MtGox Trustee Halts Bitcoin Sell-Offs

[stelee68]

yeah probably a good thing

[Wind_FURY]

This is obviously good news. That Kobayashi bastard was dumping coins every X time and creating these big red candles. It was ridiculous enough to do it on some exchange (I think Kraken) instead of OTC as they should.

What is extra ridiculous is the fact that they had to dump the price first to realize creditors just wanted their BTC back, not their money in fiat, because that is unfair for both thet people that bought BTC way cheaper back then and now should be up big time, and unfair for current holders which have suffered this massive selloff. So first they crush the price and then they give them back their BTC, so stupid.

Anyway, until every last creditor has recovered their BTC I will not consider it a victory, but it's definitely better than the constant FUD of Kobayashi dumping another bunch of BTC.

But who are these new bastards crashing this market, and how low do they want Bitcoin to go? I demand an answer so I would know in what price to buy. Hahaha.

Joking aside, watching this crash really hurts my heart.

[magisterr]

This is obviously good news. That Kobayashi bastard was dumping coins every X time and creating these big red candles. It was ridiculous enough to do it on some exchange (I think Kraken) instead of OTC as they should.

What is extra ridiculous is the fact that they had to dump the price first to realize creditors just wanted their BTC back, not their money in fiat, because that is unfair for both thet people that bought BTC way cheaper back then and now should be up big time, and unfair for current holders which have suffered this massive selloff. So first they crush the price and then they give them back their BTC, so stupid.

Anyway, until every last creditor has recovered their BTC I will not consider it a victory, but it's definitely better than the constant FUD of Kobayashi dumping another bunch of BTC.

Im absolutely agree. I cant understand why this bastard not seat in prison?? He stolen money and now was selling BTC and dumping price and even earned billions. They stolen money in BTC and must return in BTC as well, not in fiat by 2014y rate.

[xtraelv]

Im absolutely agree. I cant understand why this bastard not seat in prison?? He stolen money and now was selling BTC and dumping price and even earned billions. They stolen money in BTC and must return in BTC as well, not in fiat by 2014y rate.

The trustee is following Japanese law. Under Japanese bankruptcy law the amount owed to creditors is the value at the time. Regardless of whether it goes up or down.

I don't know all the ins and outs of the legal processes there but this:

March 03, 2014, Today filed a motion for civil rehabilitation proceedings for Mt Gox
https://bitcointalk.org/index.php?topic=498120.0

and this:

May 18, 2018,We’re coordinating legal action

Creditors of the Mt Gox bankruptcy proceedings. We’re coordinating legal action to stop more than $2,000,000,000 surplus from going to the people responsible for the exchange when it was hacked, and instead have it shared among creditors who were victims of crime.

https://bitcointalk.org/index.php?topic=179586.msg24392977#msg24392977
https://www.mtgoxlegal.com/

Probably have a lot to do with the decision to enter into civil rehabilitation proceedings by the trustee.

It is quite a difficult situation since nobody will ever be completely happy with the outcome and there are defined legal processes to be followed. People lost of lot of bitcoins and unless they can all be returned - with interest. People will feel ripped off.

 
OP - I've added this thread to: Bitcointalk history of MtGox and how a Bitcointalk post caught the MtGox hacker.

[gabmen]

This is obviously good news. That Kobayashi bastard was dumping coins every X time and creating these big red candles. It was ridiculous enough to do it on some exchange (I think Kraken) instead of OTC as they should.

What is extra ridiculous is the fact that they had to dump the price first to realize creditors just wanted their BTC back, not their money in fiat, because that is unfair for both thet people that bought BTC way cheaper back then and now should be up big time, and unfair for current holders which have suffered this massive selloff. So first they crush the price and then they give them back their BTC, so stupid.

Anyway, until every last creditor has recovered their BTC I will not consider it a victory, but it's definitely better than the constant FUD of Kobayashi dumping another bunch of BTC.

Im absolutely agree. I cant understand why this bastard not seat in prison?? He stolen money and now was selling BTC and dumping price and even earned billions. They stolen money in BTC and must return in BTC as well, not in fiat by 2014y rate.

That probably will be felt after the bitcoins are distributed to the recipients next year. And let's hope most of them are intending to keep their bitcoins since they should be well in profit already and could sell off in bulk hurting the market further

[stompix]

Im absolutely agree. I cant understand why this bastard not seat in prison?? He stolen money and now was selling BTC and dumping price and even earned billions. They stolen money in BTC and must return in BTC as well, not in fiat by 2014y rate.

It's not Karpeles who is selling, it's the trustee that was appointed by the court.
If it were for MagicalTux you won;t be seeing any coins getting sold but none of the guys that lost money with MtGox would see a penny either.

As for his trial, I think he was released on bail, he still faces charges for embezzlement.

March 03, 2014, Today filed a motion for civil rehabilitation proceedings for Mt Gox
https://bitcointalk.org/index.php?topic=498120.0

and this:

May 18, 2018,We’re coordinating legal action

Creditors of the Mt Gox bankruptcy proceedings. We’re coordinating legal action to stop more than $2,000,000,000 surplus from going to the people responsible for the exchange when it was hacked, and instead have it shared among creditors who were victims of crime.

https://bitcointalk.org/index.php?topic=179586.msg24392977#msg24392977
https://www.mtgoxlegal.com/

Probably have a lot to do with the decision to enter into civil rehabilitation proceedings by the trustee.

The MtGox has entered civil rehabilitation last Friday
https://www.mtgox.com/img/pdf/20180622_announcement_en.pdf

But, no rush...
Submission deadline for proposed rehabilitation plan: February 14, 2019 

[olubams]

I'm beginning to think that the era that news like this would start influencing decisions of participants in the is gradually over because since last week when this broke, I was expecting an upward turn in the scheme of events concerning bitcoin price but unfortunately its reverse that its happening which further confirms that all the downward or upward trend associated with MtGox has been nothing but coincidences.

[berrygood]

This guy crashed the market lol I think they didn't stop they are just waiting for another bull run to sell their bitcoin. Selling at $6000 is definetely not a good decision.

[Apes]

I'm beginning to think that the era that news like this would start influencing decisions of participants in the is gradually over because since last week when this broke, I was expecting an upward turn in the scheme of events concerning bitcoin price but unfortunately its reverse that its happening which further confirms that all the downward or upward trend associated with MtGox has been nothing but coincidences.

Related to the correction problem refers to the really sharp fud news like a razor .. I also a not take action to sell panic in this situation and still have positive thinking to hold .. MtGox will probably continue to be associated with even bitcoin values ..

[stompix]

I'm beginning to think that the era that news like this would start influencing decisions of participants in the is gradually over because since last week when this broke, I was expecting an upward turn in the scheme of events concerning bitcoin price but unfortunately its reverse that its happening which further confirms that all the downward or upward trend associated with MtGox has been nothing but coincidences.

Why should there be anything affecting the current trend?
First, they've postponed the decision to at least February 2018, and second, do you think that coins going to be returned to their owners are going to be kept or...sold?
The moment those coins go back to their owners I expect a serious drop, people that were almost sure they will lose everything will get millions back. A lot of them will dump at least 10% to "celebrate" .

[bohr]

Hopefully it will stop the continuous fud in the market and bring a little positive effect to it.  The whole idea to sell the funds on open market instead of OTC was a joke lol.

If this indeed stops, it is going to at least bring a little bit more confidence in the market, after all I knew some people that were waiting for the sell offs to begin again and take advantage of this since they did not wanted to buy bitcoin now and then lose money in the short term when that happened, this means people can begin to accumulate bitcoin with confidence once again without any fear.

[BitHodler]

If this indeed stops, it is going to at least bring a little bit more confidence in the market, after all I knew some people that were waiting for the sell offs to begin again and take advantage of this since they did not wanted to buy bitcoin now and then lose money in the short term when that happened, this means people can begin to accumulate bitcoin with confidence once again without any fear.

The coins can still be dumped.

People suddenly obtain coins they never expected to have in the first place, which can be seen as a gift or bonus. Who says these people won't end up selling their coins? It's quite a realistic scenario.

Granted, there won't be immediate selling pressure, but when these coins will be released, it will count as extra potential selling pressure. Over 100,000BTC isn't a joke if by that time the price is $10,000-$15,000.

We'll see where it leads to, but at least it's good knowing that these coins won't end up being kept by the government. They could very easily made sure of that, but thus far they haven't.

[Kemarit]

I'm beginning to think that the era that news like this would start influencing decisions of participants in the is gradually over because since last week when this broke, I was expecting an upward turn in the scheme of events concerning bitcoin price but unfortunately its reverse that its happening which further confirms that all the downward or upward trend associated with MtGox has been nothing but coincidences.

Why should there be anything affecting the current trend?
First, they've postponed the decision to at least February 2018, and second, do you think that coins going to be returned to their owners are going to be kept or...sold?
The moment those coins go back to their owners I expect a serious drop, people that were almost sure they will lose everything will get millions back. A lot of them will dump at least 10% to "celebrate" .

Well, I will definitely offload some of my coins if ever I got re-payed.  . Mr. Kobayashi already admitted that he is not dumping his coins directly on any exchanges so this complete FUD should be shut down at least. There's a lot of things happening from behind, that we really can't pinpoint the exact reason why the price keeps going down except to speculate manipulation specially that Mt. Gox trustee keeps dumping since last year. He had enough bitcoins already to at least pay everyone so its doesn't really matter at this point so we should eliminate him as the guy who keeps pulling the price down.

[stompix]

Well, I will definitely offload some of my coins if ever I got re-payed.  . Mr. Kobayashi already admitted that he is not dumping his coins directly on any exchanges so this complete FUD should be shut down at least. There's a lot of things happening from behind, that we really can't pinpoint the exact reason why the price keeps going down except to speculate manipulation specially that Mt. Gox trustee keeps dumping since last year. He had enough bitcoins already to at least pay everyone so its doesn't really matter at this point so we should eliminate him as the guy who keeps pulling the price down.

Prepared to be labeled as a weak hand, greedy investor, reptilian that wants to crash the price...list can go on...
You will also be held responsible for the 456th death of bitcoin   

But reading what you've said, we can elaborate a new theory:
Kobayashi did sell OTC but the guys that bought the coins dumped them in order to crash the market for reasons unknown.
Once you apply 4 layers of tinfoil you will see it's quite possible.

Granted, there won't be immediate selling pressure, but when these coins will be released, it will count as extra potential selling pressure. Over 100,000BTC isn't a joke if by that time the price is $10,000-$15,000.

The price will be a joke if 100k BTC get dumped.
But I fear there will be a huge dump before they receive the coins so only a few will be able to high at a high price.
Probably, just as Kemarit said, most will sell only a tiny fraction and wait for the price to go up even more.

What will happen to all the BCH?