What is your take on Mt. Gox refund ?

[Odohu]

Just saw an article on Cointelegraph that Mt. GOX will be refunding victims of the hack that happened to them years ago,  next month. While this is good news for the victims and will restore some level of confidence in the entire Bitcoin community,  there are concerns regarding the impact of such move on the price of Bitcoin.

The exchange lost 850,000 BTC to the hack in 2014. The concerns is that this proposed refund might lead to a huge dump in the price of Bitcoin. If Mt. Gox actually refund their victims, how do you think this might impact on the price and future of Bitcoin.

[_act_]

Nobody knows what will happen. It depends on if more people buy or sell. But most likely that as some people receive their bitcoin, they will want to sell. If many people sell their bitcoin, this may cause decrease in the price of bitcoin because that amount of bitcoin is huge.

I do not know what traders will do, if some of them also sell, this may cause more decrease of bitcoin price.

Or some people know that bitcoin price is cheap for now and they may want to hold. I do not know what will exactly happen, but I think the price of bitcoin will fall a little.

But do not panic, the price of bitcoin will increase and get to ATH

[Nwada001]

Not until this day did I know Mt. Gox still had over 130k+ BTC all over their trustees addresses, which is enough fund to pay back a few of the lost BTC during the hack.

When you talk about the implication that this might have on the crypto market, well, considering the fact that all the repayment is not scheduled to be made all at once and not all payments are to be done through BTC, I still believe there will be less to worry about, especially as they also want to pay their victims through fiat and other forms of crypto payment, which will reduce the amount of bitcoin that will be redistributed to users.
 
The only place that I believe there could have been some negative price impact is if they were planning on selling off all their holdings to make payment back to their victims using fiat. Then we could have started thinking about how much the price of bitcoin would dump, as it's obvious that it would dump. But right now, considering the halving that is coming, many people who will receive this payment might not be in a hurry to sell back, as they might want to wait for the next bull run in order to benefit from it.

[Wexnident]

Just saw an article on Cointelegraph that Mt. GOX will be refunding victims of the hack, that happened to them years ago,  next month. While this is a good news for the victims and will restore some level of confidence in the entire Bitcoin community,  there are concerns regarding the impact of such move on the price of Bitcoin.

The exchange lust 850,000 BTC to the hack in 2014. The concerns is that this proposed refund might lead to a huge dump in the price of Bitcoin. If Mt. Gox actually refund their victims, how do you think this might impact on the price and future of Bitcoin.

Do we have a kind of list of the expected actions of those who were hacked in the past? If they were all going to sell then we might see a bit of a dump, but I don't think it'd be anything permanent. In addition, the exchange is going to only partially pay the loss, not to mention part of it is going to be through other coins (BCH and Japanese Yen as well according to the article). I don't think with all of those, we're going to see anything permanently done to the market, it may sway it down for a bit but I reckon a lot of others would consider it a buying opportunity if said victims were to just drop all of their coins in the market.

[EL MOHA]

It would be a two way something, when the exchange was hacked in 2014, the price of bitcoin was less than $500 and right now the price is more 50x that price so some people will sell. Also other people will try to hold having in mind that another bull run might be here in one year time so they would like to wait for it. We can’t be certain which way it will go but one thing is any impact that it will be having will definitely be a short term impact and the market will return back to normal.

For me what bothers me on its impact on bitcoin future will be how naive people will address this issue. Some gullible people will have a renewed hope in storing funds in centralized exchanges Because they would believe they can get there funds return after any down fall and would prefer some platforms be their bank other than them holding their money in a non-custodial wallets

[AmoreJaz]

It would be a two way something, when the exchange was hacked in 2014, the price of bitcoin was less than $500 and right now the price is more 50x that price so some people will sell. Also other people will try to hold having in mind that another bull run might be here in one year time so they would like to wait for it. We can’t be certain which way it will go but one thing is any impact that it will be having will definitely be a short term impact and the market will return back to normal.

For me what bothers me on its impact on bitcoin future will be how naive people will address this issue. Some gullible people will have a renewed hope in storing funds in centralized exchanges Because they would believe they can get there funds return after any down fall and would prefer some platforms be their bank other than them holding their money in a non-custodial wallets

i don't think that kind of mentality will be for many. the situation in mt gox is one of the many hackings that turned out to have something at least. but it is years in the making. for sure, most users of that already lost their credentials to claim their funds lost. and do remember, most hackings won't return your funds. so for me, it is still best to secure your own funds rather than trust these CEXs.

[terrific]

Do not think too much just because of it, if there will be a negative impact on the market because everyone's going to dump.
Think that if it dumps, there are also a lot of buyers that are just waiting for another perfect opportunity to buy so that shall rise the price of it and that will show as a sign of quick recovery.
Honest take is it is good that for a very long time, those owners of those assets will now be refunded and many of them will enjoy their money so, dumping is no question.

[lionheart78]

It is logical for the receiver to take profit on their Mt. Gox BTC refund.  Since there will be a possible huge inflow of Bitcoin to the market, it is observed that the price would be affected.  I do not worry to much about this possible dump because when Bitcoin becomes cheaper people who miss out on the cheaper price will surely put a demand in the market slowly recovering the Bitcoin price.  We have seen several cases like this but Bitcoin is able to withstand it and even record new highs.

[arwin100]

Just saw an article on Cointelegraph that Mt. GOX will be refunding victims of the hack, that happened to them years ago,  next month. While this is a good news for the victims and will restore some level of confidence in the entire Bitcoin community,  there are concerns regarding the impact of such move on the price of Bitcoin.

The exchange lust 850,000 BTC to the hack in 2014. The concerns is that this proposed refund might lead to a huge dump in the price of Bitcoin. If Mt. Gox actually refund their victims, how do you think this might impact on the price and future of Bitcoin.

If massive sell off might happen after the refund then provably it can create an impact to the price of bitcoin knowing that many might get afraid to see what possible scenario might happen and other holders might dump first before it happen so we hope that we cannot see the worse and the refund will happen this year so that possibly by next year if bad thing will happen we can recover since halving hype might start and accumulation phase maybe can save this.

[PX-Z]

First off, congrats after almost a decade of waiting they will finally those funds. But I doubt these users will sell off their bitcoins once they receive them, unless they already stop believing bitcoin and just there for the refund. While on the other hand, those users who will get the refunds will probably hodl considering the price is still below 30k unlike 2 months ago.

[dzungmobile]

Just saw an article on Cointelegraph that Mt. GOX will be refunding victims of the hack, that happened to them years ago,  next month.

I am not a victim of Mt. Gox so I don't mind about this case, a first reason.

A second reason is more important and you must know. Mt. Gox refunding is a news that has been recooked many times. Many times, news said Mt. Gox will start compensation distribution to their victims, soon or next month. Again, now we have another news, next month they will distribute bitcoins to victims.

You know, such recooked news is to fud the market, to create fear that when Mt. Gox distribution happens, the Bitcoin market will have big selling pressure from Mt. Gox's victims.

[Minecache]

✂️

 how do you think this might impact on the price and future of Bitcoin.

But I want to ask you, do you think the plummeting price of bitcoin is a good thing or a bad thing? Furthermore, many people always want to buy bitcoin at a cheaper price than the current price, so do you think if Mt.gox really released those bitcoins, would it be good or bad? What I find confusing is that people always say they will buy more bitcoin if it drops more, but there are many threads worrying about FTX or Mt.Gox causing bitcoin to drop more. To me, both of those events are more beneficial to us than harmful to us.

But I have doubts about Mt.Gox, this is not the first time there are rumors that they return assets to victims. Their promise could be made into a movie because it has been going on for many years, and so far, no victim has been compensated.

[adaseb]

If you knew the amount of times that the refunds were delayed you would be skeptical that they would actually pay out next month.

This hack was almost a decade ago and people are still waiting for their bitcoins. So who knows when they will actually get it. Going to be some technical issue and it’ll get delayed again.

[bittraffic]

If you knew the amount of times that the refunds were delayed you would be skeptical that they would actually pay out next month.

This hack was almost a decade ago and people are still waiting for their bitcoins. So who knows when they will actually get it. Going to be some technical issue and it’ll get delayed again.

Its why I don't believe it will be refunded. If its hacked then it could be confiscated by the government instead and the only reason why they will try decieving people that it will be claimed is for them to ask KYC from those OGs.

Too paranoid you might say but then fact is that its claimed to be hacked and MtGox are gone. Coins that are hacked are lost coins.

[Kakmakr]

There were quite a few "butthurt" people that came out of that hack, so you can expect many of them to just dump their coins... after they get refunded for some of their losses. 

I am not saying this in a bad way.... but I think I would also be "butthurt" if I lost those coins back then. Imagine the life changing things you could have done, if you did not lose those coins and if you sold it at say... $60 000+

[Luzin]

If you knew the amount of times that the refunds were delayed you would be skeptical that they would actually pay out next month.

This hack was almost a decade ago and people are still waiting for their bitcoins. So who knows when they will actually get it. Going to be some technical issue and it’ll get delayed again.

My mind is worse probably than yours. Even I am a little anxious if the BTC return is properly done. I don't know how big it is, but I'm afraid that the amount of BTC returned to users could make the problem worse. I've heard 2 times this BTC return news. But there has been no real realization. Although maybe Mtgox Users are waiting for this replacement.

[NotATether]

After the refund distribution starts, the prices will probably nosedive since a lot of those people who lost coins at Mt. Gox in 2014 are probably lost interest in Bitcoin by now so will be keen to sell whatever is left of their balances - especially the ones who lost everything on Gox.

But as usual with these kind of things, the price will correct itself back to normal as if it had never happened.

[Jawhead999]

There's will be no huge dump even the distribution is successfully done, just a short dump and then next few weeks the price will recover back.

However Mt.Gox refund has been discussed many times and they keep making delay to distribute the coins, don't expect anything because it's either not gonna happen or it will take very very long time to distribute all the money.

[retreat]

That wouldn't be possible for Mt. Gox to refund hacked user assets at the same time, of course they will refund in stages because their finances are also limited. In this period of time, most customers who get some of their assets back will probably sell their assets or they will hold them in their wallets. And because refunds are carried out in stages, when some users sell their bitcoins it won't have much of an impact on the crypto market in my opinion, in fact it will be like nothing has happened.

[Yamane_Keto]

Every two months, news sites include this news. I don't know if it is FUD, or they cannot find new news, or there is an update to the news.

https://www.coindesk.com/business/2023/02/16/mt-goxs-2-largest-creditors-pick-payout-option-that-wont-force-bitcoin-selloff-sources/
https://cointelegraph.com/news/bitcoin-mt-gox-repayment-date-looming-is-bitcoin-in-trouble
https://capital.com/mt-gox-refund-repayment-details-deadline
https://coingeek.com/mt-gox-repayments-to-start-in-march-2023-nine-years-after-collapse/

These are links to four news reports that gave four different timings and all of them were not correct. Google contains hundreds of such articles.
The only constant is that they may get their money, but the question remains when.