Mt Gox to liquidate coins - page 3. | Bitcointalksearch.org

Massimo80

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Quote from: dreamspark on April 24, 2014, 05:00:56 AM

So then it is confirmed that Gox' coins will be liquidated and no BTC balances returned to the users.

The published document doesn't say anything like that. It says instead quite the contrary: an audit of company assets will be conducted, proof of claims will be filed by creditors and found company assets will be used to (at least partly) repay them.

Nobody will probably get back everything he/she owns unless stolen/hidden money is found, but anything available will be refunded.

Why are you saying no balance will be returned to users?

blatchcorn

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Quote from: vpitcher07 on April 24, 2014, 06:35:45 AM

Quote from: dreamspark on April 24, 2014, 06:32:34 AM

Quote from: MykelSilver on April 24, 2014, 06:30:46 AM

When 200K bitcoins will be dumped on bitstamp for fiat, with the current order book the price will indeed be zero:

They wont be dumped on Stamp for fiat....

That's making the assumption that the people selling are willing to take any price for their btc no?

What is going to happen is that the price will drop a bit. Everyone will snap up the coins for a cheaper price, establishing huge levels of support. Price is back to pre-liquidation levels within 1 month.

vpitcher07

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Quote from: dreamspark on April 24, 2014, 06:32:34 AM

Quote from: MykelSilver on April 24, 2014, 06:30:46 AM

When 200K bitcoins will be dumped on bitstamp for fiat, with the current order book the price will indeed be zero:

They wont be dumped on Stamp for fiat....

That's making the assumption that the people selling are willing to take any price for their btc no?

MykelSilver

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Quote from: dreamspark on April 24, 2014, 06:32:34 AM

They wont be dumped on Stamp for fiat....

No? Again
Quote:

Q. What is expected to happen under the bankruptcy proceedings?
A. The bankruptcy trustee will implement the bankruptcy proceedings, in which the assets of
the bankrupt entity will be managed and converted into cash, the investigation of the claims,
etc. will be conducted, and if funds for a distribution are secured, the liquidating distribution
will be made.

https://www.mtgox.com/img/pdf/20140424_announce_qa_en.pdf

dreamspark

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Quote from: MykelSilver on April 24, 2014, 06:30:46 AM

When 200K bitcoins will be dumped on bitstamp for fiat, with the current order book the price will indeed be zero:

They wont be dumped on Stamp for fiat....

MykelSilver

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When 200K bitcoins will be dumped on bitstamp for fiat, with the current order book the price will indeed be zero:

kwukduck

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Even if it's an auction, they will probably be sold anywhere between 50-75% of the current market price, those coins will soon appear on the exchanges to be dumped for that 25-50% profit by the buyer.

Even without rationalization, panic is whats going to happen, and that always affects the price.

tescomatty

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I think it will be auction, so it will not affect price. Cant imagine the liquidator send the coins to foreign unregulated exchange and just HOPE they send the USD (same like MtGox

)

dreamspark

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Quote from: Dogtanian on April 24, 2014, 06:03:28 AM

Quote from: fryarminer on April 24, 2014, 05:24:38 AM

Why would this effect the price of BTC? Isn't the damage done already?

Yeah I can't see why this would have any effect at all. Might have the opposite if the people who lost money cut their loses and decided to buy back in while it's still fairly cheap.

You cant see why the increase in the supply by 200k coins would casue downward pressure on the market?

In the end people will get pennies on the dollar, of those people which is more likely; They say F bitcoin I'm keeping my 10% or I know lets go and put the money I received back into what made me lose it in the first place?

By what standards is BTC cheap at the moment when early adopters who bought coins for next to nothing or mined them probably held the majority of the coins on the exchange?

Dogtanian

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Quote from: fryarminer on April 24, 2014, 05:24:38 AM

Why would this effect the price of BTC? Isn't the damage done already?

Yeah I can't see why this would have any effect at all. Might have the opposite if the people who lost money cut their loses and decided to buy back in while it's still fairly cheap.

dreamspark

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Quote from: fryarminer on April 24, 2014, 05:44:48 AM

Quote from: MykelSilver on April 24, 2014, 05:31:16 AM

Quote from: fryarminer on April 24, 2014, 05:24:38 AM

Why would this effect the price of BTC? Isn't the damage done already?

Well if 200K of bitcoins will be liquided, than you can expect some pressure

Quote:

Q. What is expected to happen under the bankruptcy proceedings?
A. The bankruptcy trustee will implement the bankruptcy proceedings, in which the assets of
the bankrupt entity will be managed and converted into cash, the investigation of the claims,
etc. will be conducted, and if funds for a distribution are secured, the liquidating distribution
will be made.

https://www.mtgox.com/img/pdf/20140424_announce_qa_en.pdf

Wouldn't it make more sense to give the bitcoin they have to those filing claims?
Dang it! Every single time I buy bitcoin the price drops again! I think I should stop buying just to help the market!!!

Yep but with Fiat debts to pay it probably gets very confusing.

Also do you think its likely that a Japanese liquidator is seriously going to start sending out BTC? Most people dont even understand it let alone start using it in a legal process.

MykelSilver

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Quote from: fryarminer on April 24, 2014, 05:44:48 AM

Quote from: MykelSilver on April 24, 2014, 05:31:16 AM

Quote from: fryarminer on April 24, 2014, 05:24:38 AM

Why would this effect the price of BTC? Isn't the damage done already?

Well if 200K of bitcoins will be liquided, than you can expect some pressure

Quote:

Q. What is expected to happen under the bankruptcy proceedings?
A. The bankruptcy trustee will implement the bankruptcy proceedings, in which the assets of
the bankrupt entity will be managed and converted into cash, the investigation of the claims,
etc. will be conducted, and if funds for a distribution are secured, the liquidating distribution
will be made.

https://www.mtgox.com/img/pdf/20140424_announce_qa_en.pdf

Wouldn't it make more sense to give the bitcoin they have to those filing claims?
Dang it! Every single time I buy bitcoin the price drops again! I think I should stop buying just to help the market!!!

Of course it makes more sense to give the bitcoin, instead to convert it to cash. I FULLY AGREE WITH YOU.

But you know how much they hate bitcoin right?

All the best

fryarminer

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Quote from: MykelSilver on April 24, 2014, 05:31:16 AM

Quote from: fryarminer on April 24, 2014, 05:24:38 AM

Why would this effect the price of BTC? Isn't the damage done already?

Well if 200K of bitcoins will be liquided, than you can expect some pressure

Quote:

Q. What is expected to happen under the bankruptcy proceedings?
A. The bankruptcy trustee will implement the bankruptcy proceedings, in which the assets of
the bankrupt entity will be managed and converted into cash, the investigation of the claims,
etc. will be conducted, and if funds for a distribution are secured, the liquidating distribution
will be made.

https://www.mtgox.com/img/pdf/20140424_announce_qa_en.pdf

Wouldn't it make more sense to give the bitcoin they have to those filing claims?
Dang it! Every single time I buy bitcoin the price drops again! I think I should stop buying just to help the market!!!

TheButterZone

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RIP Mommy

Quote from: dreamspark on April 24, 2014, 05:06:12 AM

Quote from: ?? on ??

So then it is confirmed that the moon is made out of cheese.

What effect will this have on cow psychology?

Im opening a serious discussion Im not sure why your trying to mock it...

Because at the time you didn't provide a source.

Gox is the gift that keeps on bending people over, so here comes $0.01 BTC!

MykelSilver

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Quote from: fryarminer on April 24, 2014, 05:24:38 AM

Why would this effect the price of BTC? Isn't the damage done already?

Well if 200K of bitcoins will be liquided, than you can expect some pressure

Quote:

Q. What is expected to happen under the bankruptcy proceedings?
A. The bankruptcy trustee will implement the bankruptcy proceedings, in which the assets of
the bankrupt entity will be managed and converted into cash, the investigation of the claims,
etc. will be conducted, and if funds for a distribution are secured, the liquidating distribution
will be made.

https://www.mtgox.com/img/pdf/20140424_announce_qa_en.pdf

dreamspark

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Merit: 1000

Quote from: fryarminer on April 24, 2014, 05:24:38 AM

Why would this effect the price of BTC? Isn't the damage done already?

Because 200k coins that were not available and part of supply are going to be sold and thus become part of the supply. We can expect that there will be buyers who will hold onto their coins but the fact is that these will likely be sold below market rate and so some people will sell them for easy profit.

An increase in supply means the demand has to rise as well otherwise the price drops, simple economics.

kwukduck

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It seems that most people have been selling at a loss lately. Stop-loss tactics i assume, which isn't a bad idea considering the trend.

BitCoinDream

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The revolution will be digital

Quote from: dreamspark on April 24, 2014, 05:00:56 AM

So then it is confirmed that Gox' coins will be liquidated and no BTC balances returned to the users.

https://www.mtgox.com/img/pdf/20140424_announce_qa_en.pdf

What effect will this have on the market?

Ok ...so lets be ready for the fall ...panic sellers will join the league. Time to make money strong hands. Buy time is coming Wink

fryarminer

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Why would this effect the price of BTC? Isn't the damage done already?

dreamspark

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Quote from: kwukduck on April 24, 2014, 05:08:37 AM

I expect the bottom to be at around $200

I personally expect the price to drop to around wherever the coins are bought for, the people buying them are not going to sell them at a loss so I cant imagine going lower than whatever the cost price ends up being.

Topic: Mt Gox to liquidate coins - page 3. (Read 4702 times)