Topic: When MTGOX creditors are given remaining BTC/fiat what will happen? (Read 2666 times)
October 16, 2015, 10:10:38 PM
The question should be if, not when.
October 16, 2015, 07:54:39 AM
I withdrew BTC and left a little for a FIAT withdrawal to test whether it still worked. They don't owe me any BTC, only FIAT, but if by some lame chance I did get paid out, I'd prefer that they paid me in BTC even though it's roughly double the price that it was at the time.
FIAT I can earn from many places, but BTC is now a scarce resource that I value more.
FIAT I can earn from many places, but BTC is now a scarce resource that I value more.
It will be the same even you will have the fiat money. You can use those to buy bitcoin and it will be the same. If they will give you bitcoin and not fiat the change will be the same of the exchanges. So the results will be the same whether you will have fiat and whether you will bitcoin from those. Only one thing it is not the same. To not take nothing. This is not the same like having all that you have at MtGox.
The country I live in it is very easy to bring FIAT in, but not so easy to take out, so I'd rather go straight to BTC if there were such a way.
It's not a large amount anyhow, and I don't really ever expect to see it, it's just that the number of BTC I have is a round number that I don't want to go below at this point, and I'd like a bit of bunce BTC just to use for purchases online.
It you will get those out it is for sure better to have bitcoin but in my post is not discussed about this. There is told that even you will have fiat money (and this is not problem in your country according to your post) you can change those in bitcoin and then make with those what you want. Hold in your wallet or sent out. Even, if hold will can be hold online so are out of your country.
October 15, 2015, 08:41:19 AM
I withdrew BTC and left a little for a FIAT withdrawal to test whether it still worked. They don't owe me any BTC, only FIAT, but if by some lame chance I did get paid out, I'd prefer that they paid me in BTC even though it's roughly double the price that it was at the time.
FIAT I can earn from many places, but BTC is now a scarce resource that I value more.
FIAT I can earn from many places, but BTC is now a scarce resource that I value more.
It will be the same even you will have the fiat money. You can use those to buy bitcoin and it will be the same. If they will give you bitcoin and not fiat the change will be the same of the exchanges. So the results will be the same whether you will have fiat and whether you will bitcoin from those. Only one thing it is not the same. To not take nothing. This is not the same like having all that you have at MtGox.
The country I live in it is very easy to bring FIAT in, but not so easy to take out, so I'd rather go straight to BTC if there were such a way.
It's not a large amount anyhow, and I don't really ever expect to see it, it's just that the number of BTC I have is a round number that I don't want to go below at this point, and I'd like a bit of bunce BTC just to use for purchases online.
October 13, 2015, 12:40:53 PM
I withdrew BTC and left a little for a FIAT withdrawal to test whether it still worked. They don't owe me any BTC, only FIAT, but if by some lame chance I did get paid out, I'd prefer that they paid me in BTC even though it's roughly double the price that it was at the time.
FIAT I can earn from many places, but BTC is now a scarce resource that I value more.
FIAT I can earn from many places, but BTC is now a scarce resource that I value more.
Has Kraken or anyone else made a statement about the fiat deposits? I've heard very little mention of it and it must make up a huge percentage of the liability.
October 13, 2015, 08:48:40 AM
They celebrate and decide to invest in something that actually has potential and value.
October 13, 2015, 08:08:31 AM
I withdrew BTC and left a little for a FIAT withdrawal to test whether it still worked. They don't owe me any BTC, only FIAT, but if by some lame chance I did get paid out, I'd prefer that they paid me in BTC even though it's roughly double the price that it was at the time.
FIAT I can earn from many places, but BTC is now a scarce resource that I value more.
FIAT I can earn from many places, but BTC is now a scarce resource that I value more.
It will be the same even you will have the fiat money. You can use those to buy bitcoin and it will be the same. If they will give you bitcoin and not fiat the change will be the same of the exchanges. So the results will be the same whether you will have fiat and whether you will bitcoin from those. Only one thing it is not the same. To not take nothing. This is not the same like having all that you have at MtGox.
October 11, 2015, 03:21:06 PM
It will be very hard i think.
September 25, 2015, 09:15:11 AM
I withdrew BTC and left a little for a FIAT withdrawal to test whether it still worked. They don't owe me any BTC, only FIAT, but if by some lame chance I did get paid out, I'd prefer that they paid me in BTC even though it's roughly double the price that it was at the time.
FIAT I can earn from many places, but BTC is now a scarce resource that I value more.
FIAT I can earn from many places, but BTC is now a scarce resource that I value more.
September 25, 2015, 07:31:55 AM
People who lost money with MTGOX are probably hurting right now financially so I would think they would cash out what they can just to pay bills etc.
Some people probably have families and this hit them hard.
Some people probably have families and this hit them hard.
O c'mon. They had more than half of a year to take their coins out. Only speculators lost coins because of MtGox.
No we aren't speculators. We are mid-adopters who got betrayed by our faith in centrally controlled financial institutions.
When MtGox suspended USD deposits/withdraws that was a clear sign for leaving it. Even after they suspended EUR/PLN/JPY deposits/withdraws users have enough time to withdraw coins.
Sorry but those who left coins on MtGox after those events are speculators for me...
I thought Gox abruptly stopped all Bitcoin withdrawals in response to the transaction malleability bug over a month before it went bankrupt. According to a Gox press release users could still withdraw EUR/PLN/JPY after Bitcoin withdrawals were stopped, although I think Gox had a monthly limit on fiat withdrawals.
I know that Gox was selectively delaying fiat withdrawals for months before it went bankrupt. Nonetheless users probably stood a better chance of withdrawing fiat than Bitcoins after transaction malleability.
http://www.businessinsider.com/mtgox-statement-on-withdrawals-2014-2?IR=T
Quote
Dear MtGox Customers and Bitcoiners,
As you are aware, the MtGox team has been working hard to address an issue with the way that bitcoin withdrawals are processed. By "bitcoin withdrawal" we are referring to transactions from a MtGox bitcoin wallet to an external bitcoin address. Bitcoin transactions to any MtGox bitcoin address, and currency withdrawals (Yen, Euro, etc) are not affected by this issue.
As you are aware, the MtGox team has been working hard to address an issue with the way that bitcoin withdrawals are processed. By "bitcoin withdrawal" we are referring to transactions from a MtGox bitcoin wallet to an external bitcoin address. Bitcoin transactions to any MtGox bitcoin address, and currency withdrawals (Yen, Euro, etc) are not affected by this issue.
You are true. Mt Gox had a long history on delayed fiat withdrawals.
When the USD deposits/withdrawals were suspended, most people didn't panic as they were heavily delayed even before the incident.
So we continued to deposit/withdraw bitcoin.
When the bitcoin withdrawals were stopped being processed was a surprise though.
We couldn't know. We are not speculators. Calm down.
September 25, 2015, 07:26:31 AM
probably they will go to the next sketchiest exchange and shoot for the moon again, or donate to the next most incompetent btc company, which right now appears to be bitpay!
OR, they could preorder a bunch of coins that they will never receive. The possibilities are endless!
OR, they could preorder a bunch of coins that they will never receive. The possibilities are endless!
September 25, 2015, 04:55:17 AM
if there is such a day, MtGox will be back.
September 25, 2015, 04:40:17 AM
Never i'm afradi.
That was a very bad story.
This is the correct answer imo. If you are expecting that they will make a difference in the future and use this money to buy more BTC therefore impacting bitcoin price, you are probably wrong. That was a very bad story.
September 25, 2015, 02:47:38 AM
Will happen more of everything. The people with do somersault for having bitcoin that they considered lost. But initially they need to have they money.
So, in few words first depends how much will receive. If will be to many I bet that there will be invested in some place (to be loose again because according to me today are not possibility to invest bitcoin in serious company). If there are few will be leave in the wallet with the hope that the price will go high and then selling to recover some of losses.
Maybe some of those will trade directly to Kraken (which will give the bitcoins) in the moment of having their "richness". They, if experts or connected with experts, may earn something. Even to make trade is very difficult to be done.
So, in few words first depends how much will receive. If will be to many I bet that there will be invested in some place (to be loose again because according to me today are not possibility to invest bitcoin in serious company). If there are few will be leave in the wallet with the hope that the price will go high and then selling to recover some of losses.
Maybe some of those will trade directly to Kraken (which will give the bitcoins) in the moment of having their "richness". They, if experts or connected with experts, may earn something. Even to make trade is very difficult to be done.
September 24, 2015, 04:21:42 PM
What would you do if a portion of money you had lost access to were back at your control? It's not money you were counting on for sure, but neat to have part of it bag. I don't think it'll cause any effect on the market as most will likely seek to pull the money out securely and leave the topic to rest after what they've been through.
I remember that guy who used to stand outside the Gox offices protesting. There's a well known picture of him holding up a sign that said "where's our money" while Mark Karpeles walked past holding a cup of coffee and an umbrella. That guy said he considered himself semi-retired because of all the coins he had on Gox. He said if he didn't get his money back he'd have to consider going back to work.
That guy was counting on his Gox money for sure. I don't know if he planned to sell immediately, hold it, or trade it, but his whole future depended on it. This is the guy.
September 24, 2015, 04:05:49 PM
What would you do if a portion of money you had lost access to were back at your control? It's not money you were counting on for sure, but neat to have part of it bag. I don't think it'll cause any effect on the market as most will likely seek to pull the money out securely and leave the topic to rest after what they've been through.
September 24, 2015, 12:11:49 PM
I thought Gox abruptly stopped all Bitcoin withdrawals in response to the transaction malleability bug over a month before it went bankrupt. According to a Gox press release users could still withdraw EUR/PLN/JPY after Bitcoin withdrawals were stopped, although I think Gox had a monthly limit on fiat withdrawals.
I know that Gox was selectively delaying fiat withdrawals for months before it went bankrupt. Nonetheless users probably stood a better chance of withdrawing fiat than Bitcoins after transaction malleability.
http://www.businessinsider.com/mtgox-statement-on-withdrawals-2014-2?IR=T
I know that Gox was selectively delaying fiat withdrawals for months before it went bankrupt. Nonetheless users probably stood a better chance of withdrawing fiat than Bitcoins after transaction malleability.
http://www.businessinsider.com/mtgox-statement-on-withdrawals-2014-2?IR=T
Quote
Dear MtGox Customers and Bitcoiners,
As you are aware, the MtGox team has been working hard to address an issue with the way that bitcoin withdrawals are processed. By "bitcoin withdrawal" we are referring to transactions from a MtGox bitcoin wallet to an external bitcoin address. Bitcoin transactions to any MtGox bitcoin address, and currency withdrawals (Yen, Euro, etc) are not affected by this issue.
As you are aware, the MtGox team has been working hard to address an issue with the way that bitcoin withdrawals are processed. By "bitcoin withdrawal" we are referring to transactions from a MtGox bitcoin wallet to an external bitcoin address. Bitcoin transactions to any MtGox bitcoin address, and currency withdrawals (Yen, Euro, etc) are not affected by this issue.
As far as I know it was a bit different in real worl... MtGox wrote some crazy shit at that time.
September 24, 2015, 10:35:57 AM
People who lost money with MTGOX are probably hurting right now financially so I would think they would cash out what they can just to pay bills etc.
Some people probably have families and this hit them hard.
Some people probably have families and this hit them hard.
O c'mon. They had more than half of a year to take their coins out. Only speculators lost coins because of MtGox.
No we aren't speculators. We are mid-adopters who got betrayed by our faith in centrally controlled financial institutions.
When MtGox suspended USD deposits/withdraws that was a clear sign for leaving it. Even after they suspended EUR/PLN/JPY deposits/withdraws users have enough time to withdraw coins.
Sorry but those who left coins on MtGox after those events are speculators for me...
I thought Gox abruptly stopped all Bitcoin withdrawals in response to the transaction malleability bug over a month before it went bankrupt. According to a Gox press release users could still withdraw EUR/PLN/JPY after Bitcoin withdrawals were stopped, although I think Gox had a monthly limit on fiat withdrawals.
I know that Gox was selectively delaying fiat withdrawals for months before it went bankrupt. Nonetheless users probably stood a better chance of withdrawing fiat than Bitcoins after transaction malleability.
http://www.businessinsider.com/mtgox-statement-on-withdrawals-2014-2?IR=T
Quote
Dear MtGox Customers and Bitcoiners,
As you are aware, the MtGox team has been working hard to address an issue with the way that bitcoin withdrawals are processed. By "bitcoin withdrawal" we are referring to transactions from a MtGox bitcoin wallet to an external bitcoin address. Bitcoin transactions to any MtGox bitcoin address, and currency withdrawals (Yen, Euro, etc) are not affected by this issue.
As you are aware, the MtGox team has been working hard to address an issue with the way that bitcoin withdrawals are processed. By "bitcoin withdrawal" we are referring to transactions from a MtGox bitcoin wallet to an external bitcoin address. Bitcoin transactions to any MtGox bitcoin address, and currency withdrawals (Yen, Euro, etc) are not affected by this issue.
September 24, 2015, 08:12:24 AM
Sorry but those who left coins on MtGox after those events are speculators for me...
Degenerate gamblers in its death throes. During its final seizures there were people wiring thousands of dollars to obtain 'cheap coins'.
When I first got interested in BTC it was screamingly obvious that Gox was a heap of shit, even when it appeared healthy. I had zero interest in going anywhere near it with two minutes of googling.
It just goes to show how far removed Bitcoiners were from real life when a site that fucking creaky and shitty was considered the Fort Knox of coinland.
September 24, 2015, 05:07:53 AM
People who lost money with MTGOX are probably hurting right now financially so I would think they would cash out what they can just to pay bills etc.
Some people probably have families and this hit them hard.
Some people probably have families and this hit them hard.
O c'mon. They had more than half of a year to take their coins out. Only speculators lost coins because of MtGox.
No we aren't speculators. We are mid-adopters who got betrayed by our faith in centrally controlled financial institutions.
When MtGox suspended USD deposits/withdraws that was a clear sign for leaving it. Even after they suspended EUR/PLN/JPY deposits/withdraws users have enough time to withdraw coins.
Sorry but those who left coins on MtGox after those events are speculators for me...
September 24, 2015, 04:57:08 AM
People who lost money with MTGOX are probably hurting right now financially so I would think they would cash out what they can just to pay bills etc.
Some people probably have families and this hit them hard.
Some people probably have families and this hit them hard.
O c'mon. They had more than half of a year to take their coins out. Only speculators lost coins because of MtGox.
No we aren't speculators. We are mid-adopters who got betrayed by our faith in centrally controlled financial institutions.
September 24, 2015, 04:37:49 AM
People who lost money with MTGOX are probably hurting right now financially so I would think they would cash out what they can just to pay bills etc.
Some people probably have families and this hit them hard.
Some people probably have families and this hit them hard.
O c'mon. They had more than half of a year to take their coins out. Only speculators lost coins because of MtGox.
September 20, 2015, 03:41:50 PM
Well, if it were me, and thankfully it wasn't, I would've already written those coins off in my mind and anything that does arrive is a sweet bonus. That being the case I'd buy myself a wee treat or two and then park the rest for the long haul.
September 20, 2015, 03:32:42 PM
Half of them will sell, half of them will hold and maybe wait to dump on the price rise, possibly at the level where they got in.
All of these are things that Bitcoin must survive if it's meant to be anything huge in the future. This is the way I see it. Also this returning of funds should take place next year if I am not mistaking, I hope we will see a rise in price because of the halving until then.
All of these are things that Bitcoin must survive if it's meant to be anything huge in the future. This is the way I see it. Also this returning of funds should take place next year if I am not mistaking, I hope we will see a rise in price because of the halving until then.
September 20, 2015, 02:23:45 PM
The big dump ever, now... they hate bitcoin
September 20, 2015, 02:17:55 PM
They'll find that most of it was eaten to pay for the honour of bankruptcy. What remains, hookers and blow.
^^^What he said
September 20, 2015, 01:29:42 PM
they have not much choice other than to hold it. don't think most of the people will sell as they see it somewhat as a gift as a lot of them already gave up.
Honestly from a purely empathetic point of view...
People who lost money with MTGOX are probably hurting right now financially so I would think they would cash out what they can just to pay bills etc.
Some people probably have families and this hit them hard.
September 20, 2015, 01:20:55 PM
When it looked like something was wrong with their behaviour I moved out 80% of my holdings that were in their hands elsewhere, and the remaining 20% I asked for in cash (well, money), just to test it. I got the BTC portion, but never got the cash portion. It was an amount that is a long time ago and water under the bridge, and not life changing. I did file a claim, though I have little hope of seeing any of it really.
Edit: I've been wondering for a while, if you had a very substantial amount of assets, where is safe to keep it these days, even if you're not looking for interest, but absolute security?
Edit: I've been wondering for a while, if you had a very substantial amount of assets, where is safe to keep it these days, even if you're not looking for interest, but absolute security?
September 20, 2015, 08:07:48 AM
They'll find that most of it was eaten to pay for the honour of bankruptcy. What remains, hookers and blow.
Well, there's good news and bad news.
The good news is - of the money recovered, there's $10 million left after expenses.
The bad news is - the bankruptcy trustee has decided to allow himself more time to
September 20, 2015, 08:00:10 AM
Never i'm afradi.
That was a very bad story.
That was a very bad story.
September 20, 2015, 07:59:30 AM
Nothing will happen. As usual.
September 20, 2015, 07:23:15 AM
They'll find that most of it was eaten to pay for the honour of bankruptcy. What remains, hookers and blow.
September 20, 2015, 07:15:27 AM
Is it possible they get their btc or fiat back? I have not followed this matter.
September 20, 2015, 04:57:13 AM
they have not much choice other than to hold it. don't think most of the people will sell as they see it somewhat as a gift as a lot of them already gave up.
September 20, 2015, 01:48:38 AM
They will find new and interesting ways to lose it.
I laughed but I know I shouldnt have.They will probably hodl since they purchased at much higher prices.
I think that is what happened with many chinese investors who bought in at the 1k price. They are waiting to dump as soon as the price rises to the old value. IF we sit on the current low price for long enough they will slowly give up hope and dump. Then when there is a rise there will be less BTC dumpers.
September 20, 2015, 12:25:37 AM
They will find new and interesting ways to lose it.
September 20, 2015, 12:06:53 AM
Speculate. 
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