Is it true that Mt Gox funds are going to get released?

carlfebz2

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Quote from: m2017 on November 29, 2021, 03:11:02 PM

Quote from: ice18 on November 20, 2021, 01:14:47 AM

According to some news website, MtGox settlement may happen in the Q1/Q2 of 2022 so we can't expect a selling pressure this year also they are unsure if the payments will be in btc or in fiat currency. People involve in the settlement process for sure may profit from this and the worst if they decide to liquidate it and pay investors in fiat money.

https://markets.businessinsider.com/news/currencies/mt-gox-bitcoin-settlement-payouts-9-billion-dollars-early-2022-2021-11

If payments to MtGox users are made simultaneously and in btc, it will inevitably bring down the market. Often enough news is enough to influence the market, let alone the event itself.

This event could easily serve as the start of a premature bearish trend. Nobody would want this now, but we are also powerless to influence it in any way. It remains only to wait and watch the development of events.

MtGox story is a serious headache for the crypto community that everyone would like to get rid of forever.

Serious headache for those who do have funds into it on which this had been a long time running issue whether these people have really some high hopes on retrieving their coins back or not.

Cant really be denied on which this had been a very long long debate and process and waiting for those who do have money on this one.

Lots of trials and arguments and decisions to be waited up but if this one ends up on giving out those funds back even for a portion
then its inevitably to happen on that possible decline.

m2017

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Quote from: ice18 on November 20, 2021, 01:14:47 AM

According to some news website, MtGox settlement may happen in the Q1/Q2 of 2022 so we can't expect a selling pressure this year also they are unsure if the payments will be in btc or in fiat currency. People involve in the settlement process for sure may profit from this and the worst if they decide to liquidate it and pay investors in fiat money.

https://markets.businessinsider.com/news/currencies/mt-gox-bitcoin-settlement-payouts-9-billion-dollars-early-2022-2021-11

If payments to MtGox users are made simultaneously and in btc, it will inevitably bring down the market. Often enough news is enough to influence the market, let alone the event itself.

This event could easily serve as the start of a premature bearish trend. Nobody would want this now, but we are also powerless to influence it in any way. It remains only to wait and watch the development of events.

MtGox story is a serious headache for the crypto community that everyone would like to get rid of forever.

Danydee

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Quote from: OgNasty on November 20, 2021, 01:16:59 AM

I haven't even gotten notice of approval yet (even though I read the vote was approved).

I think there is a list of approvals and disapprovals for the claims..
Maybe you can look into it ??

Quote from: ice18 on November 20, 2021, 01:14:47 AM

.. decide to liquidate it and pay investors in fiat money.

among the main things that delayed the process, there is an objection brought by the creditors who were against the very first paper which planned to reimburse the creditors in fiat currency, and this objection was approved and normally the creditors with the BTC balance will be able to choose the reimbursement method.

OgNasty

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I can tell you that nothing has moved quickly with this resolution. I'm not expecting to hear anything else on the matter until next year, at which point they will likely begin the process of collecting banking information. I haven't even gotten notice of approval yet (even though I read the vote was approved). I will absolutely shocked if I get a payout in the next 6 months. A little surprised if I get it in the next year, and about what I expected if a payout is sent in about 18 months. As far as something moving the market, I think it's a non-issue at the moment.

ice18

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According to some news website, MtGox settlement may happen in the Q1/Q2 of 2022 so we can't expect a selling pressure this year also they are unsure if the payments will be in btc or in fiat currency. People involve in the settlement process for sure may profit from this and the worst if they decide to liquidate it and pay investors in fiat money.

https://markets.businessinsider.com/news/currencies/mt-gox-bitcoin-settlement-payouts-9-billion-dollars-early-2022-2021-11

2double0

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Quote from: noormcs5 on November 19, 2021, 03:04:31 AM

Price has already being to show instability and dropping too fast in the last few days.

Is this the reason of current bitcoin dump as people are afraid of the Mt Gox funds release and selling pressure is developed even before that event.

Not that alone seems to be the reason as I also came across one more news that US Department of Justice seized ~20 wallets with $57 million worth cryptocurrency in the Bitconnect fraud and have started to liquidate it officially. Based on the official article -

"As part of his plea agreement, Arcaro admitted that he earned no less than $24 million from the BitConnect fraud conspiracy, all of which, according to court documents, he has agreed repay to defrauded investors. The order entered on November 12, 2021, begins the process of making those victims whole by liquidating the fraud proceeds in Arcaro’s possession—the vast majority of which were in the form of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dash, and several others."

https://www.justice.gov/usao-sdca/pr/almost-57-million-seized-cryptocurrency-being-sold-victims-bitconnect-fraud

noormcs5

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Quote from: Koro-Sensei on November 15, 2021, 11:38:35 AM

Quote from: 2double0 on November 12, 2021, 06:53:43 PM

I was told by a source that Mt Gox funds will be released on ~20 November, 2021 on the order of honorable court where the hearing was made. If it's a fact, will 150k btc worth $10 billion enter the market? And should we prepare for a big dump after this happens? The intention behind posting this isn't about spreading chaos but awareness about what may happen if Mt Gox funds will be released. This is a happy news for me, but scary too.

Quite scary for Bitcoin holders. It could potentially drop its price and could reach 55K+ once again in just an instant and these guys who lost their BTCs are now potentially millionaires. What a fortune though. It just like they hold it for long then got released with a xxxxx return. Just wow.

Price has already being to show instability and dropping too fast in the last few days.

Is this the reason of current bitcoin dump as people are afraid of the Mt Gox funds release and selling pressure is developed even before that event.

Danydee

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Quote from: paxmao on November 18, 2021, 06:30:05 PM

I recently heard a guy speaking about his investing habits and saying that it is not as much about the speed of the car but rather about the direction of travel and the highway you are taking. MtGox funds freed will have an inpact for sure. Most people owning that money are by today's standards uber rich as they have been involuntarely holding it for a very long time. My take is that they will liquidate big. Yet the car is still driving in the same direction.

Well, I see;
so where the retribution, the reimbursed money will more be like money found or (free money) than money (BTCs) acquired or that was holded !

paxmao

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I recently heard a guy speaking about his investing habits and saying that it is not as much about the speed of the car but rather about the direction of travel and the highway you are taking. MtGox funds freed will have an inpact for sure. Most people owning that money are by today's standards uber rich as they have been involuntarely holding it for a very long time. My take is that they will liquidate big. Yet the car is still driving in the same direction.

Danydee

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Quote from: 2double0 on November 18, 2021, 04:38:44 PM

Why will the court let Mt Gox take any extra time to serve their creditors who waited so long for this day to come?

Maybe just to ensure the smooth functioning of the retribution.. The case is treaded by the justice court, this like the ensure the well treatment of all the operations,, and to prevent any bad return from coming if all the reimbursements are served at once

2double0

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Quote from: Lucius on November 17, 2021, 11:24:54 AM

<<>>
It is also possible that not everyone will get their BTC at once, but that it may take months, and given Japan's efficiency, it may take years. Personally, it seems to me that there is too much noise here, and there is not too much reason for that.

Noise? It was fear in my mind that I shared immediately when I came to know about it from an 'insider' friend. Why will the court let Mt Gox take any extra time to serve their creditors who waited so long for this day to come? If the release happens the same day for all the creditors and like we are talking that btc is 30x already from the value they bought at, I think most creditors will move their coins to the exchange to sell it because even though they know about the potential of btc, why will they leave a chance for selling their btc at near ath?

Lucius

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Quote from: Dave1 on November 16, 2021, 10:46:53 PM

Maybe this news are being used by a lot of individuals too to create a FUD and I think that's what is happening now on the market as we are plummeting to $59k-$60k.

It is very easy to manipulate the crypto market, because most do not really understand what they are investing in, and then they believe everything they hear or read in the media. The story of Mt.Gox has to end once and for all, and the sooner that happens, the better for all of us. The question we can't know the answer to is what the average person will do after being compensated, whether they will sell immediately or not do anything.

It is also possible that not everyone will get their BTC at once, but that it may take months, and given Japan's efficiency, it may take years. Personally, it seems to me that there is too much noise here, and there is not too much reason for that.

Dave1

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Quote from: Leviathan.007 on November 16, 2021, 04:34:02 PM

I saw much news about this case recently, some people were saying that they could recover thousands of dollars from Mt Gox, while the news is not confirmed yet and even if they could recover their money this could be big news and everyone could know about it while there is not an official new about this case confirming anything, recently I even saw a newbie forum member claims to recover his funds from Mt Gox while he didn't log into his old account and there were many questions about him and his case. Also, I see many messages from scammers saying we can help you recover your Mt Got if you send them some personal documents, so, the case smells fishy to me.

It could really smell something that is not right here.

And then the timing of this news when we just hit another all time high. Maybe this news are being used by a lot of individuals too to create a FUD and I think that's what is happening now on the market as we are plummeting to $59k-$60k.

So it's better to really wait for the news, I know this is the 'ghost in the past', that keeps haunting bitcoin market, and I really hope that one day everything will be a close book.

Fatunad

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Quote from: Beta-coiner on November 16, 2021, 06:49:50 PM

Quote from: Danydee on November 16, 2021, 05:05:01 PM

I don't think the retribution will made at one time, to all creditors, they most likely will retribut creditors by groups, one by one, groupe after groupe !!

Correct, from my understanding it is categoried. The earliest to request a refund comes first.

Still, it is a large amount of BTC and BCH for the economy to absorb even over time.

That to me indicates not too many BTC rallies for a while.

We can presume on that way if thats the case on where those coins would be released or given back into its owners which is really something not saying a bad thing but
it cant really be avoided that those people who would recieved out their coins even on not on full scale or in some partial will definitely sell up once they had able to get
in touch with those funds.I cant blame them though considering on how much they would able to make in todays price.Im already anticipating for some correction
but well we do know that things do recover eventually.

Beta-coiner

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Quote from: Danydee on November 16, 2021, 05:05:01 PM

I don't think the retribution will made at one time, to all creditors, they most likely will retribut creditors by groups, one by one, groupe after groupe !!

Correct, from my understanding it is categoried. The earliest to request a refund comes first.

Still, it is a large amount of BTC and BCH for the economy to absorb even over time.

That to me indicates not too many BTC rallies for a while.

Danydee

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I don't think the retribution will made at one time, to all creditors, they most likely will retribut creditors by groups, one by one, groupe after groupe !!

Leviathan.007

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I saw much news about this case recently, some people were saying that they could recover thousands of dollars from Mt Gox, while the news is not confirmed yet and even if they could recover their money this could be big news and everyone could know about it while there is not an official new about this case confirming anything, recently I even saw a newbie forum member claims to recover his funds from Mt Gox while he didn't log into his old account and there were many questions about him and his case. Also, I see many messages from scammers saying we can help you recover your Mt Got if you send them some personal documents, so, the case smells fishy to me.

Beta-coiner

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Quote from: Danydee on November 15, 2021, 09:50:55 PM

Quote from: Beta-coiner on November 15, 2021, 04:57:20 PM

8 Bitcoin price was well under 100 dollars at the time of the exchange having problems

correction,
Bitcoin was at around $1000 at the time the exchange got hacked, and droped after that
the Bitcoin price was at +/- $100 in 2013, before the big bull run that rised/proted it to 1000 at the end of the year

What I mentioned was correct. The exchange had problems and was sub 100 in 2013 well before any "hack".

There is still a strong belief Karpeles stole or dipped into most of the BTC at the time as all transactions had to go through him at the time.

Reid

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I am wondering more if authorities would let them take out a whole bunch of 150k in BTC. It could shake the market in a high rate and it will not be easy to go back from it. A possible panic could also occur that would make the price dump in expectation of creditors selling their coins after they receive it. Perhaps they should make an agreement of distributing the credits from it's real owners by portions just so it won't shock the financial industry.

Danydee

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Quote from: Beta-coiner on November 15, 2021, 04:57:20 PM

8 Bitcoin price was well under 100 dollars at the time of the exchange having problems

correction,
Bitcoin was at around $1000 at the time the exchange got hacked, and droped after that
the Bitcoin price was at +/- $100 in 2013, before the big bull run that rised/proted it to 1000 at the end of the year

Topic: Is it true that Mt Gox funds are going to get released? (Read 352 times)