When will Mt Gox unload their coins?

[jamesashmore1964]

I hope they unload the lot so this uncertainty goes away!
The whales are the biggest uncertainty and might be destroying Bitcoin forever.

Thank you in advance for any updates on this.

[LFC_Bitcoin]

Nobody knows, that’s the worst part. I’d imagine it has to be done ove a 12 month period or something though. It would be much bette if they just did an OTC trade or something but they seem unwilling to.

[jamesashmore1964]

I hope they do not unload When the market is this low. It would be a death blow!

[Raypok]

I think some big whales will take the bait through a OTC trade, they are just awaiting the right moment. Nobody is helped by a big dump in the market, and for sure not the Attorney who'se job it is to convert the BTC and BCH into cash to pay of all the creditors. So i hope he learned from previous dumps and do it the OTC way.

[ecnalubma]

No one knows when or where they are going to dump their huge amount of bitcoins, I they dump it on exchange markets will surely collapse again. Better sold their holdings on auction, dumping on exchange is just ridiculous.

[cryptohunter]

So i heard they liquidated already enough btc to pay their debts in usd terms

They should have been forced to return btc to those that had btc there

[pooya87]

Mt Gox coins is the new Tether news.
when price was rising, each 10% rise you heard that it is rising because they created new batch of USDT and released it on the market and THAT is increasing the price (pure FUD of course). then when price started falling and USDT continued being created, all the tether drama was swept under the rug and nobody is talking about it anymore!
now that price has been going down, on every turn you hear how Mt Gox either sold coins or is about to do so. and it had never have anything to do with the drop at all...

will they sell again? nobody knows. we don't even know if all the previous ones were sales! we just saw the coins move. it might as well be to a new address in their cold storage instead of to an exchange to sell. or even if it is sells it may not even be all on the exchanges it may be off the market which doesn't affect anything!

[rommelzkie]

Bitcoin price is at the very bottom now. It is not a good idea to unload or sell your bitcoins at this price. If there is another rally before this year ends then maybe that is the best time for mtgox to sell their remaining bitcoins.

[MatthewNaccarato]

it is really unpredictable to say or whether they will unload it or not it is also a big question.

[TheBeardedBaby]

Mt Gox coins is the new Tether news.
when price was rising, each 10% rise you heard that it is rising because they created new batch of USDT and released it on the market and THAT is increasing the price (pure FUD of course). then when price started falling and USDT continued being created, all the tether drama was swept under the rug and nobody is talking about it anymore!
now that price has been going down, on every turn you hear how Mt Gox either sold coins or is about to do so. and it had never have anything to do with the drop at all...

will they sell again? nobody knows. we don't even know if all the previous ones were sales! we just saw the coins move. it might as well be to a new address in their cold storage instead of to an exchange to sell. or even if it is sells it may not even be all on the exchanges it may be off the market which doesn't affect anything!

This is a bit scary, you have a decentralized system but the price is controlled by few big exchanges.

[BQ]

Nobody knows, that’s the worst part. I’d imagine it has to be done ove a 12 month period or something though. It would be much bette if they just did an OTC trade or something but they seem unwilling to.

I tried googling, couldn't find it, but I definitely remember reading here or on reddit about next sale definitely not happening before [certain date],
OTC they should definitely do, Kraken I think said they had contacted them offering to help selling OTC but they didn't want it apparently..

[BTCLovingDude]

Hasn't Mt Gox been unloading their coins here and there? It's purely criminal that they are even allowed to own coins still

the worst part is Mt Gox has been unloading their  coins for a long time, specially during the rise of bitcoin! they like everyone else wanted the highest price so they sold last year. but you don't hear anybody talking about that because price was RISING despite their sale.
they also sold when price was falling but you hear everyone talk about THAT and nothing else because they want the "fear" factor of it.

[Leyss]

Mt. Gox from Tokyo will not sell its bitcoins, which he still has about 180,000, until bitcoin grows to the size acceptable to him. Earlier he said that this would happen not earlier than September. Considering that in his interview he did not speak very well about bitcoin, considering that he does not have a future, he does not intend to keep them for a long time. In this case, we will not have to see a good growth in bitcoin prices, like the entire crypto currency, for a very long time.

[Xavofat]

Mt Gox coins is the new Tether news.
when price was rising, each 10% rise you heard that it is rising because they created new batch of USDT and released it on the market and THAT is increasing the price (pure FUD of course). then when price started falling and USDT continued being created, all the tether drama was swept under the rug and nobody is talking about it anymore!

People are still talking about it in this thread.  If they were correct about Tether's market manipulation, they wouldn't suddenly become incorrect because the price was falling - it's possible that they were just unsuccessful in sustaining the manipulated price - and they were certainly correct that Tether is a highly secretive and shady organisation.

Exaggerations and questionable assertions are common in positive news as well as negative news, like the numerous supposed experts that have claimed that the Bitcoin price is going to rise to hundreds of thousands of dollars within some specific number of years or that it will replace fiat currency.
I doubt that Mt. Gox's coins would have that significant an effect on the price given the volume that Bitcoin markets have had in recent months.  Regardless, if they sell them, they would be irresponsible to do so all at the same time, and most likely wouldn't.

[alyssa85]

Thank you in advance for any updates on this.

They won't unload any more.

Basically when MtGox went bankrupt, the value of the coins were fixed in the yen price at the time of the bankruptcy (August 2014). The trustee of the MtGox coins knew he needed to pay the members in yen, so when he saw the price rise above the August 2014 level, he took the opportunity to sell exactly what he needed to, to get the yen amount equal to the August 2014 valuation. He did that at an average price of $10,000.

What happens to the rest of the coins depends on the courts. They can give them all to Karpeles, or distribute them to the members in proportion. But no more needs to be sold because the Trustee has got the yen amount needed to distribute to the members that will satisfy the bankruptcy courts.

[jamesashmore1964]

Thank you in advance for any updates on this.

They won't unload any more.

Basically when MtGox went bankrupt, the value of the coins were fixed in the yen price at the time of the bankruptcy (August 2014). The trustee of the MtGox coins knew he needed to pay the members in yen, so when he saw the price rise above the August 2014 level, he took the opportunity to sell exactly what he needed to, to get the yen amount equal to the August 2014 valuation. He did that at an average price of $10,000.

What happens to the rest of the coins depends on the courts. They can give them all to Karpeles, or distribute them to the members in proportion. But no more needs to be sold because the Trustee has got the yen amount needed to distribute to the members that will satisfy the bankruptcy courts.

Are you sure??

[Bourney001]

I hope never they need lose their private keys

[alyssa85]

Are you sure??

Yes. The trustee needed $400,000000 to meet the MtGox liability as at August 2014.

He now has that in cash (the bankruptcy proceedings say that people have to be paid the cash value in Yen as at August 2014).

Regarding the rest of the coins - that depends on the Japanese court. Some people think they will go back to Karpeles as MtGox doesn't legally owe anything more than $400,000,000 to it's users.

[drm]

Are you sure??

Yes. The trustee needed $400,000000 to meet the MtGox liability as at August 2014.

He now has that in cash (the bankruptcy proceedings say that people have to be paid the cash value in Yen as at August 2014).

Regarding the rest of the coins - that depends on the Japanese court. Some people think they will go back to Karpeles as MtGox doesn't legally owe anything more than $400,000,000 to it's users.

I would hate to see the btc go back to Karpeles, he hasn't been punished nearly enough for what he has done.

[samwolf]

I thought they weren't allowed to unload until September?