Bitcoin Forum

Currently, rumours are abound that MtGox has found the missing bitcoins and that depositors will get back their assets. There is some argument as to the effect this will have on the market, so here's a poll to assess the current sentiment.

I vote positive or up, because why wouldn't it be a good thing to restore 670,000 BTC to it's rightful owners.

Mt. Gox will have it day in court yet, but what about the traders, investors, home owners, early adopters, supporters of Bitcoin that got "Goxxed".

If the coins are returned, I would imagine the majority would continue trading or investing, just not at Gox.

Several will sell off and get out of the Bitcoin game, but a vast majority are in it for the long haul.

I have to applaud the tenacity of those who seriously think tens (if not hundreds) of thousands of coin traded at ~$100 or sold at marked up rates via a third party website are somehow going to not instantly be sold for five times their purchased or estimated value.

Definitely up.

I'm no more likely to sell my BTC now than i was before Gox stole 'em.

Short term down, and then up. The market will be positive if the issue is resolved IMO.

All Bitcoin news, good or bad, results in a price dip.

I've no idea and I wouldn't give a flying fuck about the short term price if it means thousands upon thousands of people are saved from Bitcoin ruin.

This,and 1/2 billion missing from the btc economy should be frowned upon.

I just wanna see Karp in jail. This shit should not go unpunished, however it resolves.

so basicly the missing coins went to

random oracle
http://en.wikipedia.org/wiki/Random_oracle_model

Curiosity, what kind of currency used in prision btw ?

Basic economics, more supply means price goes down. Some of those coins will be sold, which pushes the price down.


Right? I don't get this community sometimes  ::)

Seems simple enough it's a good thing for long term investors and that is all anybody could ask for or why would they bother investing in the first place.

agreed

Seems to me a payout would increase the odds of Gox rising from the dead to goxx us all again.

glad the victims will get something  :)

..Which results in the price going down

Dont underestimate the USD that gox has to return. Portion of that money will be used to buy back coins.

If it ever happens, that would be the first time in history that MtGox has positively affected bitcoin price :) So, I don't believe it. Mark will find a way to screw everything up even if he found 10 million coins. And I definitely am not sending a single satoshi to any non-transparent bitcoin service anymore. That is I guess the only positive thing from all of this - services would be held to a much, much higher scrutiny level now. Amateur hour is over.

If a payout does occur, I envision a fun battle to balance those who are trying to recoup losses from the last run up and and those who just want to make a quick profit. For the short term, we might have another upward spike (maybe hitting around ~750) followed by a downward trend that'll extend 3-4 weeks.

Aint nothing happening for 6 months at least, the impact for the time being is null.

I thought many of the missing BTC were stolen over time due to 'transaction malleability'. Now some of them have suddenly been found. Someone is obviously lying, and lying is hardly a good sign.

you noticed too? gox, it seems, started lying somewhen around the time Karpeles got in the office in 2011 and has not stopped since then.

Price of Iceland’s Auroracoin Falls 50% Against Bitcoin After Airdrop (http://www.coindesk.com/price-iceland-auroracoin-fall-50-bitcoin-airdrop/).* Spoiler alert, same thing will happen if gox "airdrops" the coins back to the users.

* In hindsight, this was a great opportunity to short auroracoin. I wonder if there were any easy ways to do so. 

quite a different scenario there. Those Auroracoins were given away for free and it is more or less a worthless alt, I'd dump them no question.

I don't think people would be so quick to dump their BTC.

I think there will be some selling (not to much)

There will be a major shift drom gox to other exchanges or cold wallets. This means sideways initially.
After that the people who got their coins back will resume trading on other exchanges making the price go up.
Some people will HODL making the price go up since less coins available.

MtGOX will then shut down for good and Mark goes to jail... and everyone else lives happily ever after :)

Sure, a possible scenario.

How would that make it go up? The only trades you can do with coins is sell for fiat, which makes it go down. Or for alt-coins, which makes the alt-coin go up.


Mtgox is making everyone HODL their coins, whether they like it or not. If they release the coins, the amount of people HODLing will only go down. EDIT: No matter how you look at it, Mtgox putting coins in the market makes more coins avalible, not less.

I'd rather never see my coins again if that were the only way to ensure Gox never returns to the scene. With Gox gone for good, my remaining coins are going to be worth more IMO (in the long run).  

Still though, I HATE Mark Karpeles. If I had all my coins there I would be absolutely livid.

If indeed they have the rest of the BTC, IMO unlikely

Best case:
Coins returned, Gox disappears for good.

Likely case:
Gox returns, and fucks us all over again.

"the amount of people HODLing will only go down" ???
For every seller there is a buyer! Plain economics ;)

HODLing =/= selling(or buying for that matter). When someone takes coins they own out of storage and put them on the market, the amount of people HODLing goes down. When someone leaves the market, and puts coins in storage, the amount of people HODLing goes up. Every coin mtgox controls is a coin in HODling status. If the coins leave their control and returns to the rightful owners then... Every coin that is not stored more or less immediately and is put on the market, is a coin no longer in HODLing status. 100% of goxcoins is in HODLing. If they ever become unfrozen, if even one coin satoshi is put back on the market "the amount of people HODLing will only go down"*. 101% is not possible.

* For all the nit-picky, it is possible that every single Mtgox customer puts the coins in storage, but I'd sooner bet on winning the lottery.