Not really convinced this decision would matter at this point. The bulk of the selloffs were already done, their damage already inflicted. I suppose this will bring positiveness back to those who'd blamed the trustee initially, such as Karpeles, who definitely would have been happy to share some of the scapegoating. I think Kobayashi definitely put a lot of sell pressure, but the bears had already entered the scene when the news became widespread, so if anything, he's only delayed the inevitable - but personally, I think for the better, long-term speaking.
Volumes are still thin as ever, so the worst has been done.
Topic: MtGox Trustee Halts Bitcoin Sell-Offs - page 2. (Read 390 times)
Good decision by him then. It won't have no effect, because even if the news is good sometimes the price goes down and vice versa. But it should have a minor effect as it really does not have anything to do with the fundamentals of Bitcoin.
The only reason why I am glad with this news is because of the impact its going to have on the price which is no longer something not to worry about because it has gotten so low that every effort to gather support mut be welcomed and if its coming from MtGox I don't have any issue with it. But come to think of it, I think its cheer irresponsibility for someone to have assets in crypto and when you want to pay back, you decides its best to pay back in fiat thereby creating the conflict of value of bitcoin at the point the amount was lost and what the value is at the moment. They should have just paid in the normal bitcoin and all these wouldn't have been an issue of concern.
You’re totally right
The only reason why I am glad with this news is because of the impact its going to have on the price which is no longer something not to worry about because it has gotten so low that every effort to gather support mut be welcomed and if its coming from MtGox I don't have any issue with it. But come to think of it, I think its cheer irresponsibility for someone to have assets in crypto and when you want to pay back, you decides its best to pay back in fiat thereby creating the conflict of value of bitcoin at the point the amount was lost and what the value is at the moment. They should have just paid in the normal bitcoin and all these wouldn't have been an issue of concern.
It's definitely good to read, but it won't help the market any further. It's clear that whoever the manipulators are, they aren't done with accumulating and for that reason I don't rule out a more in depth test of $6000 in the coming 24-48 hours. I saw another test coming in last week already and it happened, which is good. If $6000 maintains itself under fierce pressure, it can be seen as a major bullish trigger. Important to know is that the price has always recovered and this time won't be any different -- people just need to have patience and let the market bottom out properly. It's part of the game.
So we will receive btc instead of dollar? How can we check how much BTC we had at the bankcrupcy time?
Hopefully it will stop the continuous fud in the market and bring a little positive effect to it. The whole idea to sell the funds on open market instead of OTC was a joke lol.
Agree, hopefully this brings some confidence back into the market. Knowing some guy can constantly throw dynamite into the market & blow everything up was terrible.
Hopefully it will stop the continuous fud in the market and bring a little positive effect to it. The whole idea to sell the funds on open market instead of OTC was a joke lol.
Kobayashi was responsible for selling vast tranches of Bitcoin reserves beginning Q4 last year to reimburse Mt. Gox users who lost money in the exchange’s mass hack in late 2013.
this is the only part of this all that matters! the START of the sale was last year DURING THE RISE. and people keep on focusing on the drop part. they literary started selling when price was $4000+ and while they were selling price kept on going up and reached $10k then $20k and all that time they were selling a lot of coins!
here is how it looks like:
"Kobayashi will not sell any further bitcoins" <--- there is no such statement, cointelegraph made things up. From the Announcement, Q&A:
Q16) Are there future plans to sell Bitcoins and Bitcoin cash?
A16) At present, nothing has been determined regarding the sale of Bitcoin and cryptocurrencies split from Bitcoin (collectively, “Bitcoin, etc.”) in the future.
Q16) Are there future plans to sell Bitcoins and Bitcoin cash?
A16) At present, nothing has been determined regarding the sale of Bitcoin and cryptocurrencies split from Bitcoin (collectively, “Bitcoin, etc.”) in the future.
This is obviously good news. That Kobayashi bastard was dumping coins every X time and creating these big red candles. It was ridiculous enough to do it on some exchange (I think Kraken) instead of OTC as they should.
What is extra ridiculous is the fact that they had to dump the price first to realize creditors just wanted their BTC back, not their money in fiat, because that is unfair for both thet people that bought BTC way cheaper back then and now should be up big time, and unfair for current holders which have suffered this massive selloff. So first they crush the price and then they give them back their BTC, so stupid.
Anyway, until every last creditor has recovered their BTC I will not consider it a victory, but it's definitely better than the constant FUD of Kobayashi dumping another bunch of BTC.
What is extra ridiculous is the fact that they had to dump the price first to realize creditors just wanted their BTC back, not their money in fiat, because that is unfair for both thet people that bought BTC way cheaper back then and now should be up big time, and unfair for current holders which have suffered this massive selloff. So first they crush the price and then they give them back their BTC, so stupid.
Anyway, until every last creditor has recovered their BTC I will not consider it a victory, but it's definitely better than the constant FUD of Kobayashi dumping another bunch of BTC.
That's most likely BS, a huge number of very old coins has been flowing into exchange addresses recently right before the big red candles.
Most likely die hard bitcoiners realizing this is a sinking ship and getting off before it's too late.
I believe this is going to bring some confidence into the market and many people will be able to buy now without the fear of getting dump by this trustees. This MtGox has been the major reason why bitcoin has been performing badly this year and getting a stop to it will help us recover from the past losses.
This is obviously good news. That Kobayashi bastard was dumping coins every X time and creating these big red candles. It was ridiculous enough to do it on some exchange (I think Kraken) instead of OTC as they should.
What is extra ridiculous is the fact that they had to dump the price first to realize creditors just wanted their BTC back, not their money in fiat, because that is unfair for both thet people that bought BTC way cheaper back then and now should be up big time, and unfair for current holders which have suffered this massive selloff. So first they crush the price and then they give them back their BTC, so stupid.
Anyway, until every last creditor has recovered their BTC I will not consider it a victory, but it's definitely better than the constant FUD of Kobayashi dumping another bunch of BTC.
What is extra ridiculous is the fact that they had to dump the price first to realize creditors just wanted their BTC back, not their money in fiat, because that is unfair for both thet people that bought BTC way cheaper back then and now should be up big time, and unfair for current holders which have suffered this massive selloff. So first they crush the price and then they give them back their BTC, so stupid.
Anyway, until every last creditor has recovered their BTC I will not consider it a victory, but it's definitely better than the constant FUD of Kobayashi dumping another bunch of BTC.
Defunct Bitcoin exchange Mt. Gox has formally entered civil rehabilitation proceedings, officials announced June 22.
A statement and accompanying documentation confirm the move, which will see attorney Nobuaki Kobayashi act as civil rehabilitation trustee.
Kobayashi was responsible for selling vast tranches of Bitcoin reserves beginning Q4 last year to reimburse Mt. Gox users who lost money in the exchange’s mass hack in late 2013. The sell-offs appeared to have a conspicuous effect on markets, Bitcoin prices tumbling immediately following each transaction, which Kobayashi performed on major exchanges.
“The power and authority to administer and dispose of MTGOX’s assets is still vested exclusively in me, and I will implement the civil rehabilitation proceedings, including the administration of MTGOX’s assets and the investigation of claims, subject to the Tokyo District Court’s supervision,” Kobayashi wrote in the new documentation.
However, due to the bankruptcy proceedings now being halted as part of the civil rehabilitation, Kobayashi will not sell any further bitcoins, with users set to receive compensation in BTC instead of fiat currency as originally intended.
“...In the civil 2 rehabilitation proceedings in this matter, claims seeking a refund of Bitcoins (“Bitcoin Claims”) will also not be converted into monetary claims after the commencement of the civil rehabilitation proceedings,” Kobayashi continues.
Reacting to the news, a group of claimants who had established Mt. Gox Creditors lobby group out of dissatisfaction with progress considered it a mixed blessing.
“...Enormous assets, which were to be distributed to Mt. Gox’s shareholders under the bankruptcy proceedings, will be returned to creditors of Mt.Gox in civil rehabilitation proceedings. This is the creditors’ victory,” a statement from the group reads.
“...However, this victory has not been realized yet. The victory will come to creditors when Mt. Gox makes payment to creditors and creditors actually receive such payment.”
Mt. Gox became infamous in the crypto industry after suffering a hack, followed by a collapse in 2014, resulting in the loss of $473 million worth of customers’ money - the single largest loss of funds in the history of crypto until this year’s $534 million Coincheck hack.
A statement and accompanying documentation confirm the move, which will see attorney Nobuaki Kobayashi act as civil rehabilitation trustee.
Kobayashi was responsible for selling vast tranches of Bitcoin reserves beginning Q4 last year to reimburse Mt. Gox users who lost money in the exchange’s mass hack in late 2013. The sell-offs appeared to have a conspicuous effect on markets, Bitcoin prices tumbling immediately following each transaction, which Kobayashi performed on major exchanges.
“The power and authority to administer and dispose of MTGOX’s assets is still vested exclusively in me, and I will implement the civil rehabilitation proceedings, including the administration of MTGOX’s assets and the investigation of claims, subject to the Tokyo District Court’s supervision,” Kobayashi wrote in the new documentation.
However, due to the bankruptcy proceedings now being halted as part of the civil rehabilitation, Kobayashi will not sell any further bitcoins, with users set to receive compensation in BTC instead of fiat currency as originally intended.
“...In the civil 2 rehabilitation proceedings in this matter, claims seeking a refund of Bitcoins (“Bitcoin Claims”) will also not be converted into monetary claims after the commencement of the civil rehabilitation proceedings,” Kobayashi continues.
Reacting to the news, a group of claimants who had established Mt. Gox Creditors lobby group out of dissatisfaction with progress considered it a mixed blessing.
“...Enormous assets, which were to be distributed to Mt. Gox’s shareholders under the bankruptcy proceedings, will be returned to creditors of Mt.Gox in civil rehabilitation proceedings. This is the creditors’ victory,” a statement from the group reads.
“...However, this victory has not been realized yet. The victory will come to creditors when Mt. Gox makes payment to creditors and creditors actually receive such payment.”
Mt. Gox became infamous in the crypto industry after suffering a hack, followed by a collapse in 2014, resulting in the loss of $473 million worth of customers’ money - the single largest loss of funds in the history of crypto until this year’s $534 million Coincheck hack.
This news I believe will at least douse the sell-off tension in the market and probably cure the MtGox fever. This is what I expected should have been done anyway, right from the onset.
Do you think this should somehow bring about some recovery in the market, or do you think it would have no impact? From what I can see though, I want to assume the downtrend in the market is far beyond the MtGox sell-off which was just more like what added fuel to it, but the downtrend was rather imminent from the manipulated FOMO activity that happened last year. What are your thoughts on this?
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