Mt. Gox: Bitcoin’s Dark Chapter Ends With a Doorway to $1 Billion in Refunds

[bbc.reporter]

This is very good news but why was bitcoin dumped? I reckon this is the type of news that would make Tom Lee scream buy! hehehe.

But what happened? Was there another exchange hack or another FUD?



The exchange’s trustee, Nobuaki Kobayashi, says that civil rehabilitation proceedings will begin in a major effort to refund the missing Bitcoin to its former customers.

Currently there are an estimated 24,750 approved claims for a total of roughly $409 million owed.

The refunds could signify substantial gains for former customers who are entitled, according to the court, to seek a refund in Bitcoin, and not the monetary equivalent at the time of Mt. Gox’s demise.

Read in full https://dailyhodl.com/2018/06/22/mt-gox-bitcoins-dark-chapter-comes-to-an-end-with-a-doorway-to-1-billion-in-refunds/

[pooya87]

Mt Gox selling coins has never been the reason for price drop so that their stop turns the market into bullish, market has been able to easily absorb the amount without changing anything. in fact the sale started right in the middle of the rise when price was around $4k-$5k and ATH happened while they were selling.

just like any other FUD this will also be replaced by another new one.

But what happened? Was there another exchange hack or another FUD?

i think it is because of the altcoin dumps.
this is just a guess at this point but it is based on two main facts:
1. the drops started wit the big altcoins before they continued with bitcoin
2. the final drops have been much bigger in altcoins than they have been in bitcoin.
and most of the money at least exists through bitcoin.

[davis196]

Why is this thread in the speculation forum board?
Is anybody thinking that the BTC price will start rising after the Mt.Gox case is resolved?Most of the Mt.Gox users can be clasified as early adopters,so I think that they will remain active in crypto trading,which is good.
Mt.Gox will remain as a shady part of the bitcoin history and we have to move on with caution.Some big crypto exchange platform might be the new Mt.Gox.

[Wind_FURY]

Mt Gox selling coins has never been the reason for price drop so that their stop turns the market into bullish, market has been able to easily absorb the amount without changing anything. in fact the sale started right in the middle of the rise when price was around $4k-$5k and ATH happened while they were selling.

just like any other FUD this will also be replaced by another new one.

But what happened? Was there another exchange hack or another FUD?

i think it is because of the altcoin dumps.
this is just a guess at this point but it is based on two main facts:
1. the drops started wit the big altcoins before they continued with bitcoin
2. the final drops have been much bigger in altcoins than they have been in bitcoin.
and most of the money at least exists through bitcoin.

I believe not. Altcoins follow Bitcoin, but Bitcoin never ever follows altcoins because what moves Bitcoin is the opposite side in its trading pair. Fiat. What moves altcoins is the opposite side in its trading pair. Bitcoin.

[Pursuer]

Why is this thread in the speculation forum board?
Is anybody thinking that the BTC price will start rising after the Mt.Gox case is resolved?Most of the Mt.Gox users can be clasified as early adopters,so I think that they will remain active in crypto trading,which is good.
Mt.Gox will remain as a shady part of the bitcoin history and we have to move on with caution.Some big crypto exchange platform might be the new Mt.Gox.

many people believe that bitcoin price has been falling because Mt Gox has been selling large amounts of  bitcoin on the exchanges practically crashing it each time it wanted to rise. at least that is what the FUD tells you. the reality is that they were selling but the sells were not even felt by the market until they started talking about it in their FUD. until we reached a stage where people started watching the addresses which they claimed belongs to Mt Gox and each time there was a movement in them they started panic selling.

so why is this in speculation?
if they are officially done selling that means that FUD is no longer going to affect the price anymore.

[cindygirl]

And what of Karpeles? Does this mean that he will not receive anything as all of the recovered coins will be allocated to previous customers? Would this not mean that the $400m Kobayashi sold would have been pointless?

[bengsabeng]

a few days ago bitcoin prices rose and almost reached $ 7k but today the price of bitcoin fell and almost reached $ 6k. I think this is still related to the refund.

[gentlemand]

And what of Karpeles? Does this mean that he will not receive anything as all of the recovered coins will be allocated to previous customers? Would this not mean that the $400m Kobayashi sold would have been pointless?

He won't get anything. That's what his preference was all along.

The 400 million was to meet all existing debts, ie the fiat value owed at the time of the bankruptcy. Everything left on top of that is gravy.

I'm not sure what the deal is with the Coinlab lawsuit though.

[bbc.reporter]

Why is this thread in the speculation forum board?
Is anybody thinking that the BTC price will start rising after the Mt.Gox case is resolved?Most of the Mt.Gox users can be clasified as early adopters,so I think that they will remain active in crypto trading,which is good.
Mt.Gox will remain as a shady part of the bitcoin history and we have to move on with caution.Some big crypto exchange platform might be the new Mt.Gox.

I opened the thread in this subforum because I speculate this might be a cause or one of the causes that might change our sentiments towards the market. But it appears that it will not hehehe.

[gabmen]

Well that's good news for the people receiving their btcs back and i'm happy for them that they'll get btc's instead of monetary equivalents from 4years ago. It was probably worth the wait for most of them. This market isn't being moving upward by any positive news considering that mt.gox issue has been cleared.