Topic: Bitcoin down ( Mt. Gox is dumping ) - page 7. (Read 1197 times)

We cannot know his rational for selling on the open market instead of a private sale or auction but there has to be some reason. He is being paid a substantial amount (I think about $3m) but it is not in bitcoin and is not dependent on how much he sells the coins for.

The media hype about mt.Gox dumping bitcoin has done more harm to the price of bitcoin, personally I belief the price will not go above $9000,  the era of the whales dictating and controlling  the price is gradually weaning, I so much belief the price will recovered honestly there is an increased in the numbers individual holders of bitcoin daily.

From your link (GoodGuyGoodGuy):
I'm actually hopeful if this really is the main reason Bitcoin is dropping. The whale-dump will end at some point, and when that happens, Bitcoin will go up again. Just like it bounces back up after every drop already.

The truth is, everyone was selling in December. That is why the mempool was so full - everyone was trying to get their coins to teh exchange to sell.

I feel sorry for this poor trustee - as usual people like to find scapegoats.

That's why they can afford to sell coins below their real cost, as the price went up so much that they would make big profit even selling at $3k now.

That's why these auctions they are doing may drop the price for a few months.

They key to win in crypto trading is patience.
Buy and resist one year with your coins, and you will profit.

But what was the price of a bitcoin when the Mt. Gox exchange closed? 

 Cause in his eyes he is selling at a premium and could actually get close enough to pay back a good portion of what is owed unlike most bankrupt and shuttered organizations.   If you only had a million dollars to pay back creditors in 2014 and it came due in 2018 after litigation....You'd have a million dollars.  With bitcoin,  that million would be worth more than what you owed.

I don't they will dump all at once and cos price to crash.If the price falls,they will also lose.They will drip the stock slowly,as they are already been selling from last few months.But only now it has been informed offocially

well, because from my action bitcoins price is absolutely free then I guess there won't be harm if I'm taking some guesses

so depend how harsh Mt Gox and his customer need fiat. if they need it fast, I'd say we can surely see as low as 5k. I do not think they will go below that..
but market will recovering very long time after that, maybe 3-4 month . sure I could be wrong, but that what I think

Absolutely. Kobayashi would have the ability to make at least another 10 or so dumps if he sticks to the same standard as he did from December through February. It's absolutely horrifying that one centralized individual can have this effect over the ENTIRE market.

They'd got hacked back 2011, and closed 2014. And now they've just declared bankruptcy. Its a long time frame I think. So they didnt had it back. How about those who had their funds in the site, are they refunded?

That is really a big concern since  Kobayashi ( a Mt Gox Lawyer in charge of the funds/Trustee) is still  in possession of 166,344.35827254 BTC that is $1.7 Billion worth as of the present price. Huge enough to  to make another dump.

Short term speaking it's a factor that will keep shaking up the market, but in the long term this will turn out to be a very important and healthy event. It basically means that we have one major holder less in the market.

The lower the number of major holders, the less of an obstacle single entities will or may form. These coins will be distributed amongst numerous of investors, which I consider to be a win for this market.

I can't say anything about the price, because that's impossible not only for me to have an opinion about, but basically for everyone here. We're basically stuck and operate at the mercy of an external dumping rage.

Yes the Mt Gox Trustee has sold off 40K of BTC in 5 stages from Dec to Feb 6, starting with 2K mid-Dec when BTC was $19K - and then with 3 tranches of 6K in Dec and twice Jan when the BTC price was about $17.5K and $13.5K and $11k, before the final sale of 18K BTC 6 Feb when the BTC price was about $9K and we had that one day crash to $6K. Interestingly the fall in BTC price on the day of each of those 5 sales by the Mt Gox Trustee was about $2-3K before recovering, and the market seemed to handle the increased volume of BTC for sale pretty well. Worryingly however the Mt Gox Trustee still has 162K of BTC in Mt Gox wallets overhanging the market, and how the market would handle a fire sale of significant amounts of this BTC is unclear. And it’s unclear if the Trustee is going to sell more BTC after going quiet for a month, but it’s the nature of bankruptcy receivers to realise all assets at whatever price unfortunately.

Yeah I think all this Mt Gox stuff is bearish for BTC, while that 162K of BTC is overhanging the market - and there will be a lot of shorting of BTC and selling it on whatever rumours start up. I think before this crash is over we will see a $5K BTC price, and we may see a $3K BTC price as a lot of good technical analysts have been predicting as the low point. But who knows - there’s likely many a twist and turn left in this tale yet!

It's been awhile when market goes down badly(december-january) but not just because of Mt.Gox. But today's event is just because of their dumping strategies to benefits more from the community investors. May we not think this seriously cause it won't last for long and it will end up soon once they sold out all their coins in the market.

It is not only mt. Gox has the large amount of bitcoin and we cannot tell what is in their mind right now. Whats important is we have hold our stocks and benifit later if the price will go low. When price drops to $5k then i think that would be the yime to buy cheaper coins.

The bottom is 1800 I think. I can't imagine it getting anywhere close to that figure

i don't believe that it will go down forever,the price of bitcoin is just like wheel it roll up and down,and sometimes it's rate is stable so if you have a lot of coins just wait and you can sell it if the price will going up.

No one can really tell and predict at which value will btc land to. It's hard to give speculations but I hope it can recover sooner.
A person who holds a big portion of btc can really affect the market value in just a single movement of his funds. And we as the small holders just have to bear with it.

whats that MT GOX?is there something to do with market?but never heard of that really am..prices cannot be predict since only Whales can may the market pump or dump,though this is speculation and were free to speculate,its harder for me to mention even single amount of price.what i can tell every one is be obedient and observant while doing homework here,because in just a single moment prices may do so movements

Well, I don't think the fact that Mt. Gox is creating selling pressure could be the only reason of the price falling. If there's a downgoing market sentiment then it's not just Mt.Gox that should be blamed. After all, the ones holding balances at the now bankrupt exchange should be compensated.