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.

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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.

buwaytress

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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?

Captain Corporate

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Whenever there is a good price direction that sees us a little higher, we end up with these type of news and its ordinary by now. If the market falls for it and doesn't go up then its the fault of the market and not these manipulators. The amount of money that will be unloaded in the market is nothing that we can't cover in a day or two, its really nothing, this is a billion dollar worth industry every single day, even more if you consider everything. So all in all there is no reason to keep on thinking this will be a bad thing, its going to be ordinary and shouldn't change anything, but when you consider all the FUD people selling and screaming because of it, it becomes even bigger than it suppose to be.

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Quote from: AverageGlabella on March 02, 2023, 10:50:37 AM

Similar to my thoughts I think we had our chance when we got past 25000 to go on a bull run but these repayments are probably going to cause negative news for the next couple of months and I think that will affect the potential increase in price. I think we will break 25000 in the next month or 2 but I do not think we are breaking 30000 in the next 6 months.

Even if we passed the elusive $25k, the bull run is still going to be disrupted with these mt gox issue but I know that we can resume again afterwards. The price is still at $23k plus at the moment and it wasn't really far from $25k so I dont' think we will need 2 months max for this. $25k is pretty possible within this month but what is hard is $30k.

It's fine though because I know that we can still wait for that. Many of us are not new in this game anymore and we are use to long waits already. For those who are impatient, well that was their problem already but there is always coins which can fit better for them. That would be the new coins.

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Quote from: fzkto on March 02, 2023, 05:02:20 AM

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.

I also think that these payments, if nothing changes again, as it has happened many times before, will last a very long time. The exchange won't be able to pay each user the full amount in one lump sum. This procedure will drag on for a long time and will most likely have no effect at all on the market, which has a huge capitalisation compared to when Mt Gox scammed. This news may even have played out a long time ago.

Is from March 10 to September 30, the payment will be in a mix of 2 cryptocurrencies and cash,there are chances the exchange might add further delay
1. 142,000 bitcoin ($3.3 billion) Price as at today
2. 143,000 bitcoin cash ($19 million)
3. 69 billion Yen ($510 million)
I dont expect a big impact in the price with the duration of distribution but FUD will play a small part

Falconer

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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.

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.

You and I share the same perception of Mt. Gox, but anyway it's always good to consider this one to plot things out when we really want to stick around. I mean, plan the investment and prepare budget in case big dump happens. We will get cheap bitcoin afterwards.

Since the news, bitcoin has undergone a correction that sent the market down. Bitcoin lost a few percent of its last price before the news was released, that is bad FUD for most traders.

AbuBhakar

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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.
Of all time since 2014, why is 2023 a mandatory date for mtgox coins to be released while the coins are stuck on them for too long?
Who would coerce Mtgox to release those coins by the way and why are the coins not seized when its open season for seizing wealth right now. I doubt it will be released.

Bitcoin will surely plunge if they release all the coins on one batch but they are planning to pay all the customer by batch in the course of 7 months. This might gonna give a negative impact on Bitcoin price but not that enough to dump Bitcoin price to the level when pandemic first hit.

There’s a high chance that recipients will sold immediately right after they received the funds but I think there’s still a lot of traders too that waits to buy their Bitcoin on lower price to balance the sell off.

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With that much BTC to release, it's going to make this market plunge.
Of all time since 2014, why is 2023 a mandatory date for mtgox coins to be released while the coins are stuck on them for too long?
Who would coerce Mtgox to release those coins by the way and why are the coins not seized when its open season for seizing wealth right now. I doubt it will be released.

Lucius

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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.

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

Baofeng

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Quote from: STT on March 03, 2023, 01:34:55 AM

I thought they had already received something, guess I was wrong but the price just dropped harshly so the market appears to believe its receiving new supplies immediately from perceived selling. What I think is more likely is there was already pressure in the price, constricted range and in fact we've broken down rather then upwards.

The sharp decline though has nothing to do with Mt. Gox, as I believed it has to do with the Silvergate potential bankruptcy. And if it is about Mt. Gox news, then it's pure FUD.

It's all over the crypto news and financial media outlets, so I guess we can't discount Mt. Gox for now, after the decline and sudden -6% drop in prices.

And as far as I know, it hasn't been distributed yet and it's going to be a slow 6 months to moved from the Gox trust to creditors

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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.

BITCOIN4X

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Quote from: STT on March 03, 2023, 01:34:55 AM

I thought they had already received something, guess I was wrong but the price just dropped harshly so the market appears to believe its receiving new supplies immediately from perceived selling. What I think is more likely is there was already pressure in the price, constricted range and in fact we've broken down rather then upwards.

Traders and investors who are not sufficiently able to ignore price down risks will likely sell above $23K, which has made the market dump much of the day's price. News like this can cause panic, but of course some people are starting to disbelieve about the planned release of the bitcoin Mt. Gox to his creditors.

Something seemed doubtful about possible reversal of the market trend after the bull run during early 2023 to February, but right now some might still be strong enough to hold on and take advantage of this panic to collect bitcoin. $20K or lower I think will be very likely following the Mt. Gox plan, but I hope the news will only be fictional and won't happen before the next ATH takes a hit.

STT

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I thought they had already received something, guess I was wrong but the price just dropped harshly so the market appears to believe its receiving new supplies immediately from perceived selling. What I think is more likely is there was already pressure in the price, constricted range and in fact we've broken down rather then upwards.

Quote

The deadline to select a repayment option is 10 March, with repayments expected to begin in September this year.

The actual supply of coins is not actually the most important thing, it has an effect short term possibly if entering order books it will upset balance. Overall its not new information for new supply possible, theres all kinds of sources of BTC from various parties that can be sold but arent people just hold onto them or use them for a variety of alternatives outside of exchanges.
Graph now indicates we need to revise maybe all of the 20k prices, we will be moving more slowly then some would have hoped. I think we still get to 30k as a very reasonable target before any real actual selling comes in from holders who are disillusioned with BTC price performance, as speculators thats normal phenomena as are these rumours that unfold and trigger falls in the price. Without confirmation we probably recover this fall before cycling through again.

adaseb

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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.

philipma1957

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Quote from: dragonvslinux on March 02, 2023, 07:50:44 AM

If these repayments are made between March and September as the article suggests, then we could see price stay between $20K and $25K for another 6 months it seems. Not convinced all creditors will want to sell when price is down -65%, but no doubt most will sell a reasonable amount. Overall the selling pressure could create some healthy stability for over a years worth of sideways, as opposed to bouncing back to $40K or $50K. I imagine bears are licking their lips thinking that this will be what drives Bitcoin to make a new low nearer $10K, but personally I think that ship has already sailed.

its not down 65% for those people

it is up well over 10x

the highest price in 2014 was 800

the lowest price in 2014 was 300

so depending on your buy in

the ath in 2013 was 1300

we are at at 22k

so

300
800
1300

all way less than 22k

if I had mt gox coins coming as coins I sell half and take the huge gains

I would hold the other half.

dunfida

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Quote from: cryptomaniac_xxx on March 02, 2023, 02:53:46 PM

Quote from: dragonvslinux on March 02, 2023, 07:50:44 AM

If these repayments are made between March and September as the article suggests, then we could see price stay between $20K and $25K for another 6 months it seems. Not convinced all creditors will want to sell when price is down -65%, but no doubt most will sell a reasonable amount. Overall the selling pressure could create some healthy stability for over a years worth of sideways, as opposed to bouncing back to $40K or $50K. I imagine bears are licking their lips thinking that this will be what drives Bitcoin to make a new low nearer $10K, but personally I think that ship has already sailed.

I'll take that price any day, specially if we are talking about Mt. Gox, it has been affected us for a long time and it should be a close book if they are going to get back their money.

And even if the price goes on sideways for the next 6 months, I think we will be good.

At least there will be no lowest low for this year, it's very important as we will have to approach the halving next year. And so with that price going sideways, we still have a lot of opportunities to accumulate.

Why would really be that people so mindful about Mt.Gox funds would be released out? yes, it could possibly make out some fuds about price dumps but eventually the price would really just recover afterwards.

Rather than on making yourself that freak out then it would be just better if you do simply go with the flow and if the price would make out some crash then it would be the best time to bag hold more.

It is really that stressful if you are really that minding that much for whatever news and events that do happen in the market.Its not something new and
we've been able to experience tons back in the past years.

hugeblack

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I think that "Mt. Gox will release bitcoin" is the new "China ban bitcoin" FUD TOPIC, Over the past few months, I have seen hundreds of people expecting a drop in the price due to the launch of these currencies, and as soon as the time comes, we hear of another delay, or at least payment in dollars, and the news is repeated again, just as it was happening with China’s ban on Bitcoin, a topic that was repeated a lot during the year 2017.

Therefore, stop posting any news related to Mt. Gox, unless you know someone who has already received his money, and I do not think that this news has an impact on the market.

cryptomaniac_xxx

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Quote from: dragonvslinux on March 02, 2023, 07:50:44 AM

If these repayments are made between March and September as the article suggests, then we could see price stay between $20K and $25K for another 6 months it seems. Not convinced all creditors will want to sell when price is down -65%, but no doubt most will sell a reasonable amount. Overall the selling pressure could create some healthy stability for over a years worth of sideways, as opposed to bouncing back to $40K or $50K. I imagine bears are licking their lips thinking that this will be what drives Bitcoin to make a new low nearer $10K, but personally I think that ship has already sailed.

I'll take that price any day, specially if we are talking about Mt. Gox, it has been affected us for a long time and it should be a close book if they are going to get back their money.

And even if the price goes on sideways for the next 6 months, I think we will be good.

At least there will be no lowest low for this year, it's very important as we will have to approach the halving next year. And so with that price going sideways, we still have a lot of opportunities to accumulate.

BITCOIN4X

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Quote from: Edwardard on March 02, 2023, 09:03:19 AM

I seem to disagree on this. If the repayment is really going to be in the upcoming months, we could easily test the lows (towards 15k). Keep in mind that US economy's inflation is still not getting under control. There will be pressure from both the sides.
However, I don't trust in mtgox's words at all. They are about to release (re)payments since 2018, lol.

You are right, if Mt. Gox started releasing those bitcoins to creditors so bitcoin is expected to dump its price and test another low. The problem is this has been planned for a long time, but it never happened. I don't know what the truth is this time, but nevertheless traders only have to consider the risk.

I wouldn't plan on selling this quickly, but might be a bit careful to get lots of bitcoin as soon as possible. I won't rush things, so let's wait and plan for DCA as best we can.

AverageGlabella

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Quote from: dragonvslinux on March 02, 2023, 07:50:44 AM

If these repayments are made between March and September as the article suggests, then we could see price stay between $20K and $25K for another 6 months it seems. Not convinced all creditors will want to sell when price is down -65%, but no doubt most will sell a reasonable amount. Overall the selling pressure could create some healthy stability for over a years worth of sideways, as opposed to bouncing back to $40K or $50K. I imagine bears are licking their lips thinking that this will be what drives Bitcoin to make a new low nearer $10K, but personally I think that ship has already sailed.

Similar to my thoughts I think we had our chance when we got past 25000 to go on a bull run but these repayments are probably going to cause negative news for the next couple of months and I think that will affect the potential increase in price. I think we will break 25000 in the next month or 2 but I do not think we are breaking 30000 in the next 6 months.

Edwardard

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Quote from: dragonvslinux on March 02, 2023, 07:50:44 AM

If these repayments are made between March and September as the article suggests, then we could see price stay between $20K and $25K for another 6 months it seems.

I seem to disagree on this. If the repayment is really going to be in the upcoming months, we could easily test the lows (towards 15k). Keep in mind that US economy's inflation is still not getting under control. There will be pressure from both the sides.
However, I don't trust in mtgox's words at all. They are about to release (re)payments since 2018, lol.

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As I said before, the bitcoin Mt. Gox allows correction regardless of how severe it is. Some of them may sell their bitcoin holdings, but of course they won't sell all of them because that would only deprive them of the opportunity to get higher price.

I know FUD Mt. Gox is nothing new in recent years, so I don't think the impact on the market will be as severe as one might expect. You all may be right, we just need to ignore this issue and stick to the good interests of holding bitcoin. If eventually bitcoin should fall deeper due to the truth of this news, then I don't think it will stay on bearish forever.

dragonvslinux

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If these repayments are made between March and September as the article suggests, then we could see price stay between $20K and $25K for another 6 months it seems. Not convinced all creditors will want to sell when price is down -65%, but no doubt most will sell a reasonable amount. Overall the selling pressure could create some healthy stability for over a years worth of sideways, as opposed to bouncing back to $40K or $50K. I imagine bears are licking their lips thinking that this will be what drives Bitcoin to make a new low nearer $10K, but personally I think that ship has already sailed.

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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?

Mt. Gox creditors may finally start seeing their bitcoins this month
-cut-

Well if they are getting paid, a large portion of that will obviously hit the markets, and i wouldn't blame people dumping them. I know people who came in lately would see it insane to sell now but you weren't putting money in back then so you don't know what it would be like for them.

And before that happens, ton of speculators will dump their their bitcoins in the markets because they know that the price is going to dip hard. So this will be another leg down before bull for sure.
Usually this would affect to altcoins as it has in the past but this time i am not that sure. It's a purely BTC thing. Not BTC reacting to other real world financial events.

I wonder how much these people who cash out will need to pay in taxes total?

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I remember we also discussed this news many times last year, and so far, there has been no bitcoin release for Mt.Gox investors. I'm not their victim, but I really hope that the victims of that year get back some of their property, they don't have to give it all back, but just a small part is enough to be happy. Even if it causes bitcoin to be dumped, I still hope it happens. But I doubt that will ever happen, they are just trying to buy time, making it difficult for the victim to give up hope voluntarily.

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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.

I also think that these payments, if nothing changes again, as it has happened many times before, will last a very long time. The exchange won't be able to pay each user the full amount in one lump sum. This procedure will drag on for a long time and will most likely have no effect at all on the market, which has a huge capitalisation compared to when Mt Gox scammed. This news may even have played out a long time ago.

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Honestly, I don't believe that the creditors will be reimbursed by Mt.gox, they will continue to give investors another appointment. The story of mtgox has been going on for years and is full of false promises, I don't think they can or really want to return investors' money. The market is already so familiar with this news that we won't need to prepare any plans. And as far as I have read some news before, they will release bitcoins on schedule, so even if that happens, it won't affect the market.

Fundamentals Of

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This news is familiar. How many times have we read in the news that Mt. Gox funds are about to be reimbursed to the creditors and the price of Bitcoin will possibly be affected? This isn't the first time. FUD of a dump because of the big amount of Mt. Gox funds is not new. So if it is finally true this time that Mt. Gox users will finally be receiving their refunds, the effect of it to other Bitcoin holders is probably priced in already. But I still doubt the refunds will be sent within this month.

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Quote from: _BlackStar on March 01, 2023, 02:53:14 PM

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

What are your plans now?

It doesn't change, the ideal is to hold on and ignore the bad stuff.
In quotation mark the distribution is "probably/ may" done in March, but I don't expect that to be sufficiently confirmed. It's good to accept the fact that the process will just be postponed, and you don't have to worry too much about price speculation if you're a long-term holder. If it makes the price go down, then that means you only need to accumulate bitcoin at low prices.

I agree, it doesn't matter at this point, of course it's going to be very hard to see the price going down if that is the case. But for sure for those who have been in this market and knows when to sell and when to buy, it wouldn't matter if Mt. Gox will finally released their bitcoins or not. On the other hand, we don't know if they are going to sell or hold it as well.

So it's better to just have a wait and see attitude for now as March seems to be bullish as well.

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

What are your plans now?

It doesn't change, the ideal is to hold on and ignore the bad stuff.
In quotation mark the distribution is "probably/ may" done in March, but I don't expect that to be sufficiently confirmed. It's good to accept the fact that the process will just be postponed, and you don't have to worry too much about price speculation if you're a long-term holder. If it makes the price go down, then that means you only need to accumulate bitcoin at low prices.

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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.

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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?

Mt. Gox creditors may finally start seeing their bitcoins this month

Quote

Mt. Gox creditors may start seeing their first bitcoin payments this month as the window for repayments is set to open.

Creditors are expected to receive early repayments from March 10 onward, while the deadline for such payments to be completed is September 30, according to a January statement. This is for the first tranche of repayments — including early lump sum payments and intermediate payments — with further amounts set to come later.

“Well, for myself, I had pretty much written off the Bitcoin I still had on Mt. Gox in 2014 as a loss, so philosophically anything I get back now is a bonus to cold store,” said Blockstream CEO Adam Back, who is a Mt. Gox creditor, via Telegram.

“It has stretched on for many more years than anyone expected, and so it will be welcome I am sure by any creditors to finally get paid,” he added.

I don't think Mt. Gox has had an impact on the crypto market for a long time. If at the beginning of the process they may have had a negative impact on bitcoin and other assets, but this news has not surprised anyone for a long time and I would not be surprised if at the last moment their plans change again. All in all, I will not react to it in any way. There are plenty of other negative news on the market right now than this one. Even more so, even if the exchange starts to return funds to users, it will certainly not all at once and it will require a huge amount of red tape.

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I wonder if this is the closest we've got to mtgox debitors actually receiving their payout or if something similar has happened before and then been stopped or blocked by other proceedings (such as if someone makes a claim after hearing this news, is that still possible to have an effect?)

It's good this is happening over the course of 6/7 months too so it might not have too much of an effect on the price but it'll likely still have some if they don't manage the payments well or if one person gets a huge lump sum. Hopefully it's not a repeat of luna.

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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?

Mt. Gox creditors may finally start seeing their bitcoins this month

Quote

Mt. Gox creditors may start seeing their first bitcoin payments this month as the window for repayments is set to open.

Creditors are expected to receive early repayments from March 10 onward, while the deadline for such payments to be completed is September 30, according to a January statement. This is for the first tranche of repayments — including early lump sum payments and intermediate payments — with further amounts set to come later.

“Well, for myself, I had pretty much written off the Bitcoin I still had on Mt. Gox in 2014 as a loss, so philosophically anything I get back now is a bonus to cold store,” said Blockstream CEO Adam Back, who is a Mt. Gox creditor, via Telegram.

“It has stretched on for many more years than anyone expected, and so it will be welcome I am sure by any creditors to finally get paid,” he added.

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