Topic: Mt. GOX Hacked a Blessing in Disguise for Victims? - page 3. (Read 595 times)

Aside from what other member said, it seems total BTC, BCH and fiat for reimbursement is less than total profit if they manage to HODL until today. I also think it's not blessing in disguise if the victim had any financial difficulty between Mt Gox got hacked and today, where their BTC could be used to help their financial difficulty.

I cannot say anything about it until they get their refund from the authorities. These shitty cases take a long time to proceed and it sucks to wait for that long. Waiting is the worst thing in the world and you will understand that when it's your own money but you have to wait for a long time to get it.

I will be happy for those people if they can claim back their own money. They aren't receiving any kind of bonus but their own money. You may trying to imagine how much profit they have got, but you didn't thought how precious that money was for them in their bad time when they want to get it, but they couldn't.

This would have been "a blessing in disguise" if all the Mt.Gox victims had the patience to wait for 10 years in order to get their BTC back.
What if the Mt.Gox hackers moved all the BTC to their cold wallets and the victims never got a refund? Maybe the victims were lucky, because the hackers weren't competent enough. Anyway, this is like someone stealing the money in your bank account and you get them back after 10 years of waiting. In the case with Bitcoin, you get 100x of what you have initially invested, but I definitely wouldn't call this "a blessing in disguise".

I'm happy that people are getting their money back, and I'm honestly surprised they'll get such a high return on their investment. I knew that now all funds were recovered, so I assumed the profits were going to be mild. However, the CNBC confirms it's 100x, and that's wonderful. I'm sure that many suffered a lot of mental damage because of the hack, and they've been waiting for such a long time.
That being said, it might be bad news for the market because a lot of those people will likely want to cash out immediately, considering what they've been through. Billions of dollars worth of BTC being cashed out can have a significant negative impact on the price. Of course, it can then recover in a few months, but we should get mentally prepared for this.

Don't forget with inflation which lower your purchase power.

Although if we calculate the victim will only receive 1/4 of their money and the purchasing power, the victim are still in profit.

But, we don't know what if those victim use the money they invest in Bitcoin to create a business or they try to gamble on shitcoins, they could become a millionaire. Losing the money in CEX means they also lose the opportunity to make money at that time too.

Those guys must have gained back the most money if they held their coins from the account sale all this time.

That's the bright side of this fiasco, the silver lining of having their funds locked for many years. And I guess it was also a blessing in disguise that the refunds came a bit late. Had the refunds been paid just a few years after the hack, many would have already liquidated much or even all of their Bitcoin assets. It wasn't uncommon for early Bitcoin holders who acquired their coins very cheap to convert their holdings when the price soared to hundreds or a thousand.

It could be a blessing in disguise to some people who were actually considering holding for a long term, but for the large chunk of the people I don’t think they appreciated this kind of blessings. Many of these people might have one time in the past be in dire need of their funds to maybe cater for some emergency issues but couldn’t have got it solved, most might have even lost a thing because they couldn’t get access to their funds which no matter the return later is definitely not good enough to me. Also the recovery of Mt.Gotx funds Shouldn’t give users the leverage to start using exchanges and save their funds there, the return was just a luck that might not happen again.

As for the market pressure during the period of distribution, I will vote for a negative sentiment because I believe the news will be circulating round about sells going to happen and this could only create FUD among investors and we all know it leads to bearish sentiments. But this wouldn’t last for a long and the market will bounce back again

With this, I'm expecting to see so much drama around the refund because it simply means that what will actually happen as the refund will be far less than what was expected. This should be my first time seeing that some persons have already used other options to collect what they can and moved one. This should also be my first time learning that they will be paying about 1/4th of the total assets  and also the spread over many years. This shows the entire thing is not clear yet and until the first refund is actually done, we might not be able to measure the impact on the market.

Yes - this would be called a blessing because they were so close to the cash out process, so what if it was never returned, would it be called a disaster?

The Mtgox drama has been going on for a long time and currently they are preparing everything to distribute it to creditors. Of course creditors are pleased with Mtgox's responsible efforts - however, many of them postponed all their wishes as long as the Mtgox case was not resolved. They should all be grateful because behind this hacking incident there is a lesson to be learned.

Selling pressure may be around for a while - but I don't think everyone will put the coin into the market. Some creditors are experienced users - they will hold and capitalize on the next bull cycle, while others will sell and earn the profit.

I'm not sore if you're aware of this, but many people sold their accounts here on bitcointalk for a fraction of the value. When Gox said it's a temporary issue some believers were offering 75 or 50 cents on the dollar for accounts, thinking they'd make a quick buck when it comes back online, but it never did.

Also there's this:
This means that you will be getting 100x profit, but on roughly 1/4 of the money you held there.

Last but not least, you could sell your claim during the trial if you wanted to and many profit-oriented people did. Remember that we're talking about a process that took 10 years. Some people died never receiving a penny and their families sold their claims after their death.

It's been a hot topic these days that the collapsed exchange Mt. Gox will begin paying back thousands of users in a few days.  I am in no way saying that getting hacked is good but considering the current situation of the victims who are supposed to receive the refund, they would be gaining more than 10,000x% profit[1].  The fund being hacked, recovered and locked for about 10 years made these victims unable to move their funds, and the recovery and refund resulted in a huge profit.  If the exchange was not hacked, many of these people could have sold their BTC at worth less than $1000 and they should not have gained this huge amount of profit when they received their refund.

Bitcoin was around $600 when the exchange shuttered.  And now the price soar for more than 100x as the refund is about to be executed.  I am happy for these people, all their stress, worries and patience had been fully rewarded.  I hope the refund process will not put too much stress on the Bitcoin market since $9B worth of coins will be unloaded to the market and this is not a small amount.

With this thing happening, I believe the Mt. Gox hack after the authority recovered the fund became a blessing in disguise for victims who exercise patience. Your thought?

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Btw, I read that the disbursement is a mixture of Bitcoin and Bitcoin Cash, Does the victim have a claim on the Bitcoin cash equivalent of their Bitcoin when Bitcoin was forked?

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[1] https://www.cnbc.com/2024/07/01/mt-gox-about-to-unload-9-billion-of-bitcoin-what-it-means-for-btc.html