Bitcoin down ( Mt. Gox is dumping )

[eminemcookie]

Yeah the Mt. Gox, certainly he is the most hated guy at this very moment and might be curses from all over the world. Lolz. Well im not sure how much holdings he has left with or even im surprised to know that he still holds many more and about to dump it.

I think when the price will drop down Mt Gox wont sell anymore because he will be in loss as well. Or he has got so much power that he might just rebuy at the lower prices and again start the compounding investment. This way he can keep multiplying his wealth and might be responsible for increased prices again. 

Would be the most probable prediction on how bitcoin price would be and might he be the manipulator of why the price drop and rise. But in any case he would not sell all his holdings because he will still want profit from it in the future.

I don't think he is in it for the profit since he does not actually own the bitcoins he is holding. They are just selling them for purposes of liquidating the assets of Mt.Gox and not really trading for profit. This is just to pay off the debts of the company when it declared bankruptcy. Then they will just distribute what they got from the sale. I am guessing they have everything in record and no single penny will go to the guy who is liquidating it.

You are correct in that he isn’t in it for the profit, but if this trustee had any ounce of moral decency in him, he would still sell at the highest point possible rather than letting the assets he is accountable for generate a lot less in terms of dollar amount. The trustee team behind Mt. Gox have a decent bit of work to do moving forward.

We cannot know his rational for selling on the open market instead of a private sale or auction but there has to be some reason. He is being paid a substantial amount (I think about $3m) but it is not in bitcoin and is not dependent on how much he sells the coins for.

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[alani123]

I don't they will dump all at once and cos price to crash.If the price falls,they will also lose.They will drip the stock slowly,as they are already been selling from last few months.But only now it has been informed offocially

That's right. not. good would have ways to liquidate out of market. Risking causing a sell off would hurt their funds and obligation to creditors.

[aso118]

You are correct in that he isn’t in it for the profit, but if this trustee had any ounce of moral decency in him, he would still sell at the highest point possible rather than letting the assets he is accountable for generate a lot less in terms of dollar amount. The trustee team behind Mt. Gox have a decent bit of work to do moving forward.

We cannot know his rational for selling on the open market instead of a private sale or auction but there has to be some reason. He is being paid a substantial amount (I think about $3m) but it is not in bitcoin and is not dependent on how much he sells the coins for.

The fact that he is being paid a substantial amount does not mean that he must have some rationale for selling in the open market, or that he is doing a good job. If you have a management whose objectives and pay is linked to the performance of the Company, you can be assured that they will do what is in the best interests of the Company. A liquidator who just has to sell assets and move to the next job - I am not sure. He has a fiduciary responsibility, but if he does go wrong, nobody is going to sue him.

[aardvark15]

https://www.reddit.com/r/CryptoCurrency/comments/82nud3/mt_gox_has_been_dumping_on_us_for_the_last_two/

The reason of the low price we see since December is Mt Gox, which has more than 1 billion $ left to be dumped , and this will take several months to complete and may drop the price even lower.

I think these are the times to buy, in that when this Gox dump ends, the price will go up naturally again, probably to $20k which is the estimated record of the 2018.

The only doubt i have: how low can it go in these months?

In any case, even if i buy some coins now, i intend to HODL until the mid 2019 or 2020, so i will profit even if this is not the lowest price.

But if the price is likely to go under $5k i may prefer to wait so that i get more good coins for cheap

What is your estimated bottom price of these Gox dump months ?

$7k ?
$5k ?
$2k ?
500$ ?

Let me know

I don’t think the price of Bitcoin will drop below $5000 and I don’t really think it will get that low. I know anything is possible but I think the high costs for mining will keep the price from dropping too low.

Even a drop to $5000 will be significantly lower than the all time high of around $20,000. The one positive from all of this is the cheap coins we can now get.

[jaysabi]

https://www.reddit.com/r/CryptoCurrency/comments/82nud3/mt_gox_has_been_dumping_on_us_for_the_last_two/

The reason of the low price we see since December is Mt Gox, which has more than 1 billion $ left to be dumped , and this will take several months to complete and may drop the price even lower.

I think these are the times to buy, in that when this Gox dump ends, the price will go up naturally again, probably to $20k which is the estimated record of the 2018.

The only doubt i have: how low can it go in these months?

In any case, even if i buy some coins now, i intend to HODL until the mid 2019 or 2020, so i will profit even if this is not the lowest price.

But if the price is likely to go under $5k i may prefer to wait so that i get more good coins for cheap

What is your estimated bottom price of these Gox dump months ?

$7k ?
$5k ?
$2k ?
500$ ?

Let me know

Just to clear up all the non-information and misinformation in this thread, Mt. Gox isn't doing anything because Mt. Gox isn't operating any more and isn't in control of the coins. Mt. Gox is in bankruptcy and there is an administrator in charge of the assets that has been appointed by the court to represent and act in the best interest of all the people Mt. Gox owes money to. The administrator is selling the coins to pay bills and creditors, and it is done so with court permission. Nobody has agency to decide for themselves what coins to sell or when, everything is with permission of the court only, and it is not expected that all the coins will be liquidated because Mt. Gox can repay all its creditors with far fewer bitcoins than they still have in their possession because the btc is worth so much more now than it was when Mt. Gox stopped functioning as an exchange.

[Dragon5]

Hackers attacks as well as Mt.Gox liquidation affect bitcoin prices undoubtedly. Still, its price went up by 5% today, that's a good start. Be positive!

[LoyceV]

Just a thought: what would happen to the price if someone decided to sell 1% of all the gold ? That's worth about $75 billion at current prices.

[Slow death]

Yes the Mt Gox Trustee has sold off 40K of BTC in 5 stages from Dec to Feb 6, starting with 2K mid-Dec when BTC was $19K - and then with 3 tranches of 6K in Dec and twice Jan when the BTC price was about $17.5K and $13.5K and $11k, before the final sale of 18K BTC 6 Feb when the BTC price was about $9K and we had that one day crash to $6K. Interestingly the fall in BTC price on the day of each of those 5 sales by the Mt Gox Trustee was about $2-3K before recovering, and the market seemed to handle the increased volume of BTC for sale pretty well. Worryingly however the Mt Gox Trustee still has 162K of BTC in Mt Gox wallets overhanging the market, and how the market would handle a fire sale of significant amounts of this BTC is unclear. And it’s unclear if the Trustee is going to sell more BTC after going quiet for a month, but it’s the nature of bankruptcy receivers to realise all assets at whatever price unfortunately.

Yeah I think all this Mt Gox stuff is bearish for BTC, while that 162K of BTC is overhanging the market - and there will be a lot of shorting of BTC and selling it on whatever rumours start up. I think before this crash is over we will see a $5K BTC price, and we may see a $3K BTC price as a lot of good technical analysts have been predicting as the low point. But who knows - there’s likely many a twist and turn left in this tale yet!

 

Does that mean we'll have a few months of suffocation? I think that after reading this post I will seriously consider selling my altcoins and staying in the usdt for a long time while I wait for this crisis to pass, it would be wiser because a $3000 drop is something very bad for me that after having bought a lot for price of  $900 I was buying for the price of  $3000,  $5000 and in much higher values and if it drops to  $3000 I will be with huge losses and as I do not know if these powerful guys can dump their bitcoins even more, then usdt becomes the best alternative temporarily... I'll think about it

500$ ?

Why the hell did you have to post this option?

[Lionel]

Yes the Mt Gox Trustee has sold off 40K of BTC in 5 stages from Dec to Feb 6, starting with 2K mid-Dec when BTC was $19K - and then with 3 tranches of 6K in Dec and twice Jan when the BTC price was about $17.5K and $13.5K and $11k, before the final sale of 18K BTC 6 Feb when the BTC price was about $9K and we had that one day crash to $6K. Interestingly the fall in BTC price on the day of each of those 5 sales by the Mt Gox Trustee was about $2-3K before recovering, and the market seemed to handle the increased volume of BTC for sale pretty well. Worryingly however the Mt Gox Trustee still has 162K of BTC in Mt Gox wallets overhanging the market, and how the market would handle a fire sale of significant amounts of this BTC is unclear. And it’s unclear if the Trustee is going to sell more BTC after going quiet for a month, but it’s the nature of bankruptcy receivers to realise all assets at whatever price unfortunately.

Yeah I think all this Mt Gox stuff is bearish for BTC, while that 162K of BTC is overhanging the market - and there will be a lot of shorting of BTC and selling it on whatever rumours start up. I think before this crash is over we will see a $5K BTC price, and we may see a $3K BTC price as a lot of good technical analysts have been predicting as the low point. But who knows - there’s likely many a twist and turn left in this tale yet!

 

Does that mean we'll have a few months of suffocation? I think that after reading this post I will seriously consider selling my altcoins and staying in the usdt for a long time while I wait for this crisis to pass, it would be wiser because a $3000 drop is something very bad for me that after having bought a lot for price of  $900 I was buying for the price of  $3000,  $5000 and in much higher values and if it drops to  $3000 I will be with huge losses and as I do not know if these powerful guys can dump their bitcoins even more, then usdt becomes the best alternative temporarily... I'll think about it

500$ ?

Why the hell did you have to post this option?

First of all, if i were you i would just hold for various reasons:

1- USDT is a scam, they don't even give you the guarantee you can cash out (it's written on their site). This implies that if everybody one day wants to cash out USDT, chances are they don't have all those dollars. So USDT it's not exactly "safe" like FIAT

2- In any case, you should have invested the money you can afford to lose, so even if you lose the money invested in Bitcoin, you should be able to keep living. So i don't see why you panic for so little. You already know that if you HODL 1+ years you will profit heavily, so why don't you just wait one year and avoid wasting time looking at the graphs? You save a lot of time and you profit. Win-win for you

3- $500 is very unlikely, yes, but the Elites want to cause panic to make people sell and give them crypto at a cheap price. BTC will become crazily costly in the years to come, likely around $100000 in the 2020 and they want to profit from this. They are late, as crypto is already  expensive now, but they still want to solve this problem by making the coins cheap temporarily, so that they buy low.
It is possible that they will be spreading panic news and temporarily make the price drop heavily, i cannot exclude that, but keep in mind: it would be just temporary, a matter of weeks or months if you are unlucky. Crypto is the future and will be a boom in the decades to come. If it were a bubble, they would not make efforts against it

This strategy explained in point 3) is similar to what they do with poor countries like Ukraine. They caused the big crisis in Ukraine , and now guess what are they doing? American bigs are investing heavily in real estate in Ukraine at a very cheap price now, they are like colonizing it,
 so that they will profit one day when Ukraine will improve naturally and the value of the houses and terrains there will skyrocket.

p.s. yeah ok, when i indicated the $500 price i was exaggerating a bit. But honestly i would not be scared if it happens, i would be happy and take advantage of it by buying low! Because i know it's just temporary and artificially made by the Elites, and in any case the Bitcoin will be in the hundreds of dollars in less than 5 years

[eminemcookie]

You are correct in that he isn’t in it for the profit, but if this trustee had any ounce of moral decency in him, he would still sell at the highest point possible rather than letting the assets he is accountable for generate a lot less in terms of dollar amount. The trustee team behind Mt. Gox have a decent bit of work to do moving forward.

We cannot know his rational for selling on the open market instead of a private sale or auction but there has to be some reason. He is being paid a substantial amount (I think about $3m) but it is not in bitcoin and is not dependent on how much he sells the coins for.

The fact that he is being paid a substantial amount does not mean that he must have some rationale for selling in the open market, or that he is doing a good job. If you have a management whose objectives and pay is linked to the performance of the Company, you can be assured that they will do what is in the best interests of the Company. A liquidator who just has to sell assets and move to the next job - I am not sure. He has a fiduciary responsibility, but if he does go wrong, nobody is going to sue him.

Oh yes, sorry if it was not clear. That is exactly the point I was trying to get at. The two statements were not meant to be linked in any way, just two responses to some discussion I quoted.

That's where I think they made a mistake in giving him his remit and pay but I guess it's also not within their interests to preserve the bitcoin price. If he was being paid in bitcoin then he would have a much bigger incentive to sell in the most friendly way possible for the market price.

[chickenfried12]

Good news is that, the next court proceeding for Mt Gox bankruptcy won't happen until Sep 18, 2018. Before then, Nobuaki Kobayashi will not have authorization to dump the remaining 160k #Bitcoin $BTC on open market.
Nobuaki has sold enough #bitcoin $btc to cover creditors' losses over Mt Gox insolvency.

Civil Rehabilitation may see remaining 160k btc distributed to the creditors themselves.

Link to court doc from Mar 7: https://t.co/m1LT7UN932

Full post here  please read : https://twitter.com/8bitandstuff/status/972264481433600002?s=19

[thepr0digy21]

Good news is that, the next court proceeding for Mt Gox bankruptcy won't happen until Sep 18, 2018. Before then, Nobuaki Kobayashi will not have authorization to dump the remaining 160k #Bitcoin $BTC on open market.
Nobuaki has sold enough #bitcoin $btc to cover creditors' losses over Mt Gox insolvency.

Civil Rehabilitation may see remaining 160k btc distributed to the creditors themselves.

Link to court doc from Mar 7: https://t.co/m1LT7UN932

Full post here  please read : https://twitter.com/8bitandstuff/status/972264481433600002?s=19

Yes, this was good news to hear. Perfect timing too, the market usually trends upwards in the Spring and Summer after looking through the past couple of years.

[LoyceV]

Does that mean we'll have a few months of suffocation? I think that after reading this post I will seriously consider selling my altcoins and staying in the usdt for a long time while I wait for this crisis to pass

Isn't this kind of thinking exactly what whales want? Give up your holdings for little money, and when it goes up again you'll have to buy back at a higher price?
I didn't sell at $20,000 in December, and I am for sure not going to sell for half now!

[lanalang]

this is a temporary fall. worry not worth it, below $ 5000-6000 will not fall. At the end of March everything will be okay

[thepr0digy21]

Does that mean we'll have a few months of suffocation? I think that after reading this post I will seriously consider selling my altcoins and staying in the usdt for a long time while I wait for this crisis to pass

Isn't this kind of thinking exactly what whales want? Give up your holdings for little money, and when it goes up again you'll have to buy back at a higher price?
I didn't sell at $20,000 in December, and I am for sure not going to sell for half now!

This is exactly the minset of a “whale”. They enjoy buying crypto at bargain prices to either hold or resell for ridiculous gains after a number of months. As one other user mentioned, we will be fine within the next few weeks.

[maxbit]

It feels like there are buyers on the other end when these price dips and corrections occur. It does seem bearish at the moment though and we'll see what the next 1-2 weeks hold

[1Referee]

I didn't sell at $20,000 in December, and I am for sure not going to sell for half now!

Not only that, but it's also the fact that he's talking about Tether, which is just another altcoin in reality. If Tether at whatever point implodes, he's stuck holding worthless tokens that no one wants, and where even exchanges might instantly distance themselves from Tether. It's the risk of selling because of how a whale plays the market, and the risk of having something (Tether) that can become worthless instantly at any time of the day. I would rather hold an actual altcoin to wait for everything to calm down, than having to go with Tether.

[Arngrim]

Its all on hold right? How can they dump it if there is a problem getting it out.
I dont think that will happen this year. I dont see it going down to the numbers that you've said but might be playing with 9k to 10k dollars for now.

If this is true then there will be a lot more that will also dump with them to get the profits that it will give after the price down. Or they can be buying more afterwards.
This is not good news if proven to be true or if it will really happen. Panic will come again.

[batang_bitcoin]

It feels like there are buyers on the other end when these price dips and corrections occur. It does seem bearish at the moment though and we'll see what the next 1-2 weeks hold

You will find them going out of their doors when dips and corrections are being spotted.

500$ ?

Why the hell did you have to post this option?

$500? LOL that was damn too low, a whale wouldn't even allow it to happen if he's going to dump his btc.

[udroxz]

In this season bitcoin getting down can i have the information that why bitcoin getting down?