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Quote from: robelneo on August 01, 2024, 06:12:21 PM

I think it has something to do with the US campaign; Trump proclaimed himself as a Bitcoin supporter and has an intention of including Bitcoin as a strategic asset if he wins an election. That's when Bitcoin hit the $70k mark.
But the sudden announcement of Kamala Harris as a replacement for Biden, pulled the price down.

I still fail to understand what is the relation between Kamala Harris and the Bitcoin Price. Look, bro, Trump is still there and he will be there. Biden was replaced by Kamala Harris and I don't remember Biden supporting Bitcoin. So, it does not really matter if Biden stays or not. The important thing is Trump is staying and he is a supporter of Bitcoin. I want to believe that the movement did not happen because of the Biden's stepdown.

Bitcoin moved too much in the last 24 hours. I was scrolling Facebook last night and got some notifications from a couple of exchanges and checked that Bitcoin touched the 62K range. I don't know what is new. But it's regained again and Bitcoin is standing at 64.5K again.

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Quote from: Learn Bitcoin on August 01, 2024, 12:43:13 AM

Anyway, the market seems to be trending down again, and I don't know if there was any updated news on the market. The only news I see from coinmarketcap.com is The U.S. Government: Silk Road DOJ Confiscated Funds (bc1qj) address transferred 29799.99011436 BTC, worth about $2.02 billion. The U.S. government currently holds 69,000 bitcoins that once belonged to Silk Road founder Ross Ulbricht and 50,676 bitcoins from Silk Road by Zhong.

I think it has something to do with the US campaign; Trump proclaimed himself as a Bitcoin supporter and has an intention of including Bitcoin as a strategic asset if he wins an election. That's when Bitcoin hit the $70k mark.
But the sudden announcement of Kamala Harris as a replacement for Biden, pulled the price down.

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New Democratic nominee-apparent Kamala Harris' odds of winning the election have steadily risen throughout the week to the current 44%, according to Polymarket. Trump's victory chances have faded to 55% versus 70% just two weeks ago.

Bitcoin Plunges More Than 10% Since Hitting $70K 72 Hours Ago

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Quote from: robelneo on July 31, 2024, 04:07:50 PM

Anyway, Mt.gox has an official account here. This was his last post before he passed the torch on managing the site, and this was when Bitcoin was worth only two digits.

Oh hell.
Look at that post. He wished Bitcoin would reach $10 at that time. I thought their last post would be about their platform. But it was about the guy leaving their platform and giving the account to someone else who would handle it after that post. But it never happened, and they did not post anything in this forum. Otherwise, we could have known more from Mt. Gox officials about that hack and the actions they are taking.

Anyway, the market seems to be trending down again, and I don't know if there was any updated news on the market. The only news I see from coinmarketcap.com is The U.S. Government: Silk Road DOJ Confiscated Funds (bc1qj) address transferred 29799.99011436 BTC, worth about $2.02 billion. The U.S. government currently holds 69,000 bitcoins that once belonged to Silk Road founder Ross Ulbricht and 50,676 bitcoins from Silk Road by Zhong.

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Quote from: Learn Bitcoin on July 30, 2024, 11:55:09 PM

Quote from: robelneo on July 30, 2024, 04:59:25 PM

If this is true, then they have something to regret all their lives. I wonder if they did KYC when they traded there; there is a possibility that they will contest the buyer of their account and ask for verification to recover those accounts. I mean, we never know the character of these sellers because the profit is too huge not to do something.

Yes, this is true. Even though I haven't seen any thread where the seller offered to sell their account, I have heard from some OG forum members that some Mt. Gox victims sold their accounts here and there. But we don't know who is the buyer. I also understand that old owner of that account may want to get back their account after they heard that mt. gox is going to pay them back. But I don't think it is going to work anymore because the list of victims already finalized and it cannot be changed anymore. So, no matter if they come back again and scream to get back their account.

Well, in that case, they have their whole lives to blame if they have over 10 Bitcoins on MtGox by the time they sell their account; every one of their 120k users has their story to share after they claim their Bitcoins, I'm sure we'll have a documentary on this.

Anyway, Mt.gox has an official account here. This was his last post before he passed the torch on managing the site, and this was when Bitcoin was worth only two digits.

Quote from: mtgox on March 05, 2011, 07:23:19 PM

Hello Everyone
I created mtgox on a lark after reading about bitcoins last summer. It has been interesting and fun to do. I’m still very confident that bitcoins have a bright future. But to really make mtgox what it has the potential to be would require more time than I have right now. So I’ve decided to pass the torch to someone better able to take the site to the next level.

Thanks to everyone that has supported mtgox so far. Can’t wait to see BTC hit $10!

I can still be reached on the forum as "jed" or through fivegrinder.com

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Quote from: robelneo on July 30, 2024, 04:59:25 PM

If this is true, then they have something to regret all their lives. I wonder if they did KYC when they traded there; there is a possibility that they will contest the buyer of their account and ask for verification to recover those accounts. I mean, we never know the character of these sellers because the profit is too huge not to do something.

Yes, this is true. Even though I haven't seen any thread where the seller offered to sell their account, I have heard from some OG forum members that some Mt. Gox victims sold their accounts here and there. But we don't know who is the buyer. I also understand that old owner of that account may want to get back their account after they heard that mt. gox is going to pay them back. But I don't think it is going to work anymore because the list of victims already finalized and it cannot be changed anymore. So, no matter if they come back again and scream to get back their account.

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Quote from: Learn Bitcoin on July 30, 2024, 12:50:09 AM

I also heard that a lot of Mt. Gox victims sold their accounts for a couple of dollars because they thought it was not worth anything anymore. But, I am not sure who was the buyer and if they got some benefit from those accounts.

If this is true, then they have something to regret all their lives. I wonder if they did KYC when they traded there; there is a possibility that they will contest the buyer of their account and ask for verification to recover those accounts. I mean, we never know the character of these sellers because the profit is too huge not to do something.

Quote

Cashing out is the right thing to do, but given how Bitcoin has performed in the market all these years, you would not cash out all of it. You expect a better price in the future; that's when you will cash out.

Quote

They are OG Bitcoiners. So, I believe they have a understanding of Bitcoin market and I want to believe that most of them will end up holding a tiny portion of their holdings for the future. We never know what could happen in the future. If you ask me, I would have hold at least 10% of it for the future.

I think it depends on the amount of your holding back. In the old days, it was easy to hold 1 Bitcoin. I'd like to believe many of them are two-digit, four-digit holders of Bitcoin. If I had 10, I would retain 50%. I already made a huge profit from half of my share.

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Quote from: robelneo on July 29, 2024, 04:55:35 PM

I hope some of them are part of our community and post here about their experience and the process.

Yes, I have seen a couple of them in this forum, including a merit source who was the victim of Mt. Gox. I am sure they see the discussions about Mt. Gox, and they write their feelings as well. But I also heard that a lot of Mt. Gox victims sold their accounts for a couple of dollars because they thought it was not worth anything anymore. But, I am not sure who was the buyer and if they got some benefit from those accounts.

Quote

Cashing out is the right thing to do, but given how Bitcoin has performed in the market all these years, you would not cash out all of it. You expect a better price in the future; that's when you will cash out.

They are OG Bitcoiners. So, I believe they have a understanding of Bitcoin market and I want to believe that most of them will end up holding a tiny portion of their holdings for the future. We never know what could happen in the future. If you ask me, I would have hold at least 10% of it for the future.

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Quote from: AB de Royse777 on July 29, 2024, 06:41:19 AM

Quote from: robelneo on July 28, 2024, 03:08:07 PM

Bitcoin Hits $65K Shaking Off Mt. Gox Payout Worries;

We are going to see many new Bitcoin millionaires soon. I wonder if these people ever thought they will have their coins back?

I call it a stroke of luck; some of them hope or expect to get their coins back, but not at a price that they expect. It's like hitting a jackpot in a casino. I'm sure all of these people are excited to have their coins back. I hope some of them are part of our community and post here about their experience and the process.

Quote from: tranthidung on July 28, 2024, 10:33:08 AM

Who sell will sell, who hold will hold, no more reason to be panic but prolonged distribution means the pain will be prolonged to the future too. It can be used to manipulate the market and play as a barrier to prevent Bitcoin take-off too soon. We will likely see a take off in 2025, not in 2024.

Quote

There will be sells pressure. If I was one of them, I would consider to cash out at-least a small portion. I guess it's takes ages for bitcoin to have another true bull run, even after the last halving.

Cashing out is the right thing to do, but given how Bitcoin has performed in the market all these years, you would not cash out all of it. You expect a better price in the future; that's when you will cash out.

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Quote from: AB de Royse777 on July 29, 2024, 06:41:19 AM

There will be sells pressure. If I was one of them, I would consider to cash out at-least a small portion. I guess it's takes ages for bitcoin to have another true bull run, even after the last halving.

I would have do the same thing I guess. I don't think anyone cares about the market when they need money, All they know is they want their cash. It's true that most of them did not expected to get their funds back after almost a decade. But, they are lucky that they are getting their funds back even after a long time.

If you talk about bull run, I considered it as pre-bull run since Bitcoin first touched 60K range. Altcoins were pumping a lot. But most of those altcoins are down 200% from where they were. A lot of bad news affected the market and that is the reason we haven't touched 80K range yet. I won't be surprised if we revisit 50K in the next coming months.

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Quote from: robelneo on July 28, 2024, 03:08:07 PM

Bitcoin Hits $65K Shaking Off Mt. Gox Payout Worries;

We are going to see many new Bitcoin millionaires soon. I wonder if these people ever thought they will have their coins back?

Quote from: tranthidung on July 28, 2024, 10:33:08 AM

Who sell will sell, who hold will hold, no more reason to be panic but prolonged distribution means the pain will be prolonged to the future too. It can be used to manipulate the market and play as a barrier to prevent Bitcoin take-off too soon. We will likely see a take off in 2025, not in 2024.

There will be sells pressure. If I was one of them, I would consider to cash out at-least a small portion. I guess it's takes ages for bitcoin to have another true bull run, even after the last halving.

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Quote from: tranthidung on July 28, 2024, 10:33:08 AM

Panic will always occur when people see like 5,000 BTC, 10,000 BTC is deposited from a personal wallet to an exchange address. This approach to prolong distribution to Mt.Gox victims will expand the uncertain period in the market for several months. If they distribute bitcoin all at one time, market will be panic and have a price fall but after that, it will surely recover.

Who sell will sell, who hold will hold, no more reason to be panic but prolonged distribution means the pain will be prolonged to the future too. It can be used to manipulate the market and play as a barrier to prevent Bitcoin take-off too soon. We will likely see a take off in 2025, not in 2024.

We can only speculate on what will be the sentiment of the market but experts opinions believe that the prolong distribution will not hamper the bullish trend of the market but of course we have to see what will be the result of this prolong distribution.

Quote

Ki Young Ju, CEO of crypto analytics firm CryptoQuant, argued that fears over the sell pressure is "overestimated" and will not derail the crypto rally underway.
"I believe this distribution won't end the bullish trend, as the coins are expected to react to market sentiment similarly to the existing bitcoin supply," he explained in an X post. "Unlike the German government selling, Mt. Gox creditors aren't forced to sell, so it's not purely sell-side liquidity."

Bitcoin Hits $65K Shaking Off Mt. Gox Payout Worries;

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Quote from: robelneo on July 27, 2024, 01:32:16 PM

Mt Gox creditors may have to wait for up to three months to receive their bitcoin

This is to protect the market's impact in case the majority of them choose to sell their shares.
With the locking period, the market is safe from panic.

I see this approach differently than you.

Panic will always occur when people see like 5,000 BTC, 10,000 BTC is deposited from a personal wallet to an exchange address. This approach to prolong distribution to Mt.Gox victims will expand the uncertain period in the market for several months. If they distribute bitcoin all at one time, market will be panic and have a price fall but after that, it will surely recover.

Who sell will sell, who hold will hold, no more reason to be panic but prolonged distribution means the pain will be prolonged to the future too. It can be used to manipulate the market and play as a barrier to prevent Bitcoin take-off too soon. We will likely see a take off in 2025, not in 2024.

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Quote from: robelneo on July 27, 2024, 01:32:16 PM

Mt Gox creditors may have to wait for up to three months to receive their bitcoin

This is to protect the market's impact in case the majority of them choose to sell their shares.
With the locking period, the market is safe from panic.

Thanks for the link buddy. I did not read it yet but I will check it after writing this post. So, this is not just a rumour but it's a legit news that the Mt. Gox victims will have a lock period of their funds which will help the Bitcoin market. So far, there is nothing to be worry about. But I am still concerned because what if all of them get the funds with a 90 days lock period and what if all of their funds get unlocked at the same time and they start to dump? I guess having a lock period should depend on their balance and the system should be like vesting system. So, they cannot dump all their bitcoin at the same time. But I will have a look at that article.

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Quote from: Learn Bitcoin on July 27, 2024, 12:43:56 AM

Quote from: arwin100 on July 26, 2024, 07:33:22 AM

Its good if they have something like that feature since its no sense at all if majority of them will unload immediately their bitcoin since it possibly could move the price of bitcoin plus provably these news will create a lot more panic since lots of people easily get carried out by the news they read online and some may think that this is risky situation that's why there might be a lot of people will join to dump their bitcoin.

I don't know the legitimacy of that news because I have heard it from another forum member. He said that the distributed funds will have a lock period, and they won't be able to dump it all right after they receive it. I agree that it makes sense because We saw how the market moves when many people dump their Bitcoin simultaneously. The German Bitcoin affected the market very hard and touched its lowest of 54K. If Mt. Gox users receive their funds without any lock period and they can sell all their Bitcoins, you will see that Bitcoin will touch 30K range or even lower. But I hope that won't happen. We expecting something good.

This is the article that fully explains the lock-in period. It varies based on the exchange claimants are going to use

Quote

The timeline for creditors to receive bitcoin or bitcoin cash repayments varies depending on custodians.
It may take up to 90 days for those claiming the repayments with Kraken accounts.

Mt Gox creditors may have to wait for up to three months to receive their bitcoin

This is to protect the market's impact in case the majority of them choose to sell their shares.
With the locking period, the market is safe from panic.

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Quote from: arwin100 on July 26, 2024, 07:33:22 AM

Its good if they have something like that feature since its no sense at all if majority of them will unload immediately their bitcoin since it possibly could move the price of bitcoin plus provably these news will create a lot more panic since lots of people easily get carried out by the news they read online and some may think that this is risky situation that's why there might be a lot of people will join to dump their bitcoin.

I don't know the legitimacy of that news because I have heard it from another forum member. He said that the distributed funds will have a lock period, and they won't be able to dump it all right after they receive it. I agree that it makes sense because We saw how the market moves when many people dump their Bitcoin simultaneously. The German Bitcoin affected the market very hard and touched its lowest of 54K. If Mt. Gox users receive their funds without any lock period and they can sell all their Bitcoins, you will see that Bitcoin will touch 30K range or even lower. But I hope that won't happen. We expecting something good.

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Quote from: arwin100 on July 26, 2024, 07:33:22 AM

Its good if they have something like that feature since its no sense at all if majority of them will unload immediately their bitcoin since it possibly could move the price of bitcoin plus provably these news will create a lot more panic since lots of people easily get carried out by the news they read online and some may think that this is risky situation that's why there might be a lot of people will join to dump their bitcoin.

We could able to see that bitcoin still recovering back and we can say that everything is fine even if there's a sort of repayment for their creditors happen. People are now open minded on the news and just think about everything is fine even if there's some developments happen on Mt.gox.

If they don't have those kinds of guidelines, there will be chaos and panic, and the implementor will be blamed for paying all their claimants in one go because this market is still safe and can easily rebound if even half of the claimants dump it.

But I'm sure all claimants are fully aware of the consequences of their action if all of them dump their shares, so they will opt to dump a portion or do it later; if I'm a claimant, I will sell 10% and just sell later, but I will retain a big portion for future profit.

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Quote from: Learn Bitcoin on July 26, 2024, 04:58:42 AM

Quote from: robelneo on July 25, 2024, 04:56:27 PM

Yeah, I slept on it, but the market did recover, so do you think it is a different scenario now, or will it be like the German dumping? The distribution will start today, but compared to Germany's scenario, the UK customers will not be part of the first set of distribution.
Some experts believe there will be no crazy selling like what happened with the Germans because they all already made a profit, but do they all share the same sentiment?

I have heard that Mt. Gox users will have some lock period on their Bitcoin so they cannot sell it instantly. That is because they don't want to impact on the market too much. We all know that the market will move a little just because of the news. But, some sources said that users won't be able to sell it instantly. So, there will be no mass selling after the distribution. If this is true, then I think Bitcoin will go sideways for a long time because those users will continue to dumo their Bitcoin for a long time. No matter if they share same sentiment or not. But, since the scarcity is increasing every month, Bitcoin economy will continue to grow as new investors are continue to coming to the market.

Its good if they have something like that feature since its no sense at all if majority of them will unload immediately their bitcoin since it possibly could move the price of bitcoin plus provably these news will create a lot more panic since lots of people easily get carried out by the news they read online and some may think that this is risky situation that's why there might be a lot of people will join to dump their bitcoin.

We could able to see that bitcoin still recovering back and we can say that everything is fine even if there's a sort of repayment for their creditors happen. People are now open minded on the news and just think about everything is fine even if there's some developments happen on Mt.gox.

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Quote from: robelneo on July 25, 2024, 04:56:27 PM

Yeah, I slept on it, but the market did recover, so do you think it is a different scenario now, or will it be like the German dumping? The distribution will start today, but compared to Germany's scenario, the UK customers will not be part of the first set of distribution.
Some experts believe there will be no crazy selling like what happened with the Germans because they all already made a profit, but do they all share the same sentiment?

I have heard that Mt. Gox users will have some lock period on their Bitcoin so they cannot sell it instantly. That is because they don't want to impact on the market too much. We all know that the market will move a little just because of the news. But, some sources said that users won't be able to sell it instantly. So, there will be no mass selling after the distribution. If this is true, then I think Bitcoin will go sideways for a long time because those users will continue to dumo their Bitcoin for a long time. No matter if they share same sentiment or not. But, since the scarcity is increasing every month, Bitcoin economy will continue to grow as new investors are continue to coming to the market.

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Quote from: Learn Bitcoin on July 25, 2024, 12:29:08 AM

This is the truth but I had to sell some of my portion because I had some debt. I started to realize that 54K was the lower lowest where I sold my Bitcoin. So, all I wanted to say is, the market is moved very hard when the German government started to sell Bitcoin.

Anyways, Players who place 5 seconds to one minute bets, they should not be afraid of the market to much as it does not really matter for them. But you should always keep in mind that you can get longer winning or losing streaks.

Yeah, I slept on it, but the market did recover, so do you think it is a different scenario now, or will it be like the German dumping? The distribution will start today, but compared to Germany's scenario, the UK customers will not be part of the first set of distribution.
Some experts believe there will be no crazy selling like what happened with the Germans because they all already made a profit, but do they all share the same sentiment?
I think the market will have a slight dip but will eventually rebound much faster compared to what happened last month.
It's going to be a tricky trade for Bitwinup users this whole week.

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Quote from: robelneo on July 24, 2024, 05:43:11 PM

That's what many expect to what's going to happen, but we have seen the Germany scenario where the market remained unmoved despite them dumping a huge portion of their Bitcoin

Bro, you really did not notice the movement. Bitcoin was at 68K or around it when the German government decided to sell their Bitcoin. Then the market started to go down and it touched the lowest price of 54K. This is the truth but I had to sell some of my portion because I had some debt. I started to realize that 54K was the lower lowest where I sold my Bitcoin. So, all I wanted to say is, the market is moved very hard when the German government started to sell Bitcoin.

Anyways, Players who place 5 seconds to one minute bets, they should not be afraid of the market to much as it does not really matter for them. But you should always keep in mind that you can get longer winning or losing streaks.

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