Topic: MT-Gox CASE (Read 247 times)
26.09 passed by. Price didnt change since than. Do we had any agreement about what will happened with rest BTC? Will they be shared between users or sold to share $ between users?
As they can pay off their debts in btc there is no reason why the price will dump. It is not in their interests to trade in that way, any sale will be done otc to avoid a repeat of last years sudden bear market from which we have never recovered
I'm pretty sure that the trustee knows what he's doing (OTC or otherwise). If he had already paid off the debts that we should expect from him liquidating the remaining assets.
@BitMaxz - Yeah, probably the likely reason why we keep on not making another break out run. From $7400 down to $6200 with no real reason for the sudden downtrend. So still the Mt. Gox ghost is haunting us till this day and we hope that its the last time that we are going to heard about it.
As they can pay off their debts in btc there is no reason why the price will dump. It is not in their interests to trade in that way, any sale will be done otc to avoid a repeat of last years sudden bear market from which we have never recovered
This might be the reason why the price of bitcoin doesn't exceed more than $8k because there are days that the price of bitcoin suddenly drops without any bad news and I think when the bitcoin price dropped last sept. 6 from $7,400 to $6,200 I suspect that the huge amount of bitcoin sold to the market is from MT.Gox.
However, Bitcoin still survive at $6k value that I think there is a big group which continues to support at the $6k price.
I hope the case of MT.Gox will be over soon to improve the movement of the bitcoin price.
However, Bitcoin still survive at $6k value that I think there is a big group which continues to support at the $6k price.
I hope the case of MT.Gox will be over soon to improve the movement of the bitcoin price.
Agreed. But as we know 230 mil with price close to 8k is close to 29k BTC. He still has more than 100k. This might be enought to hold btc close to 6k for next half year - with same demand from others. If demand will decrese (it might due to lack of pumping - opportunites to earn) it may be longer or even cause BTC price to break 6k. The best option would be to simply stop selling and send BTC to users instead of $.
Nobuaki Kobayashi, the trustee Mt. Gox, confirmed via a statement that he had sold around $230 million worth of Bitcoin (BTC) and Bitcoin Cash (BCH) starting from March 7 2018.
So its seems that he slowly dumping Bitcoin at a average of $7500-$8000 (if my math is correct) and it has no significant effect whatsoever in the market right now as bitcoin is slowly climbing around the $6400-$6500.
This might be the reason why the price of bitcoin doesn't exceed more than $8k because there are days that the price of bitcoin suddenly drops without any bad news and I think when the bitcoin price dropped last sept. 6 from $7,400 to $6,200 I suspect that the huge amount of bitcoin sold to the market is from MT.Gox. So its seems that he slowly dumping Bitcoin at a average of $7500-$8000 (if my math is correct) and it has no significant effect whatsoever in the market right now as bitcoin is slowly climbing around the $6400-$6500.
However, Bitcoin still survive at $6k value that I think there is a big group which continues to support at the $6k price.
I hope the case of MT.Gox will be over soon to improve the movement of the bitcoin price.
Thanks to everyone for answers.
I didnt remeber that its going to happen in 26th of september. I only remebered "september 2018". So tommorow we might see interesting price movement on BTC after announcment about what happened on a creditor's meeting.
What was the court supposed to answer? There's apparently a creditor's meeting at September 26th though, which will take place in a courtroom, so maybe that's what you're referring to? If so, then you're not going to get any news until it actually takes place.
I didnt remeber that its going to happen in 26th of september. I only remebered "september 2018". So tommorow we might see interesting price movement on BTC after announcment about what happened on a creditor's meeting.
Nobuaki Kobayashi, the trustee Mt. Gox, confirmed via a statement that he had sold around $230 million worth of Bitcoin (BTC) and Bitcoin Cash (BCH) starting from March 7 2018.
So its seems that he slowly dumping Bitcoin at a average of $7500-$8000 (if my math is correct) and it has no significant effect whatsoever in the market right now as bitcoin is slowly climbing around the $6400-$6500.
I read the article that the decision has already been made and the money will be returned to all users in full !
I wonder how this will impact the market, because in every possible scenario it's more than likely that a very large number of coins will flow back into circulation, and that while there is very little demand right now already.
It will only affect the market if these coins aren't handed over to victims, especially when you take into consideration that handing over coins to victims means that the near 140,000BTC will be held by thousands of different people now, and not by one lunatic party only out to tank the price on spot exchanges.
In the end, the most important thing is that we get rid of these ancient mega wallets, because the fewer of these holders exist, the the better it is for everyone in the long run. Even if these coins will get dumped on the market at full, it will hurt the market for a short while, but they can only do it once. We get an opportunity to scoop up cheap coins, and we said goodbye to this seemingly endless MtGox drama shit. Great deal I say.
Many who owned coins on MtGox have some knowledge about the market and know that dumping a large amount of coins will be harmful to everyone.
In addition, there are many legal issues involving taxes. In some countries, it would only be necessary to pay tax on this asset if you exchange your coins for fiat and send them to the bank.
Some others have probably gone on to other projects like Bitcoin Cash or Ethereum and can use these coins to pump these projects.
I think this situation is important for the whole market. I hope that this problem will be solved successfully, this will not have a big impact on the market. I think in any case, buyers will be able to buy out all these Bitcoins.
Thanks to everyone for answers.
I didnt remeber that its going to happen in 26th of september. I only remebered "september 2018". So tommorow we might see interesting price movement on BTC after announcment about what happened on a creditor's meeting.
What was the court supposed to answer? There's apparently a creditor's meeting at September 26th though, which will take place in a courtroom, so maybe that's what you're referring to? If so, then you're not going to get any news until it actually takes place.
I didnt remeber that its going to happen in 26th of september. I only remebered "september 2018". So tommorow we might see interesting price movement on BTC after announcment about what happened on a creditor's meeting.
If so, then you're not going to get any news until it actually takes place.
I wonder how this will impact the market, because in every possible scenario it's more than likely that a very large number of coins will flow back into circulation, and that while there is very little demand right now already.If there ever will be an effect, it will at least be a few months away:
Quote from: https://www.ccn.com/breaking-mt-gox-case-moved-to-civil-rehabilitation-creditors-may-be-paid-in-crypto/
The trustee said in the document that there are currently no plans to sell any more funds, though this could change depending on what stipulations appear in the rehabilitation plan approved by the court.
However, the document indicates that these proceedings will likely not formally commence until Feb. 2019, ensuring that there will not be another Mt. Gox fueled sell-off anytime soon.
However, the document indicates that these proceedings will likely not formally commence until Feb. 2019, ensuring that there will not be another Mt. Gox fueled sell-off anytime soon.
Creditors can also be paid directly in Bitcoin as far as I know, making a huge sell-off even more unlikely. Also worth noting that the trustee sold to an OTC exchange in the past, so all the coins don't necessarily hit the market all at once, even if they decide to go through that route again. We'll just have to wait and see.
I wonder how this will impact the market, because in every possible scenario it's more than likely that a very large number of coins will flow back into circulation, and that while there is very little demand right now already.
It will only affect the market if these coins aren't handed over to victims, especially when you take into consideration that handing over coins to victims means that the near 140,000BTC will be held by thousands of different people now, and not by one lunatic party only out to tank the price on spot exchanges.
In the end, the most important thing is that we get rid of these ancient mega wallets, because the fewer of these holders exist, the the better it is for everyone in the long run. Even if these coins will get dumped on the market at full, it will hurt the market for a short while, but they can only do it once. We get an opportunity to scoop up cheap coins, and we said goodbye to this seemingly endless MtGox drama shit. Great deal I say.
If so, then you're not going to get any news until it actually takes place.
I wonder how this will impact the market, because in every possible scenario it's more than likely that a very large number of coins will flow back into circulation, and that while there is very little demand right now already.Without being selfish and looking at its potential impact on the market, I sincerely hope that all the coins will be given back to the people, because it's their money at the end of the day.
I still cringe when thinking about how one fatty pig has inflicted so much damage on people financially and mentally. He deserves to rot in jail for ever, but unfortunately he's still being the free jerk he always was.
so far everything that i have heard of Mt Gox had always came out and became public only because they wanted the price to drop. but current evidence suggests that there is more tendency towards rise which may be the reason why the news about this is being kept on the down low. in order to find out you have to dig deep and check the court itself otherwise i don't think anything about it can be found online anytime soon.
Court was about to give answer around september. We are close to the end of september. Any of you know any news about that case?
What was the court supposed to answer? There's apparently a creditor's meeting at September 26th though, which will take place in a courtroom, so maybe that's what you're referring to? If so, then you're not going to get any news until it actually takes place.
It seems that the liquidation is still in process, and that the creditors would still get their fair share of the money that was taken away from them. The processing of reimbursement seems to be smooth as well, and there had been no massive selloffs in the market after the trustee had been called for what he had done. As for the case proceedings, no news have been surfacing whatsoever even if the end of September is nearing.
Mt gox (biggest crypto exchange hacked in 2014) still has 138k BTC (https://www.cryptoground.com/mtgox-cold-wallet-monitor/). When its trustee was selling part of its coins we were told that he will stop now and wait for court to decide what with rest (sold BTC already fulfill customers loss in $ - due to BTC value increase from 2014). Court was about to give answer around september. We are close to the end of september. Any of you know any news about that case?
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