I really hope that they are not stupid to sell all the coins at once.
No single coin will be sold. They have to return 750k coins to customers !!! Liquidating GOX means -> returninng $ and BTC to their customers.
Topic: Mt. Gox's liquidation an its impact... - page 2. (Read 2655 times)
No single coin will be sold. They have to return 750k coins to customers !!! Liquidating GOX means -> returninng $ and BTC to their customers.
The liquidators wil not sell on an exchange, they will sell below market price at auction , likely in blocks.
It is very likely that a large portion of these coins will end up being sold on exchanges for quick profit.
The chances of a Japanese liquidator paying out Bitcoins is very unlikely to say the least. There is also all the fiat owed to consider which needs to be repaid as well.
The time scale for his is likely years too. The simple fact is there is going to be a higher supply of coins which the market will need to soak up if there isn't new fiat to meet the increased supply, price will drop. How much by who knows but simple economics means it will.
It is very likely that a large portion of these coins will end up being sold on exchanges for quick profit.
The chances of a Japanese liquidator paying out Bitcoins is very unlikely to say the least. There is also all the fiat owed to consider which needs to be repaid as well.
The time scale for his is likely years too. The simple fact is there is going to be a higher supply of coins which the market will need to soak up if there isn't new fiat to meet the increased supply, price will drop. How much by who knows but simple economics means it will.
I really hope that they are not stupid to sell all the coins at once.
The most ethical and most likely thing for the Japanese government to do is to issue those 200,000 bitcoins back to their owners, pro-rated according to their last recorded amount before the shutdown. If they try to liquidate 200k worth of bitcoins at once, they need to do so at market price, and at ard $500 per btc that's a huge amount of $100 million, from where is the money going to come from? I don't think they will liquidate below market price if they do then the Japanese government is just stupid and someone else benefits. In any case, it has no impact on btc's price. The worst case would be the Japanese government decided to keep those 200k bitcoins to themselves.
If the Court succeeded in selling the 200,000 coins, it would brutalize BTC's price. Why is this not a real possibility?
Because it is not a possibility. For any gov't body to sell some new internet commodity on some slovenian exchange? Can you imagine legal paper mountain that would be associated with? Maybe auctioned off as one piece, but it definitely would happen on their jurisdiction, i.e. in Japan.
Thanks for your responses. I still fear that the Japanese Bankruptcy Court can do whatever it wants to do with the 200,000 BTC it controls. In other words, they could sell them and return the proceeds to creditors or return the BTC to its creditors, pro rata. If the Court succeeded in selling the 200,000 coins, it would brutalize BTC's price. Why is this not a real possibility? I'm not trolling for cheap coins, (I'm already all in at a average cost of approx. $495! Plus, I can't control the Court's decision!) I'm just very curious about pressing BTC matters that could impact us all.
If people recover some of their btc from gox, we'll see a good chunk of those coins for sale on other exchanges from people who got burned investing everything and would be happy just to recover some fiat of of it. Not everyone wants to hodl btc till it reaches the moon like some people here would try to make you believe.
I am far too new to Bitcoin to have a fully formed opinion on this matter. However, it seems like Mt. Gox's bankruptcy liquidator, and the way he decides to liquidate to creditors, could materially impact Bitcoin's price in the short term. I'd love to get some feedback from you guys/gals.
He can't liquidate because it does not belong to MtGox. It will have to be returned back to it's customers.
I am far too new to Bitcoin to have a fully formed opinion on this matter. However, it seems like Mt. Gox's bankruptcy liquidator, and the way he decides to liquidate to creditors, could materially impact Bitcoin's price in the short term. I'd love to get some feedback from you guys/gals.
Jump to: