Once bitten, twice shy for MtGox victims?

[Kakmakr]

Yesterday the news broke that the trustee of the MtGox fiasco, has started to sell large amounts of bitcoins and Bitcoin Cash to recover some money to pay out to victims of this incident. These creditors will receive more or less $400 per bitcoin lost.

Now my question is, how many of these people will re-invest that money into Bitcoin again after they have fallen victim to this supposed hack?

If you go back to that time, you would remember the negativity and anger that was expressed, after these people realized that their money was gone. <I do not blame them at all>

We have lost a lot more than people who lost some money, we gained a lot of haters and people who turned against this technology, because of that event.

Once bitten, twice shy?

If you were a victim, please give us your story or even if you were not a victim, what would you do?

[OmegaStarScream]

I like to believe that back then, It was not all about the money, people did care about the technology so I doubt they will leave the bitcoin scene now but since you said "re-invest" that money into bitcoin, are the victims going to get their funds in fiat?

[kevoh]

If you were a victim, please give us your story or even if you were not a victim, what would you do?

Four years has passed when the MtGox fiasco happened, which is more than enough for me to whine and get over the anger and loss. The crypto community is now much more mature than when the MtGox fiasco happened! So if I was a victim and happened to receive some of the bitcoin lost from the MtGox trustee, I will re-invest into not just Bitcoin but other promising crypto projects that can yield returns.

[jseverson]

are the victims going to get their funds in fiat?

Probably? I haven't read the ruling, but it would make no sense for them to liquidate their coins if they're paying in Bitcoin.

I'd like to believe that not all victims exited the scene entirely; I don't have figures of course, but I'm sure more than a couple of them were storing their coins in other places and could have decided to keep them. It sucks for the people who went all-in though, as they may find the very prospect of crypto traumatic. If you're beating yourself up for selling early, imagine how they feel.

[Kakmakr]

are the victims going to get their funds in fiat?

Probably? I haven't read the ruling, but it would make no sense for them to liquidate their coins if they're paying in Bitcoin.

I'd like to believe that not all victims exited the scene entirely; I don't have figures of course, but I'm sure more than a couple of them were storing their coins in other places and could have decided to keep them. It sucks for the people who went all-in though, as they may find the very prospect of crypto traumatic. If you're beating yourself up for selling early, imagine how they feel.

I presume that the creditors are demanding cash pay outs. This makes sense if the majority of these people are still angry about this whole matter. A lot of these people left the scene, because of this and I think they might refuse to get back in to deal with wallets and volatility.

I have lost a small amount of money in similar circumstances and I can tell you that I was pissed for months. The difference is that I got back onto the horse and I more than made up for my losses I had.

The free BCash and Bitcoin Gold should make up for a lot of the losses that these people made back then. So these forks have a use after all. ^smile^

[Herbert2020]

well, their money was gone but they didn't lose it because bitcoin ran away
they instead lost it because a centralized exchange which was scammy ran away with their money. so if anything, anybody with a brain will know that the problem was lying in trusting a bitcoin exchange so they shouldn't do that anymore.
of course some of them were traders who may not come back because they don't care about bitcoin but the money they make of it but anybody else will reinvest.

[Kakmakr]

well, their money was gone but they didn't lose it because bitcoin ran away
they instead lost it because a centralized exchange which was scammy ran away with their money. so if anything, anybody with a brain will know that the problem was lying in trusting a bitcoin exchange so they shouldn't do that anymore.
of course some of them were traders who may not come back because they don't care about bitcoin but the money they make of it but anybody else will reinvest.

The exchange did not run away with the money, the hackers did. <Well that is what they are saying> You also have to go back to those years, when there were less options availlable for people to trade coins. MtGox was the biggest and the most reputable company, according to Roger Ver. ^lol^

MtGox was also the catalyst for regulation for exchanges by governments.

 

[Lucius]

Yesterday the news broke that the trustee of the MtGox fiasco, has started to sell large amounts of bitcoins and Bitcoin Cash to recover some money to pay out to victims of this incident. These creditors will receive more or less $400 per bitcoin lost.

Now my question is, how many of these people will re-invest that money into Bitcoin again after they have fallen victim to this supposed hack?

If you go back to that time, you would remember the negativity and anger that was expressed, after these people realized that their money was gone. <I do not blame them at all>

We have lost a lot more than people who lost some money, we gained a lot of haters and people who turned against this technology, because of that event.

Once bitten, twice shy?

If you were a victim, please give us your story or even if you were not a victim, what would you do?

Only good news is that some people may get back some percentage of money they lost few years ago.But bad news is that sales of these BTC affected quite negatively on today markets,especially the announcement that 1.7 $ billion worth of BTC will be sold in the near future.

I think that some of people stay in crypto world after MtGox hack,even though they lost money-and some of them will probably invest that returned money in cryptocurrency.Although a large number of affected users is permanently left after that event,they lost their trust in BTC and in exchanges.

I think this event was a lesson for future,but to this day some things did not generally improve and security of exchanges is still quite questionable.The ghost of MtGox once again reminds us that coins on any exchange are not safe,so be smart and do not repeat the same mistake twice.