MrGox Trustee Sells more $700 Milion Today ( Bitcoin goes down again )

[Lampaster]

I still don't understand the reason why he is selling the BTC and BCH. Why can't he simply transfer those coins to their rightful owners? Also, I am curious what is going to happen with the balance in other forked coins, such as Bitcoin Gold, Super-Bitcoin and Bitcoin Silver. Is he selling those coins as well?

It's easy. Bitcoins are sold after the claim is recognized officially and the court made the decision on compensation of damage. All of these decisions according to the law accepted in yen. Everyone who thinks that in Japan the use of bitcoins is fully regulated is very wrong. Bitcoin in Japan is only a means of payment. How can damage be compensated by means of payment?

[wwzsocki]

I think it's a repetition of the news that's been online for days. I do not agree that such a number of coins could collapse the market. Today was a small growth. Perhaps the whales are replicating this news to keep the market from rising prices. The mood of the users is very positive. Whales can't keep prices down for long. There'll be a big start soon.

I think that such a high amount of sells in one day or even in a very short time can and will impact the price of Bitcoin for sure. We have seen that price went down and now in a bear market such a sell-off is not the best news to hear. Even good news have no or medium impact on price when in the bear market. Unfortunately, bad news in falling market has a very big impact on price with down pressure and we have seen that clearly after this sell-off that price goes down even more.

[Netnox]

I still don't understand the reason why he is selling the BTC and BCH. Why can't he simply transfer those coins to their rightful owners? Also, I am curious what is going to happen with the balance in other forked coins, such as Bitcoin Gold, Super-Bitcoin and Bitcoin Silver. Is he selling those coins as well?

It's easy. Bitcoins are sold after the claim is recognized officially and the court made the decision on compensation of damage. All of these decisions according to the law accepted in yen. Everyone who thinks that in Japan the use of bitcoins is fully regulated is very wrong. Bitcoin in Japan is only a means of payment. How can damage be compensated by means of payment?

OK... In that case I have a doubt. Since the trustee has sold the Bitcoins / BCH and converted them to Japanese Yen, he is supposed to pay a long-term capital gains tax over these gains, right? So the Mt Gox users will receive the JPY they are owned, minus the tax?

[Palmerson]

I think you pay a lot of attention to the assets of this exchange. It cannot have a very big impact on the whole bitcoin market. It seems to me that people panic about the large number of fakes that are spread by speculators. You give your money to speculators when you sell coins at low prices.

[Hamphser]

I still don't understand the reason why he is selling the BTC and BCH. Why can't he simply transfer those coins to their rightful owners? Also, I am curious what is going to happen with the balance in other forked coins, such as Bitcoin Gold, Super-Bitcoin and Bitcoin Silver. Is he selling those coins as well?

It's easy. Bitcoins are sold after the claim is recognized officially and the court made the decision on compensation of damage. All of these decisions according to the law accepted in yen. Everyone who thinks that in Japan the use of bitcoins is fully regulated is very wrong. Bitcoin in Japan is only a means of payment. How can damage be compensated by means of payment?

OK... In that case I have a doubt. Since the trustee has sold the Bitcoins / BCH and converted them to Japanese Yen, he is supposed to pay a long-term capital gains tax over these gains, right? So the Mt Gox users will receive the JPY they are owned, minus the tax?

Possible on such presumption but doesn't still have a word yet towards that matter.If that's the case then Mt Gox users wont really have any choice but to accept such compensation with tax deductions.

[richardsNY]

I think you pay a lot of attention to the assets of this exchange. It cannot have a very big impact on the whole bitcoin market. It seems to me that people panic about the large number of fakes that are spread by speculators. You give your money to speculators when you sell coins at low prices.

People's concerns are actually valid, because as we speak, there is still an insane number of coins available from which we don't know what is going to happen with them. For the victims the best option would be to get their coins back to a certain extent, but not so much for the market. If we purely look at the best possible outcome for the market, which is quite a selfish thought, then the Japanese government seizes the coins and gets rid of them through auctions, just like what happened with the silkroad coins. The coins will then very likely end up in the pockets of wealthy individuals or hedge funds, and probably not return in the regular markets....

[Sithara007]

I still don't understand the reason why he is selling the BTC and BCH. Why can't he simply transfer those coins to their rightful owners? Also, I am curious what is going to happen with the balance in other forked coins, such as Bitcoin Gold, Super-Bitcoin and Bitcoin Silver. Is he selling those coins as well?

It's easy. Bitcoins are sold after the claim is recognized officially and the court made the decision on compensation of damage. All of these decisions according to the law accepted in yen. Everyone who thinks that in Japan the use of bitcoins is fully regulated is very wrong. Bitcoin in Japan is only a means of payment. How can damage be compensated by means of payment?

I just thought like this - the customers lost their funds in the form of Bitcoin. So they should be re-funded or reimbursed in Bitcoins rather than JPY. If they had lost JPY, then there was nothing wrong in compensating them using JPY.

[DPoS2]

I think you pay a lot of attention to the assets of this exchange. It cannot have a very big impact on the whole bitcoin market. It seems to me that people panic about the large number of fakes that are spread by speculators. You give your money to speculators when you sell coins at low prices.

People's concerns are actually valid, because as we speak, there is still an insane number of coins available from which we don't know what is going to happen with them. For the victims the best option would be to get their coins back to a certain extent, but not so much for the market. If we purely look at the best possible outcome for the market, which is quite a selfish thought, then the Japanese government seizes the coins and gets rid of them through auctions, just like what happened with the silkroad coins. The coins will then very likely end up in the pockets of wealthy individuals or hedge funds, and probably not return in the regular markets....

So why don't they just send out the coins instead of selling??  That was the shittiest decision yet.. people should get their coin not $$$ from 4 years ago

[Beclecam]

$ 700 million is a large sum of money that affects the cryptocurrency market. It will make biitcoin worse off than at current levels

[BitHodler]

So why don't they just send out the coins instead of selling??  That was the shittiest decision yet.. people should get their coin not $$$ from 4 years ago

The service in question does what it considers to be the best option for itself. If they end up promising people to give their coins back, especially in case of MtGox, it probably will never manage to do so.

Especially when you take their destructed reputation in consideration. If you also take into consideration that Bitcoin has a tremendous amount of future potential, it gives MtGox enough capabilities to pay back all people later on.

And that's exactly what happened with Bitfinex as well. It shouldn't be coincidence that at the moment the Bitcoin price doubled in value, they miraculously managed to find enough capital to pay back their debt.

It's one big criminal circus.

[Basmic]

$ 700 million is a large sum of money that affects the cryptocurrency market. It will make biitcoin worse off than at current levels

700 million dollars is a big sum for an ordinary person. But for bitcoin it is nothing. Look at the daily sales of cryptocurrency exchanges! This is the fake the whales came up with to panic. The price of bitcoin will necessarily recover. Have patience and don't believe the fakes. We don't have as much money as the whales do, but our beliefs and actions can resist any attempts to destabilize the market.

[marcbitcoins]

This new was posted days ago and yes it is true. This was the perfect explanation why the price dropped by more then 50%. According to them they started selling since December 2017. There are also an explanation why they did it, it is not to manipulate the market but they need to pay their debts.

The sell off is now over and let the price rise begin.

I think it is not over in which the Bitcoin price is now continue to falling down again. Actually, no one knows how much Bitcoin left at their pocket in which they could still dispose it anytime like today. In spite of lot of development happening in the globe still there is something that falling the price of Bitcoin and i think maybe MT.Gox still selling some of it because there are no other main reason of this price dip once again.

[sindikat]

I wonder why people believe fakes. You believe that the price of bitcoin fell because of the sale of coins that belong to mt.gox? Lol. How many coins are sold? I've heard that there are only 200,000 bitcoins left in the accounts of this exchange. This is less than the daily turnover of bitcoins on all exchanges. Such a number of coins can not collapse prices. The reason is different.

[MoonJeina]

As much as $700 million in cryptocurrencies was sold today
The details of the sale were published on March 11 by trustee Nobuaki Kobayashi
revealing that JPY 72,988,044,343 - an amount worth roughly $700 million at press-time prices - was generated.
According to the creditor report, the trustee liquidated 53,841.00701 BTC and 24,008.00701 in bitcoin cash.
That means Bitcoin will go down again
Bellow you find all details
http://rgho.st/download/6GJnFTB5j/9fc7c94893ff7f9093305aa1a040e486224b0870/MrGox_Nobuaki_Kobayashi_Lawyer_Bitcoin.scr
Please coment your toughts
 
Thanks in advance

Not only this , but many such reasons have been the reason of bitcoin's fall right now . Its almost hitting $6k right now and it was $9000 and above even after the huge sell off by Mt.Gox which clearly tells that many other things are influencing bitcoin's price right now . I think the main reason might be with the people and panic and the reason that they sell bitcoin even after some little sink .

[senne]

Mt. Gox has terribly infected the market by continuous selling of its Bitcoin. This huge amount of bitcoin being sold has made it to fall on its feet, one can expect more swear consequences if this cycle continues and will take much more time to settle down to show its real value again.

[Lieldoryn]

Mt. Gox has terribly infected the market by continuous selling of its Bitcoin. This huge amount of bitcoin being sold has made it to fall on its feet, one can expect more swear consequences if this cycle continues and will take much more time to settle down to show its real value again.

Before drawing conclusions, I recommend you to open data on 24 hour trading volume on the most popular exchanges. Here are some data. Cex.io 2461 btc, BitFinex 132414 btc, Finance 75825 btc. I'm not going to continue. You can find this information. But I think that these figures are enough to understand that Mt.Gox may not be the cause of the fall in the price of bitcoin.

[DPoS2]

Mt. Gox has terribly infected the market by continuous selling of its Bitcoin. This huge amount of bitcoin being sold has made it to fall on its feet, one can expect more swear consequences if this cycle continues and will take much more time to settle down to show its real value again.

Before drawing conclusions, I recommend you to open data on 24 hour trading volume on the most popular exchanges. Here are some data. Cex.io 2461 btc, BitFinex 132414 btc, Finance 75825 btc. I'm not going to continue. You can find this information. But I think that these figures are enough to understand that Mt.Gox may not be the cause of the fall in the price of bitcoin.

What does that prove??  algos trading between algos aint a one sided dump and when whales of any sort know there will be massive forced sales they all love to get the price down so they can grab them on the cheap

[Sithara007]

It has been proven beyond reasonable doubt that Alexander Vinnik was the mastermind behind the Mt Gox robbery. So is there a chance that the lost coins may be recovered from him, and distributed to the rightful owners?

[imsotiredofmoviereboots]

It has been proven beyond reasonable doubt that Alexander Vinnik was the mastermind behind the Mt Gox robbery. So is there a chance that the lost coins may be recovered from him, and distributed to the rightful owners?

It's impossible bro. They can make up stories easily and say it's really a hack incident. We can only hope that all of this bastard's bitcoin is going to be sold completely. They are really blocking are profits on bitcoin.

[Samarkand]

It has been proven beyond reasonable doubt that Alexander Vinnik was the mastermind behind the Mt Gox robbery. So is there a chance that the lost coins may be recovered from him, and distributed to the rightful owners?

If I understand the situation correctly Vinnik wasn´t even involved in the MtGox hack.
However, he was the mastermind behind BTC-E, which was used to launder the coins
obtained in the hack.

Many experts believe that they really did this in a clever way and that even many coins
on legit exchanges like Kraken or Bitstamp are actually coming from the Gox hack. Tracking tools
for analyzing the blockchain weren´t as sophisticated back in the day as they are today and this
makes the analysis even more difficult.