrong and the market did not moved downtrends.

[Faisal2202]

Fortunately and surprisingly, nothing happened like this yet and the market seems stable for the last couple of days and it's moving sideways. I am glad that I did not have money in CEX to open a position, otherwise, I could have opened a short position when I heard the news that Mt. Gox moved the funds and they will start distribute as soon as possible.

I am glad too that you saved yourself from loss, but many people with the same psychology might be thinking of this plan and unlike you, they might have pulled this and must be at a loss too and eagerly waiting for another dump. Therefore I don't trade in long or shorts because its like very difficult to predict the behavior of nature.

Although it was so obvious that the market would dump due to this news and the distribution of BTC but it did not follow our plans. I guess that's fortunate for some and unfortunate for others.

But as you can see, the news did not affected the market and that fund shifts was just and internal transfer or possibly transfer to some exchanges which is going to distribute these funds soon. I am happy to be proved wrong and the market did not moved downtrends.

These funds are not only being moved but are being distributed as well but what I think is people receiving these funds are not selling there BTC that's why we are not seeing any big sell-off and despite the sell-off, if even it occurs I think currently the buyers are eager to buy more like Grayscal and other ETFs are buying. Many good adoption news are coming and to make another new ATH I think we need something big.

[Kemarit]

You are right, Mt Gox did plan one or 2 days ago to distribute all the funds within the deadline and people started to share the word that now BTC might crash. But I am amazed to see how it is still holding its price above $62k while many (including me) predicted when the MT Gox will fully distribute the funds, especially in BTC form, BTC will dump below $60k or maybe $55k.

Fortunately and surprisingly, nothing happened like this yet and the market seems stable for the last couple of days and it's moving sideways. I am glad that I did not have money in CEX to open a position, otherwise, I could have opened a short position when I heard the news that Mt. Gox moved the funds and they will start distribute as soon as possible.

But as you can see, the news did not affected the market and that fund shifts was just and internal transfer or possibly transfer to some exchanges which is going to distribute these funds soon. I am happy to be proved wrong and the market did not moved downtrends.

Yeah, there was no significant move this July, unlike the German news wherein the price goes on it's lowest at $54,000. And on the contrary, we have a minor pump to $70,000 when Trump spoke on the Bitcoin conference and says that he will fire Gary Gesler. However, it was also short lived as we go back to $67,000.

Nevertheless, it's good to see that at the end of the month of July, we are still somewhat on the green candle, we are still +5.xx% for this month after going -6.xx% last June. So everything is on the move, even if we still have to get rid of the past trauma that of the Mt. Gox for the rest of the year.