MtGox finally going to distribute 137,000 BTC sometime next month

[adaseb]

So the creditors finally got an email about getting their bitcoins since the 2014 bankruptcy. This is around $3 billion dollars.

Everyone is watching their wallet and many will start to front run the dumping when it’s actually redistributed.

What does everyone think will happen? Dump? Pump? Sideways?

It’s also funny how ETH merge is around the same time. Late August. Should be a busy month.

[1715517682]

1715517682

[TimeTeller]

But I don't think everyone has still access to their wallets.
Because who would have thought this situation will reach up to this point where they will receive their lost coins?
I guess, a lot already forgot their credentials or had no more access to their computers used for this site.
Some also re-format their computers because this is a long time in the making.
Lucky for those who keep all their details all these years.

[adaseb]

But I don't think everyone has still access to their wallets.
Because who would have thought this situation will reach up to this point where they will receive their lost coins?
I guess, a lot already forgot their credentials or had no more access to their computers used for this site.
Some also re-format their computers because this is a long time in the making.
Lucky for those who keep all their details all these years.

No you don’t understand. The coins are not at MtGox.
Some trustee has them. And the people who lost their BTC back in 2014 filed claims for their lost bitcoins.

They will get them most likely sent to a new BTC wallet and those who want USD will have it sold by the trustee and most likely would be sent by bank transfer.

[Captain Corporate]

Honestly I agree. Its going to be a lot of "burned" coins. Sure there could be some dump, but it will mainly be because of all the people who will sell to avoid a dump, causing the dump themselves funnily enough. This is why I believe that nobody should do something before it happens, because it may not happen at all, and you hurt the market for nothing. This will be mainly maybe like %30-40 of the people still having access to their wallets, and maybe nearly 100k bitcoins being gone forever. Thats a good thing for us, more bitcoins gone from the market circulation and it will allow bitcoin to gain value overtime, not right away probably, but over long term.

[STT]

Its obvious liquidity.  Any amount from back then is a big amount now, people have bills some people will have zero choice but to sell.   A few able may sell then buy later not many as people are typically bad at reentering I think and a couple it will mean nothing as they have meanwhile been trading and holding larger armounts so they can hold regardless.
   If everyone gets their pay out at the same exact time it would blip down perhaps but I think the market has a larger trend then the latest mtgox news, every year since its become less important surely.

[fabiorem]

Four digits, here we come. I'm going to fill the shopping cart.

[bittraffic]

Good news for the users who can receive BTC. Will this dump the price or not?
137K BTC is big. Its not being auctioned to the richest people on earth. But It really will be interesting if this will happen this year because they will probably ask the KYC of the users which will delay this process for as long as it takes.

[adaseb]

Good news for the users who can receive BTC. Will this dump the price or not?
137K BTC is big. Its not being auctioned to the richest people on earth. But It really will be interesting if this will happen this year because they will probably ask the KYC of the users which will delay this process for as long as it takes.

MtGox had no KYC but it doesn’t matter because they are not distributing the coins.

The coins are being distributed by the trustee and pretty much anyone who wants their coins back needed to KYC long time ago when the proceedings started.

When Bitcoin rallied in 2017, they finally became solvent and they had enough to pay back balances in USD. However now they got 137K BTC and users will get that also. People KYC long time ago if they had large balances.

Keep in mind BTC topped at $1000 back then and many had coins in the $100-200 range.

[Poker Player]

Keep in mind BTC topped at $1000 back then and many had coins in the $100-200 range.

I believe that after so long of giving that money away, most people are going to sell the coins. Firstly because they have an extremely high return compared to the original acquisition cost, secondly because they have waited a long time, and finally because in the bear market we are in, there is not much incentive to hold. If they had received it last year, with the price rising, and when it was beating ath after ath, maybe more than one would have been tempted to HODL but now I don't think so.

However, I think the smartest thing to do would be not to sell everything. If you get 5 Bitcoins, you sell 2 or 3 and you get your money back after waiting for so long, you make a profit and you stay invested.

[dragonvslinux]

So the creditors finally got an email about getting their bitcoins since the 2014 bankruptcy. This is around $3 billion dollars.

Technically not all creditors will be receiving bitcoin it's worth noting..

As far I understand they have the option of cash, btc or bch (<= lol). This is probably in an attempt to reduce market volatility, with the trust offering to sell their coins for them. I imagine this would be done OTC based on the amounts. Although this still is an increase of 150K coins, it seems unlikely that it will be this much pressure on the spot market. It's potentially a good opportunity for instiutions to get cheap coins OTC.

Everyone is watching their wallet and many will start to front run the dumping when it’s actually redistributed.

Sell the rumour buy the news comes to mind. Meaning by the time coins are distributed to creditors, the dump will be over. Logically, it'd make no sense for creditors who want to take profits to do so themselves, via spot market, when they have the option of the trust doing it for them. Especially if the trust is able to cash out their coins prior to others getting their BTC. Maybe only 10-50K coins will be distributed in total?

What does everyone think will happen? Dump? Pump? Sideways?

Probably start dumping from here if the news causes panic in the market. Either way, direction will now likely be determined by OTC markets based on distribution plan, rather than spot market.

It’s also funny how ETH merge is around the same time. Late August. Should be a busy month.

Not sure this is that relevant to BTC price, but rather a factor for ETH getting hit harder than BTC.

[Minecache]

It is good news for investors who are able to get their bitcoins back after all these years.
Although MtGox has finally returned bitcoins to investors, not all centralized exchanges will be able to do the same. Therefore, it is advisable that you do not place all of your money on centralized exchanges, not your key will not be your money. Anything can happen so always be careful with our property.

[Jawhead999]

Are you a victim of Mt.Gox and got emailed of this distribution? I have googled about Mt.Gox recent news and didn't find any news regarding this. I hope it's just not only a promise and they will distribute it ASAP, it's already 8 years too.

If MtGox can distribute with Bitcoin amount, not in USD amount, then we will see many new people become a millionaire overnight and yeah, they will learn about holding. I'm expecting Bitcoin would only dump for short term since they will spent some of their Bitcoin to buy what they like and hold most of his coins to reach new ATH.

[Lucius]

If there is an option to pay in fiat, I believe that many will choose it because it is easier for them, or they simply do not want to have anything to do with Bitcoin. I completely understand these people considering how much time has passed and that each of them wants to finish it as soon as possible.

If it finally happens that the payouts start, I don't think it can have too much of an impact on the price considering that the payouts will probably go gradually, that a good part will be paid out in fiat, and that some will certainly keep what they get in Bitcoin. No matter how it ends, the whole case is, from a time perspective, a great shame for the Japanese system, which has proven to be quite incapable of solving it within a reasonable time frame.

[LoyceMobile]

So, 8 years, two-thirds of Bitcoin's age, is what it takes to get a part of your coins back from a centralized exchange.
Think about that when you don't keep your coins in a wallet under your own control!

[Coin_trader]

Are you a victim of Mt.Gox and got emailed of this distribution? I have googled about Mt.Gox recent news and didn't find any news regarding this. I hope it's just not only a promise and they will distribute it ASAP, it's already 8 years too.

If MtGox can distribute with Bitcoin amount, not in USD amount, then we will see many new people become a millionaire overnight and yeah, they will learn about holding. I'm expecting Bitcoin would only dump for short term since they will spent some of their Bitcoin to buy what they like and hold most of his coins to reach new ATH.

Mt Gox published a letter few days ago about distribution date to all eligible victims. I read this news when someone on our telegram GC brought this up and start the discussion on what's gonna happened to the price of Bitcoin after they start liquidating there Bitcoins on exchange. I'm not sure about the date provided by the OP but Mt Gox is really closed to repayment.

You read the article here: https://en.cryptonomist.ch/2022/07/07/mt-gox-prepares-creditors/

[TheGreatPython]

Its obvious liquidity.  Any amount from back then is a big amount now, people have bills some people will have zero choice but to sell.   A few able may sell then buy later not many as people are typically bad at reentering I think and a couple it will mean nothing as they have meanwhile been trading and holding larger armounts so they can hold regardless.
   If everyone gets their pay out at the same exact time it would blip down perhaps but I think the market has a larger trend then the latest mtgox news, every year since its become less important surely.

Yeah, even if btc have dumped heavily, those users are still in profit, more if they will hodl their bitcoin till we fully recovered to 69k but im sure they will, since they are one of those early supporters of btc and they believe on the techonology behind btc. It's only sad that someone can ruin the reputation of btc.

Good news for the users who can receive BTC. Will this dump the price or not?
137K BTC is big. Its not being auctioned to the richest people on earth. But It really will be interesting if this will happen this year because they will probably ask the KYC of the users which will delay this process for as long as it takes.

Literally a great news because it took them 8 years till they recovered their btc. That was a long wait but it was all worth it, since btc value have improved compared to its price long time ago. They can just assume that it was a blessing in disguise. It's okay if there are still some delays but what important is it's already confirmed that they will get their btc's and we are still in a bearish market right now. It would be a good timing if they receive their coins during the bull run.

[eXPHorizon]

Fuck i wish i didnt fuck up trusting online people with my account and saved the info to login properly. Some of those BTC belong to me :S

[Beparanf]

Fuck i wish i didnt fuck up trusting online people with my account and saved the info to login properly. Some of those BTC belong to me :S

What do you mean? Do you give your Mt Gox account credentials to other people and loss access on it?

This is indeed frustrating if that is the case because this incident happened almost a decade and finally customers will get the payment that they deserve. I'm curious why you will entrust your account details to online people despite knowing that Mt Gox owner is jailed nd there's a possibility for funds to recover.

[eXPHorizon]

Fuck i wish i didnt fuck up trusting online people with my account and saved the info to login properly. Some of those BTC belong to me :S

What do you mean? Do you give your Mt Gox account credentials to other people and loss access on it?

This is indeed frustrating if that is the case because this incident happened almost a decade and finally customers will get the payment that they deserve. I'm curious why you will entrust your account details to online people despite knowing that Mt Gox owner is jailed nd there's a possibility for funds to recover.

i was not living in japan and i had some other Japanese person at that time to create the account for me..

[Silberman]

So the creditors finally got an email about getting their bitcoins since the 2014 bankruptcy. This is around $3 billion dollars.

Everyone is watching their wallet and many will start to front run the dumping when it’s actually redistributed.

What does everyone think will happen? Dump? Pump? Sideways?

It’s also funny how ETH merge is around the same time. Late August. Should be a busy month.

I think a dump is coming, those people have lost access to their coins for years and even if their coins are way more valuable than at that point in time they lost the ability to make even more fiat or bitcoin due to not having access to their coins, so I think that in principle many are going to get out of the market immediately and probably never come back, this means we should have an increase in the supply without an increase on the demand and this will get amplified by traders shorting the market, so when I think of all of that a new low seems possible.