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

[BitcoinPanther]

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

I read an article about this and that article thinks that most receivers will ask for the dollar and thinks that the Bitcoin market will possibly crash by $3B that time.  Funny how these media already made a conclusion about the BTC crash on the distribution day. But I don't think that it will happen because most of these receivers are once BTC holders.  So I think the majority of them will have it received in Bitcoin thus the market will not be affected by the said distribution. So I think it will be sideways in relation to the Mt. Gox fund distribution.

[InvoKing]

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/

The price will crash if many people will sell a part from this volume in many exchanges at the same time. It will take a while before they start distribute that.

[edgycorner]

ognasty is probably drunk af somewhere after receiving that Email

So it was like a roller coaster hodl ride for the victims with extreme high(which would be now) and low points(thanks to mtgox?). Hopefully, they won't sell it in fear of losing them again lol

[Slow death]

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

 

I'm wondering if we won't see the 10,000$ once again, whenever there is any news about this MtGox ghost we see the market falling like a rotten papaya when it falls from the tree. but on the positive side and that a drop to $10,000 would be a great golden opportunity to buy big and then sell at $60,000 would be 6X profit guaranteed. Will we see the president of El Salvador selling the whole country to buy bitcoin at 10,000$?

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

I read an article about this and that article thinks that most receivers will ask for the dollar and thinks that the Bitcoin market will possibly crash by $3B that time.  Funny how these media already made a conclusion about the BTC crash on the distribution day. But I don't think that it will happen because most of these receivers are once BTC holders.  So I think the majority of them will have it received in Bitcoin thus the market will not be affected by the said distribution. So I think it will be sideways in relation to the Mt. Gox fund distribution.

people need money and with the fear of the price going down even more they will sell soon and the price will go down, of course the price will recover later, but it will take time. unfortunately this news appeared at a time when the market is down and everyone is afraid and little optimism about the future

[fabiorem]

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

 

I'm wondering if we won't see the 10,000$ once again, whenever there is any news about this MtGox ghost we see the market falling like a rotten papaya when it falls from the tree. but on the positive side and that a drop to $10,000 would be a great golden opportunity to buy big and then sell at $60,000 would be 6X profit guaranteed. Will we see the president of El Salvador selling the whole country to buy bitcoin at 10,000$?

I sold a little every month during 2021 (inverted DCA), and kept tabs of it. When I calculated it, the medium selling price was near the top, because of some profit I had made with a altcoin. So if I re-buy what I sold for 10k I will have 6x the bitcoin I have sold, and if it goes to 60k again I will have 36x the fiat money I initially spend. So yes, it will be a good entry point, and I will not be surprised if the president of El Salvador sells his country just to buy it.

[adaseb]

Yes some people will want to get paid in fiat however they will start to sell around the same time that other people get their BTC distributed. So they will be selling in a downward bear market and creating lots of sell pressure.

Unless they find some OTC deal with some large players and do it that way. Either way, when the coins start to move it will result in some panic. Whether the selling gets absorbed by large whales and quickly recovers will be something we need to wait for.

[Tytanowy Janusz]

Buy rumors sell facts. MTgox fud is here since the very first day i entered crypto - 2017. I guess we may see a dump below previous low (final leg down that everyone is expecting) and then a decent recovery made by front runners closing positions and from investors knowing that bitcoin fundamentials are better after this 8 year long case is over. From long term perspective ... its good we will finally have this fud over.

[OgNasty]

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.

We’ve gotten many emails over the last near decade about mtgox. This one didn’t specify anything that made me feel like a payout would take place next month, but we’ll see. I’ll believe it when I’ve got BTC in my wallet. Until then, it’s just another notification that they’re working on it. The amount of funds they’ve been paid to do something as simple as distribute what BTC they have left is a bit shocking to me. I see no reason they’ll do anything quickly, but do think this is the most interesting thing in Bitcoin at the moment.

[m2017]

Yes some people will want to get paid in fiat however they will start to sell around the same time that other people get their BTC distributed. So they will be selling in a downward bear market and creating lots of sell pressure.

Even selling bitcoin by these people in a downward bear market will bring them a good profit, because a lot of time has passed since MtGox closed. Most of these users would not have kept their BTC by now, but would have sold much sooner. So, when they get their btc back, it will be possible to say that this sad story with MtGox only benefited them despite the long wait and hassle.

Unless they find some OTC deal with some large players and do it that way. Either way, when the coins start to move it will result in some panic. Whether the selling gets absorbed by large whales and quickly recovers will be something we need to wait for.

That means another collapse in prices is possible next month.

[fzkto]

It's becoming a classic, when bitcoin falls and the market panics, that's when the news about MtGox starts coming out. It's funny how the bad news strategy doesn't change every time. Hopefully this is the final part of the bearish scenario and a reversal will happen soon.

[yhiaali3]

The market is likely to be flooded, the people who will get their money after all these years will not wait for the bull market to sell their bitcoin, they will most likely sell immediately at any price until they make sure their money is back to them, these huge quantities if they are sold and pumped into the market in a batch One is sure to get more dump to the market than it is now, so I hope these are sane (or some of them at least) and don't sell all at once. Frankly, the market is suffering mainly and we do not need another negative impact.

[Lucius]

The market is likely to be flooded, the people who will get their money after all these years will not wait for the bull market to sell their bitcoin, they will most likely sell immediately at any price until they make sure their money is back to them...

You missed the fact that every victim can choose whether he wants Bitcoin, Bitcoin fork coin, or fiat - and if the trustee is going to sell Bitcoin to pay off fiat, he won't be so stupid as to bypass the OTC, although nothing about those genius Japanese people would surprise me. Someone wants to portray the whole thing far more negatively than it actually is, it is not about 1 million BTC, but just a little more than 140 000 BTC.

[YOSHIE]

Some trustee has them. And the people who lost their BTC back in 2014 filed claims for their lost bitcoins.

It's been almost seven years since this damned exchange has collapsed, Mt.Gox is the worst exchange I've ever seen in the crypto world, so, if Mt.Gox has recovered the hacked BTC, what percentage of the recovered funds will be returned to the victim.

However, if the Mt.Gox exchange actually rehabilitates and refunds stolen funds to victims, this will have a worrying impact on the price of Bitcoin going forward.
Speculation:
1. Those/victims who get compensation for Bitcoin returns by Mt.Gox, this will trigger the Bitcoin price to fall even more, due to massive Bitcoin selling pressure.
2. The effect of bankruptcy on Mt.Gox, is in sight, if they distribute directly to victims, given the current cost of Bitcoin prices.
3. Will create a new millionaire next month, if the victim is actually recovered by the Mt.Gox exchange.

Did Mt.Gox side, talk about the chances of how they plan to handle all that rehabilitation, did they plan strict rules for the victims, I'm a little worried, the value that has to be spent is billions of dollars.

[fabiorem]

In any case, this is a old FUD. I hope the users finally get their coins back, and if they dump them, better to do it now, when we are in a bear market, than later, after the next halving. Then the market will get rid of this fear, that is around for 8 years already.

And may this be a lesson for the dumb people who let all their coins in exchanges, instead of adopting them in their own devices.

[dragonvslinux]

Yes some people will want to get paid in fiat however they will start to sell around the same time that other people get their BTC distributed. So they will be selling in a downward bear market and creating lots of sell pressure.

Unless they find some OTC deal with some large players and do it that way. Either way, when the coins start to move it will result in some panic. Whether the selling gets absorbed by large whales and quickly recovers will be something we need to wait for.

I don't think the trust will struggle to make OTC deals. Up to half of Coinbase's volume is institutional based on OTC deals (they have stated in the past), so it's not like there will be lack of demand. Such an increase in OTC supply can no doubt affect the spot market indirectly, with OTC prices dropping, and no doubt some whales will try and take advantage of this situation to the downside as per usual.

I just don't see the sort of spot market volatility that many are anticipating and we've seen recently from institutional liquidations that were done via spot market. The only coins to be released will be to those who don't plan on immediate selling. This is lining up to be a classic sell the rumour buy the news event imo. For institutions it'll likely mean remaining patient in order to get cheap OTC deals in the near future.

[yhiaali3]

You missed the fact that every victim can choose whether he wants Bitcoin, Bitcoin fork coin, or fiat - and if the trustee is going to sell Bitcoin to pay off fiat, he won't be so stupid as to bypass the OTC, although nothing about those genius Japanese people would surprise me. Someone wants to portray the whole thing far more negatively than it actually is, it is not about 1 million BTC, but just a little more than 140 000 BTC.

I do not know how the victims will be compensated? But if they were to give them fiat for the bitcoin they owned, how would the price of bitcoin be calculated? Will it be calculated at the current price? Or at the market price in 2014 when the MtGox exchange closed? I don't know actually because if they were compensated at the 2014 price when the MtGox closed they wouldn't get much because the price at that time was around $400-800.

[electronicash]

You missed the fact that every victim can choose whether he wants Bitcoin, Bitcoin fork coin, or fiat - and if the trustee is going to sell Bitcoin to pay off fiat, he won't be so stupid as to bypass the OTC, although nothing about those genius Japanese people would surprise me. Someone wants to portray the whole thing far more negatively than it actually is, it is not about 1 million BTC, but just a little more than 140 000 BTC.

I do not know how the victims will be compensated? But if they were to give them fiat for the bitcoin they owned, how would the price of bitcoin be calculated? Will it be calculated at the current price? Or at the market price in 2014 when the MtGox exchange closed? I don't know actually because if they were compensated at the 2014 price when the MtGox closed they wouldn't get much because the price at that time was around $400-800.

some of them may probably choose fiat to wait for price to dip. his is going to be funny because they might think the rest will eventually sell when they received the BTC.

it doesn't make sense to sell now while the price is very low already. but perhaps some users will sell while they are already in the brink and no job and its a huge profit because that was just $400/btc during that time. this is an unexpected money for some also because 8 years after they hold withdrawals, they've already lose hope but here we are.

[justdimin]

Some trustee has them. And the people who lost their BTC back in 2014 filed claims for their lost bitcoins.

It's been almost seven years since this damned exchange has collapsed, Mt.Gox is the worst exchange I've ever seen in the crypto world, so, if Mt.Gox has recovered the hacked BTC, what percentage of the recovered funds will be returned to the victim.

However, if the Mt.Gox exchange actually rehabilitates and refunds stolen funds to victims, this will have a worrying impact on the price of Bitcoin going forward.

The horrible part is that they are still manipulating the market. They are not even going to distribute that much all at once, they are going to "start" distributing it, meaning that they are not going to pay everyone right away and it will be just a smaller amount, over course of a long period, and would not make a big deal in the market because that type of deal will not make a big difference.

But, the reality is that we are getting lower more than what this deal would have made, just from the news of it. If it was distributed and sold, it wouldn't drop the price as much, but the news of it does. Because, it’s manipulation, mt.gox trustees are trying to manipulate it to go down, so they would spend less.

[coolcoinz]

There are many factors in play here. For instance, many of these victims are still here and have been holders since 2013. They had some of their money on Gox, but remained in the space after the collapse. They still have bitcoins that they held for years, or bought during this recent crash. They are aware of low prices and receiving additional bitcoins will not change anything in their attitude towards bitcoin.

Think about it, you had 10BTC in 2017 and held, then bitcoin hit 60k, you sold 5 BTC and bought back somewhere in the 40-20k range. You get another 10BTC from gox, but know that bitcoin is down 70% from its ATH. Maybe you'll sell 1BTC to celebrate, but those additional coins won't make you turn from a holder to a panic seller.

If I were to receive money from somewhere, I wouldn't dump it at these prices. I'd rather wait a year or 2 for us to hit at least 35k, which is a modest 50% of ATH, and get 50% more in fiat money, or wait it out until another halving and possibly get to sell for 100k.
What's the risk- reward ratio here? Worst case scenario you're risking a temporary dip to -80% from ATH, which is going to be some 12k USD. Best case scenario we'll have a new high next year and you'll score x4 your current money. Holding here makes much more sense.

[Husires]

I did not follow the story, but did some amounts will be deducted, for example, as taxes or fees, or it will be afull refunded?
We have a similar case when Luna dumped about 80,000 bitcoins to the market (80,000 Bitcoins Dumped By Terra's LFG Quickly ) but the effect was immediate so if there was bad news it would have already happened.
So my guess is we'll see a rise.