Bitcoin down ( Mt. Gox is dumping )

[dothebeats]

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.

Moral decency is the last thing this trustee will think of when paying off the money they ran off from their investors. He needed to pay them off every month, and exchanges is what this dude saw fit to do the job, even if it crashes the market at his own will. Clearly he was only following orders just to be done with the job, because if he isn't, then he might have accepted the offer of Kraken's CEO to facilitate an auction for the coins. Nevertheless, the effects are already in place for bitcoin and its markets. We can only hope that it (the sold coins) would be absorbed by the demand.

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[alani123]

Well, I don't think the fact that Mt. Gox is creating selling pressure could be the only reason of the price falling. If there's a downgoing market sentiment then it's not just Mt.Gox that should be blamed. After all, the ones holding balances at the now bankrupt exchange should be compensated.

[Getcoinsite]

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

whats that MT GOX?is there something to do with market?but never heard of that really am..prices cannot be predict since only Whales can may the market pump or dump,though this is speculation and were free to speculate,its harder for me to mention even single amount of price.what i can tell every one is be obedient and observant while doing homework here,because in just a single moment prices may do so movements

[elena_rose19]

No one can really tell and predict at which value will btc land to. It's hard to give speculations but I hope it can recover sooner.
A person who holds a big portion of btc can really affect the market value in just a single movement of his funds. And we as the small holders just have to bear with it.

[pusa aso]

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 believe that it will go down forever,the price of bitcoin is just like wheel it roll up and down,and sometimes it's rate is stable so if you have a lot of coins just wait and you can sell it if the price will going up.

[Simon Eaton]

The bottom is 1800 I think. I can't imagine it getting anywhere close to that figure

[ylnar123]

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

It is not only mt. Gox has the large amount of bitcoin and we cannot tell what is in their mind right now. Whats important is we have hold our stocks and benifit later if the price will go low. When price drops to $5k then i think that would be the yime to buy cheaper coins.

[Altero]

It's been awhile when market goes down badly(december-january) but not just because of Mt.Gox. But today's event is just because of their dumping strategies to benefits more from the community investors. May we not think this seriously cause it won't last for long and it will end up soon once they sold out all their coins in the market.

[Cryptodaddy05]

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

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!

[BitHodler]

Short term speaking it's a factor that will keep shaking up the market, but in the long term this will turn out to be a very important and healthy event. It basically means that we have one major holder less in the market.

The lower the number of major holders, the less of an obstacle single entities will or may form. These coins will be distributed amongst numerous of investors, which I consider to be a win for this market.

I can't say anything about the price, because that's impossible not only for me to have an opinion about, but basically for everyone here. We're basically stuck and operate at the mercy of an external dumping rage.

[clickerz]

I wrote a bit in depth regarding how the Mt. Gox trustee handled the "dumping" from December through February.
https://steemit.com/bitcoin/@savantpr/the-mt-gox-saga-continues

But here's hoping that individual can either auction off the remaining coins or have an OTC sell take place. A straight market sell will definitely not give you the highest value for BTC and BCH. If anything, it decreases the total potential value one might receive. If not, we certainly have interesting times ahead as Mt. Gox still has a ton of BTC and BCH remaining.

That is really a big concern since  Kobayashi ( a Mt Gox Lawyer in charge of the funds/Trustee) is still  in possession of 166,344.35827254 BTC that is $1.7 Billion worth as of the present price. Huge enough to  to make another dump.

[ranman09]

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.

They'd got hacked back 2011, and closed 2014. And now they've just declared bankruptcy. Its a long time frame I think. So they didnt had it back. How about those who had their funds in the site, are they refunded?

[thepr0digy21]

I wrote a bit in depth regarding how the Mt. Gox trustee handled the "dumping" from December through February.
https://steemit.com/bitcoin/@savantpr/the-mt-gox-saga-continues

But here's hoping that individual can either auction off the remaining coins or have an OTC sell take place. A straight market sell will definitely not give you the highest value for BTC and BCH. If anything, it decreases the total potential value one might receive. If not, we certainly have interesting times ahead as Mt. Gox still has a ton of BTC and BCH remaining.

That is really a big concern since  Kobayashi ( a Mt Gox Lawyer in charge of the funds/Trustee) is still  in possession of 166,344.35827254 BTC that is $1.7 Billion worth as of the present price. Huge enough to  to make another dump.

Absolutely. Kobayashi would have the ability to make at least another 10 or so dumps if he sticks to the same standard as he did from December through February. It's absolutely horrifying that one centralized individual can have this effect over the ENTIRE market.

[crocozino]

well, because from my action bitcoins price is absolutely free then I guess there won't be harm if I'm taking some guesses

so depend how harsh Mt Gox and his customer need fiat. if they need it fast, I'd say we can surely see as low as 5k. I do not think they will go below that..
but market will recovering very long time after that, maybe 3-4 month . sure I could be wrong, but that what I think

[Coinky]

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

[practicaltexan]

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.

But what was the price of a bitcoin when the Mt. Gox exchange closed? 

 Cause in his eyes he is selling at a premium and could actually get close enough to pay back a good portion of what is owed unlike most bankrupt and shuttered organizations.   If you only had a million dollars to pay back creditors in 2014 and it came due in 2018 after litigation....You'd have a million dollars.  With bitcoin,  that million would be worth more than what you owed.

[Lionel]

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.

But what was the price of a bitcoin when the Mt. Gox exchange closed? 

 Cause in his eyes he is selling at a premium and could actually get close enough to pay back a good portion of what is owed unlike most bankrupt and shuttered organizations.   If you only had a million dollars to pay back creditors in 2014 and it came due in 2018 after litigation....You'd have a million dollars.  With bitcoin,  that million would be worth more than what you owed.

That's why they can afford to sell coins below their real cost, as the price went up so much that they would make big profit even selling at $3k now.

That's why these auctions they are doing may drop the price for a few months.

They key to win in crypto trading is patience.
Buy and resist one year with your coins, and you will profit.

[alyssa85]

Well, I don't think the fact that Mt. Gox is creating selling pressure could be the only reason of the price falling. If there's a downgoing market sentiment then it's not just Mt.Gox that should be blamed. After all, the ones holding balances at the now bankrupt exchange should be compensated.

The truth is, everyone was selling in December. That is why the mempool was so full - everyone was trying to get their coins to teh exchange to sell.

I feel sorry for this poor trustee - as usual people like to find scapegoats.

[LoyceV]

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

From your link (GoodGuyGoodGuy):

The address sold 18,000 BTC between December and February. The highest amount in Feb 5th. Go look at CMC to see what happened to the market that day.

From February 4 to 5, the price dropped from $9000 to $6000. Now let's assume 10,000 BTC were sold for $8000 on average: that means someone cashed $80 million. The daily Bitcoin trading volume is around 100 times more! What I'd really like to know, is why such a small sale can have such a large effect! Is the "normal" trading volume just a bunch of guys trading back and forth all day?

I've been thinking for a very long time Bitcoin prices are heavily influenced by manipulation. A whale sells a lot, price drops, the whale stops so you think it goes up again and start buying. At that point, the whale drops the next batch.

Eventually, this lowers the holdings of the whale, and gives more individuals larger amounts of Bitcoin. At some point, the whales get less influence. And the former Mt. Gox investors could use the dollars they receive to buy Bitcoins again.

Short term speaking it's a factor that will keep shaking up the market, but in the long term this will turn out to be a very important and healthy event. It basically means that we have one major holder less in the market.

I'm actually hopeful if this really is the main reason Bitcoin is dropping. The whale-dump will end at some point, and when that happens, Bitcoin will go up again. Just like it bounces back up after every drop already.

[gabbie2010]

The media hype about mt.Gox dumping bitcoin has done more harm to the price of bitcoin, personally I belief the price will not go above $9000,  the era of the whales dictating and controlling  the price is gradually weaning, I so much belief the price will recovered honestly there is an increased in the numbers individual holders of bitcoin daily.