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Author Topic: The Mt. Gox dude won't let Bitcoin prices rise  (Read 429 times)
Canis Majoris
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March 29, 2018, 07:02:30 PM
 #61

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.

I agree with you so much. However, how do we know that he didn't actually try to sell the coins off the market first? He may in fact have tried but there might not have been enough buyers or the price was not as good as he would get in the open market. Let's not forget also that he started selling at or near the top. And that was 20k dollars, not something that you would easily sneeze at or dismiss lightly. Was there anyone willing to buy that many bitcoins at so high a price in the first place? This is the question we should ask ourselves before making sweeping accusations. Besides, it is a free market after all, isn't it?
He had the chance to go the OTC way, since Kraken offered that anyway based on what I read, but he rejected it and decided to load them up on exchanged and then dump them without even bothering what effect it could have on the market. He really waited for the top to dump hard first, and then slowly dropping further.

I wish the court can order him to do his stuff over the counter, but I am not a legal practitioner anyway and I do not know if that can even fly.

I understand what people feel when you see your capital halved and then halved again. In fact, I've been there myself. But I still can't accept this logic that he should have sold his coins off the market. It is a free market, isn't it? Okay, the court or whatever orders him not to sell on exchanges and what's next? Should we then ban all bear-whales whose total amount of coins exceeds a certain number from selling their stashes as well? If so, why not implement such a policy on the blockchain directly and limit the amount of coins to be allowed for transfer by some arbitrary number?
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NeuroticFish
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March 29, 2018, 07:10:55 PM
 #62

This Mt Gox Kobayashi guy must have had at least 21M Bitcoin he's been selling for so long without getting depleted.
Really...

We have to think harder and find out who has the financial power to play with our nerves for so long. And filling the forums with all same news and same false-panicking messages is getting boring.
We should start to become smarter than that. All of us...

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