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

[Weawant]

How could they doesn't want to get pump? do they doesn't want to get more money from it? I think they are not aftering for any pump and dump scheme since the real scenario happened on Mt.Gox is the securing of their own profits nothing else more. Those dumping issue is only been used by whales who want to create panic to buy more cheaper coins.

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[Deeyoh]

Not 160k coins anymore.. He's dumping another 3000+ BTC and probably BCH on exchanges since yesterday morning.

[Kevin77]

Why do people keep acting like he's just another bearwhale? He's employed by the court. The court decides.

The necessary amount of money to pay everyone back has now been raised. He will not be permitted to dump anything else. His job is done on that front. All the remaining coins have not had their future settled.

The most likely outcomes are either they all go back to Gox shareholders or they're distributed to the victims. Neither requires this bloke to sell anything, nor will he have the right to.

Well, that feels good to hear and I really want to hope you are right. Personally, I would not be too relax as this guy still made some statements in one of the article that I read which simply and logically means that the possibility is still there. Left for me, I would rather say they allow the Buffon sell everything so we can have a clear movement ahead, because whether we like it or not, it is definitely still affecting trader's and investors' perception until that is fully clarified.

Just one of the point I raised in one of the threads that was talking about the guy pausing his sell out till September and in my mind, it was more like what difference does it make ?

It is not like he is still not going to sell and as long as what he is holding is still huge, no one would want to gamble selling to him at a higher price and those who are buying now will be very wary of any slight movement in the market. Investors themselves will even be nowhere in the scene of the market. I wish this dude can just do his bullshit once and for all and let us move forward.

[khaled0111]

I don't think so, one day he will sell it all and this nightmare will end.
I don't think he is too stupid to sell it at low price. I don't know how much he still have, but in all cases he won't be able to dump prices anymore.

[Coffee135]

I don't think so, one day he will sell it all and this nightmare will end.
I don't think he is too stupid to sell it at low price. I don't know how much he still have, but in all cases he won't be able to dump prices anymore.

Lol! What do you think he's interested in?how much money will the depositors get in the form of compensation? I think he made a deal with the whales. He warns them that he will sell coins. At this point, the whales additionally sell their coins and together they fall prices. Then the whales buy coins cheap and share their income with him.

[1Referee]

How could they doesn't want to get pump? do they doesn't want to get more money from it?

They are getting money from it, and that without pumping the market. It's just them very likely having sold their personal stash initially, then used the MtGox coins to steer the market down further during an already progressing/looming correction, and the only thing they had to do, was to buy back at levels severely below that what they sold their personal stash at.

I am just interested to see what will actually be happening with the massive number of remaining coins. It's pointless to even legally sell them because they already reached the fiat amount needed to compensate people. It would make sense to distribute all these coins back to the victims, but it might also be that the government starts to confiscate these holdings, which would be a sad development if true. The only slight positive note in such scenario will be that they at least legally are not in possession of MtGox anymore. Everything better than that.

[Canis Majoris]

I am just interested to see what will actually be happening with the massive number of remaining coins. It's pointless to even legally sell them because they already reached the fiat amount needed to compensate people. It would make sense to distribute all these coins back to the victims, but it might also be that the government starts to confiscate these holdings, which would be a sad development if true. The only slight positive note in such scenario will be that they at least legally are not in possession of MtGox anymore. Everything better than that.

I don't think that they are going to give back the coins. If they haven't done so already, why would they now? Since these coins were not distributed between the Mt. Gox clients at once, while they were offered fiat reimbursement instead. So it looks more like the remaining coins will be expropriated and then sold at an auction. Actually, not a very bad idea, given how many bitcoins confiscated by the FBI have been already auctioned off.

[Palmerson]

How could they doesn't want to get pump? do they doesn't want to get more money from it?

They are getting money from it, and that without pumping the market. It's just them very likely having sold their personal stash initially, then used the MtGox coins to steer the market down further during an already progressing/looming correction, and the only thing they had to do, was to buy back at levels severely below that what they sold their personal stash at.

I am just interested to see what will actually be happening with the massive number of remaining coins. It's pointless to even legally sell them because they already reached the fiat amount needed to compensate people. It would make sense to distribute all these coins back to the victims, but it might also be that the government starts to confiscate these holdings, which would be a sad development if true. The only slight positive note in such scenario will be that they at least legally are not in possession of MtGox anymore. Everything better than that.

The court cannot give the amount in bitcoins because bitcoin has no legal status. They are forced to pay debts in local currency. But they could hold an auction among creditors and pay the debt with the same money. Perhaps such actions would be more adequate. But it seems to me that people who make decisions in this case are far from understanding what cryptocurrency is and how to dispose of it.

[aervin11]

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.

This Mt.Gox sell-off was postposned till September this year. Meaning there would be no bitcoin selling on the Mt.Gox officials till September because they we're subpoenaed for this and would face legal consequences if they would continue doing so.

[stompix]

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.

This Mt.Gox sell-off was postposned till September this year. Meaning there would be no bitcoin selling on the Mt.Gox officials till September because they we're subpoenaed for this and would face legal consequences if they would continue doing so.

You're moving way to fast, this is MtGox we're talking about...
In September there will be just another creditor meeting, the 11th.

They will have to reach a conclusion, which might invove a 12th meeting, and only after that we will hear if they are going to sell more coins, or distribute more fiat and BTC to the creditors.
Honestly, with all the great news for a crypto enthusiast that come from Japan this whole farce is pretty hard to swallow.

I might be wrong but I have the feeling that from all the guys involved MK is the only one laughing right now.

[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. 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).

To tell the truth, I want to be proved wrong. But as long as there exist super whales holding dozen thousands of bitcoins, the threat of someone offloading this huge stash at one stroke will persist. And so will the fears. The major problem is that the higher the price rises in the future, provided it rises at all of course, the stronger will be the urge to sell. Isn't that what happened to Mt. Gox coins after all?

[Canis Majoris]

It is not like he is still not going to sell and as long as what he is holding is still huge, no one would want to gamble selling to him at a higher price and those who are buying now will be very wary of any slight movement in the market. Investors themselves will even be nowhere in the scene of the market. I wish this dude can just do his bullshit once and for all and let us move forward.

And there's more to it than you think. It is not just about some dude selling his stash of bitcoins and getting done with that. It is an example of how fast and how much the price will crash when a bearwhale decides to off-load his massive piggy bank of bitcoins. People are scared away from buying Bitcoin, this is for real and likely to stay for long. In other words, selling the last Mt. Gox coins won't be enough because the damage has been done already. And it may take years to undo it.

[BitHodler]

And there's more to it than you think. It is not just about some dude selling his stash of bitcoins and getting done with that. It is an example of how fast and how much the price will crash when a bearwhale decides to off-load his massive piggy bank of bitcoins. People are scared away from buying Bitcoin, this is for real and likely to stay for long. In other words, selling the last Mt. Gox coins won't be enough because the damage has been done already. And it may take years to undo it.

You're making a bigger deal out of it than needed. This market has always had massive holders, and despite the fact that almost everyone with a functioning brain is already aware of it, the market keeps going up.

Exchanges have always had the worst possible liquidity. Roger Ver, Jihan Wu, Winklevoss twins, Mark Karpeles, Satoshi, you name it, they all can sink the market back to double digits within 2 seconds.

Important difference is that every well thinking whale doesn't unload his coins on an exchange and lose out on quite a serious amount of capital because of how much you need to tank the market to sell everything.

The far majority of the whales sell their coins outside the regular markets to private buyers through the OTC market.

[expert4knowledge]

He will end up using all his reserve at one point, just be patient guys

[lumeire]

He will end up using all his reserve at one point, just be patient guys

Hopefully by the next halving season it's all sold up and distributed. A sell pressure still existing at that point is pretty bad for the getting new ATHs.

[ajdaj]

It is not like he is still not going to sell and as long as what he is holding is still huge, no one would want to gamble selling to him at a higher price and those who are buying now will be very wary of any slight movement in the market. Investors themselves will even be nowhere in the scene of the market. I wish this dude can just do his bullshit once and for all and let us move forward.

And there's more to it than you think. It is not just about some dude selling his stash of bitcoins and getting done with that. It is an example of how fast and how much the price will crash when a bearwhale decides to off-load his massive piggy bank of bitcoins. People are scared away from buying Bitcoin, this is for real and likely to stay for long. In other words, selling the last Mt. Gox coins won't be enough because the damage has been done already. And it may take years to undo it.

indeed today the situation is very bad, or it will take a lot of time until the market stabilizes and we see growth of Bitcoin again. The next time the price for Bitcoin will not rise unequivocally. Although buy today Bitcoin can be a true investment.

[Canis Majoris]

And there's more to it than you think. It is not just about some dude selling his stash of bitcoins and getting done with that. It is an example of how fast and how much the price will crash when a bearwhale decides to off-load his massive piggy bank of bitcoins. People are scared away from buying Bitcoin, this is for real and likely to stay for long. In other words, selling the last Mt. Gox coins won't be enough because the damage has been done already. And it may take years to undo it.

You're making a bigger deal out of it than needed. This market has always had massive holders, and despite the fact that almost everyone with a functioning brain is already aware of it, the market keeps going up.

Exchanges have always had the worst possible liquidity. Roger Ver, Jihan Wu, Winklevoss twins, Mark Karpeles, Satoshi, you name it, they all can sink the market back to double digits within 2 seconds.

Important difference is that every well thinking whale doesn't unload his coins on an exchange and lose out on quite a serious amount of capital because of how much you need to tank the market to sell everything.

The far majority of the whales sell their coins outside the regular markets to private buyers through the OTC market.

Markets are in fact quite irrational, and as John Keynes aptly put it, they can remain irrational longer than you can stay solvent. It is one thing to know about the existence of whales like the Winklevii twins, Satoshi, etc, and a completely different one to feel their impact with your own skin or rather money. Whales may unload their stashes for various reasons and losing a serious amount of capital may not even be a concern for some of them. This is what people now came to understand, that it is only a matter of time. It looks like you see only what you want to see.

[poplolnman]

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.

Seriously the situation recently are so wild and messed up due this rumor. People can't resist to follow selling Bitcoin , panic people everywhere and hard to restore the faith that Bitcoin could recover , so now it might cost a lot of time for Bitcoin to rise again , worth to wait ? Decide by yourself.

[raven7886]

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.

[stompix]

He will end up using all his reserve at one point, just be patient guys

Hopefully by the next halving season it's all sold up and distributed. A sell pressure still existing at that point is pretty bad for the getting new ATHs.

Just checking...you know the next halving will happen in 2020 , do you?

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.

Seriously the situation recently are so wild and messed up due this rumor. People can't resist to follow selling Bitcoin , panic people everywhere and hard to restore the faith that Bitcoin could recover , so now it might cost a lot of time for Bitcoin to rise again , worth to wait ? Decide by yourself.

I really don't understand what you're asking me.
People panicking for no reason or from rumors are people that deserve to lose money by selling their "investment".
If BTC can't survive a panic and a guy selling 40k bitcoins in 3 months then probably it won't survice for too long as there will be far more stiffer tests to pass in the future.

And I have to say you seem like one of those panicking for no reason also..