Mtgox coin is moving from cold storage - page 2.

btc_angela

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Quote from: OgNasty on May 29, 2024, 03:08:47 AM

Quote from: adaseb on May 28, 2024, 11:47:56 PM

We all knew one day it would finally come and those coins would move. Bitcoin at the moment isn’t really shaken up by the market. As you can see there was not much movement due to the news. Maybe because it’s another 4-5 months before it’s actually sent to the retail users.

Bitcoin might survive this dump but I wonder what will happen to BitcoinCash. I am sure many will want to hold some bitcoin but Bitcoin cash most likely they will liquidate. Should be interesting to watch.

I know I’ll be selling my Bitcoin Cash as quickly as possible as soon as I’m aware it has hit my account. It won’t be much anyway to be honest, but I agree with you that most people probably won’t want to hold onto these coins. A lot of the BTC will get dumped too, but it will only be a temporary issue. 2025 will be bullish from day 1.

And we can't blame them if they will do such a thing and sell and market dumps right away in October, but It will just be temporary though. We are in the bull run cycle and so I doubt that even Mt. Gox sellers will affect the market very hard.

On the contrary, there could be investors thinking of still holding their BTC and just wait how the market will be next year 2025 as we have said, it will be very bullish. But as far as I understand, there could also be investors getting fiat and not crypto and the trustee might have sold some out of the total crypto already.

OgNasty

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Quote from: adaseb on May 28, 2024, 11:47:56 PM

We all knew one day it would finally come and those coins would move. Bitcoin at the moment isn’t really shaken up by the market. As you can see there was not much movement due to the news. Maybe because it’s another 4-5 months before it’s actually sent to the retail users.

Bitcoin might survive this dump but I wonder what will happen to BitcoinCash. I am sure many will want to hold some bitcoin but Bitcoin cash most likely they will liquidate. Should be interesting to watch.

I know I’ll be selling my Bitcoin Cash as quickly as possible as soon as I’m aware it has hit my account. It won’t be much anyway to be honest, but I agree with you that most people probably won’t want to hold onto these coins. A lot of the BTC will get dumped too, but it will only be a temporary issue. 2025 will be bullish from day 1.

adaseb

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We all knew one day it would finally come and those coins would move. Bitcoin at the moment isn’t really shaken up by the market. As you can see there was not much movement due to the news. Maybe because it’s another 4-5 months before it’s actually sent to the retail users.

Bitcoin might survive this dump but I wonder what will happen to BitcoinCash. I am sure many will want to hold some bitcoin but Bitcoin cash most likely they will liquidate. Should be interesting to watch.

bbc.reporter

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@cryptomaniac_xxx. This does not concern shock or to surprise everyone. This is only a reality that there might be an occurrence that will not be good for the price of our coins. In any case, I wish that the creditors will not dump everything on everyone's faces with our mouths open on 1 day hehehe.

However yes, everyone should be ready on October 2024. This will be judgement day.

cryptomaniac_xxx

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So why is everyone surprise though?

Mt. Gox trustee Nobuaki Kobayashi has released a statement prior to the movement. And this is in preparation of the repayment this October 2024. And with that it's seems that there are no postponed as historically, we have see a lot already and it's about time that Nobuaki Kobayashi pay all it's creditors.

https://www.mtgox.com/img/pdf/20240528_announcement_en.pdf

STT

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I dont think they want to dump them if there are buyers available, they will match the supply they have to the demand available and there's ongoing demand so I wouldn't say dump especially. The best allocation and price achievable wont by swamping any particular market or exchange available.

Anyhow BTC is above the 50 day average now after remaining below for over a month previously, so we remain positive ongoing in that medium term type indication. I'm optimistic to that extent but also waiting for the overall range bound meta to be disproven and us to move past that limitation. It might be a good explanation of the stasis seen in price if this amount of selling were hanging over the market also in perception somehow.

Kemarit

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Quote from: bbc.reporter on May 27, 2024, 11:41:34 PM

According to @Wublockchain, Mtgox moved $1.14 billion in bitcoins to a new address. Their source is from Arkham explorer but I cannot access this. However, this is the transaction id.

05fb921664c07480f2eae981a96c91bb4cda0a6e9b5d8c10b0fe1e93f8d84f3a

It appears that the trustee is preparing to distribute these coins to the creditors and make them ready for dumping?

Source https://twitter.com/wublockchain/status/1795276021396279693?s=61&t=fx2RmsbaS0qNJTJTdpNu2w

It also appears that there are more transactions received by this new wallet, $5 billion of bitcoins in total!

https://platform.arkhamintelligence.com/explorer/address/1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6

And so we should be happy for the creditors if they are going to get their BTC back after a long time. We all know that this is like a ghost in the closet that we need to get out and finally rest. It's been a long battle for this people and finally they are getting to be paid.

It's just a small correction that we are seeing in the price if someone wanted to speculate, there are no huge dump so far. But regardless if there is, we could understand the frustrations of this creditors to finally sell and take the money. Or who knows, maybe they will continue to hold because we are in a bull run already.

EL MOHA

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Quote from: Falconer on May 28, 2024, 04:00:03 PM

Any person who receives compensation from Mt. Gox will likely take all of its bitcoins to exchanges to sell. Of course, this is a sign that the market will soon be bearish if Mt. Gox really does, but luckily they haven't been too trustworthy with all their promises so far.

Panic can occur among holders and investors, while whales can take advantage of this situation to break down your mentality. Even if Mt. Gox will pay that compensation, so they will do it in stages and will not give all the bitcoins to all recipients in one stage. The market would really collapse if they did it in one stage, and they could lose a lot because of it.

The duration of since this Mt.Gox hack has definitely be longer and if people actually get the equivalent amount in bitcoin right now, all of them will be in massive profits now. They will definitely take profits to sort out some things but I will disagree with you that everyone will sell their bitcoin. This is bitcoin In question and not Altcoins which they don’t have value and should be considered a short time fees. I think may propel will just move out the coins to a more secure cold storage and hodl. With even the upcoming bull run many will be tempted to hodl and probably take profits later,

Panic will come from outside bitcoin holders, many could result into selling off their holdings with the same intention that the sharing will cause a dump. Aside this many investors I think will hodl their bitcoin.

livingfree

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I just hope that it is for the actual distribution of the people that have been affected by this debacle. It's long overdue for this decision but doing this on a potential bull run will certainly give a lot of hearsays and rumors about the potential dumping.

I am sure that whoever receives it, for example the victims, they'd definitely going to dump that for sure as it's been so long since their money should be on their hands.

It's still a developing story but we get this a lot whenever huge amounts are transferred from point a to point b.

BABY SHOES

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Quote from: Falconer on May 28, 2024, 04:00:03 PM

Quote from: BABY SHOES on May 28, 2024, 03:32:02 PM

When bitcoins are moved in large quantities it will cause a polemic and a slight correction for the market article it could be a fud and assume Mtgox will soon pay off to its creditors but this has not happened when even after they waited for many years.

I don't know how much the total number of victims is but when it reaches billions of dollars then it will be a lot of victims anyway they will definitely need more time after being promised before.

I'm not panicking at all with this news, if there is a significant drop then it's time to buy but realize there will be many people panicking with this news.
And is it true that the creditor at the time of the loss was at the price of $1100 / bitcoin? This is just reading local media news.

Any person who receives compensation from Mt. Gox will likely take all of its bitcoins to exchanges to sell. Of course, this is a sign that the market will soon be bearish if Mt. Gox really does, but luckily they haven't been too trustworthy with all their promises so far.

Panic can occur among holders and investors, while whales can take advantage of this situation to break down your mentality. Even if Mt. Gox will pay that compensation, so they will do it in stages and will not give all the bitcoins to all recipients in one stage. The market would really collapse if they did it in one stage, and they could lose a lot because of it.

It is certain that the compensation received by creditors will definitely be sold they have earned for many times over after waiting for a long time, but in the end we still ask when is it done to creditors? When Bitcoin from the mtgox wallet was moved alone it created a bit of panic let alone circulating in the media by saying something exaggerated, so who is not panicking about this.

Well, it is thought that compensation to creditors will not be simultaneous, maybe some know or need more valid data from creditors, I don't understand this matter, what is clear is that mtgox they may continue to delay compensation.

Mentally weak, they will definitely follow this news and try to get out by disposing of their assets, maybe because they are afraid of loss.

Falconer

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Quote from: BABY SHOES on May 28, 2024, 03:32:02 PM

When bitcoins are moved in large quantities it will cause a polemic and a slight correction for the market article it could be a fud and assume Mtgox will soon pay off to its creditors but this has not happened when even after they waited for many years.

I don't know how much the total number of victims is but when it reaches billions of dollars then it will be a lot of victims anyway they will definitely need more time after being promised before.

I'm not panicking at all with this news, if there is a significant drop then it's time to buy but realize there will be many people panicking with this news.
And is it true that the creditor at the time of the loss was at the price of $1100 / bitcoin? This is just reading local media news.

Any person who receives compensation from Mt. Gox will likely take all of its bitcoins to exchanges to sell. Of course, this is a sign that the market will soon be bearish if Mt. Gox really does, but luckily they haven't been too trustworthy with all their promises so far.

Panic can occur among holders and investors, while whales can take advantage of this situation to break down your mentality. Even if Mt. Gox will pay that compensation, so they will do it in stages and will not give all the bitcoins to all recipients in one stage. The market would really collapse if they did it in one stage, and they could lose a lot because of it.

BABY SHOES

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HODL - BTC

When bitcoins are moved in large quantities it will cause a polemic and a slight correction for the market article it could be a fud and assume Mtgox will soon pay off to its creditors but this has not happened when even after they waited for many years.

I don't know how much the total number of victims is but when it reaches billions of dollars then it will be a lot of victims anyway they will definitely need more time after being promised before.

I'm not panicking at all with this news, if there is a significant drop then it's time to buy but realize there will be many people panicking with this news.
And is it true that the creditor at the time of the loss was at the price of $1100 / bitcoin? This is just reading local media news.

Webetcoins

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Quote from: moneystery on May 28, 2024, 01:50:15 AM

there is no certainty that mt.gox will distribute the coins to creditors, since there is no official explanation from mt.gox or other sources. even when they distributed the coins, it didn't have a significant impact on the market, since it was only a few billion dollars, compared to the trillion dollar bitcoin market. however, this is enough to give creditors peace of mind, since mt.gox has shown their seriousness in providing compensation to people affected by their case.

But what about those promises that they have made on the past? I think those were officially came from them. I'm surprised that we still have this issue about them distributing the lost coins to their customers. Now is this what you called as serious? Oh well, that was still better than not settling it at all.

A few billion dollar is actually a very huge amount and it's not that far away from a trillion. It can surely shake the market but we must not worry because it will soon normalize once the receiver of those coins sell it for profits because this is where they missed on the past and this is the reason on why they invest on that shady company.

CryptoBuds

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Quote from: moneystery on May 28, 2024, 01:50:15 AM

there is no certainty that mt.gox will distribute the coins to creditors, since there is no official explanation from mt.gox or other sources. even when they distributed the coins, it didn't have a significant impact on the market, since it was only a few billion dollars, compared to the trillion dollar bitcoin market. however, this is enough to give creditors peace of mind, since mt.gox has shown their seriousness in providing compensation to people affected by their case.

I'm not their victim but I honestly don't see them being serious about compensating victims. It's been over 10 years and nothing has changed, no one has received their money yet and do you think Mt.gox is serious about compensating their victims?

I also heard about this news but for me this is just Fud, nothing more and nothing less. Regarding whether Mt.gox really wants to pay users or not, I will not judge until everyone receives compensation. I think people are tired of all the news related to Mt.gox over the past 10 years.

moneystery

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there is no certainty that mt.gox will distribute the coins to creditors, since there is no official explanation from mt.gox or other sources. even when they distributed the coins, it didn't have a significant impact on the market, since it was only a few billion dollars, compared to the trillion dollar bitcoin market. however, this is enough to give creditors peace of mind, since mt.gox has shown their seriousness in providing compensation to people affected by their case.

blckhawk

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What's going to happen after the distribution though, I just hope that the price can go down after this distribution to the people that got wronged by Mt. Gox because I have my $1000 ready here to get into bitcoin, no way I'd miss out with a big possibility happening. @Apocollapse is right though, we can't talk much about what can happen but I hope that the price will go down though.

Apocollapse

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Hmmm, all the coins from many cold storages moved to new address, this is interesting, but we can't say too much.

Probably the new address is the new Mt.Gox cold storage? there's a possibility.

It was been mentioned the refunds are going through banks and exchanges, so if the coins didn't moved to exchanges, the refund is not yet started.

Quote from: https://www.binance.com/bg/square/post/3136215271889

As the cryptocurrency exchange prepares to settle its debt with creditors, recent communications reveal a meticulous verification process and ongoing refunds through both bank transactions and cryptocurrency exchanges.

bbc.reporter

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According to @Wublockchain, Mtgox moved $1.14 billion in bitcoins to a new address. Their source is from Arkham explorer but I cannot access this. However, this is the transaction id.

05fb921664c07480f2eae981a96c91bb4cda0a6e9b5d8c10b0fe1e93f8d84f3a

It appears that the trustee is preparing to distribute these coins to the creditors and make them ready for dumping?

Source https://twitter.com/wublockchain/status/1795276021396279693?s=61&t=fx2RmsbaS0qNJTJTdpNu2w

It also appears that there are more transactions received by this new wallet, $5 billion of bitcoins in total!

https://platform.arkhamintelligence.com/explorer/address/1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6

Topic: Mtgox coin is moving from cold storage - page 2. (Read 377 times)