Topic: Will the Mt. Gox coins affect Bitcoin’s price in August? (Read 813 times)
Yet another email has been sent out by the mtgox team reminding creditors that they need to select a payout method by January 10th in order to be included in the payout distribution. It is starting to feel like these coins might actually be rejoined with their rightful owners after a nearly decade long bankruptcy period. I’m actually a believer we may see these coins in wallets by next summer…
I wouldn’t say it’s a tiny fraction of BTC being distributed either. It’s nearly 20%, which is an insane amount of money still.
As fiat, yes, it's a huge amount of money. As bitcoin... 20% is not that great (still a loss).
Of course, since the vast majority of those receiving this money would have been spending or losing it by now, it's great for them. But, on the 1BTC=1BTC math, it's a small fraction. Not tiny, though, you're right on that.
I’m currently a believer that the BTC will be distributed next year, and once it has been distributed the final hurdle will be removed for the next bull run.
Yep, that's what I also expect: sometime after the crypto winter. Ideal would be the bull run, but I can't expect them to stall it for so long. Next year sounds about right.
Perhaps when the news surface again, we might see the same FUD in November/December. Specially if during that time the price goes on another nose-dived and hit lower lows. And so there could still be manipulation from behind using the old and recycle Mt Gox coins.
That would be unsurprising. As long as that money is not (completely!) distributed, some will use that as a scarecrow in uncertain times.
So far, I don't believe that Mt.gox is willing to give back that bitcoin, that's a huge amount compared to 7 years ago.
They probably no longer have that choice. It's about law now.
Just, if they are smart enough and can stall it a little more so we're back in a bull market, the amounts given back, although a tiny fraction of the initial bitcoins, will still be big money as fiat.
However, I somehow see all these "Mt.Gox money will flood the market" news mostly in times of uncertainty, hence it's imho more about manipulating the market than actually something happening on Mt.Gox story.
No, things are definitely happening and not just behind the scenes. Emails have been flowing lately and we’re nearing the final stages of a distribution of BTC. They have even enabled PayPal as a potential way to be paid now. I wouldn’t say it’s a tiny fraction of BTC being distributed either. It’s nearly 20%, which is an insane amount of money still. I’m currently a believer that the BTC will be distributed next year, and once it has been distributed the final hurdle will be removed for the next bull run.
However, I somehow see all these "Mt.Gox money will flood the market" news mostly in times of uncertainty, hence it's imho more about manipulating the market than actually something happening on Mt.Gox story.
People simply interpret information in the wrong way, regardless of the fact that it is very clearly shown to them that they are panicking for no reason. Even if one day Japan's fast-paced bureaucracy decides to start paying out, not everyone will get paid at the same time, nor will everyone get Bitcoin considering that there are options for paying in fiat and even in one shitcoin.
So we got an answer to the question regarding August, September and to some extent October, and now we just have to see if someone will pull this story again in November/December...
Perhaps when the news surface again, we might see the same FUD in November/December. Specially if during that time the price goes on another nose-dived and hit lower lows. And so there could still be manipulation from behind using the old and recycle Mt Gox coins.
But of of now, the price is moving sideways, no one is over-reacting to the news in August because as far as I can remember we have the same movement already.
However, I somehow see all these "Mt.Gox money will flood the market" news mostly in times of uncertainty, hence it's imho more about manipulating the market than actually something happening on Mt.Gox story.
People simply interpret information in the wrong way, regardless of the fact that it is very clearly shown to them that they are panicking for no reason. Even if one day Japan's fast-paced bureaucracy decides to start paying out, not everyone will get paid at the same time, nor will everyone get Bitcoin considering that there are options for paying in fiat and even in one shitcoin.
So we got an answer to the question regarding August, September and to some extent October, and now we just have to see if someone will pull this story again in November/December...
So far, I don't believe that Mt.gox is willing to give back that bitcoin, that's a huge amount compared to 7 years ago.
They probably no longer have that choice. It's about law now.
Just, if they are smart enough and can stall it a little more so we're back in a bull market, the amounts given back, although a tiny fraction of the initial bitcoins, will still be big money as fiat.
However, I somehow see all these "Mt.Gox money will flood the market" news mostly in times of uncertainty, hence it's imho more about manipulating the market than actually something happening on Mt.Gox story.
And I guess that we can say today that the price or the Mt. Gox coins didn't put that much dent on the price?
It's already October and almost end of the month and the worst prediction of like $10k-$15k didn't happen as the price is moving on the line of $19k++.
And with that, I will say that indeed the ghost of Mt. Gox is no longer here to us, I know for us still lingers in their memories, but at least now, we can move forward.
It's already October and almost end of the month and the worst prediction of like $10k-$15k didn't happen as the price is moving on the line of $19k++.
And with that, I will say that indeed the ghost of Mt. Gox is no longer here to us, I know for us still lingers in their memories, but at least now, we can move forward.
Right, there is just minimal effect, everyone is afraid about the timing because of the bear market, but I guess the custodian, Mr Kobayashi knows what to do that's why the price of bitcoin didn't move or falter because of this news although I would say that it might have but not that huge.
The price is still on the sideways and this pattern could be very well go till December.
And so this is a good news for everyone, if the rehab will continue up to the end of the year with no effect, then it's a good indication that we can finally lay to rest the Mt. Gox coins.
No, you’re both horribly wrong. No coins have been distributed yet (see my last posts) so their effect hasn’t been felt yet. People just overreacted to an email thinking they would be distributed a year early. That many coins hitting the market will certainly have an effect, but we’re still a ways away from seeing it happen. The ghost of mtgox is as alive as it ever was and definitely hasn’t been laid to rest.
It's all just Fuds and I remember correctly, the ghost of Mt.gox has been haunting us since 2021 and so far it's all just rumors. Recently, although they announced that they will start issuing bitcoins to registered victims in 2023, but I think this is another Fuds of theirs and don't seem to want to return bitcoins to their victims. They are just trying to buy time with promises and tough procedures for the victim to get many people to give up. So far, I don't believe that Mt.gox is willing to give back that bitcoin, that's a huge amount compared to 7 years ago.
a hoax then it would really be a big trouble or protest for those creditors.They cant just let those words to be end up on being a joke.Its been a while where we do really hear off about
these Mt. Gox funds.
We've been speculating that this could really make out significant effects on the entire crypto market and we've been waiting for it to happen.
Expect the unexpected as always.
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And I guess that we can say today that the price or the Mt. Gox coins didn't put that much dent on the price?
It's already October and almost end of the month and the worst prediction of like $10k-$15k didn't happen as the price is moving on the line of $19k++.
And with that, I will say that indeed the ghost of Mt. Gox is no longer here to us, I know for us still lingers in their memories, but at least now, we can move forward.
It's already October and almost end of the month and the worst prediction of like $10k-$15k didn't happen as the price is moving on the line of $19k++.
And with that, I will say that indeed the ghost of Mt. Gox is no longer here to us, I know for us still lingers in their memories, but at least now, we can move forward.
Right, there is just minimal effect, everyone is afraid about the timing because of the bear market, but I guess the custodian, Mr Kobayashi knows what to do that's why the price of bitcoin didn't move or falter because of this news although I would say that it might have but not that huge.
The price is still on the sideways and this pattern could be very well go till December.
And so this is a good news for everyone, if the rehab will continue up to the end of the year with no effect, then it's a good indication that we can finally lay to rest the Mt. Gox coins.
No, you’re both horribly wrong. No coins have been distributed yet (see my last posts) so their effect hasn’t been felt yet. People just overreacted to an email thinking they would be distributed a year early. That many coins hitting the market will certainly have an effect, but we’re still a ways away from seeing it happen. The ghost of mtgox is as alive as it ever was and definitely hasn’t been laid to rest.
It's all just Fuds and I remember correctly, the ghost of Mt.gox has been haunting us since 2021 and so far it's all just rumors. Recently, although they announced that they will start issuing bitcoins to registered victims in 2023, but I think this is another Fuds of theirs and don't seem to want to return bitcoins to their victims. They are just trying to buy time with promises and tough procedures for the victim to get many people to give up. So far, I don't believe that Mt.gox is willing to give back that bitcoin, that's a huge amount compared to 7 years ago.
And I guess that we can say today that the price or the Mt. Gox coins didn't put that much dent on the price?
It's already October and almost end of the month and the worst prediction of like $10k-$15k didn't happen as the price is moving on the line of $19k++.
And with that, I will say that indeed the ghost of Mt. Gox is no longer here to us, I know for us still lingers in their memories, but at least now, we can move forward.
It's already October and almost end of the month and the worst prediction of like $10k-$15k didn't happen as the price is moving on the line of $19k++.
And with that, I will say that indeed the ghost of Mt. Gox is no longer here to us, I know for us still lingers in their memories, but at least now, we can move forward.
Right, there is just minimal effect, everyone is afraid about the timing because of the bear market, but I guess the custodian, Mr Kobayashi knows what to do that's why the price of bitcoin didn't move or falter because of this news although I would say that it might have but not that huge.
The price is still on the sideways and this pattern could be very well go till December.
And so this is a good news for everyone, if the rehab will continue up to the end of the year with no effect, then it's a good indication that we can finally lay to rest the Mt. Gox coins.
No, you’re both horribly wrong. No coins have been distributed yet (see my last posts) so their effect hasn’t been felt yet. People just overreacted to an email thinking they would be distributed a year early. That many coins hitting the market will certainly have an effect, but we’re still a ways away from seeing it happen. The ghost of mtgox is as alive as it ever was and definitely hasn’t been laid to rest.
And I guess that we can say today that the price or the Mt. Gox coins didn't put that much dent on the price?
It's already October and almost end of the month and the worst prediction of like $10k-$15k didn't happen as the price is moving on the line of $19k++.
And with that, I will say that indeed the ghost of Mt. Gox is no longer here to us, I know for us still lingers in their memories, but at least now, we can move forward.
It's already October and almost end of the month and the worst prediction of like $10k-$15k didn't happen as the price is moving on the line of $19k++.
And with that, I will say that indeed the ghost of Mt. Gox is no longer here to us, I know for us still lingers in their memories, but at least now, we can move forward.
Right, there is just minimal effect, everyone is afraid about the timing because of the bear market, but I guess the custodian, Mr Kobayashi knows what to do that's why the price of bitcoin didn't move or falter because of this news although I would say that it might have but not that huge.
The price is still on the sideways and this pattern could be very well go till December.
And so this is a good news for everyone, if the rehab will continue up to the end of the year with no effect, then it's a good indication that we can finally lay to rest the Mt. Gox coins.
And I guess that we can say today that the price or the Mt. Gox coins didn't put that much dent on the price?
It's already October and almost end of the month and the worst prediction of like $10k-$15k didn't happen as the price is moving on the line of $19k++.
And with that, I will say that indeed the ghost of Mt. Gox is no longer here to us, I know for us still lingers in their memories, but at least now, we can move forward.
It's already October and almost end of the month and the worst prediction of like $10k-$15k didn't happen as the price is moving on the line of $19k++.
And with that, I will say that indeed the ghost of Mt. Gox is no longer here to us, I know for us still lingers in their memories, but at least now, we can move forward.
Another email from mtgox went out last night. It states that we have until January to decide the type of payout we want to receive. BTC or Fiat, early or final, etc... The early payout date looks to me like it will be in July of 2023, with no known date for a final payout suggested. This should put some relief into the traders who were worried about mtgox tanking the market in the near term. It also puts somewhat of a target on next summer to be the low in Bitcoin's 4-year price cycle. So for those who are watching to catch the absolute bottom, you may have a while yet. It is starting to look like the end is near for the mtgox saga though. Just one more year...
Thanks for the update. And so we might rest that this news will have not effect for us until next year. And as expected we are still in the bear market in 2023 so we shouldn't be relax to say that the bottom is in, and so we should be preparing again next year if the news suddenly comes out about Mt. Gox. Unless though the ghost of the past might be finally laid to rest ... for one more year.
No problem. I’ll continue to provide updates when possible, but Reddit is probably the more informed source for people who want to see the details discussed. Given this new information I tend to think we’re still probably close to a year from the ultimate bottom of the market. Which gives lots of time for people to stack before the next major bull run.
It's been 7 years and we keep waiting for news like this, rumors keep repeating and they keep asking us to come next year, it's like a joke, LOL.
I think there is no need to worry too much about this kind of news anymore, sooner or later they have to release bitcoins to give back to the victims and we can't stop this from happening. This is bound to happen, everyone should get used to it and stop worrying every time this news comes out.
Another email from mtgox went out last night. It states that we have until January to decide the type of payout we want to receive. BTC or Fiat, early or final, etc... The early payout date looks to me like it will be in July of 2023, with no known date for a final payout suggested. This should put some relief into the traders who were worried about mtgox tanking the market in the near term. It also puts somewhat of a target on next summer to be the low in Bitcoin's 4-year price cycle. So for those who are watching to catch the absolute bottom, you may have a while yet. It is starting to look like the end is near for the mtgox saga though. Just one more year...
Thanks for the update. And so we might rest that this news will have not effect for us until next year. And as expected we are still in the bear market in 2023 so we shouldn't be relax to say that the bottom is in, and so we should be preparing again next year if the news suddenly comes out about Mt. Gox. Unless though the ghost of the past might be finally laid to rest ... for one more year.
No problem. I’ll continue to provide updates when possible, but Reddit is probably the more informed source for people who want to see the details discussed. Given this new information I tend to think we’re still probably close to a year from the ultimate bottom of the market. Which gives lots of time for people to stack before the next major bull run.
Another email from mtgox went out last night. It states that we have until January to decide the type of payout we want to receive. BTC or Fiat, early or final, etc... The early payout date looks to me like it will be in July of 2023, with no known date for a final payout suggested. This should put some relief into the traders who were worried about mtgox tanking the market in the near term. It also puts somewhat of a target on next summer to be the low in Bitcoin's 4-year price cycle. So for those who are watching to catch the absolute bottom, you may have a while yet. It is starting to look like the end is near for the mtgox saga though. Just one more year...
Thanks for the update. And so we might rest that this news will have not effect for us until next year. And as expected we are still in the bear market in 2023 so we shouldn't be relax to say that the bottom is in, and so we should be preparing again next year if the news suddenly comes out about Mt. Gox. Unless though the ghost of the past might be finally laid to rest ... for one more year.
Another email from mtgox went out last night. It states that we have until January to decide the type of payout we want to receive. BTC or Fiat, early or final, etc... The early payout date looks to me like it will be in July of 2023, with no known date for a final payout suggested. This should put some relief into the traders who were worried about mtgox tanking the market in the near term. It also puts somewhat of a target on next summer to be the low in Bitcoin's 4-year price cycle. So for those who are watching to catch the absolute bottom, you may have a while yet. It is starting to look like the end is near for the mtgox saga though. Just one more year...
When Mt.Gox announced the release of BTC in August, there was a mixed reaction in the market. And I also think the market has fallen further due to this effect. But at current prices experienced people will never think of selling it. In that case the market will not be affected much. It will recover soon.
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Yes, I've also read that the whole procedure is really slow. A lot of people have complained about this. I also think you're right and the coins won't be distributed before next year. Sure, the negative impact on the price will come, but it won't result in a total crash in price, as some people think. Maybe it's good if the price is low at the time. For this reason maybe some people won't sell their coins, but who knows exactly what will happen. In any case, I'm not worried and I hope that the price will recover quickly after the payout. 
Daily volume is mostly due to traders. Billions of dollars in BTC hitting the market will most definitely have an impact in the market. The last time we saw this much fresh BTC get dumped, it sent the market down around $10K. It isn't a concern to have right now though. After still having no option to choose the type of payout, and knowing how slow each step goes, I think the odds of a distribution happening this year are around 3%. More likely next summer we might see this BTC get distributed, and I wouldn't be surprised to see a sub-$15K BTC at that time.
Yes, I believe the distribution will not be done in one phase and most likely the percentage distribution of each phase will be very low considering several factors have to be considered. I don't know when it will be done, but I'm sure there will be tug-of-war until the distribution process is carried out in stages.OgNasty, even I believe the price of bitcoin will continue to correct for the rest of the year and I wouldn't be surprised if it hits $12K - $15K even though the distribution isn't finished yet. I just believe as long as bitcoin price distribution can even drop lower, it's very possible.
People are far too afraid of these Bitcoins coming to the market. On the one hand, certainly not all of them will be sold at once and on the other hand, the daily trading volume of bitcoin is much higher than the coins from gox are worth. In addition, no one can say whether all coins are offered for sale. Surely there will be many people who will keep these bitcoins as well. They will hope for higher prices than they are now.
Source: https://twitter.com/Rager/status/1563517175553409026
Source: https://twitter.com/Rager/status/1563517175553409026
Daily volume is mostly due to traders. Billions of dollars in BTC hitting the market will most definitely have an impact in the market. The last time we saw this much fresh BTC get dumped, it sent the market down around $10K. It isn't a concern to have right now though. After still having no option to choose the type of payout, and knowing how slow each step goes, I think the odds of a distribution happening this year are around 3%. More likely next summer we might see this BTC get distributed, and I wouldn't be surprised to see a sub-$15K BTC at that time.
People are far too afraid of these Bitcoins coming to the market. On the one hand, certainly not all of them will be sold at once and on the other hand, the daily trading volume of bitcoin is much higher than the coins from gox are worth. In addition, no one can say whether all coins are offered for sale. Surely there will be many people who will keep these bitcoins as well. They will hope for higher prices than they are now.
Source: https://twitter.com/Rager/status/1563517175553409026
Source: https://twitter.com/Rager/status/1563517175553409026
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