Will the Mt. Gox coins affect Bitcoin’s price in August?

[Lucius]

However, I somehow see all these "Mt.Gox money will flood the market" news mostly in times of uncertainty, hence it's imho more about manipulating the market than actually something happening on Mt.Gox story.

People simply interpret information in the wrong way, regardless of the fact that it is very clearly shown to them that they are panicking for no reason. Even if one day Japan's fast-paced bureaucracy decides to start paying out, not everyone will get paid at the same time, nor will everyone get Bitcoin considering that there are options for paying in fiat and even in one shitcoin.

So we got an answer to the question regarding August, September and to some extent October, and now we just have to see if someone will pull this story again in November/December...

[Jating]

However, I somehow see all these "Mt.Gox money will flood the market" news mostly in times of uncertainty, hence it's imho more about manipulating the market than actually something happening on Mt.Gox story.

People simply interpret information in the wrong way, regardless of the fact that it is very clearly shown to them that they are panicking for no reason. Even if one day Japan's fast-paced bureaucracy decides to start paying out, not everyone will get paid at the same time, nor will everyone get Bitcoin considering that there are options for paying in fiat and even in one shitcoin.

So we got an answer to the question regarding August, September and to some extent October, and now we just have to see if someone will pull this story again in November/December...

Perhaps when the news surface again, we might see the same FUD in November/December. Specially if during that time the price goes on another nose-dived and hit lower lows. And so there could still be manipulation from behind using the old and recycle Mt Gox coins.

But of of now, the price is moving sideways, no one is over-reacting to the news in August because as far as I can remember we have the same movement already.

[OgNasty]

So far, I don't believe that Mt.gox is willing to give back that bitcoin, that's a huge amount compared to 7 years ago.

They probably no longer have that choice. It's about law now.
Just, if they are smart enough and can stall it a little more so we're back in a bull market, the amounts given back, although a tiny fraction of the initial bitcoins, will still be big money as fiat.


However, I somehow see all these "Mt.Gox money will flood the market" news mostly in times of uncertainty, hence it's imho more about manipulating the market than actually something happening on Mt.Gox story.

No, things are definitely happening and not just behind the scenes. Emails have been flowing lately and we’re nearing the final stages of a distribution of BTC. They have even enabled PayPal as a potential way to be paid now. I wouldn’t say it’s a tiny fraction of BTC being distributed either. It’s nearly 20%, which is an insane amount of money still. I’m currently a believer that the BTC will be distributed next year, and once it has been distributed the final hurdle will be removed for the next bull run.

[NeuroticFish]

I wouldn’t say it’s a tiny fraction of BTC being distributed either. It’s nearly 20%, which is an insane amount of money still.

As fiat, yes, it's a huge amount of money. As bitcoin... 20% is not that great (still a loss).
Of course, since the vast majority of those receiving this money would have been spending or losing it by now, it's great for them. But, on the 1BTC=1BTC math, it's a small fraction. Not tiny, though, you're right on that.

I’m currently a believer that the BTC will be distributed next year, and once it has been distributed the final hurdle will be removed for the next bull run.

Yep, that's what I also expect: sometime after the crypto winter. Ideal would be the bull run, but I can't expect them to stall it for so long. Next year sounds about right.

Perhaps when the news surface again, we might see the same FUD in November/December. Specially if during that time the price goes on another nose-dived and hit lower lows. And so there could still be manipulation from behind using the old and recycle Mt Gox coins.

That would be unsurprising. As long as that money is not (completely!) distributed, some will use that as a scarecrow in uncertain times.

[OgNasty]

Yet another email has been sent out by the mtgox team reminding creditors that they need to select a payout method by January 10th in order to be included in the payout distribution. It is starting to feel like these coins might actually be rejoined with their rightful owners after a nearly decade long bankruptcy period. I’m actually a believer we may see these coins in wallets by next summer…