Bitcoin Forum

And it was this guy – Tokyo whale and Mt.Gox bankrutpcy trustee who sold almost $400 million worth of BTC, some of it at the very bottom on Feb 6th. He crashed the market by 75% by selling the bitcoins in couple of rounds.

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The MT Gox trustee has sold half a billion worth of bitcoin and bitcoin cash between December 2017 and February 2018 it was revealed today.

He sold the first batch of 6k bitcoin on December 22nd, sending price from nearly $16,000 to a brief low of $10,800. Then he waited for market to recover and sold another batch of 8k bitcoins on January 17th. Which again produced the same effect – crashed the bitcoin price.

But he is not done yet – he does another sell on January 31st, this time it was around 6k bitcoins. But vast majority of bitcoins was sold on February 6th which implies that he actually tried to crash the market by selling at the bottom.

And guess what – the market absorbed it and jumped back up to $10k.

But what is worrisome is that this same guy has another 180k BTC up his sleeves, that he is looking to sell in the upcoming period and repay the creditors and users who lost their bitcoin in Mt.Gox hack.

This case makes it the fourth time for Mt.Gox to directly or indirectly crash the bitcoin price. First time was hack in 2011, then a DDos in 2013, 2014 is when they went bankrupt and now this sell off.

And as we have said, this trustee has another 180k bitcoins that will probably cause similar crash – that would be 5th or even 6th if he does it in separate batches.

Nevertheless, bitcoin has showed admirable resilience in spite of all the sell offs and this actually indicates that once Mt.Gox saga is over, bitcoin price should skyrocket and reach new highs as many have predicted.


Opinions?

Link to reliable reports of the dates and quantities of bitcoins which were sold by the Mt.Gox bankrutpcy trustee?

???

This is the first time I'm seeing this.
source please.

Yes, today I read that Article. But I am confused, why he did that? When Bitcoin price was growing like steady. But This market down is not permanent, In June or July Bitcoin price will increase again and I hope The Crypto market will stable at that time. We can't stop someone to sell their bitcoin, But we can suggest everyone hold bitcoin.

https://www.mtgox.com/img/pdf/20180307_report.pdf

Scroll down to page 10 for the English translation.

We can not order anyone to keep or sell bitcoin. The billionaire always has the right to decide everything, this is the disadvantage of those who do not have as much money as us. We must accept the truth and do not let the whales fool our psyche. Be patient and believe in your own investment experience. You will get a profit, otherwise you will lose all your assets.

So this is the reason why bitcoin price is now going down.  Well if this is true then I am just hoping for the best.  I am hoping that bitcoin will again stood up and establish itself.  I am hoping that I will still be able to earn more income as I am earning right now.  Do not care who he is but considering that bitcoin is bitcoin then there is a big chance that it will goes up again.

Yes I read about this a few days ago.
This guy is a Market Crasher lol.

so he has about 180 000  out of 21 000 000 ?

180 k out of 21 million.

wow he still has 8% of All Bitcoins !

I see nothing in that report about specific dates when bitcoins were sold, nor anything about the quantites of bitcoins that were sold on those dates.

Perhaps I overlooked it?  If so, please let me know on which page to find those dates and amounts.

There's nothing about dates just the quantities.

35,841.00701 BTC
34,008.00701 BCC

https://i.snag.gy/EMpLmk.jpg
https://i.snag.gy/EMpLmk.jpg

So there's absolutely no evidence of exactly who the guy is, how much he cashed out, or at what rate he sold them out.

I really don't think one person cashing out $400 million in bitcoin would even crash the market considering that the daily volume is in the tens of billions.

Correct.  And ALL of those could have been sold in November.  Or in March. Or spread evenly every day between November and March. Or any other possible arrangement of sell orders and any number of exchanges.

The OP is making sensationalist claims that these bitcoins were specifically sold in specific amounts on dates when the market took a significant dip.  He is claiming that the dip is directly because of the selling of those bitcoins.

I've seen no believable evidence that the OP's claims are anything more than his own wild imagination.

$400 million would make a huge difference when it's all at once and in once direction. If you ever watched the markets you could see that. It takes not much more than 10m to move the market a lot in one direction or another. The 400m is not in isolation either, there will be large knock on effects.

He is pretty dumb to sell at $6k when he could have sold those Bitcoins for at least above $10k OTC. Don't know how such people are even assigned tasks where they don't have any knowledge of the field.

As a trader, I can confirm that is what moves markets   ;D

But more seriously a little of the movement today probably is related to the release of that document yesterday.

Why do you think he sold at $6k?

Don't know how people are even assigned tasks when they believe everything that some random person writes on a public forum.



What article?

I haven't seen any links to any article that states what the OP is saying?  It sounds like a lot of FUD right now.



Where did you read this a few days ago?

I haven't seen any links to any article that states what the OP is saying?  It sounds like a lot of FUD right now.

This is interesting news, if it is true. It sounds like it is partially true, but the idea that one whale (other than Satoshi Nakamoto), could crash the market them self is a bit far-fetched. We were hitting a very strong technical downpoint and yes, maybe this guy added a lot of fuel to the fire, but if he was selling hard at the bottom he obviously wasn't crashing the market. The market recovered from $6k so I am not sure where you are going with your argument. It is more like "Whale sells alot at $6k. Doesn't manage to make market go down further."

Why don't he send the people the company owes Bitcoins itself so that he doesn't crash the currency and i would also like to know the motive behind him wanting to crush Bitcoin am sure he favors another cryptocurrency thats why he is doing that.

Roger Vers friend probably. Or had his life threatened by friends of the federal reserve. Nothing quite like an effort to crash the currency and create fear.

If he decides to dump that many coins to crash the market he is not doing himself any favours, especially if he is holding a lot more bitcoins. It could actually be a good thing in the long run. It means wider distribution and at a lower price to introduce new blood into crypto

I heard about it too! Unfortunately, the negative news about Binance and this sale of bitcoins had an impact on the Crypto currency market and further lowered prices. We look forward to the early restoration of the market.

I didn't have time to check this yesterday bit as the numbers are clearly stated in the official document I have now checked.

35841.00701BTC sold for 38,231,389,537 JPY
1 JPY = 0.0094 USD so 38,231,389,537 JPY = 359,375,061.60 USD

So the average sale price was 10,026.92 USD, not the 6k claimed.

The sale of just 20,000 bitcoins caused such a large drop in the crypto-currency market? If this guy has another 180,000 bitcoins, then he still puts us in trouble with the price of crypto currency. It seems that the further growth of the bitcoin course will not be cloudless.

that's almost half of the market cap we have today i don't know about the truth of this news but if it's true i don't know if it such a bad thing because as long as there is buyers there is sellers and i dont think the new holders would dump bitcoin like that guy did

You guys are not very good with numbers.

They sold 35,841.00701 BTC
They still have 166,344.35827254 BTC
There are 16,908,213 BTC mined at the time of writing.

How the hell do you make 166k half of market cap?

It's just FUD. This poor lawyer didn't cause the crash.

Also - there was nothing stopping people from placing buy orders around the $6000 point. If they had they'd be up by at least 33% up.

I read about Mt. Gox on few platforms and they stated that he still has 1.8 billion worth bitcoin. If he dumps a big batch of his bitcoin again then we might see bitcoin falling below may be below $5k mark. Still bitcoin have the tendency to grow and even after he dumps all his coin bitcoin will surely reach its all high mark gain but it will take time.

Apart from this the fall in bitcoin price in this week was also due to 2 more news. One the issue of hacking with Binance and second the policy of SEC which wants exchanges to get them self registered. Still hoping for the best.

I wonder how many bitcoins does he has to make an impact on the price of bitcoin.  I believe there were still a lot of people who are owning greater value of bitcoin than what he have.  As to the topic you brought out, yes I believe that bitcoin price crashed because of these reasons.  I am still hoping for the best and believe that bitcoin price will goes up again.

Can I have links from where you have learned those? This topic seems very interesting because now we can know who the whales are. I believe that bitcoin will still skyrocket because their saga will be coming into an end. Plus, two whales cannot simply crash the whole bitcoin market because it has a very strong foundation. These sell offs should be prohibited since it poses as a threat into many users worldwide and it should be considered illegal. I wonder how where they able to exchange that huge amount of bitcoin without experiencing any problems because an exchange like that is very rare and hackers might be able to interrupt.

180k/21000k= 0.8% not 8%

These are the first news that I have heard about the connection of the movements that Bitcoin has experienced since December with Mt.Gox. What I knew was that the investigation for the bitcoin theft is still ongoing, and that since last November more news are appearing.

You can find the information in this article: https://cointelegraph.com/news/the-mess-that-was-mt-gox-four-years-on

On the other hand, the article above is also talking about experts “suggesting” that the recent price drop of Bitcoin is related with a Mt.Gox trustee. There is some links related along the article that maybe you can check. I also find this one on reddit:

https://www.reddit.com/r/mtgoxinsolvency/comments/82m0dl/mtgox_trustee_has_sold_some_btc_and_bch/dvbbiot/

I don’t know it some of you guys can put bit of more light on these theories...

This news is really truthful, everyone says this.
How can you prohibit a person from selling, then what belongs to him (in this case bitcoins)? The restriction can only be made by the exchange on which he sold the bitcoins.

The market is the market.   Anyone can buy or sell.   There are no good guys or bad guys, just people trying to make a profit.   It's no different than Zuckerberg, Bezos, or Tim Cooke selling some of their stock on the market.   You wouldn't say they were trying to bring down Facebook, Amazon, or Apple stock.   

That's because they're their own companies and it's in their best interest not to do so. It makes zero difference to this guy if bitcoin crashes or not. He's earning his millions for facilitating these transactions and has no ties to bitcoin after it whatsoever.

It would've been nice if part of the deal was that he had to be paid his commission in bitcoin at the end of the selling process, then he'd have a bit more incentive to sell in a sensible way.

                   What do you want to prohibit ??  Do not want to sell BTC to anyone?  This is complete nonsense! 

It is a good that this guy sell in batches than selling all bitcoin at once. It is worrying since he sold only 20k BTC and still have 180k on hand. Does this mean we will be seeing more price dips?

Those numbers are wrong so how do you want to predict price based on them? Have a read of the thread and you might find some more accurate data.

Sensible for whom?   It's not a team effort.   The bitcoin market is not some hippy commune.    If the news is accurate anyway, he sold in the most sensible way to himself and his own interests.   That's the free market economy at work.   

There's a total of 16.9 millions of Bitcoins in Market Cap. 400$ millions worth of BTC, which was between 7-9k USD in February, that's ~50k Bitcoins, which is only ~0,29% of all Market Cap, how could it cause 75% crash?

Butterfly effect, ripple effect, spook the herd, etc.   Can happen in any market.   

this is the classic example of an FUD which is being spread ever since price started going down from $11k and it was a successful one because it was a well crafted FUD not just random nonsense.
and it is not about whether or not they sold these coins, that part of the FUD may very well be true and that's what makes a good FUD, having some traces of the truth.
the real question is whether it affected the market and looking at the daily volumes and also knowing the fact that people who want to cash out for money and not manipulate the market will never do it in a way that causes a crash.

I did not say that it is. But by crashing the price he is indirectly making it so that he gets a worse price for the coins that he's selling, that's pretty clear. Selling at a low of 6k is not sensible, it may be in HIS best interests but it's not in the best interests of the people who he is acting on behalf of.

I wonder why he did that? But I am one of those people who took advantage of the downturn from what he did so that I could buy some bitcoins to make a profit at a later time because of the large amounts he sells bitcoin remains viable and stable at $ 9,000- $ 10,000 and that signifies that bitcoin this year will experience a price rebound and hit new highs.

This act will make some persons who have invested millionaires  in the future, the only thing to do now is to hold and be patient for a while.

Because the market cap is just current price * number of bitcoins. It says nothing about how deep the market actually is. And since there are billions and billions of dollars worth of bitcoin out there mined for pennies, it probably isn't that deep.

As a forex trader, we all do agree about this kind of thing totally common. It's the nature of any asset done by market movers to manipulate the price in order to gain a ton of profit. However, say you haven't bagged any bitcoin then this could open wide opportuniy for us to buy back at lowest price.

We cannot blame the guy though. He has all his right over what he hold and if he chose to sell that many bitcoins then we cannot do anything about it. But thinking about what he did, it really made devastating effect in the market since that large volume of bitcoin being dumped while it was at its highest price. Surely he gained unimaginable amount of converted bitcoins all we need to do now is just hope that it won't happen again because it may become harder for bitcoin to recover because of chains of dumps. Lucky for that person to have sold large quantity of bitcoin at highest price.

The whole Mt.Gox story has been tied deeply with Bitcoin exchange history. In my opinion, the guy is actually making BTC more decentralized, spreading it cheap to buyers. When the bull run started a while ago from 9k to 19k$  I just wish someone would crash below 10k so I could buy more. And there it goes, he helped me.  ;D
There's no point blaming price drop or even price blow on news. I, technically speaking, believe the news follows the price and the price? It follows the chart.

so one guy crashed the markets, awesome!

It is true that they sold millions worth of coins and they are crashing the market every now and then,the only thing i did not like about that is they are holding the funds from the many users they had in the past and the profit will be taken by the scam as they will be settling the real owners with pennies other than that they have the full right to do what ever they want with their coin. :P If you consider this as an opportunity to buy the coins at a lower price,so be it. ;)

but it also needs to happen at some point , if more people hold bitcoin it is much better for everyone . if 1 person holds it for a very long time maybe he can have a much bigger effect in the future.

I read in other sources for this Gox. It's unclear just why he does it. Besides, why sell to him all the other 180,000 bitcoins? Is it due to personal circumstances, or is it deliberate to crash the crypto currency market? This is similar to deliberate actions to reduce the rate of bitcoin.