Topic: Why did mtgox dump? (Read 169 times)
Something about paying off creditors and the people they owe after they lost so much coins. I'm not sure though because I wasn't an actvie member of the market when mtgox happened.
Apparently the story going around is that the court gave the go ahead to sell off those coins so they can pay off creditors.
i certainly hope so. it would be an extremely incompetent court that left the coins with this guy to have a play.
say what you like about bitfinex, but they made the right call when it came to their hack. it's now four years in and still no one has a penny from gox's remains with no real idea of when they'll get anything still.
there were proposals to resurrect gox to enable the payback of everyone from its earnings, though i really hope that was with new management and exemplary practices. if that had gone through people would've been made whole ages ago.
Apparently the story going around is that the court gave the go ahead to sell off those coins so they can pay off creditors. I don't know if that is the entire story and if you think about it, when do the public ever get the entire story related to something like this. I just wish they would finish up real quick so the market can resume properly.
I still think whoever idea it was to sell off the Bitcoin this way needs to revisit their credibility. I mean there is about a dozen other ways that they could of optimized their profits and not done major damage to the market. I still feel like this was a big play for control and self interest.
Because they will give it to their investors, i'm not sure how much btc they need to sell coz if they will sell more bitcoin pretty sure that the market will be more bearish.
i am really curious how many bitcoins that dumped by mtgox ?
if it is a big amount, no wonder it is affecting the market of the bitcoin and cryptocurrency lately.
if it is a big amount, no wonder it is affecting the market of the bitcoin and cryptocurrency lately.
Looks like they are going to create a lot of money with that trade. Just how many bitcoin have been stored in them which have a low value before.
They should be paying with how much bitcoin should be. Converted.
I hope nothing is left to them to avoid getting them back into business just by changing their name.
Now, who will be the one feeling all this selling that they will do?
It will be us who will be hit hard just because of it.
They should be paying with how much bitcoin should be. Converted.
I hope nothing is left to them to avoid getting them back into business just by changing their name.
Now, who will be the one feeling all this selling that they will do?
It will be us who will be hit hard just because of it.
I read that the leftovers will go to Karpeles. Seems like a very strange way to handle things but the whole process seems very different to what it would've been in other countries.
they have two main choices by the looks of things. the rest goes back to the gox share holders which is indeed mainly mark karpeles. or there's civil rehabilitation where coins go back to the people who deposited them. this seems less likely.
on top of that there's the ongoing lawsuit with coinlab which is claiming a large amount from gox's funds. then you have the russian guy, alexander vinnik, who laundered the coins. maybe something can be recovered from him.
this is the place to get some updates - https://www.reddit.com/r/mtgoxinsolvency/
Yes they sold for the people which gave them to court to pay of their money with the ask of investors. They have more than that to dump but they can't sell rest till september
what they've sold completely settles the JPY liabilities of the bankruptcy. they now have enough to pay back all of it as it's based on the bitcoin price at the time of the bankruptcy in early 2014.
what's left now is to decide what they're going to do with the rest of the coins. hopefully the remains will go back to the users who lost out.
the method of the sale is really, really strange. they could've found a ton of buyers ready to buy off market. it's very hard to obtain those amounts in any other way.
what i don't understand is how only 40,000 coins can completely crash the market as people have claimed.
what's left now is to decide what they're going to do with the rest of the coins. hopefully the remains will go back to the users who lost out.
the method of the sale is really, really strange. they could've found a ton of buyers ready to buy off market. it's very hard to obtain those amounts in any other way.
what i don't understand is how only 40,000 coins can completely crash the market as people have claimed.
I read that the leftovers will go to Karpeles. Seems like a very strange way to handle things but the whole process seems very different to what it would've been in other countries.
I don't think that the 40k coins are enough to crash the market directly but they can influence the mood of a market, it's the same as how a market can be moved with next to no funds actually being used (completed trades) by whales.
what they've sold completely settles the JPY liabilities of the bankruptcy. they now have enough to pay back all of it as it's based on the bitcoin price at the time of the bankruptcy in early 2014.
what's left now is to decide what they're going to do with the rest of the coins. hopefully the remains will go back to the users who lost out.
the method of the sale is really, really strange. they could've found a ton of buyers ready to buy off market. it's very hard to obtain those amounts in any other way.
what i don't understand is how only 40,000 coins can completely crash the market as people have claimed.
what's left now is to decide what they're going to do with the rest of the coins. hopefully the remains will go back to the users who lost out.
the method of the sale is really, really strange. they could've found a ton of buyers ready to buy off market. it's very hard to obtain those amounts in any other way.
what i don't understand is how only 40,000 coins can completely crash the market as people have claimed.
Apparently, the trustee has not given an exact public reason for sale, but stated that as a result of the consultation with the court, he considered necessary and reasonable to sell a certain amount of BTC and BCC so as to secure a certain amount of money for distribution of resources.
Normally, liquidated assets will be allocated by the court in a predetermined order (i.e. secured creditors such as banks, general creditors such as suppliers, stockholders, etc.).
Unfortunately, the trustee seemed to have used exchanges such as Kraken to perform the sell, instead of using other options such as selling OTC (over the counter), using a dealer network instead of an exchange. An OTC solution would not have caused the steep fall in price, since it is not contributing to buying out lower bids in the marketplace.
There is also speculation as to the existence of inside information at the exchanges causing a major dip (due to sell orders anticipating what would happen with MtGox Crypto being sold) that what the sell performed by the trustee would have caused on its own.
The bad news is that the trustee seems to have another 166,000 BTC still to liquidate at some point. Let´s hope he has learnt the lesson and does it through an OTC next time in an orderly manner…
This is highly suspicious but since it is in the realm of cryptocurrency people are not really bothered about it since all that they care is killing of bitcoins. I stress again there is an ulterior motive being at play here.Normally, liquidated assets will be allocated by the court in a predetermined order (i.e. secured creditors such as banks, general creditors such as suppliers, stockholders, etc.).
Unfortunately, the trustee seemed to have used exchanges such as Kraken to perform the sell, instead of using other options such as selling OTC (over the counter), using a dealer network instead of an exchange. An OTC solution would not have caused the steep fall in price, since it is not contributing to buying out lower bids in the marketplace.
There is also speculation as to the existence of inside information at the exchanges causing a major dip (due to sell orders anticipating what would happen with MtGox Crypto being sold) that what the sell performed by the trustee would have caused on its own.
The bad news is that the trustee seems to have another 166,000 BTC still to liquidate at some point. Let´s hope he has learnt the lesson and does it through an OTC next time in an orderly manner…
Kinda doubt this, as a court order would have to be followed either way -- I don't know what was inside of that court order, and if the court said that they couldn't share this information with anyone else (the info on when they were selling) But I do know that MTGOX dumped and it kinda screwed with the market.
It's smart to sell off the time they were selling to the whales (for some good money) if they were allowed too, though there's no way of confirming that this occurred. I'd love to see if the court order they got is public, would be a nice read.
Apparently, the trustee has not given an exact public reason for sale, but stated that as a result of the consultation with the court, he considered necessary and reasonable to sell a certain amount of BTC and BCC so as to secure a certain amount of money for distribution of resources.
Normally, liquidated assets will be allocated by the court in a predetermined order (i.e. secured creditors such as banks, general creditors such as suppliers, stockholders, etc.).
Unfortunately, the trustee seemed to have used exchanges such as Kraken to perform the sell, instead of using other options such as selling OTC (over the counter), using a dealer network instead of an exchange. An OTC solution would not have caused the steep fall in price, since it is not contributing to buying out lower bids in the marketplace.
There is also speculation as to the existence of inside information at the exchanges causing a major dip (due to sell orders anticipating what would happen with MtGox Crypto being sold) that what the sell performed by the trustee would have caused on its own.
The bad news is that the trustee seems to have another 166,000 BTC still to liquidate at some point. Let´s hope he has learnt the lesson and does it through an OTC next time in an orderly manner…
This is highly suspicious but since it is in the realm of cryptocurrency people are not really bothered about it since all that they care is killing of bitcoins. I stress again there is an ulterior motive being at play here. Normally, liquidated assets will be allocated by the court in a predetermined order (i.e. secured creditors such as banks, general creditors such as suppliers, stockholders, etc.).
Unfortunately, the trustee seemed to have used exchanges such as Kraken to perform the sell, instead of using other options such as selling OTC (over the counter), using a dealer network instead of an exchange. An OTC solution would not have caused the steep fall in price, since it is not contributing to buying out lower bids in the marketplace.
There is also speculation as to the existence of inside information at the exchanges causing a major dip (due to sell orders anticipating what would happen with MtGox Crypto being sold) that what the sell performed by the trustee would have caused on its own.
The bad news is that the trustee seems to have another 166,000 BTC still to liquidate at some point. Let´s hope he has learnt the lesson and does it through an OTC next time in an orderly manner…
Apparently, the trustee has not given an exact public reason for sale, but stated that as a result of the consultation with the court, he considered necessary and reasonable to sell a certain amount of BTC and BCC so as to secure a certain amount of money for distribution of resources.
Normally, liquidated assets will be allocated by the court in a predetermined order (i.e. secured creditors such as banks, general creditors such as suppliers, stockholders, etc.).
Unfortunately, the trustee seemed to have used exchanges such as Kraken to perform the sell, instead of using other options such as selling OTC (over the counter), using a dealer network instead of an exchange. An OTC solution would not have caused the steep fall in price, since it is not contributing to buying out lower bids in the marketplace.
There is also speculation as to the existence of inside information at the exchanges causing a major dip (due to sell orders anticipating what would happen with MtGox Crypto being sold) that what the sell performed by the trustee would have caused on its own.
The bad news is that the trustee seems to have another 166,000 BTC still to liquidate at some point. Let´s hope he has learnt the lesson and does it through an OTC next time in an orderly manner…
Normally, liquidated assets will be allocated by the court in a predetermined order (i.e. secured creditors such as banks, general creditors such as suppliers, stockholders, etc.).
Unfortunately, the trustee seemed to have used exchanges such as Kraken to perform the sell, instead of using other options such as selling OTC (over the counter), using a dealer network instead of an exchange. An OTC solution would not have caused the steep fall in price, since it is not contributing to buying out lower bids in the marketplace.
There is also speculation as to the existence of inside information at the exchanges causing a major dip (due to sell orders anticipating what would happen with MtGox Crypto being sold) that what the sell performed by the trustee would have caused on its own.
The bad news is that the trustee seems to have another 166,000 BTC still to liquidate at some point. Let´s hope he has learnt the lesson and does it through an OTC next time in an orderly manner…
I've seen that they've liquidated a good chunk of their coins, but for what reason? Are they doing it in order to pay off all of the people that have lost money on their site and they have to pay them back or--is there another reason for doing it? It would be understandable if they did it in order to pay off the people who lost money due to hacks, though I don't see another reason.
Could anyone enlighten me?
Could anyone enlighten me?
Jump to: