Mt. Gox will release bitcoin in march - what's next?

Falconer

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Quote from: serjent05 on March 11, 2023, 07:34:26 PM

-snip-

I believe FUD and the negative sentiment that occurred during March have affected market conditions.
We could see bitcoin testing new support below $19K if this sort of thing continues through March. But brace yourself, ignore the temptation because this is just a normal swing before we finally see the bull again.

Oh hey, we're still in the same ship right? Keep holding on, do the accumulation.

serjent05

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Quote from: Baofeng on March 09, 2023, 07:55:38 PM

And it seems the date has been moved again to April 6, 2023 Japan time.

[img width=5-]https://i.imgur.com/kTqZnPH.png[/img]

https://www.mtgox.com/img/pdf/20230309_announcement_en.pdf

So I guess we need to wait for next month then, this has been dragging for years now, and obviously if this is moved to April, it has nothing to do with the price on the decline that we are experiencing in the last couple of days $20,200++.

@adaseb - you are right, as the March date is pushed, the new repayment date is Oct 31,2023 (From Sept 30, 2023).

It looks like authority wanted to keep Bitcoin at low price. They moved it because they see this SVB collapsing which can pull down the price of Bitcoin. Then come by April, when they(MT. GOX) start selling Bitcoin might push the price of BTC further low. Bitcoin might revisit a sub $20k price if the bad news, FUD and release of M. GOX effect piled up.

Quote from: sana54210 on March 11, 2023, 05:06:38 PM

Quote from: fzkto on March 11, 2023, 05:59:23 AM

Quote from: imamusma on March 10, 2023, 12:32:07 AM

Quote from: m2017 on March 10, 2023, 12:21:51 AM

Will they ever get what they deserve?

It might eventually happen, but before that we're sure to get a lot of media frying it into FUD so creditors don't sell their bitcoin holdings as soon as they get their hands on it. The lower the price, the more likely it is to see bitcoin held by creditors, but anyway I don't expect such a huge level of decline in the second trimester of the year.

However it is not impossible to get those plans delayed and delayed again, it has happened time and time again as far as the Mt. Gox credits the bitcoin to creditors.

The most important thing in this story is not that they keep delaying their plans, but that this amount of bitcoins is not large enough to have such a big impact on the market. Moreover, I don't think all investors will sell the bitcoins they receive. That's why I think it's better to ignore this FUD.

The point is that they keep delaying it for the exact purpose of keeping it low. Look at the silvergate news that followed this, whenever bitcoin starts to go up the same thing happens. First it was FTX crash, then it was Binance FUD, then it was mt.gox, then it was silvergate.

Precisely what I am also thinking. You can also add Silicon Valley Bank collapsing that cause USDC to deppeged, obviously this event will have a negative impact on Bitcoin market.

sana54210

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Quote from: fzkto on March 11, 2023, 05:59:23 AM

Quote from: imamusma on March 10, 2023, 12:32:07 AM

Quote from: m2017 on March 10, 2023, 12:21:51 AM

Will they ever get what they deserve?

It might eventually happen, but before that we're sure to get a lot of media frying it into FUD so creditors don't sell their bitcoin holdings as soon as they get their hands on it. The lower the price, the more likely it is to see bitcoin held by creditors, but anyway I don't expect such a huge level of decline in the second trimester of the year.

However it is not impossible to get those plans delayed and delayed again, it has happened time and time again as far as the Mt. Gox credits the bitcoin to creditors.

The most important thing in this story is not that they keep delaying their plans, but that this amount of bitcoins is not large enough to have such a big impact on the market. Moreover, I don't think all investors will sell the bitcoins they receive. That's why I think it's better to ignore this FUD.

The point is that they keep delaying it for the exact purpose of keeping it low. Look at the silvergate news that followed this, whenever bitcoin starts to go up the same thing happens. First it was FTX crash, then it was Binance FUD, then it was mt.gox, then it was silvergate.

Nobody in the world could convince me that these were not timed this way. ALL of them happened at the exact moment when bitcoin started to go up, whenever we looked like we were doing fine, someone somewhere figures out a reason to keep it low and that is why this happens. I believe that we shouldn't believe in any of them and we will be fine if we could just ignore them and move on without caring.

_BlackStar

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I'm really wondering if any of the posters responding to this news are creditors who will accept those bitcoin?

If that's you, I hope you can provide some insight into the current situation so we really know what to do instead of considering this kind of FUD. What's next, that's reasonable question, but if we don't really get the information right then I think it's very easy for some people to get doubts about bitcoin's potential this year.

Fesatmas

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Quote from: Falconer on March 01, 2023, 12:27:15 PM

The news may not be good enough for the markets during March, but it will only be important for things to support bitcoin price analysis during March. Corrections may occur due to this plan, but however I don't know what the certainty is. My hope remains, bitcoin is expected to hold above $20K through March.

What are your plans now?

Returning the amount of losses of customers of Mt. Gox may need a gradual distribution time, but with the number of losses each, we will definitely face unstable price movements. However, as was informed that customers can choose options according to their wishes and the deadline for choosing these options, if I'm not mistaken, ended yesterday, March 10th. So let's see if Mt. Gox complied with the distribution later this year as they told the media.

Falconer

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Quote from: fzkto on March 11, 2023, 05:59:23 AM

The most important thing in this story is not that they keep delaying their plans, but that this amount of bitcoins is not large enough to have such a big impact on the market. Moreover, I don't think all investors will sell the bitcoins they receive. That's why I think it's better to ignore this FUD.

I agree with your conclusion, yes, ignore FUD and keep hold on.

From the start I have said this is FUD which will more or less impact market conditions. But this FUD will probably be ignored because there are other FUDs that make things worse. Bitcoin's correction over March is a good buy opportunity, while some will surely be concerned about the possibility of another low following some FUD so far. That's why I asked what the plan is now.

fzkto

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Quote from: imamusma on March 10, 2023, 12:32:07 AM

Quote from: m2017 on March 10, 2023, 12:21:51 AM

Will they ever get what they deserve?

It might eventually happen, but before that we're sure to get a lot of media frying it into FUD so creditors don't sell their bitcoin holdings as soon as they get their hands on it. The lower the price, the more likely it is to see bitcoin held by creditors, but anyway I don't expect such a huge level of decline in the second trimester of the year.

However it is not impossible to get those plans delayed and delayed again, it has happened time and time again as far as the Mt. Gox credits the bitcoin to creditors.

The most important thing in this story is not that they keep delaying their plans, but that this amount of bitcoins is not large enough to have such a big impact on the market. Moreover, I don't think all investors will sell the bitcoins they receive. That's why I think it's better to ignore this FUD.

samson

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Quote from: adaseb on March 03, 2023, 12:28:58 AM

Can anyone who is a MtGox creditor can confirm if they are actually going to get their coins in March? I’ve been hearing this for years and it almost always gets pushed back.

We're probably not getting anything until October now.

There was never any March payment due, not once - if you believe that somehow either you're stupid and don't understand what's going on or you've read some FUD.

The March thing was an 'enter your bank details by March 10 or you don't get paid' cut off date for payment by the end of September that's now been extended until April with a supposed payment date of the end of October.

The problem is many claimants have not entered their bank / payment details. But I suspect these are all small / tiny claims which people simply can't be bothered to register. A lot of new claims came in when BTC was above $50k, now it's so low these assholes seem to be ignoring it.

But this shouldn't be a problem - the trustee in charge should simply not pay these people, there is another procedure in place for them to claim their money through the Japanese government, constant delays to our repayments is begining to get annoying and it's not needed.

This trustee should stick to his own deadlines, he's looking like he has no control over what's going on now.

imamusma

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Quote from: m2017 on March 10, 2023, 12:21:51 AM

Will they ever get what they deserve?

It might eventually happen, but before that we're sure to get a lot of media frying it into FUD so creditors don't sell their bitcoin holdings as soon as they get their hands on it. The lower the price, the more likely it is to see bitcoin held by creditors, but anyway I don't expect such a huge level of decline in the second trimester of the year.

However it is not impossible to get those plans delayed and delayed again, it has happened time and time again as far as the Mt. Gox credits the bitcoin to creditors.

m2017

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Quote from: OgNasty on March 01, 2023, 01:49:44 PM

The deadline to register payee information is in mid-March. This was pushed back from early January. I don’t think there’s any chance payouts come in March. There’s still a lot of work to be done and with the US forcing exchanges to close accounts of Americans left and right, I imagine even getting the payouts to their appropriate creditors is going to be a hassle.

Agree. This may drag on indefinitely, and the apocalypse that some expect may not happen at all. As far as I know, payments intended for the Mt. Gox's creditors have already been repeatedly delayed. Something will go wrong and the former users of this exchange will only have to wait. Again.

Will they ever get what they deserve?

OgNasty

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I’m not expecting to receive anything too soon. Maybe this summer but more likely toward the end of the year. That’s if I stick with the early lump sum payout. I’m seriously debating changing to the later payout as I think it might end up being significantly higher as a result of this clunky process and the amount of time that’s passed.

Baofeng

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And it seems the date has been moved again to April 6, 2023 Japan time.

https://www.mtgox.com/img/pdf/20230309_announcement_en.pdf

So I guess we need to wait for next month then, this has been dragging for years now, and obviously if this is moved to April, it has nothing to do with the price on the decline that we are experiencing in the last couple of days $20,200++.

@adaseb - you are right, as the March date is pushed, the new repayment date is Oct 31,2023 (From Sept 30, 2023).

EdenHazard

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Quote from: Lucius on March 04, 2023, 11:33:21 AM

Quote from: adaseb on March 03, 2023, 12:28:58 AM

Can anyone who is a MtGox creditor can confirm if they are actually going to get their coins in March? I’ve been hearing this for years and it almost always gets pushed back.

Obviously it’s not bullish. Will be a big dump when the first transaction from the MtGox trustee wallet is moved since there are some people that probably need to sell the bitcoins because they need the funds.

What I know is that payments will be possible in Bitcoin, FIAT, and for some reason an altcoin whose name I don't want to mention at all. In other words, some will certainly decide on a bank transfer because it is a much easier option for them if they are already planning to sell BTC, and let's assume that the trustee will sell BTC through OTC.

Regarding confirmation, there is an official document that confirms that date, but as a deadline for submitting applications and correcting existing ones - while payments will start as soon as possible after that date. Maybe finally, after 10 years, the creditors will wait for their moment, and maybe not - after all, these are "super-efficient" Japanese people.

https://www.mtgox.com/img/pdf/20230106_announcement_en.pdf

I have seen these kind super tricky announcement.

And it never end well , changing the plan on how they going to pay the creditors time after time just to make them a bit more calm , relax and silent ... but then it never coming , smells like a cheap trick to gain a couple bucks while the market hit by a pretty big correction due this a-well made up boombastic news .

adaseb

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If you go to the MtGox Solvency reddit which is at,

https://old.reddit.com/r/mtgoxinsolvency/

And you read some of the posts you get conflicting info. Some people think they will get paid in a few days, some think there will be another delay and some think they will get their bitcoins sometime in September.

Very hard to get anything concrete. So until those coins in the cold storage wallet finally start to move... we will just assume it will get delayed again.

Falconer

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Quote from: fzkto on March 05, 2023, 05:23:41 PM

I agree that there will definitely not be an apocalypse because of this story. But for a while, sellers will dominate the market by about as much as miners sell. I don't see this as a good factor for bitcoin growth, but I do see it as a short-term phenomenon.

I also agree, dump can occur due to massive sales made by creditors.
But it's an opportunity to take advantage of if you're have budget, obviously to me it's only going to be a rare phenomenon after ATH $69K. But of course I don't expect a big dump, but it's inevitable because that's how it is likely to be.

fzkto

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Quote from: indah rezqi on March 05, 2023, 01:57:47 PM

Quote from: Lucius on March 05, 2023, 07:17:15 AM

We are not talking here about 1+ million BTC, but something less than 150 000, of which I do not believe that even 50% will come to the market right away - and even if that happens, we should not expect the apocalypse that some have been talking about for years.

Yes, even though many people will sell it, we never expect apocalypse. After all most of Mt. Gox creditors seems to know that the bitcoin halving has triggered ATH, so they will probably wait for higher price instead of selling all their bitcoin right away. 50% of that bitcoin could be sold, but however the market it would only respond for some time before finally the market will recovering.

I agree that there will definitely not be an apocalypse because of this story. But for a while, sellers will dominate the market by about as much as miners sell. I don't see this as a good factor for bitcoin growth, but I do see it as a short-term phenomenon.

indah rezqi

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Quote from: Lucius on March 05, 2023, 07:17:15 AM

We are not talking here about 1+ million BTC, but something less than 150 000, of which I do not believe that even 50% will come to the market right away - and even if that happens, we should not expect the apocalypse that some have been talking about for years.

Yes, even though many people will sell it, we never expect apocalypse. After all most of Mt. Gox creditors seems to know that the bitcoin halving has triggered ATH, so they will probably wait for higher price instead of selling all their bitcoin right away. 50% of that bitcoin could be sold, but however the market it would only respond for some time before finally the market will recovering.

Lucius

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Quote from: bittraffic on March 04, 2023, 11:56:28 AM

With that much BTC to release, it's going to make this market plunge.

How about you read something other than the title? If it has already been written that payments will be made in batches and that not everything will be paid out in cryptocurrencies, so where exactly do you see the danger that such a process would shake up the cryptocurrency market? We are not talking here about 1+ million BTC, but something less than 150 000, of which I do not believe that even 50% will come to the market right away - and even if that happens, we should not expect the apocalypse that some have been talking about for years.

adaseb

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Quote from: philipma1957 on March 03, 2023, 08:59:00 PM

Well if they release 130k coins over 6 months time it will be 21 or 22k coins a month.

Since we mine only 27-28 k coins a month it means a price drop due to easier availability.

I have to think ¼ to ⅓ of those coins will be sold . so 7k maybe 9k a month for sale over the next 6 months.

time will tell if it happens.

Many miners don’t sell the coins right away however. In the past they generally held them and sold them in a bull market. The issue with MtGox will be that once the coins from the trustee start to move, it will create alot of panic and many non-MtGox coins might be sold because many will think they can buy it back cheaper after the dumping stops.

These days with social media, Twitter, Reddit, as soon as there is an alert sent out of the MtGox trustees moving coins then it’ll create some downward pressure.

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Somehow after all these years of MtGox coin rumours and their potential impact on markets, I feel like even if this comes to pass, we'll be okay.

And even if there is an impact. Better now in the throes of the bear rather than on a rally. A proper purge?

Topic: Mt. Gox will release bitcoin in march - what's next? (Read 348 times)