Topic: Mtgox coin is moving from cold storage (Read 377 times)

https://www.coindesk.com/markets/2024/06/24/mt-gox-to-begin-bitcoin-bitcoin-cash-repayments-in-july/

There is no doubt that the price will be greatly affected if these compensations are sent in a short period, because there is also no doubt that those affected will rush to sell part of those compensations that they will receive, because after ten years we can be considered early investors, and the value of Bitcoin has multiplied several times compared to its value in 2014, the date of the hacking.

The article mentioned that sending compensation will begin during the first week of next July and that there are protective measures that will be taken accordingly, meaning that it is not a requirement that the sending be done all at once and the impact on the market must be taken into account since the effect may exceed the crypto market to stock exchanges.

The article also mentioned that there is a specific deadline for sending compensation, which was set by a Japanese court, not to exceed October of the current year, 2024. This means that there is ample time for three months during which the compensation transactions can be divided.

Personally, I am not afraid for the Bitcoin Cash market because it is a fragile market by nature and could collapse because of this, in addition to the fact that its beneficiaries would not have dreamed of this additional reward. The Bitcoin Cash market may witness serious turmoil due to this, unlike Bitcoin, which will not collapse completely, and its price will decline as a result, without really losing its value, which will return with the price movement upwards after that in the future.

@STT. You might be correct and this might also imply that many people in the cryptospace at present might be waiting for October before they begin buying bitcoin and other cryptocoins again hehne. However, as a contrarian if everyone begins being very much bearish, I become more bullish. We have already witnessed that much of the people are wrong on predicting the market. I reckon we are not yet in the highest feelings of bearishness hehehe. This might be on August.

They wont move all the coin at once into sale, it'll be distributed over time just like a stock issuance or IPO is done.  It makes no sense for them to swamp or throw it out and cause harm to the price which is what gives that asset sale its value.  Its a normal situation they will know how to deal with it by various contracts and swaps with dealing parties, BTC is developed enough to handle the traffic.

We also have enough good news this year with the ETF being allowed that BTC volume can be soaked up even on this scale.   Its work to do but plenty of traders and trading companies are happy to have that business is my basic take.  I'm glad to buy into any weakness anyway, if there is any noticeable dip its a buying opportunity when its given for reasons like this.

Short term investor lol they always sees Bitcoin investment as a get rich quick scheme they only go for smaller profit forgetting that Bitcoin investment is more profitable in the future, short term investors lacks patient refusing to hodl to their Bitcoin for a longer period of time.

“Short-term investors” Is that a thing? Sounds like an oxymoron to me or maybe just a way to class up the term trader. Sort of like calling a janitor a cleaning technician. Regardless, I’ll make sure to post here when I receive notification that BTC has been distributed so the short term investors can flip their bags. Lol

Of course, all creditors have been waiting for their share of Mtgox, we shouldn't have to worry about what they should get. I agree that the market will react to Mtgox's plans, but I don't plan to let go of my grip on bitcoin for a while. Markets can rise and fall regardless of the cause, so let's just wait for a recovery if the market really goes down. The main plan is to keep holding, while the second plan is to accumulate if you have a saved budget.

This needs to be a concern for some traders or short-term investors, maybe there will be negative sentiment for bitcoin and some people will definitely withdraw their positions in spot and move them to stable coins then they buy again at lower prices to accumulate more bitcoin.

I myself if there is indeed a movement made by Mt.gox to pay out its credit to its customers may take a short position to benefit from the red market situation, but we still don't know for sure how mt.gox will do it and when it will definitely share it because indeed from the past time they keep delaying and delaying.

I would partially agree, the people who are still into Bitcoin will continue to HODL while
those who are no longer HODL'ing will more than likely cash those Bitcoins as they
will be in massive profit at this stage.

The market will react to this MtGox payout, its been hanging over everyone  for a very
long time and it will be good for everyone to get it finalised and becomes another part
of the MtGox history. It also means all the questions and speculation over "what will
happen when the MtGox Bitcoins are paid out?" will be final. . . we can all move on.

Oh dear - I heard a warning message today from the bitcoin legends. Of course this news will be a cause for concern among holders and investors - I can even imagine the market will react in line with the entry of this bitcoin mtgox on the market. I don't expect distribution at once from mtgox to all of its creditors - if this happens, a severe panic would see the price of bitcoin drop below $40K.

But here are the risks that need to be considered - loss and gain are clear consequences. Mtgox should find an effective way to gradually distribute it to all its creditors - this will have a good impact on the market. Big dump may occur if mtgox chooses the distribution scenario all at once.

Nah, you guys are both poor, but if those amounts are bought or converted to BTC that time, then that must've been huge right now. If only that is the ones that Mt.Gox counts to be refunded, then I won't moved on just yet. Other people have lost bigger amounts than you guys and they might also needed it badly, so yeah that it was nice seeing them get paid and it can help to re-gain the confidence of the people here in crypto that was once lost or almost lost already due to the number of scams and failed projects happening around.

You are lucky but not all are like you, maybe because they are not aware that it is coming or they are busy outside that time.

I received an email today stating that the USD portion of funds from mtgox is done being repaid to creditors. This alongside the moving of BTC makes it pretty clear that they’re getting their BTC distribution software ready to go. The next 3-4 months will likely be when this BTC is absorbed by the market, but if they distribute it slowly over that period of time it to ably wouldn’t be noticeable. Let’s hope it isn’t an all at once thing.

This has been happening for years, every now and then someone puts out a story about how the bankruptcy trustee will start distributing coins and that it will crash the market. Now there is some truth in the fact that something is happening, but I look at it from an optimistic angle - those who would have sold BTC anyway chose cash payment, and those who chose BTC logically should not sell immediately.

Although there is no doubt that those who want to buy as cheaply as possible will always try to take advantage of every "negative" news - but I am personally glad that the end of that drama can finally be seen. Honestly, I have been reading and hearing about it for ten years and I wonder how it is possible that something can last so long considering that it happened in Japan, which was once known for its efficiency in everything.

I had about similar situation, but I was certainly much much richer than C10H15N, he is a poor person, I am super wealthy, I had 4 dollars in it Lol, all jokes aside I gave up on that long time ago as well and not really considering to do anything to get it back, because it is just four dollars BUT nevertheless I like seeing others get paid.

If this whole thing finally ends one day and they all get paid and nobody has any money left that they are chasing, then I feel like that is going to be fine. MT.Gox basically made it obvious that they are going under a few months before it all began, so I took all my money out and at the time blockchain.info (now .com) was becoming bigger, so I put all my money there, now it is not even there.

Glad so see an old head like you (no offense). Good luck to those claimants this October, really hard to see how big/small it is, but maybe it might put a dent on the price. And recently, we have seen the price going down this month again, so it's not good.

Although technically, we should be in the bull run by now, but it seems historically June is a down turn to us.

Nevertheless, we should keep an eye in the next 4 months or so and there could be entities who's going to take advantage of this news to create chaos in the market to bring down the price and for them to buy more.

I was joking.  The $1.23 was dust in the account not worth the transaction fee or the time/effort to pursue.  I consider myself incredibly fortunate to have exited gox before the collapse.  It drove home the point "not your keys - not your coin" in a way that has served me well.

Good luck in recovering your coin. 

They already returned the fiat portions they owed to everyone. If you gave them proper banking information and registered your claims on time you should have already received it in the last few months. I haven’t received any BTC from mtgox yet, but will report it when I do.

I bet I'll never see the $1.23 they owe me...   

Regardless what will be the occurrence, if there will be a dump, we are post-halving already and for sure you know that this is the catalyst for a eventual bull run. So it might just be a short term effect to us, but in the long run, the price is going to be on parabolic rise.

And again, if in October there will be a dump because of the Mt Gox effect, then another golden opportunity to accumulate. So let's just be positive that at the end of it all, good things are going to come for us in the future and finally, we can rest this case and the skeleton is out of the closet already.

No one knows what actually is about to happen until it does. But you're right, we've got some up as of today and if someone out there is wanting to buy some before another great surge comes. Then, it's best to wait for that dump to occur first as it's like pull and push effect with these news and for sure a dump will come again. I'm not just sure about how big it is going to be because the big one that we're waiting for might be the one that have we've seen on $58kish.

Agreed, we knew of this information already. However, this news might also be taken as a reminder for others that the chance of a big dump is coming soon and cause everyone to be fearful. I reckon it might be better to wait for this big dump occurrence before everyone begins buying again.

I cannot predict the future, however, we can be certain that some of the altcoins with communities that continue to support them will survive a big dump.