[2018-03-18]The ‘Mt Gox Whale’ Explains His Crypto-Selling Strategy

[gabbie2010]

The ‘Mt Gox Whale’ Explains His Crypto-Selling Strategy
On March 17 the Mt Gox bankruptcy trustee Nobuaki Kobayashi revealed some critical information about how he’s been selling the BTC and BCH he has in his possession. The news may comfort those who believe the remainder of the Mt Gox sales will crash the market. According to Kobayashi he has been consulting cryptocurrency experts and selling in a manner that would avoid affecting the market price.

The ‘Mt Gox Whale’ Sold BTC and BCH Between December 2017 and February 2018 on Separate Occasions
The bankruptcy trustee from Tokyo, Nobuaki Kobayashi, is now referred to as the ‘Mt Gox Whale’ on social media and many cryptocurrency centric forums. On Saturday, March 17, the trustee disclosed to the public exactly how he was offloading the cryptocurrencies he holds, as he still has another $1.9 billion worth of BTC and BCH to sell. This massive amount of holdings waiting to be sold has concerned bitcoin traders, because they think the sales could hurt the BTC and BCH market value.

“I sold BTC and BCH from December 2017 to February 2018,” explains Kobayashi in response to questions about the sale.

I sold BTC and BCH separately — Therefore, the total amounts of BTC and BCC sold until the time I ceased selling are different.

The 'Mt Gox Whale' Explains His Crypto-Selling Strategy
Nobuaki Kobayashi has already sold $400 million worth of BTC and BCH. The trustee still has $1.9 billion worth of digital assets left to sell.
Kobayashi Consulted ‘Cryptocurrency Experts’ and Did Not Sell the Cryptos Using an Ordinary Exchange
The 'Mt Gox Whale' Explains His Crypto-Selling Strategy
Nobuaki Kobayashi.
According to the trustee, he consulted “cryptocurrency experts” during the BCH and BTC sales, and he did not use the traditional method of using a digital asset exchange. Further Kobayashi says analyzing the movement of the public addresses is useless, as the assumption that the assets were sold at those exact times is “incorrect.” 

“Following consultation with cryptocurrency experts, I sold BTC and BCH, not by an ordinary sale through the BTC/BCH exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the extent possible,” Kobayashi details.   

The method of sale of BTC and BCH was approved by the court as well  — I would like to refrain from explaining the details of the method of sale; otherwise the future sale of BTC and BCH could be hindered  — At present, nothing has been determined regarding the sale of BTC and BCH in the future.

Besides the $1.9 billion worth of digital assets remaining under the trustee’s supervision, he is also supervising the cash collected from the last sale. The approximate holdings of JPY 44,000,000,000 in cash were only recently secured says Kobayashi, and he will determine when creditors will get their restitution settlements in the near future.

Source: https://news.bitcoin.com/the-mt-gox-whale-explains-his-crypto-selling-strategy/

[davis196]

This is not a "crypto-selling strategy".Kobayashi refuses to reveal his method to sell those bitcoins.
Perhaps he sold the btc directly to some btc whales.This is not a strategy,it`s just common sense.
I would never deposit 400M USD worth of bitcoins in Bitrex,Kraken,Poloniex or Coinbase.I might never see my btc again.
The phrase "but in a manner that would avoid affecting the market price" is joke.It did affect the market price.

[1Referee]

This is not a "crypto-selling strategy".Kobayashi refuses to reveal his method to sell those bitcoins.
Perhaps he sold the btc directly to some btc whales.This is not a strategy,it`s just common sense.
I would never deposit 400M USD worth of bitcoins in Bitrex,Kraken,Poloniex or Coinbase.I might never see my btc again.
The phrase "but in a manner that would avoid affecting the market price" is joke.It did affect the market price.

Every normal thinking person would sell these coins through OTC markets, which is where these level of deals quite regularly happen. The liquidity available in OTC markets is likely 100000% higher than the liquidity available on the shitty exchanges our market counts. In current times, professional and other wealthy parties would clean your shoes just to buy that many coins at once for a fixed price.

It's clear why the coins are being sold on-exchange, and that's obviously their personal benefit.

1- Bastards sell their personal holdings, knowing what has to come.
2- Bastards start dumping Gox holdings, initiating and exaggerating a massive correction.
3- Bastards dump another batch of Gox holding, pushing the market down further.
4- Bastards slowly buy back their personal holdings at discount levels.

It may even have been so, that they sold this precious bit of information for big bucks. It's one big bandit cartel, what else can we expect from them? Once all people are paid back, and with luck also are given back the coins that are left, because it simply belongs to them, Mark Karpeles will continue with his 'normal' life like nothing has happened, but wealthier than ever before.

[wxa7115]

This is not a "crypto-selling strategy".Kobayashi refuses to reveal his method to sell those bitcoins.
Perhaps he sold the btc directly to some btc whales.This is not a strategy,it`s just common sense.
I would never deposit 400M USD worth of bitcoins in Bitrex,Kraken,Poloniex or Coinbase.I might never see my btc again.
The phrase "but in a manner that would avoid affecting the market price" is joke.It did affect the market price.

I agree, probably one of the most known facts about the markets is the law of supply and demand and how this affects the price this person wants to make us believe that somehow selling a bunch of bitcoins is not going to affect the market, how can that be possible? It doesn't matter what method he used, if there is a bigger supply of bitcoin and the demand does not go up then the price goes down it's very simple.

[richardsNY]

It's one big bandit cartel, what else can we expect from them?

Even the US government, which is a bandit as well, doesn't lower itself to such shitty manipulative practices. If we look at how many coins they seized and had in stock at once, they could very well plummet the market to the absolute rock bottom at any time of the day, but they didn't. Their main intention was solely to collect as much capital as possible through their hosted auctions, because they were well aware of the fact that liquidating that many coins on regular exchange markets is something you just don't do due to the poor liquidity. The only weird thing is that while BitFlyer was somewhat aware of what was happening, they didn't even offer their service to have everything sold to private buyers. With so much demand in Japan, it shouldn't be a problem to sell these coins in a relatively quick fashion.