Mt Gox exchange returning bitcoin to the owners

[akirasendo17]

This is a good news for the owners of bitcoin who lost their share because of breach in security or hack  in MT Gox exchange
there is going to be a big impact once bitcoin is return to the owner for sure
according to the article the date will be october 15, 2020, im pretty sure that the owners are very excited , because of the news
sadly i don't have one so for those who have bitcoin who lost in Mt gox  congrats in advance
news link : https://bitcoinexchangeguide.com/150000-bitcoin-coming-back-to-mt-gox-creditors-in-10-days-will-btc-price-drop/

in addition during the years here are some of the list and latest exchange that have close and are rated as scam here is the link
https://www.cryptowisser.com/exchange-graveyard/
to be aware.

[yazher]

Man! this is some real main event here. Is this really true? those BTC might belong to some people who are no longer with us. So how will it be? If this is true, then the market will be heavily shaken with this and the price might be affected depends on what the owners of those BTC want to do with their BTC. I hope this is real because those guys might really need those BTC to survive and might be waiting for it to get their BTC back as soon as possible. Finally, this is the news they've been waiting for.

[hd49728]

How do you think 150 000 Bitcoin will be sold immediately on the market when people receive it from rehabilitation?

Some will sell, some will hold it. Sell or hold it will depend on each bitcoiner.

Additionally, 150 000 bitcoin accounts for 0.81% of total circulating supply 18514906 (figure is taken from https://coinmarketcap.com/currencies/bitcoin/).

It is not a big amount of bitcoin and don't let your mind and actions be affected by news.

“If 150,000 BTC is sold on the market, it would cause a brutal drop, and fear would quickly spread across the markets.” This is because creditors will take the opportunity to take profits on the “over 2,600% ROI from 2014.”

This is a shit part and stupid conclusion from the news. People should hold till all time high of bitcoin. Bitcoiners will wait for the bull run to $20k.

[akirasendo17]

we still don't know what will be the condition if they will return those bitcoin but I think they will not give it all to the users at once , because it will make a big impact to the crypto economy , hoping for the best.

[Lucius]

WRONG

The date mentioned is the possible deadline by which it should be decided when and how the payments will start, and in no case is it the date when the former beneficiaries will receive any compensation.

In a document released on June 30th, the Tokyo District Court issued an order to extend the submission deadline for the rehabilitation plan to reimburse creditors for their losses to October 15th. In other words, if the court doesn’t delay this deadline again, on October 15th, we will have more clarity on how and when creditors will begin to receive the BTC they lost during the attack.

The whole case is just one big shame for Japan and its services dealing with this case - so much about Japan's efficiency and speed of justice.

[DdmrDdmr]

I’ve looked into multiple sources, and the interpretation to be made is what @Lucious states. The deadline is for the plan, with no information yet on how the plan will be deployed, not in what stages. Furthermore, the history of postponing the plan’s deadline, plus the Covid effect on slowing down bureaucracy even further, seem to provide cause for not being optimistic on a final plan for the coming  the 15th of October.

[Bitcoin_Arena]

Additionally, 150 000 bitcoin accounts for 0.81% of total circulating supply 18514906 (figure is taken from https://coinmarketcap.com/currencies/bitcoin/).

It is not a big amount of bitcoin and don't let your mind and actions be affected by news.

The circulating supply metric can be a bit misleading. I would like to align with 18,514,906 BTC being already mined but how many of those bitcoins are actually circulating between different addresses?

They number could be much lower because;
- Some bitcoins are in addresses that has lost private keys forever
- Other bitcoins have been sitting in wallets or cold wallets for years and there is no telling when they will "circulate"

But yeah, I don't think the price could be affected because I am sure all the BTC won't be sold off at once

[Porfirii]

This is great news for Mt Gox users because, as far as I know, the initial idea was to refund just the value the BTCs got when the platform was hacked, in USD (which is obviously a joke compared to today's Bitcoin's value).

But just a question: I remember that the narrative on Bitcoin's price dumps back in 2018 attributed these dumps to Mt Gox liquidators market selling massively and punctually in order to pay creditors. If that was true, shouldn't they now buy back these BTCs they sold? And, if that is true, shouldn't we see a surge in the price?

Or maybe they just market sold them back then but now they will buy from a fund at a fixed price?

[cryptovers]

I don’t think it will happen totally. It were lost a billions of dollars with current btc price. It’s so good that I haven’t been yet in crypto in time of mtgox crash.

[hd49728]

The circulating supply metric can be a bit misleading. I would like to align with 18,514,906 BTC being already mined but how many of those bitcoins are actually circulating between different addresses?

They number could be much lower because;
- Some bitcoins are in addresses that has lost private keys forever
- Other bitcoins have been sitting in wallets or cold wallets for years and there is no telling when they will "circulate"

Understood your ideas. Circulating supply is misleading and it causes another misleading thing: marketcap.

Marketcap = Circulating supply x market price.

It is misleading for bitcoin marketcap because there is no deduction for lost bitcoin from pass-away bitcoiners or from lost wallets. The marketcap can be calculated with active wallets and inactive or lost wallets should be deducted from marketcap formula.

But yeah, I don't think the price could be affected because I am sure all the BTC won't be sold off at once

It is important, most important note. Noted for myself too.

[Lucius]

The marketcap can be calculated with active wallets and inactive or lost wallets should be deducted from marketcap formula.

But how do you determine the time period in which an address is inactive for someone to declare a coin at that address lost? If my memory serves me well, one of the companies dealing with such analyzes determined that the time limit should be 4 years, and accordingly declared all the BTC that did not move during that period lost. But as we could see these days someone is doing transactions with BTC that haven’t moved since 2010, and in the Faketoshi (CW) case someone signed a bunch of addresses from the same period proving he’s not the owner, and that private keys aren’t lost.

There is no reliable formula to calculate how much BTC is actually lost, but I think it is a much smaller amount than is often speculated (3-4 million BTC).

[genievic23]

This is a good news for the owners of bitcoin who lost their share because of breach in security or hack  in MT Gox exchange
there is going to be a big impact once bitcoin is return to the owner for sure
according to the article the date will be october 15, 2020, im pretty sure that the owners are very excited , because of the news
sadly i don't have one so for those who have bitcoin who lost in Mt gox  congrats in advance
news link : https://bitcoinexchangeguide.com/150000-bitcoin-coming-back-to-mt-gox-creditors-in-10-days-will-btc-price-drop/

in addition during the years here are some of the list and latest exchange that have close and are rated as scam here is the link
https://www.cryptowisser.com/exchange-graveyard/
to be aware.

woah, that sure is good news for those who lost their bitcoin in Mt. Gox. lots of millionaire coming back in Crypto, lol, I'm sure they'll be praising God and grateful. I'm so happy for them

[stompix]

Additionally, 150 000 bitcoin accounts for 0.81% of total circulating supply 18514906 (figure is taken from https://coinmarketcap.com/currencies/bitcoin/).
It is not a big amount of bitcoin and don't let your mind and actions be affected by news.

If you consider that 150 000 is nothing to be worried about, how much do you think was dumped on the markets in April when BTC lost half of its value?
2 million?   For the market to absorb this shock without a hiccup you would need 1.8 billion sitting on exchanges and all that in buy orders, do you think here is that much cash? And even if it was, why would people buy during a dump? No, a 150k dump would be worse than what happened in spring and the idea itself would trigger other reactions.
Fortunately, is not going to happen, and in any case, even half of them decide to sell they will not do it all in a 24h interval.

There is no reliable formula to calculate how much BTC is actually lost, but I think it is a much smaller amount than is often speculated (3-4 million BTC).

Let's assume for the good of everyone around here that there are more than that.
Coins that have not moved for decades but are not lost are simply coins that will at one point re-enter circulation and will do so at a cost.

I’ve looked into multiple sources, and the interpretation to be made is what @Lucious states. The deadline is for the plan, with no information yet on how the plan will be deployed, not in what stages.

Not only is the deadline for the submission of the plan, but if worse happens for Mt.Gox's victims the plan can still be rejected in court.

[Harlot]

I haven't followed the news regarding Mt. Gox but I believed this wasn't their original plan. From what I know they were ordered to liquidate their remaining Bitcoin in order to give something the users, they even have set some deadlines regarding their users filing their claims for the shares of Bitcoin. So I'm surprised to see this news that they would instead give back the recovered Bitcoin to their owners. So if partial of the total Bitcoin loss was recovered I believe that these Bitcoin will be shared evenly to the owners depending on what they are holding that time.

[Little Mouse]

It is not a big amount of bitcoin and don't let your mind and actions be affected by news.

It's ~$1700 million and you are saying it's not a big amount. Do you know the circulation we see are not the circulation in reality. Most of the BTC are never used or was not touched for a long time. This btc are minted but not being used.
So, once this 150000 comes into the market and holder want to sell, imagine what panic is going to be happened. Even, once mt gox confirm a date, I think the price will be affected.

[OgNasty]

WRONG

Indeed. The only thing that happened October 15th was they said how many more millions of our dollars have been spent perpetuating this farce of justice.