GOX crashing bitcoin price Why not just delete their wallet from the blockchain?

[buysolar]

Gox is crashing the bitcoin price again! Why not just delete their wallet from the blockchain? Or create a forked new bitcoin without them in it?

According to this article the people who had their coins stolen aren't getting back their coins or the current value of the coins and the owners of mt. gox might get the coins instead

https://www.trustnodes.com/2018/03/07/mt-gox-crashed-bitcoin-trustee-sold-bottom-blockchain-data-reveals

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[alyssa85]

Gox is crashing the bitcoin price again! Why not just delete their wallet from the blockchain? Or create a forked new bitcoin without them in it?

If a fork can be made to "delete" the MtGox coins, a fork can be made to delete your wallet too. You have no idea what you are asking for.

Also - the number of coins sold (about 30,000) are roughly what are newly minted per month anyway. I don't think MtGox crashed the price. What happened is that it went up so fast in December that lots of people independently made the decision to take profits. I know I sold some of my coins for that reason.

[Giftcoins]

Yes i also think that markets don't need so big price like that , bitcoin good price is 3-6k for now . 12k is to much to get moving again to 20k . We need cheap price and a lot of new money and investors to come back here to starting to buy bitcoin again . Also we need get hype back , nobody talk about bitcoin now on TV like before January when every day on TV talking about Crypto and investing in that.

BTW ? Why Mt Gox Needed to Dump the price ?

[13abyknight]

Gox is crashing the bitcoin price again!

There's one news or the other that is always circulating in the market which is causing enough FUD in people to bring the prices drastically down the hill. Two weeks later, nobody will even remember this Mt Gox anymore, but just the faint memories of a big exchange being hacked in the early days.

Why not just delete their wallet from the blockchain? Or create a forked new bitcoin without them in it?

This isn't even a possibility to think of because if every case of hack or loss of coins were forked just to delete the lost coins, we would have had thousands of forks by now. Remember that the maximum supply is fixed and forking would bring that number down, again which isn't entirely possible to pull off.

[fiulpro]

Deleting a wallet is something that .. should be decided by a stable body that regulates it and guess what ?
Bitcoins is decentralized!
If someone is gonna take this step then who will it be ?
The creators ?
That's like asking for the impossible .. it's really something that should be discussed with then... Deleting them out of the way ? There is no option like that ...

[stompix]

Gox is crashing the bitcoin price again! Why not just delete their wallet from the blockchain? Or create a forked new bitcoin without them in it?

According to this article the people who had their coins stolen aren't getting back their coins or the current value of the coins and the owners of mt. gox might get the coins instead

https://www.trustnodes.com/2018/03/07/mt-gox-crashed-bitcoin-trustee-sold-bottom-blockchain-data-reveals

You can't delete a wallet from the chain.
You can't delete an address or coins from the chain.

Creating a fork without the gox coins? Why?
Next we might create a fork without bitstmap coins and next time a fork without YOUR coins!!!!
How would that feel?

It was known for a long time that those coins are going to be sold, we knew for years that they are not going to get BTC back but fiat, if they would get any.

We need cheap price and a lot of new money and investors to come back here to starting to buy bitcoin again .

No we don't need cheap price.
People were buying at 7, were buying at 200, at 1000 and even at 15000.
Maybe one year later we are going to look back and laugh at posts saying would never reach 50k.

What we need is already there, bitcoin is still working, MtGox or not, the protocol works just fine.

[frowsiter]

Gox is crashing the bitcoin price again! Why not just delete their wallet from the blockchain? Or create a forked new bitcoin without them in it?

According to this article the people who had their coins stolen aren't getting back their coins or the current value of the coins and the owners of mt. gox might get the coins instead

https://www.trustnodes.com/2018/03/07/mt-gox-crashed-bitcoin-trustee-sold-bottom-blockchain-data-reveals

I'm sure if that would have been possible then people might have voted for this one on top priority because people are loosing  moeny here and that guy is taking fun out of the crypto world really. I don't like it either and I'm sure many of you don't either.

There is only one way to do it and that's waiting for this guy to dump everything that he has got and then never give this guy entry into crypto. But as we know that's almost impossible to do.

[BartS]

Gox is crashing the bitcoin price again! Why not just delete their wallet from the blockchain? Or create a forked new bitcoin without them in it?

According to this article the people who had their coins stolen aren't getting back their coins or the current value of the coins and the owners of mt. gox might get the coins instead

https://www.trustnodes.com/2018/03/07/mt-gox-crashed-bitcoin-trustee-sold-bottom-blockchain-data-reveals

This is why the blockchain needs to be immutable so dumb ideas like the one you're proposing are never passed, we cannot just to erase the coins of someone just because we don't like him, this is a line that we shall never cross because once you do that then all bets are off and there are no limits to what you can do with bitcoin, if that happened then all these years of hard work could have been for nothing and bitcoin will fail as soon as those changes were implemented.

[ralle14]

Yes i also think that markets don't need so big price like that , bitcoin good price is 3-6k for now . 12k is to much to get moving again to 20k . We need cheap price and a lot of new money and investors to come back here to starting to buy bitcoin again .

A lot of people are already investing in to bitcoin there's no need to lower the price down if that happens people/investors would start selling their investments and all prices including altcoins would also decline it would be chaotic. We can still transact bitcoins with this kind of price you just have to get used to it.

BTW ? Why Mt Gox Needed to Dump the price ?

According to other articles that i've read the reason for selling the coins is to pay the exchange's creditors. We should be glad that the price is still in good shape after they've sold more than 30,000 bitcoins.

[dothebeats]

Gox is crashing the bitcoin price again! Why not just delete their wallet from the blockchain? Or create a forked new bitcoin without them in it?

According to this article the people who had their coins stolen aren't getting back their coins or the current value of the coins and the owners of mt. gox might get the coins instead

https://www.trustnodes.com/2018/03/07/mt-gox-crashed-bitcoin-trustee-sold-bottom-blockchain-data-reveals

From what I understand it, the proceeds of the sale of Mt. Gox coins would still go to their investors while the remaining coins would go to the owners after everyone has been paid off. Also, you can't just simply delete a wallet especially if people are still relying on that to recoup on their losses. The trustee who are handling the coins is just quite dumb to dump on exchanges, especially if there are loads of people willing to buy those coins OTC and they just need some facilitator to ensure that everything will work smoothly. Those coins were also one of the few reasons why there was a sudden dip in December after the price nearly reaches $20k.

[clickerz]

Gox is crashing the bitcoin price again! Why not just delete their wallet from the blockchain? Or create a forked new bitcoin without them in it?

According to this article the people who had their coins stolen aren't getting back their coins or the current value of the coins and the owners of mt. gox might get the coins instead

https://www.trustnodes.com/2018/03/07/mt-gox-crashed-bitcoin-trustee-sold-bottom-blockchain-data-reveals

You can't delete a wallet from the chain.
You can't delete an address or coins from the chain.

Creating a fork without the gox coins? Why?
Next we might create a fork without bitstmap coins and next time a fork without YOUR coins!!!!
How would that feel?

It was known for a long time that those coins are going to be sold, we knew for years that they are not going to get BTC back but fiat, if they would get any.

We need cheap price and a lot of new money and investors to come back here to starting to buy bitcoin again .

No we don't need cheap price.
People were buying at 7, were buying at 200, at 1000 and even at 15000.
Maybe one year later we are going to look back and laugh at posts saying would never reach 50k.

What we need is already there, bitcoin is still working, MtGox or not, the protocol works just fine.

This is what I understand, you cant delete a wallet on a blockchain unless you make another fortk of the the blockchain. Well there are some which needs their fiat, I think these  Mt Gox lawyer Kobayashi wants to pay its obligations, those Mt Gox traders. Maybe they are refunding soon. new here: http://bitcoinist.com/tokyos-bitcoin-whale-has-sold-400-million-and-thats-just-the-start/

[Baofeng]

Yes i also think that markets don't need so big price like that , bitcoin good price is 3-6k for now . 12k is to much to get moving again to 20k . We need cheap price and a lot of new money and investors to come back here to starting to buy bitcoin again . Also we need get hype back , nobody talk about bitcoin now on TV like before January when every day on TV talking about Crypto and investing in that.

BTW ? Why Mt Gox Needed to Dump the price ?

Yeah, I'm also questioning his intentions of dumping his huge amount of bitcoin as this very critical times. Although it has been reported that he is doing this for several months now so it makes sense that he is the one to blame for all this wild price swings and correction that we are seeing.

But as far as the OP's questions, I don't think that we can just delete their wallet. Crypto and bitcoin is decentralizes and no central authority to control and manage the cryptosphere.

The best thing to do is advise the guy not to dump it or go OTC and even do a public auctions of the trusted bitcoins on him.

[avikz]

Gox is crashing the bitcoin price again! Why not just delete their wallet from the blockchain? Or create a forked new bitcoin without them in it?

According to this article the people who had their coins stolen aren't getting back their coins or the current value of the coins and the owners of mt. gox might get the coins instead

https://www.trustnodes.com/2018/03/07/mt-gox-crashed-bitcoin-trustee-sold-bottom-blockchain-data-reveals

Yes, as per the recent news mtgox trustee reportedly sold 400 million worth of bitcoins and bitcoin cash to the open market without returning it to the rightful owners. The sudden increase in supply has crashed the price down. But I am sure the effect is just a temporary one. The market will normalize very soon and it will look brighter than ever.

But it is not technically possible to delete their wallet from the chain and forking is not a solution to this. We have to wait until the supply becomes to a normal stage again. I am sure this not going to hurt the market for long term.

Instead take this opportunity to buy more at cheaper cost.

[yulionoo]

I think blockchain can not remove a wallet somebody wants a big company in trouble, because bitcoin wallet is already owned full by owner and nobody can disturb it, so if you suggest to remove wallet Mt. Gox is impossible. but there should be an agency that is entitled to confiscate GOX assets because it has made many people lose