The Mt. Gox dude won't let Bitcoin prices rise

[lumeire]

Where's Tim Draper or the Winklevoss twins?  They could make a deal with the Japanese court to buy or request to auction some of those BTC instead of dumping them in the open market, which is so retarded btw...

You know that's a bit hopeless don't you?

I pity the guy though, he's just doing his job.

We are probably looking at additional sell pressure from these coins in late 2019, early
2020, but definitely not this year.

I hope it does not go all the way till halving season, I'd like to see even better all time highs.

[dothebeats]

As what most people have suggested to him before he went nuts, they should go OTC to liquidate the coins and pay up their debts. But unfortunately, the trustee is stubborn enough to not listen to any of these advices and went on to dump on our faces every single time. He should have considered going OTC right now given that the incident he caused is highly publicized and that the fingers are now pointed at him.

Or he's still loyal to Karpeles and just follows his orders, who knows?

[carlisle1]

Sell those bitcoin and we can get rid of this fear  but there will be always such threat this is not the first and will not be the last. Just Hodl

nice thoughts mate,holding still is the key for us to help market grows again.if we will all together being small holder and give the hit of holding our coins together,this big whales will stop doing this things to get over more of us.i might think with us together?theres no impossible

[samson]

Everything you think you know about the MtGox sale of Bitcoin is completely wrong.

This statement was released by the MtGox trustee today :

https://www.mtgox.com/img/pdf/20180317_qa.pdf


For those who can't be bothered to click and ready the whole thing for the relevant information I will summarise the main point which matters to non MtGox creditors :

Quoted from the above URL :

I sold BTC and BCC from December 2017 to February 2018 with the cooperation of a cryptocurrency exchange in light of the market price at the time of the sale.

Following consultation with cryptocurrency experts, I sold BTC and BCC, not by an ordinary sale through the BTC/BCC exchange, but in a manner that would avoid
affecting the market price, while ensuring the security of the transaction to the extent possible.

The method of sale of BTC and BCC was approved by the court as well. I would like to refrain from explaining the details of the method of sale; otherwise the future sale of BTC and BCC could be hindered.

However, at present, nothing has been determined regarding the sale of BTC and BCC in the future.

Please note that the transfer s of BTC and BCC from BTC/BCC address es that I manage to other addresses do not itself necessarily mean that I sold BTC and BCC at the time of such transfers.

Please retrain from analyzing the correlation between the sale of BTC and BCC by us and the market prices of BTC and BCC based on the assumption that the sale was made at the time the BTC and BCC were transferred from BTC/BCC addresses that I manage, as such assumption is incorrect.

It was all FUD.

[stompix]

Everything you think you know about the MtGox sale of Bitcoin is completely wrong.
This statement was released by the MtGox trustee today :
https://www.mtgox.com/img/pdf/20180317_qa.pdf

It was all FUD.

Nobody is going to believe that and even if they do, too few will read or bother to read that statement in the first place.
The community needs a culprit, needs somebody to blame for the price drop.
Be it Gox, G20, just find somebody and blame him.

Already we have ideas about rubbing out everybody that tries to dump coins, the whole thing will only go downhill unless BTC goes up in price again.

[Canis Majoris]

Everything you think you know about the MtGox sale of Bitcoin is completely wrong.
This statement was released by the MtGox trustee today :
https://www.mtgox.com/img/pdf/20180317_qa.pdf

It was all FUD.

Nobody is going to believe that and even if they do, too few will read or bother to read that statement in the first place.
The community needs a culprit, needs somebody to blame for the price drop.
Be it Gox, G20, just find somebody and blame him.

Already we have ideas about rubbing out everybody that tries to dump coins, the whole thing will only go downhill unless BTC goes up in price again.

I'd sooner say that he now feels kind of guilty for the chaos he wreaked on the cryptoverse or just tries to make it look like he has nothing to do with the off-loading of the Mt. Gox coins and didn't in fact go on a selling spree. I humbly admit that I didn't investigate this issue myself, but I've read it around here that a few people actually bothered to track down the coins, and they reported that around 40k BTC of Mt. Gox coins had been sold late December through early February. Though I don't really know if it is FUD or not.

[samson]

Everything you think you know about the MtGox sale of Bitcoin is completely wrong.
This statement was released by the MtGox trustee today :
https://www.mtgox.com/img/pdf/20180317_qa.pdf

It was all FUD.

Nobody is going to believe that and even if they do, too few will read or bother to read that statement in the first place.
The community needs a culprit, needs somebody to blame for the price drop.
Be it Gox, G20, just find somebody and blame him.

Already we have ideas about rubbing out everybody that tries to dump coins, the whole thing will only go downhill unless BTC goes up in price again.

I'd sooner say that he now feels kind of guilty for the chaos he wreaked on the cryptoverse or just tries to make it look like he has nothing to do with the off-loading of the Mt. Gox coins and didn't in fact go on a selling spree. I humbly admit that I didn't investigate this issue myself, but I've read it around here that a few people actually bothered to track down the coins, and they reported that around 40k BTC of Mt. Gox coins had been sold late December through early February. Though I don't really know if it is FUD or not.

They were sold but according to the trustee himself in his released statement he did not sell on the open market of any exchange.

To me this means he did an OTC type deal and someone saw the coins move, then the dumping began.

I suspect it was a panic sell off by those who saw Gox coins moving, simple as that.

He only sold 38k Bitcoin in the end but for all everyone knew he might have been preparing to sell all 202k of them.

So there's plenty more those 38k came from.

[pereira4]

Everything you think you know about the MtGox sale of Bitcoin is completely wrong.
This statement was released by the MtGox trustee today :
https://www.mtgox.com/img/pdf/20180317_qa.pdf

It was all FUD.

Nobody is going to believe that and even if they do, too few will read or bother to read that statement in the first place.
The community needs a culprit, needs somebody to blame for the price drop.
Be it Gox, G20, just find somebody and blame him.

Already we have ideas about rubbing out everybody that tries to dump coins, the whole thing will only go downhill unless BTC goes up in price again.

I made a thread about this there:

https://bitcointalk.org/index.php?topic=3146643.msg32532111#msg32532111

People always need a reason to feel good about dumping their coins. In this case, they went all schizophrenic on the MtGox coins moving. They assumed it was a sale, when it was only moved. I also assumed it was a sale, because of all the news guaranteeing it... but of course, I don't sell on that bullshit.

But then again, what is the trustee doing? Is he going OTC or is he going to keep being an idiot on Kraken?

And also, how do we confirm that the information in the pdf is real?

[Canis Majoris]

People always need a reason to feel good about dumping their coins. In this case, they went all schizophrenic on the MtGox coins moving. They assumed it was a sale, when it was only moved. I also assumed it was a sale, because of all the news guaranteeing it... but of course, I don't sell on that bullshit.

But then again, what is the trustee doing? Is he going OTC or is he going to keep being an idiot on Kraken?

And also, how do we confirm that the information in the pdf is real?

Myself, I think it is like making the best of a bad bargain on the Mt. Gox trustee's part, though I can hardly say that was a bad bargain by any means. As me in OP and others in this and other threads have already said, the effect is the same whether it was him or someone else going on a schizophrenic selling spree. People will definitely shy from buying in the coming months, but if Bitcoin doesn't go up it goes down, as simple as that. This is what we can all attest to now.

As a matter of fact, I saw it with my own eyes.

[motoprose]

i disagree.
the Mt Gox dude drama may have forces some people to stay away but the demand never went away. it is still there and it is still buying and pushing the price up. the difference however is that there is a bigger sell pressure now that it has ever been before. and that is not only cancelling the buy support but also it is stronger than it.

what i am trying to say is that price is not rising, not because there is fear but because there is a big dumping going on.

This is the first I am hearing of this news and did not know someone has this much in bitcoin in their possession from the mt.gox incident that most have passed on and almost have forgotten about from over 4 years ago (suspended trading February 2014).
Now this gets me thinking about the price with this new player I have just heard of surfacing called Kobayashi(the mt gox trustee?).

[Canis Majoris]

Well, it is not so much about him selling the remaining 160k Mt. Gox coins he has in his wallet as about the fear that many, if not all, buyers of crypto now have because of him.

Bullshit, the price is not going up because there is not enough demand at the moment.

You can always say that. Namely, that the price doesn't rise because there's no demand or, in case it doesn't fall, that there's not enough supply. And you would be right. But can you explain why exactly there is no demand at the moment and where it has gone? Has it not occurred to you that the lack of demand may be due to the fear that prices can go lower when the Mt. Gox trustee or just another Bitcoin bearwhale throws a few dozen thousand bitcoins into the orderbooks?

[TheQuin]

On a more serious note I don´t think that the person, who is controlling the
Mt. Gox funds is even allowed to sell any additional Bitcoins until the Japanese court
that handles the bankruptcy proceedings gives their consent.

Therefore it is highly unlikely that any additional funds from the Mt. Gox holdings will
be sold in the foreseeable future. The whole bankrupty proceedings are already lasting
for years and I don´t predict any sudden changes in the speed of the operations
of the Japanese court.

We are probably looking at additional sell pressure from these coins in late 2019, early
2020, but definitely not this year.

You are correct that it is the court's decision whether to sell them or not and when so that will probably take a long time. Another thing to bear in mind in this sort of situation is that as it is already known that these coins will be sold eventually so that is priced into the market already. If someone suddenly turned up with 100,000 coins to sell that would be new information that would move the market but these coins have been known about for years.

[tokeweed]

Where's Tim Draper or the Winklevoss twins?  They could make a deal with the Japanese court to buy or request to auction some of those BTC instead of dumping them in the open market, which is so retarded btw...

You know that's a bit hopeless don't you?

I pity the guy though, he's just doing his job.

We are probably looking at additional sell pressure from these coins in late 2019, early
2020, but definitely not this year.

I hope it does not go all the way till halving season, I'd like to see even better all time highs.

Lol.  Yup...  The Japanese dude must be going 'Why you all white male libertarian bros blame me?  Bakaroo banzai!  I just doing my job.  Kampai!'.  

But when's the next sell off?  They should at least make everything as public as possible from their end...

[Canis Majoris]

Lol.  Yup...  The Japanese dude must be going 'Why you all white male libertarian bros blame me?  Bakaroo banzai!  I just doing my job.  Kampai!'. 

But when's the next sell off?  They should at least make everything as public as possible from their end...

Why should they really? If I were them, I would try to conceal as much of the deal as possible. Indeed, given the blockchain and circumstances, it is next to impossible and I'm not them either. Further, if the same amount of coins was sold that had been moved out of the Mt. Gox wallets, this is a telltale sign if you ask me. You know, if it looks like a duck...

As an aside, I agree that the possibility of dumping large amounts of coins may already be counted in by the market, and that likely explains why there is a strong trend to the downside currently, which we can easily see revealing itself in the recent price moves.

[Harlot]

I don't think so, every time he sells at the current price level his influence in the market is growing weaker and weaker as his selling power is going lighter. Right now we are seeing the effect of the first sell off they have made as the panic of the market is still here. Everyone thinks that Bitcoin is still bearish and that is including me. The good thing about this kinds of trends is reversals could happen at any time, the only thing left is a trigger for that reversal.

[Palmerson]

Where's Tim Draper or the Winklevoss twins?  They could make a deal with the Japanese court to buy or request to auction some of those BTC instead of dumping them in the open market, which is so retarded btw...

Now on the market to panic. Many users are afraid to buy bitcoins. Why would the twins do that? That they are the most stupid. I at all not believe in the that stable asset can be to undermine such sales. It seems to me that the reason for the fall in demand for bitcoin is different. China's banks to block the accounts of large holders of bitcoin in Hong Kong. Via bitcoin was made all countries in the world for the export of grey goods from China. May be this is the main reason?

[Canis Majoris]

I don't think so, every time he sells at the current price level his influence in the market is growing weaker and weaker as his selling power is going lighter. Right now we are seeing the effect of the first sell off they have made as the panic of the market is still here. Everyone thinks that Bitcoin is still bearish and that is including me. The good thing about this kinds of trends is reversals could happen at any time, the only thing left is a trigger for that reversal.

I'm more inclined to think that it is the other way round. If it were so and the market became stronger as you seem to assume, then it would make sense to sell the bulk of his coins now and not when the price was high. I agree this is a little counterintuitive but if you take into account that it is the average price that matters, then it could actually make sense. Obviously, this is not the case, and if he decides to sell now, that would likely cause an even stronger panic and ensuing price crash, with no organized support at any price level.

[1BTC EQUALS 1CAR]

It's not just Mt. Gox dude but also the manipulative whales and influential new outlets that repeat their last articles to make a negative impact again and again.  It's just all planned and organized.

[rickadone]

Well, it is not so much about him selling the remaining 160k Mt. Gox coins he has in his wallet as about the fear that many, if not all, buyers of crypto now have because of him. It doesn't even matter if the price crash as of recent was actually due to his massive sell-off, though the evidence seems to be overwhelming. In fact, he may not even sell them at all, not a single satoshi, though this is unlikely given the circumstances, but people will still think that one day he goes nuts about selling these coins at any price, and then prices will be halved again extremely fast. Therefore, Bitcoin won't rise until these coins are gone for good, burned or otherwise disposed of, and people become confident and positive again.

I think it's confirmed that he sold big amounts at the exact times that we saw these sharp red candles, and they tracked the amounts coming from MtGox addresses... Mr Kobayashi is a direct attack on Bitcoin. Trace Mayer or someone with influence on Kraken should tell him to get the fuck out immediately, they need to go OTC, this cannot be tolerated.

if they cannot get their shit together soon, someone else will. A guy with that many coins with only one mission: to crush the market, is a target. He needs to go OTC and he needs go OTC now.

Even if he isn't dumping anymore, everyone is paranoid about until the japanese government makes an official statement about what they are going to do.

MtGox generally right from the onset has never brought anything but negativity into the market so I am not surprised. I guess the whole thing is more like, if we cannot win, we can delay its growth, and otherwise he would not have done what he did by selling making use of an exchange when he could have easily done that over the counter like you said.

I wish they can just allow him to sell whatever is left, I would not mind buying it from him at $500, as long as he is willing to accept and I am sure no trader wants to give him that opportunity of selling at a high price as it is.

[anntlevel]

Well, it is not so much about him selling the remaining 160k Mt. Gox coins he has in his wallet as about the fear that many, if not all, buyers of crypto now have because of him. It doesn't even matter if the price crash as of recent was actually due to his massive sell-off, though the evidence seems to be overwhelming. In fact, he may not even sell them at all, not a single satoshi, though this is unlikely given the circumstances, but people will still think that one day he goes nuts about selling these coins at any price, and then prices will be halved again extremely fast. Therefore, Bitcoin won't rise until these coins are gone for good, burned or otherwise disposed of, and people become confident and positive again.

In course of time, you will be proved as wrong.
Maybe in last few days some people might have dumped their stash and which would have resulted downfall of prices but expecting same thing to happen again and again is completely meaningless as billions worth of hedge funds are about to be invested into bitcoins when bitcoin prices increasing all whales will surely lose their significance to impact the prices of bitcoins. (all whales will definitely include that Mt.Gox dude too).