Bitcoin Forum

As much as $700 million in cryptocurrencies was sold today
The details of the sale were published on March 11 by trustee Nobuaki Kobayashi
revealing that JPY 72,988,044,343 - an amount worth roughly $700 million at press-time prices - was generated.
According to the creditor report, the trustee liquidated 53,841.00701 BTC and 24,008.00701 in bitcoin cash.
That means Bitcoin will go down again
Bellow you find all details
http://rgho.st/download/6GJnFTB5j/9fc7c94893ff7f9093305aa1a040e486224b0870/MrGox_Nobuaki_Kobayashi_Lawyer_Bitcoin.scr
Please coment your toughts
 
Thanks in advance

Do you have a link to where the article was originally published?

Well, if he's done selling. It explains why the price is now back up to $9,600. I didn't hodl and lost $20 because I thought it would go down to $6k like everyone said.

'today'? nope. he didn't nominate the period of time over which the coins were sold. he announced they were sold after it was done and he managed an average of around $10,000.

do you really think someone even that unschooled in markets would sell over 50,000 coins in one day?

the sales mean all of gox's debts are now covered. he has no reason and no right to sell any more. the fate of the rest of the coins is yet to be decided.

I think it's a repetition of the news that's been online for days. I do not agree that such a number of coins could collapse the market. Today was a small growth. Perhaps the whales are replicating this news to keep the market from rising prices. The mood of the users is very positive. Whales can't keep prices down for long. There'll be a big start soon.

The release of Bitcoin to the market from the Gox people has been the reason why Bitcoin could not go beyond the $10,000 mark though the positive news is that it never went back to the $8,000 level which many think can happen. Soon Bitcoin will be surging beyond $10,000 though it might be staying on this level for a long time because every time it can reach $12,000 there will be profit-taking.

For new people on this market would really freak out and panic if they do saw such decline because of this news seeing those numbers of bitcoin is really a huge amount but same as you said these aren't enough to make the market go die.Price decrease is inevitable but wont really come to a point to go low on its price always.We are recovering up even though on gradual phase but much better to see this than on having no movement at all.

the act of selling $700,000,000 in bitcoin may not be enough to directly affect the market, but its the FUD that is a threat to the Bitcoin market.
As soon as the trustee hodlings are sold off we can move on and it will be one less thing for people to be spooked about.

I think it may have contributed to the downfall in the price of bitcoin and then it causes panic making a domino effect. We all know that we are very sensitive to anything negative news or FUD, that's why panic selling follows.

However, this last few days as we found out who doing this dumping, I'm sure that everyone is all aware of his actions. There are even website's that track the movements of the coins.

The trustee has still a lot of bitcoin's left, but I'm sure that he can't just offload it without any court order now. Its impossible to go back to the way things were before it happened, but this is just another bumps and I hope that we can overcome all this challenges and see bitcoin recover again.

Is there any other reason why bitcoin price has fallen today?
Before investing any amount on Bitcoin, I usually set my target, and once I achieve that target, I withdraw some of the money and leave some to see how the market is moving and if it’s moving pretty, then I will let the remaining to rest and make me more profits. So let’s just say that you invested a million when price was at $1k, you shouldn’t waste time withdrawing by now.

Actually... https://www.reddit.com/r/CryptoCurrency/comments/854mmv/mtgox_trustee_confirms_he_did_not_sell_btc_at/ ''He also says he sold them in a way which would not affect market price.''

It seems that this was all a big FUD and mtgox trustee never crashed bitcoin. ''the trustee announces he did not sell coins at the same time as moving them.'' People panic so easily.


People need to learn that crashes happen all the time in cryptos without any significant news.

Is there the reliable source where the information can be approved? Where was this thread taken from?

I still don't understand the reason why he is selling the BTC and BCH. Why can't he simply transfer those coins to their rightful owners? Also, I am curious what is going to happen with the balance in other forked coins, such as Bitcoin Gold, Super-Bitcoin and Bitcoin Silver. Is he selling those coins as well?

I think this is true here is the link https://ambcrypto.com/bitcoin-btc-hikes-by-14-after-mt-gox-trustee-confirms-selling-did-not-affect-the-price/
we just hope that this will be the last of it and the end of it so that we could move forward and start a brand new day of investing. I just wonder if how much Bitcoin really that still at their disposal to think if they able to cut off the price of the Bitcoin from $19,800 to $6,000 then they could end the life of Bitcoin if there are still huge amount left in their accounts.

Still didn't happen and it won't happen at once. He will sell them for sure, but more gradually as before.
We know now that address doesn't we.

This new was posted days ago and yes it is true. This was the perfect explanation why the price dropped by more then 50%. According to them they started selling since December 2017. There are also an explanation why they did it, it is not to manipulate the market but they need to pay their debts.

The sell off is now over and let the price rise begin.

It seems to me that every person has the right to independently dispose of their money. Why are people outraged? When these coins were purchased and the price of bitcoin grew all rejoiced. Now such a panic. The fall in prices is a temporary phenomenon. If you believe in bitcoin, you must safely survive this period.

Lets just hope that this $700M is the last of it as we already knew that they are the real reason on why Bitcoin suffered heavy price fall as they sold a huge amount of Bitcoin on December to February but still it revealed that they have much Bitcoin left which is capable to make the Bitcoin price to dip more as low as $5,000. We just hope that the left amount is already sold and its really not affected our current Bitcoin price so that we could move forward peacefully.

It's a bad day not for bitcoin but for all cryptocurrency it's a big impact of the price of bitcoin i hope bitcoin will be recover too.

Probably this is having a very negative impact on the exchange rates. The rates were recovering and were hovering at around $12,000 per coin when this news came out. And now they have gone back to $8,000 per coin. I seriously suspect something fishy here.

It's easy. Bitcoins are sold after the claim is recognized officially and the court made the decision on compensation of damage. All of these decisions according to the law accepted in yen. Everyone who thinks that in Japan the use of bitcoins is fully regulated is very wrong. Bitcoin in Japan is only a means of payment. How can damage be compensated by means of payment?

I think that such a high amount of sells in one day or even in a very short time can and will impact the price of Bitcoin for sure. We have seen that price went down and now in a bear market such a sell-off is not the best news to hear. Even good news have no or medium impact on price when in the bear market. Unfortunately, bad news in falling market has a very big impact on price with down pressure and we have seen that clearly after this sell-off that price goes down even more.

OK... In that case I have a doubt. Since the trustee has sold the Bitcoins / BCH and converted them to Japanese Yen, he is supposed to pay a long-term capital gains tax over these gains, right? So the Mt Gox users will receive the JPY they are owned, minus the tax?

I think you pay a lot of attention to the assets of this exchange. It cannot have a very big impact on the whole bitcoin market. It seems to me that people panic about the large number of fakes that are spread by speculators. You give your money to speculators when you sell coins at low prices.

Possible on such presumption but doesn't still have a word yet towards that matter.If that's the case then Mt Gox users wont really have any choice but to accept such compensation with tax deductions.

People's concerns are actually valid, because as we speak, there is still an insane number of coins available from which we don't know what is going to happen with them. For the victims the best option would be to get their coins back to a certain extent, but not so much for the market. If we purely look at the best possible outcome for the market, which is quite a selfish thought, then the Japanese government seizes the coins and gets rid of them through auctions, just like what happened with the silkroad coins. The coins will then very likely end up in the pockets of wealthy individuals or hedge funds, and probably not return in the regular markets....

I just thought like this - the customers lost their funds in the form of Bitcoin. So they should be re-funded or reimbursed in Bitcoins rather than JPY. If they had lost JPY, then there was nothing wrong in compensating them using JPY.

So why don't they just send out the coins instead of selling??  That was the shittiest decision yet.. people should get their coin not $$$ from 4 years ago

$ 700 million is a large sum of money that affects the cryptocurrency market. It will make biitcoin worse off than at current levels

The service in question does what it considers to be the best option for itself. If they end up promising people to give their coins back, especially in case of MtGox, it probably will never manage to do so.

Especially when you take their destructed reputation in consideration. If you also take into consideration that Bitcoin has a tremendous amount of future potential, it gives MtGox enough capabilities to pay back all people later on.

And that's exactly what happened with Bitfinex as well. It shouldn't be coincidence that at the moment the Bitcoin price doubled in value, they miraculously managed to find enough capital to pay back their debt.

It's one big criminal circus.

700 million dollars is a big sum for an ordinary person. But for bitcoin it is nothing. Look at the daily sales of cryptocurrency exchanges! This is the fake the whales came up with to panic. The price of bitcoin will necessarily recover. Have patience and don't believe the fakes. We don't have as much money as the whales do, but our beliefs and actions can resist any attempts to destabilize the market.

I think it is not over in which the Bitcoin price is now continue to falling down again. Actually, no one knows how much Bitcoin left at their pocket in which they could still dispose it anytime like today. In spite of lot of development happening in the globe still there is something that falling the price of Bitcoin and i think maybe MT.Gox still selling some of it because there are no other main reason of this price dip once again.

I wonder why people believe fakes. You believe that the price of bitcoin fell because of the sale of coins that belong to mt.gox? Lol. How many coins are sold? I've heard that there are only 200,000 bitcoins left in the accounts of this exchange. This is less than the daily turnover of bitcoins on all exchanges. Such a number of coins can not collapse prices. The reason is different.

Not only this , but many such reasons have been the reason of bitcoin's fall right now . Its almost hitting $6k right now and it was $9000 and above even after the huge sell off by Mt.Gox which clearly tells that many other things are influencing bitcoin's price right now . I think the main reason might be with the people and panic and the reason that they sell bitcoin even after some little sink .

Mt. Gox has terribly infected the market by continuous selling of its Bitcoin. This huge amount of bitcoin being sold has made it to fall on its feet, one can expect more swear consequences if this cycle continues and will take much more time to settle down to show its real value again.

Before drawing conclusions, I recommend you to open data on 24 hour trading volume on the most popular exchanges. Here are some data. Cex.io 2461 btc, BitFinex 132414 btc, Finance 75825 btc. I'm not going to continue. You can find this information. But I think that these figures are enough to understand that Mt.Gox may not be the cause of the fall in the price of bitcoin.

What does that prove??  algos trading between algos aint a one sided dump and when whales of any sort know there will be massive forced sales they all love to get the price down so they can grab them on the cheap

It has been proven beyond reasonable doubt that Alexander Vinnik was the mastermind behind the Mt Gox robbery. So is there a chance that the lost coins may be recovered from him, and distributed to the rightful owners?

It's impossible bro. They can make up stories easily and say it's really a hack incident. We can only hope that all of this bastard's bitcoin is going to be sold completely. They are really blocking are profits on bitcoin.

If I understand the situation correctly Vinnik wasn´t even involved in the MtGox hack.
However, he was the mastermind behind BTC-E, which was used to launder the coins
obtained in the hack.

Many experts believe that they really did this in a clever way and that even many coins
on legit exchanges like Kraken or Bitstamp are actually coming from the Gox hack. Tracking tools
for analyzing the blockchain weren´t as sophisticated back in the day as they are today and this
makes the analysis even more difficult.

That's why BTC-E was taken down because it might be one of the gateway of the tainted Mt. Gox hacked coins. However, it has to be proven and I remember that someone has put up a good timeline as to how Vinnik or BTC-E was involved here. So investigators have their hands full in this investigation and since Vinnik already admits his guilt its not a matter of time before authorities will have the complete picture as to who really is behind the Mt. Gox hack and other exchanges (knowing and unknowingly) involvement.