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Author Topic: Gox coins dumpage - what the screeching hell?  (Read 490 times)
gentlemand
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March 08, 2018, 11:30:58 AM
 #1



The little fellow in charge of this type of thing has now written to everyone with relish about how he gaily took a dump all over the exchanges.

My mind has been stretched to infinity by this.

https://www.cryptoninjas.net/2017/06/08/cumberland-mining-offers-convert-bitcoin-held-mt-gox-cash/

Back in the day Cumberland Mining, one of the biggest OTC traders, offered to sell the entire amount.

Jesse Thingy the CEO of Kraken and involved as a trustee in the process told the guy he should auction it and was ignored.

https://www.reddit.com/r/Bitcoin/comments/82unmb/why_is_the_mt_gox_guy_selling_on_exchanges/dvd465i/

I can't believe the person in charge of this would be so stupid when OTC buyers would be biting his arm off.

What do you think is up?

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March 08, 2018, 02:31:31 PM
 #2

This pic was very revealing to me:



I can't believe this dumbass logged in to some exchange and sold an insane amount of bitcoin in batches instead of going OTC like he should. There must be some sort of insider trading going on. This guy has to be an agent hired to crash the bitcoin price because governments were getting scared at the bull run. If it wasn't for this, we would be at 30k by now.

I don't believe in coincidences when it comes to big money flows. Someone has made a lot of money out of this. Insider trading has happened im sure. This is insane.
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March 08, 2018, 02:49:57 PM
 #3

And he have more than 100k coins to dump still.

The bears are probably loving this.
gentlemand
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March 08, 2018, 02:55:27 PM
 #4

And he have more than 100k coins to dump still.

The bears are probably loving this.


As stated elsewhere I think the current sales have fully covered the liabilities to the creditors as it's all still based on the 2014 price.

The next question is what happens to the rest of these? It looks possible that the rest will go back to shareholders of the Gox holding company which means, er, mainly Mark Karpeles.

If the court switches to civil rehabilitation it's distributed to claimants.

Either way the ultra dumps are over.

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March 08, 2018, 03:18:55 PM
 #5

And he have more than 100k coins to dump still.

The bears are probably loving this.


As stated elsewhere I think the current sales have fully covered the liabilities to the creditors as it's all still based on the 2014 price.

The next question is what happens to the rest of these? It looks possible that the rest will go back to shareholders of the Gox holding company which means, er, mainly Mark Karpeles.

If the court switches to civil rehabilitation it's distributed to claimants.

Either way the ultra dumps are over.

Unbelieveable that that prick will end up being rich by having destroyed many people's life back in the days.
Ruining a company, taking people's money, going for a while in jail and end up with hundreds of millions of dollars.
Wouldn't be surprised if he hires some bodyguards. Could imagine he will need them.
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March 08, 2018, 03:22:33 PM
 #6

There aren't really many possibilities on why he went that route. It's either he has a vendetta against Bitcoin and did it out of spite, or he has more to gain in the long run by moving the market than selling a bit higher. My money is on the latter, but who knows?

At least it seems to be over now, for the most part. Crazy how one guy can have so much of an impact. It just makes you realize how long we have to go.

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March 08, 2018, 03:32:48 PM
 #7

If he keeps dumping around 15k bitcoins each month, the price will tank around 10k for the entire year.

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March 08, 2018, 03:46:32 PM
 #8

Wouldn't be surprised if he hires some bodyguards. Could imagine he will need them.

Bodyguards are meaningless if there is one party ready to finish him off, where they'll just take the bodyguards down with that fat fuck. It still gives me goosebumps if I think about how I just barely managed to avoid being a Gox victim as well. It was a simple reason that made me not choose for MtGox back in my initial days in 2013, and that was their premium over other exchanges. I went for Bitstamp, and till today I am feeling lucky that I did so. I can't even imagine how people must have felt, and still feel today with current developments in mind. Seriously, I can't understand how this fat fuck still manages to eat and drink with everything he has done. Worst thing of all, is that in certain videos, he still has that nasty grin on his face.

gentlemand
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March 08, 2018, 03:51:55 PM
 #9

Bodyguards are meaningless if there is one party ready to finish him off, where they'll just take the bodyguards down with that fat fuck. It still gives me goosebumps if I think about how I just barely managed to avoid being a Gox victim as well. It was a simple reason that made me not choose for MtGox back in my initial days in 2013, and that was their premium over other exchanges. I went for Bitstamp, and till today I am feeling lucky that I did so. I can't even imagine how people must have felt, and still feel today with current developments in mind. Seriously, I can't understand how this fat fuck still manages to eat and drink with everything he has done. Worst thing of all, is that in certain videos, he still has that nasty grin on his face.

There was lots of tough talk when it went down. All of it was bilge and still is which does slightly surprise me as there must have been some substantial dodgy money, but slaughtering him wouldn't achieve much.

When I first showed proper interest in mid 2013 ish I dismissed Gox within five minutes of googling knowing nothing about cryptoland.

Previous known hack, far off unaccountable land, no regulation, passwords showing up in browser, strange man on beach ball.

I was flabbergasted such a clear shithole was the cornerstone of Bitcoin trading and went to Localbitcoins instead. People just seemed to accept it for what it was which I refused to do.

I do feel bad for anyone who lost out big time, but the flags were very large and very red for a long time before they followed through on their promise.

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March 08, 2018, 05:01:28 PM
 #10

Latest statement by Jesse Powell:

For the record, Kraken was asked many months ago for advice on how to sell a large block of coins. Our answer was:

1. don't sell coins
2. If you have to, do it with an auction, which Kraken can facilitate
3. If you want to do it more privately, let Kraken's OTC desk broker it for you

We were explicit about not dumping a large amount of coins on the market. Unfortunately, it looks like the trustee made their own decision or was taking advice from elsewhere -- maybe whatever exchange they dumped those coins on. We had zero knowledge of these sales happening until it was announced at the recent creditors' meeting. Unfortunately, we have no visibility in to where, how or why the trustee sold those coins, nor whether any precautions were taken to prevent front running or self-dealing. Hopefully, the trustee will make it clear what their process was and put the questions to rest.

Sometimes, if it looks too bullish, it's actually bearish
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March 08, 2018, 09:35:45 PM
 #11

Latest statement by Jesse Powell:

For the record, Kraken was asked many months ago for advice on how to sell a large block of coins. Our answer was:

1. don't sell coins
2. If you have to, do it with an auction, which Kraken can facilitate
3. If you want to do it more privately, let Kraken's OTC desk broker it for you

We were explicit about not dumping a large amount of coins on the market. Unfortunately, it looks like the trustee made their own decision or was taking advice from elsewhere -- maybe whatever exchange they dumped those coins on. We had zero knowledge of these sales happening until it was announced at the recent creditors' meeting. Unfortunately, we have no visibility in to where, how or why the trustee sold those coins, nor whether any precautions were taken to prevent front running or self-dealing. Hopefully, the trustee will make it clear what their process was and put the questions to rest.

The trustee possibly didn't have the experience of selling large number of coins. If he had not trusted Kraken on their advise on how to liquidate, he could have asked any equity trader how block sales take place. By selling a few coins and crashing the market, the trustee has achieved nothing but driving down the value of the remaining coins in his possession. This is one whale which has made a big and unnecessary splash.


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March 08, 2018, 09:56:28 PM
 #12

where does it explicitly say that the trustee dumped on exchanges? i didn't see that in the report.

the coindesk article and other speculation i've seen points to BTC movement on the blockchain that coincided with the bear market, but i haven't seen any blockchain analysis that shows coins were entering exchanges. are we sure he wasn't selling OTC?

As stated elsewhere I think the current sales have fully covered the liabilities to the creditors as it's all still based on the 2014 price.

then why is he talking about continuing to liquidate the assets? if the entity is legally solvent, what business do they have liquidating assets of the claimants?

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March 08, 2018, 10:33:44 PM
 #13

Unbelieveable that that prick will end up being rich by having destroyed many people's life back in the days.
Ruining a company, taking people's money, going for a while in jail and end up with hundreds of millions of dollars.
That is the truth and they have finalized the valuation they owe to the owners of the coin when the hack happened when the price was really low and the rest are their profit,what a crack situation this is,all of the coins should be liquidated and must be distributed among the users who lost their coins rather than keeping the rest as their profit which is insane and the method in which they choose to liquidate the assets is another blunder.














 

 

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Mateox
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March 08, 2018, 10:44:05 PM
 #14

Holy... Is this possible? I can't believe what I'm reading. That level of insanity is mindblowing.
Is there any way to stop him?
Bardman
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March 08, 2018, 10:56:31 PM
 #15

Holy... Is this possible? I can't believe what I'm reading. That level of insanity is mindblowing.
Is there any way to stop him?

Meh, you think he is the only one capable of doing this? There are other people out there with similar amounts of bitcoin, I mean if he could destroy the market starting with only 2k, a few other whales could too and I'm sure many crashes happened that way.



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March 08, 2018, 11:16:02 PM
 #16

The only good thing is that prices should go back as before
Between 2000 and 5000 per btc  ; Everyone should start selling
Otherwise you will have to sell them cheap (as) in the last
gentlemand
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March 08, 2018, 11:34:26 PM
 #17

Meh, you think he is the only one capable of doing this? There are other people out there with similar amounts of bitcoin, I mean if he could destroy the market starting with only 2k, a few other whales could too and I'm sure many crashes happened that way.

Indeed. But this geezer knows nothing about Bitcoin and only has a task to complete. Your average whale knows the market inside out, what it can take, what it can't, and will trade accordingly. This guy clearly hammered the sell button until it was time for sushi.

There's no one else with this number of coins dumb enough to do this.

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March 08, 2018, 11:42:09 PM
 #18

There's no one else with this number of coins dumb enough to do this.
It's an opportunity for those looking to keep buying Bitcoin, and that's how it should be seen, especially because of the fact that no one here can do anything about it. Either just hodl through, or buy yourself some coins every week.

At some point this clown show will stop because he will run out of supply, and when the market isn't subject to this level of supply feeding anymore, it will slowly go up again, and that's the most important thing for me.

And who knows, maybe he is getting financially compensated for unloading that many coins in such a poorly executed manner. It's plain stupidity, or financial incentive externally. Either way, it won't last endlessly.

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March 08, 2018, 11:45:50 PM
 #19

There's no one else with this number of coins dumb enough to do this.

Has everyone already forgotten about the infamous bear whale? He died at $300 so we could all prosper. Cheesy

How quickly we forget the 2014-2015 bear market. Day after week after month of whales providing never-ending supply, until it finally culminated in the massive leveraged long unwinding of August 2015 (the $162 low).

I hate to say it, but sentiment now truly is like 2014. If we're entering a bear market, everyone seems to be in denial about it.

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March 09, 2018, 12:57:05 AM
 #20

I hate to say it, but sentiment now truly is like 2014. If we're entering a bear market, everyone seems to be in denial about it.

Gimme a blow by blow rundown of why this is 2014 redux. Where are the parallels? There's been a bubble of course. What else about the current scene convinces you we're in for years of grind again?

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