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Author Topic: Mt. Gox cold wallet moves 8200 BTC. Might this be the cause of the latest crash?  (Read 229 times)
bbc.reporter
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May 11, 2018, 01:40:34 AM
 #1

Before anyone accuses me of spreading doom again as someone told me hehehe, this thread is for the sake of speculation and discussion only. Please humor me.

In any case, I was under the impression that the Mt. Gox trustee was given a court order not to touch those coins. I do not know what really happened, but the timing of the transaction and the market dump hours later is very conspicuous.  



The transactions from the Mt. Gox cold wallets occurred in the early hours of the morning in Europe and 11 pm EST in the US. The transactions were sent to the address 1LncfoCX1yzuiW3hzejarvgZ1WahnAQ4o4 and totaled 8,214.97084 BTC, which is worth around $76.7 Million at press time.

The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year. But this time it’s different; institutions are coming to the crypto markets, and how these markets will react to this new movement of funds remains to be seen.


Read more https://blokt.com/news/mt-gox-cold-wallet-moves-8200-btc-will-bitcoin-dump

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May 11, 2018, 02:12:43 AM
 #2

Before anyone accuses me of spreading doom again as someone told me hehehe, this thread is for the sake of speculation and discussion only. Please humor me.

In any case, I was under the impression that the Mt. Gox trustee was given a court order not to touch those coins. I do not know what really happened, but the timing of the transaction and the market dump hours later is very conspicuous.  



The transactions from the Mt. Gox cold wallets occurred in the early hours of the morning in Europe and 11 pm EST in the US. The transactions were sent to the address 1LncfoCX1yzuiW3hzejarvgZ1WahnAQ4o4 and totaled 8,214.97084 BTC, which is worth around $76.7 Million at press time.

The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year. But this time it’s different; institutions are coming to the crypto markets, and how these markets will react to this new movement of funds remains to be seen.


Read more https://blokt.com/news/mt-gox-cold-wallet-moves-8200-btc-will-bitcoin-dump

The trustee would have had to get permission from the judge in order to do a sell off.
It's suspicious but it could also be another group or person anticipating a gox dump by monitoring their wallet.
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May 11, 2018, 02:33:40 AM
 #3

@ZaoXhou. Agreed, that might be it. Also the bitcoin news media outlets also love to spread FUD based on anything they see that would sell.

Similar to the news about Ethereum last weekend. The bitcoin news sites said the SEC was going to make a decision on Ethereum's classification as a security. But the truth, it was nothing but a closed door discussion about blockchain technology.

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May 11, 2018, 05:07:03 AM
 #4

Is there any possibility that a group of people unrelated to the process files a petition in court asking them to prohibit such movements?

Or at least demonstrate a roadmap about what they want to do with the BTC? This is messing up the market and people. Imagine if instead of BTC they had the same market share of a country currency, or shares of a company, or government securities. They could break down and bring panic to various people, companies, and organizations.

The BTC market is not regulated for normal people. But this is a trust designated by justice, so it is expected that it will have full transparency with all.
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May 11, 2018, 05:13:24 AM
 #5

The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year. But this time it’s different; institutions are coming to the crypto markets, and how these markets will react to this new movement of funds remains to be seen.[/i]

No. Movement of bitcoin from a wallet address known to be owned by Mt Gox would not cause a bear market. The funds were only moved from one bitcoin wallet to another bitcoin wallet - that's not a sale, that's a transfer. A bear market could only be caused by one transaction if that transaction was to sell Bitcoin for a fiat (or any other) currency.

This is how supply and demand works.

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May 11, 2018, 06:02:24 AM
 #6

No. Movement of bitcoin from a wallet address known to be owned by Mt Gox would not cause a bear market. The funds were only moved from one bitcoin wallet to another bitcoin wallet - that's not a sale, that's a transfer. A bear market could only be caused by one transaction if that transaction was to sell Bitcoin for a fiat (or any other) currency.

This is how supply and demand works.
That amount of btc can pretty much cause a best market if FUD got spreaded wide after that amount of btc has been sold. Somehow, it is quite scary for Mt. Gox address to send out btc. Probably the one who received it might have had strong connection to the trustee. Whoever he/she is, it would not be good if the one who receive those btc are someone who will likely dump soon.
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May 11, 2018, 09:58:16 AM
 #7

I think that it's extremely likely that people are just making a big fuss out of this for nothing, there is no evidence that these coins are actually dumped. All that is shown is that the coins have been moved, and nothing else.

But traders and media like to overreact to these sort of happenings, and make it seem like that BTC is imminently going to go down as a result of this, which is probably not the case.

In fact, this dump could be completely just because of the fact that resistance at $10k was too strong, and BTC actually tested that level multiple times with no avail. In that case, anyone can see that a correction was going to come, but it was only a matter of time.

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May 11, 2018, 10:14:13 AM
 #8

I think this is just a technical correction of BTC movement triggered by the 8k sell rumor of Mt.Gox. 8k sell is not enough to explain this drop solely.
Of course, there are many people who remember the last sell of Mt.Gox. and the 6k USD dip.
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May 11, 2018, 01:44:07 PM
 #9

I personally think the failed attempt to break $10,000 was the actual trigger, but it doesn't matter anymore.

If MtGox is cashing out (with governmental incentive), and I say if, it's the best possible news because that means the number of coins that they have in stock is only decreasing.

While people are going nuts and start panicking, I am getting excited because the less large holders there are, the less influence they can practice on this market. In other words, buy as many coin as you can while you guys still have the opportunity to do so. It's impossible to tell how heavy these coins weigh on the sentiment, but seeing that wallet shrinking in number of coins feels incredibly well.

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May 11, 2018, 03:19:44 PM
 #10

The transactions from the Mt. Gox cold wallets occurred in the early hours of the morning in Europe and 11 pm EST in the US. The transactions were sent to the address 1LncfoCX1yzuiW3hzejarvgZ1WahnAQ4o4 and totaled 8,214.97084 BTC, which is worth around $76.7 Million at press time.

Funny how just a few hours later those coins are worth  only $70 millions.
And it might get really funny if he hasn't yet sold the coins and he is planning to, we'd go for sure below 8000$.
Those rumors, Upbit raid and we're going to get another week of bear market, I doubt we will see 10k$ even with the hype for the Bitcoin Consensus.

The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year. But this time it’s different; institutions are coming to the crypto markets, and how these markets will react to this new movement of funds remains to be seen.[/i]

No. Movement of bitcoin from a wallet address known to be owned by Mt Gox would not cause a bear market. The funds were only moved from one bitcoin wallet to another bitcoin wallet - that's not a sale, that's a transfer. A bear market could only be caused by one transaction if that transaction was to sell Bitcoin for a fiat (or any other) currency.

This is how supply and demand works.

If that address is owned by an exchange who is involved in selling the coins then, it's a sell.
It also might be an OTC trade, who knows...apart from  Kobayashi, that is Grin.

The annoying part is that he should publish what he plans to do or at least what he has done with those coins right after the transaction.
 


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May 11, 2018, 05:03:45 PM
 #11

The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year. But this time it’s different; institutions are coming to the crypto markets, and how these markets will react to this new movement of funds remains to be seen.[/i]

No. Movement of bitcoin from a wallet address known to be owned by Mt Gox would not cause a bear market. The funds were only moved from one bitcoin wallet to another bitcoin wallet - that's not a sale, that's a transfer. A bear market could only be caused by one transaction if that transaction was to sell Bitcoin for a fiat (or any other) currency.

This is how supply and demand works.
At first i thought it was a sale,and its a false alarm lol.
Again this is how media works,exaggerating every simple things just to buy their news
The sad part is,weakhands believe this and maybe withdrawn their funds to secure their funs.
How suck this people do ,i wish that market recovers again and reach the $10,000 dream price

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May 11, 2018, 05:46:37 PM
 #12

Not always when the price goes up or down it has to be related to something. In all the years I have been here it's like people still haven't learned that market movements don't require to have any underlying cause. If someone for whatever reason needs to dump a certain amount of coins, he will do it without looking at any technical charts worrying about critical points. It's a market where greed and fear play an important role. We are dealing with a lot get rich quick minded traders here -- if the price isn't moving up in a matter of days or weeks, they will dump out of boredom, or dump to on purposely trigger market activity....
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May 11, 2018, 07:09:39 PM
 #13

Once again, all of this mess is due to stupid ass governments in charge of the MtGox case not giving the bitcoins back to the victims in a single transaction, not disrupting the price. But of course, they want to use this opportunity to keep attacking Bitcoin price wise. Too bad this strategy is as limited as the amount of coins held by said addresses.

In any case, as long as the market is stupid enough to dump whenever there are moves on these addresses, we will keep having sell-offs. The ironic part is that governments are buying the dips they create. They know they can't never pay the fiat massive debs back and therefore fiat is dead, and they know they can't kill Bitcoin, but they know they can dump the price temporarily, to buy cheap and become big players. Everytime you dump on FUD you are giving your coins to the government's funds. All governments are stacking on Bitcoin secretly, before they decide to show full support.

So it's your choice, be government's cuck or be a hodler that buys dips, positioning yourself in the future of world finance.

Remember, fundamentals in Bitcoin don't change. All fiat is dead with their unplayable monster debts from hell, that also doesn't change. Do the math.

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May 11, 2018, 07:38:09 PM
 #14

They know they can't never pay the fiat massive debs back and therefore fiat is dead, and they know they can't kill Bitcoin, but they know they can dump the price temporarily, to buy cheap and become big players.
But according to my Hitchhiker's Guide to the Galaxy... *puts on reading glasses*
It says: "DON'T PANIC"

Y'know, I think there is one way to kill bitcoin, and that's by offering a better product, with more name recognition. Right now bitcoin has the most name recognition of any crypto, so  Cheesy
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May 11, 2018, 07:44:24 PM
 #15

How many coms does/do the Gox wallet(s) still hold?




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May 11, 2018, 07:50:38 PM
 #16

How many coms does/do the Gox wallet(s) still hold?

At least 137891 or more precisely 137890.87  Cheesy

Of course there is no guarantee that moved coins are no longer in the possession of the trustee.


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May 11, 2018, 08:06:11 PM
 #17

Before anyone accuses me of spreading doom again as someone told me hehehe, this thread is for the sake of speculation and discussion only. Please humor me.

In any case, I was under the impression that the Mt. Gox trustee was given a court order not to touch those coins. I do not know what really happened, but the timing of the transaction and the market dump hours later is very conspicuous.  



The transactions from the Mt. Gox cold wallets occurred in the early hours of the morning in Europe and 11 pm EST in the US. The transactions were sent to the address 1LncfoCX1yzuiW3hzejarvgZ1WahnAQ4o4 and totaled 8,214.97084 BTC, which is worth around $76.7 Million at press time.

The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year. But this time it’s different; institutions are coming to the crypto markets, and how these markets will react to this new movement of funds remains to be seen.


Read more https://blokt.com/news/mt-gox-cold-wallet-moves-8200-btc-will-bitcoin-dump

Any cryptocurrency was designed to be moved from one wallet to other.  If that would not be the case then we cant call it money. Sadly Bitcoin have transparent ledger and everyone can see moves.   But there are 17 milions Bitcoins to be moved anytime their owners want. and wherever their owners want.  That is the beauty of it.

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May 11, 2018, 09:14:59 PM
 #18

How many coms does/do the Gox wallet(s) still hold?

At least 137891 or more precisely 137890.87  Cheesy

Of course there is no guarantee that moved coins are no longer in the possession of the trustee.







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May 11, 2018, 11:18:23 PM
 #19

Also the bitcoin news media outlets also love to spread FUD based on anything they see that would sell.

bitcoin news media like to publish rumors, it has become something very annoying because they create expectation in people for days after we know that it is not true it was just another rumor

Similar to the news about Ethereum last weekend. The bitcoin news sites said the SEC was going to make a decision on Ethereum's classification as a security. But the truth, it was nothing but a closed door discussion about blockchain technology.

I was very anxious about this and then I saw that it was another false hope created by the news channels



according to what I have read, the possible reasons for the fall in prices are these:

Bitcoin Loses $9K Support As Markets React To S. Korea Investigation, Mt.Gox Sell-Off

true or not, the price fell very quickly

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May 11, 2018, 11:23:55 PM
 #20

Yes, there is a movement on the Mt. Gox wallet indeed and I agree that the timing of such movement. And I also under the impression that he should get a court order first before doing anything with the coins isn't it? But why the hell did he move, or I'm assuming offload at this time? This is not the first time that he does that so I'm sure that he really know what he is doing and maybe in fact doing it purposely. As for his intention of severing the market price again? I don't have any idea.

How many coms does/do the Gox wallet(s) still hold?

137890.87 BTC

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