mtgox cold wallet monitor 16,000 bitcoins Moved

gabmen

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Quote from: faatipoke on April 28, 2018, 04:16:39 AM

I thought they are forbidden to sell any Bitcoin before september, am I right? Maybe they are going to buy some altcoins and make May pump in the market, who knows?

Yeah as far as i know their sell off won't be until september but they probably are readying those btcs in case something else comes in. That's a lot of btc but i don't think a sell off won't have a long effect now in the market like it did during the first time they sold in bulk.

BillCoin

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Very interesting to see where those coins are going to be mover into.
It's bitcoin, and luckily we can view all the trasnactions that the output address is going to use the coins for, and if we will see a transaction to a hot wallet of one of the exchanges, we will later see those coins being moved to exchange's cold wallet, and then we will be able to identify the exchange that is now storing the bitcoins and I believe that this exchange will be able to identity this user.

faatipoke

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I thought they are forbidden to sell any Bitcoin before september, am I right? Maybe they are going to buy some altcoins and make May pump in the market, who knows?

thecodebear

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Quote from: pooya87 on April 26, 2018, 10:57:18 PM

Quote from: thecodebear on April 26, 2018, 04:29:29 PM

Basically anytime they decide to sell a bunch Bitcoin is gonna randomly have a crash.

historically inaccurate.
they have been selling their coins for a while and in this period bitcoin price was first going up (for like 20% of the period) then it reached the ATH and then it started its correction course.

Quote

It would seem parts of the September crash and the big crash have been due to the Mt Gox trustee selling off some of their stash.

maybe at some point because of the way media started paying a lot of attention to something that was going unnoticed specially since some of the sells were coinciding with the biggest rise of bitcoin (from $8k to $20k).

Quote

Things might be pretty hectic this year if we get random crashed from this until they are all done selling. If they intend to sell those 16,000 soon we can expect a random crash to happen.

it may happen but you can not expect it. and any possible crash will only happen if there is whale manipulation and FUD not on its own and certainly not because they sold anything!

Quote

People talk about whales manipulating the price, this is like the ultimate whale selling many thousands of BTCs at a time. Can't wait until they clear out all their bitcoins.

whale manipulation =/= whale selling coins
they are simply selling, selling does not manipulate the market and someone who is selling to get the most amount of money out (aka Mt Gox trustee in this case) does not want to manipulate or crash the market at all. in fact they will do everything in their power not to cause any drop.

I wouldn't say inaccurate. It didn't come out until later that they had made these sells, and certainly some of their sells line up with periods when Bitcoin was crashing. So it certainly had a negative effect on the price. In fact I have yet to see them confirm a date that they sold when Bitcoin was rising as you say. I've seen it reported (after the fact so media attention had nothing to do with it) that they sold in September (bitcoin was crashing) and feb 5th (when bitcoin crashed to its lowest point), in mid-to-late december (when bitcoin's big crash was starting) and other times in the early part of this year while bitcoin was crashing. So it seems what I said is actually very historically accurate. Mt Gox selling lines up very well with Bitcoin crashing.

LFC_Bitcoin

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Quote from: Wind_FURY on April 27, 2018, 01:56:38 AM

Where is Tim Draper when you need him? Didn't he make a prediction that Bitcoin will go as high as $250,000 by 2025?

Plus the MtGox trustee FUD does not make the market panic anymore. It is old news, the same with the China ban FUD, Korea ban FUD and all the other FUD.

All true. I do think it’s ridiculous though that those who lost their bitcoin’s at the time of the ‘hack’ are being reimbursed with the cash value of bitcoin at the time & not the numner of bitcoin’s they had.

Very unfair imo.

Wind_FURY

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Where is Tim Draper when you need him? Didn't he make a prediction that Bitcoin will go as high as $250,000 by 2025?

Plus the MtGox trustee FUD does not make the market panic anymore. It is old news, the same with the China ban FUD, Korea ban FUD and all the other FUD.

pooya87

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Quote from: thecodebear on April 26, 2018, 04:29:29 PM

Basically anytime they decide to sell a bunch Bitcoin is gonna randomly have a crash.

historically inaccurate.
they have been selling their coins for a while and in this period bitcoin price was first going up (for like 20% of the period) then it reached the ATH and then it started its correction course.

Quote

It would seem parts of the September crash and the big crash have been due to the Mt Gox trustee selling off some of their stash.

maybe at some point because of the way media started paying a lot of attention to something that was going unnoticed specially since some of the sells were coinciding with the biggest rise of bitcoin (from $8k to $20k).

Quote

Things might be pretty hectic this year if we get random crashed from this until they are all done selling. If they intend to sell those 16,000 soon we can expect a random crash to happen.

it may happen but you can not expect it. and any possible crash will only happen if there is whale manipulation and FUD not on its own and certainly not because they sold anything!

Quote

People talk about whales manipulating the price, this is like the ultimate whale selling many thousands of BTCs at a time. Can't wait until they clear out all their bitcoins.

whale manipulation =/= whale selling coins
they are simply selling, selling does not manipulate the market and someone who is selling to get the most amount of money out (aka Mt Gox trustee in this case) does not want to manipulate or crash the market at all. in fact they will do everything in their power not to cause any drop.

Baofeng

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Quote from: vit05 on April 26, 2018, 02:35:02 PM

http://coindata.info/mtgox.php

https://www.cryptoground.com/mtgox-cold-wallet-monitor/

https://blockchain.info/address/18KDS3q6a4YV9Nn8jcyMvNoVPfcrfemeag

Anyone knows to where they moved those Bitcoins? It appers to be the same addres that receive some Bitcoins one month ago. But it doens't looks like an exchange. And why they haven't move to a segwit address?

Is it just a moved? Then nothing to worry about as long as they are not dumping it. As far as I know, they needed to get a court order before offloading it again. Indeed there are some movement:

http://coindata.info/mtgox.php

Still have like 146105.84 BTC left in the wallet. I don't think that this is a exchange and I hope that there will be no dumps coming our way otherwise another headache for everyone.

richardsNY

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Quote from: squatter on April 26, 2018, 05:49:38 PM

But once the debts are covered, it makes no sense to keep liquidating assets....

Indeed. They got everything they want already, and thus there is no reason to sell anything from this point. It's not even that MtGox can actually do something since the coins aren't in their procession anymore. It's now property of the government, and they will very likely set up auctions themselves, or let BitFlyer set up the auctions in form of OTC trades. It's the only proper way to do it. There is no point in eating away exchange liquidity at $9000 with one dump, then do so at $8000, and then at $7000, etc. OTC/auctions are the only way to get the most out of your coins, and now with MtGox having enough fiat in reserve, the government is free to do that.

squatter

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Quote from: vit05 on April 26, 2018, 02:35:02 PM

Anyone knows to where they moved those Bitcoins? It appers to be the same addres that receive some Bitcoins one month ago. But it doens't looks like an exchange. And why they haven't move to a segwit address?

I don't think we'll find out until the next creditor's meeting -- unless blockchain analysis leads to an exchange. It could just be an internal transfer. I wouldn't assume it's for immediate sale. My understanding after the March meeting was that the Q1 sales covered most of the outstanding liabilities.

And re: Segwit, it's not really relevant here. Paying slightly less in fees doesn't matter when you're moving thousands of coins.

Quote from: thecodebear on April 26, 2018, 04:29:29 PM

Plus they still have about 141,000 Bitcoins left! At current $9000 price that is $1.3 billion dollars. Basically anytime they decide to sell a bunch Bitcoin is gonna randomly have a crash. It would seem parts of the September crash and the big crash have been due to the Mt Gox trustee selling off some of their stash.

What makes you think the coins will all be sold?

Quote from: vit05 on April 26, 2018, 04:55:39 PM

MagicalTux has made an AMA saying that he believes "liquidation civil rehabilitation" would be better because people could receive BTC instead of cash. I think if they have already cash out sufficient money to pay to everyone, it would be better give what is left in BTC, sell again and give cash would be horrible to everyone.

Well, it was reasonable for the trustee to liquidate enough to cover the debts (or most of them). The price of BTC is too speculative for a bankruptcy trustee to rely on. But once the debts are covered, it makes no sense to keep liquidating assets....

vit05

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Quote

What civil plan then they try to achive if you don't mind me asking?

I believe what creditors are aiming at is a "liquidation civil rehabilitation" where basically the company is still liquidated and dissolved, but unlike bankruptcy distribution of assets as is instead of cash is possible. Also, the fact we'd be changing process now would cause re-evaluation of the claims, a new claim filing window, etc.

https://www.reddit.com/user/MagicalTux

MagicalTux has made an AMA saying that he believes "liquidation civil rehabilitation" would be better because people could receive BTC instead of cash. I think if they have already cash out sufficient money to pay to everyone, it would be better give what is left in BTC, sell again and give cash would be horrible to everyone.

bitbollo

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it's hard to believe they doesn't give btc to user scammed, but cash value at that time.
I think, this is not a 10X of gain, this is a gain worth 1.2$ billion of dollars! And maybe even more.
There are not whales but sharks that could "eat" an entire market and community with just a good lawyer.

thecodebear

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Plus they still have about 141,000 Bitcoins left! At current $9000 price that is $1.3 billion dollars. Basically anytime they decide to sell a bunch Bitcoin is gonna randomly have a crash. It would seem parts of the September crash and the big crash have been due to the Mt Gox trustee selling off some of their stash. Things might be pretty hectic this year if we get random crashed from this until they are all done selling. If they intend to sell those 16,000 soon we can expect a random crash to happen.

People talk about whales manipulating the price, this is like the ultimate whale selling many thousands of BTCs at a time. Can't wait until they clear out all their bitcoins.

vit05

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http://coindata.info/mtgox.php

https://www.cryptoground.com/mtgox-cold-wallet-monitor/

https://blockchain.info/address/18KDS3q6a4YV9Nn8jcyMvNoVPfcrfemeag

Anyone knows to where they moved those Bitcoins? It appers to be the same addres that receive some Bitcoins one month ago. But it doens't looks like an exchange. And why they haven't move to a segwit address?

Topic: mtgox cold wallet monitor 16,000 bitcoins Moved (Read 231 times)