Mt. GOX Hacked a Blessing in Disguise for Victims?

[GbitG]

The case of Mt-Gox has been going on for a long time and it is being heard that they are returning funds to their creditors. But every time they fail, i.e. go back on their word. But anyway, this time I think that they will return the victims funds to their creditors, which is worth $9 billion dollars. And yes, I think the creditors will also be happy with the fund return.
 

Selling pressure may be around for a while - but I don't think everyone will put the coin into the market. Some creditors are experienced users - they will hold and capitalize on the next bull cycle, while others will sell and earn the profit.

Yep mate, that is true that there can be selling pressure. But in my opinion, most of these creditors will be experienced people, that is, those creditors who are still affiliated with this crypto field, so there is no doubt that they will know very well that Bitcoin is a rare thing because at this time. When the Mt-Gox exchange collapsed, the price of Bitcion was $900, but now the price of Bitcoin has reached $73k. Therefore, those creators will likely choose to retain their Bitcoin holdings rather than sell them.

[SamReomo]

It's a great news and I'm happy to hear that all those victims or their families if they aren't alive can get 100x profits by not being able to sell their locked Bitcoin for 10 years. It was a quite sad news for the victims when they heard that all their Bitcoin holdings were hacked and they won't be able to sell their holdings.

Many of them might regretted that why they have deposited their Bitcoin at Mt. GOX at first place and a few of those might gave up on it. The talks about Mt. GOX return plan have been going for a long time now but finally the ones who were eagerly waiting for it will get their money back. It's surely a blessing in disguise but I fear it may be the cause of huge dump if Mt. GOX allow all users to withdraw their Bitcoin.

[OgNasty]

I’m not sure that I feel blessed by this mtgox nonsense for so long. Honestly I just want to get it behind me. It is a nice chunk of change though. I think I had around $7,500 on mtgox when they went under and now I’m getting around $150K back (supposedly) around 10 years later. Sure, it’s hard to complain about, but this has dragged on for a decade…

[serjent05]

It's 10,000% not 10,000x!
So if you had 100 you get 10 000, not 1 000 000!

Yeah, it was a typo, thanks for pointing that out.

Also, that's the price of BTC, since they will not be getting all their coins back, estimations are at 21%, so in fiat terms, it will be more like 2,000%,
so 20x, if you were to throw in a 33% inflation, that's final gains of 1500% or 15x.

Good calculation and as we see,  it is a profit for the many since I think most of these people could have sold their BTC for less than$1000 - $2000.

With this thing happening, I believe the Mt. Gox hack after the authority recovered the fund became a blessing in disguise for victims who exercise patience. Your thought?

I wouldn't consider this a blessing in disguise, it's more like torture. Because over the past 10 years, the victims have had to endure so many hardships and humiliations, some even lost their lives because of this, how can it be called a blessing?
I don't deny that Mt.gox has returned BTC and many people are making profits based on the current bitcoin price and maybe it is the profit that many people dream of. But is that worth it and enough to compensate those who have waited for the past 10 years? And in those 10 years, just because of the collapse of Mt.gox, many people lost their homes, many people lost their families, lost their futures and even lost their lives. Is the compensation now worth it and considered a blessing? If someone thinks this is a blessing, it means they agree and support the idea that exchanges should continue to collapse as Mt.gox did.

Not to mention I'm wondering, how many victims of that year's incident are still following the incident and know about this news, and how many people have received the bitcoins refunded by Mt.gox. Personally, I don't believe in the numbers they give in the near future.

Of course the term blessing in disguise is not applicable to all victim since many had already sold their rights, some had committed suicide but as I stated, for those who exercise patience, their supposed to be lost fund from hacking will be delivered to them although not in full but still brings much profit.

I’m not sure that I feel blessed by this mtgox nonsense for so long. Honestly I just want to get it behind me. It is a nice chunk of change though. I think I had around $7,500 on mtgox when they went under and now I’m getting around $150K back (supposedly) around 10 years later. Sure, it’s hard to complain about, but this has dragged on for a decade…

I feel you, I saw the news and lots of emotion during the collapse of Mt. Gox, I really feel sorry for the victims that time especially those who were caught empty-handed, and those who took their lives of bankruptcy due to the said collapse.  It has been stressful, yes, since it took a decade but at the end of the tunnel, those who does not give up still possibly get rewarded with more than what they had invested in fiat equivalent during those time.  I am not in the position to say that it is enough for the troubles, I am only looking at it objectively from a point of fiat equivalent during the time of investment and fiat equivalent on the scheduled distribution.

[_BlackStar]

I’m not sure that I feel blessed by this mtgox nonsense for so long. Honestly I just want to get it behind me. It is a nice chunk of change though. I think I had around $7,500 on mtgox when they went under and now I’m getting around $150K back (supposedly) around 10 years later. Sure, it’s hard to complain about, but this has dragged on for a decade…

Take the lesson and this is truly worthy of being considered a blessing. You get your money back after being lost from you so long - but you get bigger rewards in return. $150K has never been a small thing for me - and neither have most people, but if you've earned it back then congratulations on that, OgNasty. If this $7,500 was kept in a bank account for 10 years - then I am sure today we would have lost a lot of things to buy due to inflation. But luckily - it's in bitcoin despite the Mtgox debacle.

[ekstremista]

Is there anyone who counted on getting anything back after all these years? Personally, I wrote off the loss years ago and forgot about it.

In any case, I went through the claims process (which was something akin to a collaboration between Franz Kafka and Rube Goldberg). While my claim was approved, it remains clear as mud as to how much (if anything) I'll be receiving. The figures I'm seeing on my personal claims website don't make much sense.

One quick question if anyone knows offhand: If I opted for cash only, do I get much less than receiving BTC/BCH? Or did they at least sell at reasonable exchange rates comparable to today's?

[BALIK]

I’m not sure that I feel blessed by this mtgox nonsense for so long. Honestly I just want to get it behind me. It is a nice chunk of change though. I think I had around $7,500 on mtgox when they went under and now I’m getting around $150K back (supposedly) around 10 years later. Sure, it’s hard to complain about, but this has dragged on for a decade…

Take the lesson and this is truly worthy of being considered a blessing. You get your money back after being lost from you so long - but you get bigger rewards in return. $150K has never been a small thing for me - and neither have most people, but if you've earned it back then congratulations on that, OgNasty. If this $7,500 was kept in a bank account for 10 years - then I am sure today we would have lost a lot of things to buy due to inflation. But luckily - it's in bitcoin despite the Mtgox debacle.

What matters is whether the $7.5k was just a portion of his assets and he was fine even without it or if it was all he had at the time. Why are many people still unhappy even though they have received compensation many times larger than the amount lost? Because the collapse of Mt.gox caused them a lot of trouble at that time, some people even committed suicide because of it. That's why I say that the amount of compensation that many of us dream of, but will not be enough to compensate the victims for what they have had to go through.

If he deposits 7.5k$ in the bank, he will not receive any profit and even purchasing power will decrease due to inflation. But at least he can withdraw that money at any time and can make ends meet.

I guess OgNasty is the only person left on the forum who is a victim of Mt.gox and he is the only one with the most accurate answer to this topic, none of us have ever had to go through what Mt .gox caused him.

[vapourminer]

I guess OgNasty is the only person left on the forum who is a victim of Mt.gox and he is the only one with the most accurate answer to this topic, none of us have ever had to go through what Mt .gox caused him.

no. many of us are still here.

i myself wrote my mtgox balance off loooong ago. so getting it back (well ~20%) in btc/bch is very nice as its not considered taxable under capitol gains this way. its only taxed when converted so something else (fiat/whatever). so the btc stays.

but i will dump the bch.

[stompix]

the btc i will keep but i will dump the bch.

This is the way!

I guess OgNasty is the only person left on the forum who is a victim of Mt.gox and he is the only one with the most accurate answer to this topic, none of us have ever had to go through what Mt .gox caused him.

As vapourminer above, there are more that are still lurkign around and there are some who have stopped talking about it in public.
I frequently check subs like mtgoxinsolvency on reddit and there are a few guys active still there but silent on the forum about the issue.

Also, that's the price of BTC, since they will not be getting all their coins back, estimations are at 21%, so in fiat terms, it will be more like 2,000%,
so 20x, if you were to throw in a 33% inflation, that's final gains of 1500% or 15x.

Good calculation and as we see,  it is a profit for the many since I think most of these people could have sold their BTC for less than$1000 - $2000.

That thing is hard to quantify, it's about what if....
I remember that there was a guy mentioned either in the WO or on some other topic that sent money when everybody wanted about the collapse, he bought in the crash, I always wanted to go back and search for him but never had the patience of going through hundreds of pages.
In theory he wold have doubled his money on the spot just then, so he's looking at 40x now at least!

[examplens]

Of course the term blessing in disguise is not applicable to all victim since many had already sold their rights, some had committed suicide but as I stated, for those who exercise patience, their supposed to be lost fund from hacking will be delivered to them although not in full but still brings much profit.

If someone keeps your money for 10 years and then returns only part of it to you at the end, that is not a profit but a pure loss. The most common bank would pay a profit dividend on borrowed money.
Looking for anything good in mtGox case (like all similar ones) is a big mistake. People should be happy because they got their money back, wtf.

[rdbase]

I'm not sore if you're aware of this, but many people sold their accounts here on bitcointalk for a fraction of the value. When Gox said it's a temporary issue some believers were offering 75 or 50 cents on the dollar for accounts, thinking they'd make a quick buck when it comes back online, but it never did.

Those guys must have gained back the most money if they held their coins from the account sale all this time.

Think I heard a number of $9.4 billion worth of bitcoin. Not sure if this number is accurate but from the look at the current markets this morning, it does seem to be being sold to drop the price of bitcoin so low.

I’m not sure that I feel blessed by this mtgox nonsense for so long. Honestly I just want to get it behind me. It is a nice chunk of change though. I think I had around $7,500 on mtgox when they went under and now I’m getting around $150K back (supposedly) around 10 years later. Sure, it’s hard to complain about, but this has dragged on for a decade…

I’m not sure that I feel blessed by this mtgox nonsense for so long. Honestly I just want to get it behind me. It is a nice chunk of change though. I think I had around $7,500 on mtgox when they went under and now I’m getting around $150K back (supposedly) around 10 years later. Sure, it’s hard to complain about, but this has dragged on for a decade…

Take the lesson and this is truly worthy of being considered a blessing. You get your money back after being lost from you so long - but you get bigger rewards in return. $150K has never been a small thing for me - and neither have most people, but if you've earned it back then congratulations on that, OgNasty. If this $7,500 was kept in a bank account for 10 years - then I am sure today we would have lost a lot of things to buy due to inflation. But luckily - it's in bitcoin despite the Mtgox debacle.

What matters is whether the $7.5k was just a portion of his assets and he was fine even without it or if it was all he had at the time. Why are many people still unhappy even though they have received compensation many times larger than the amount lost? Because the collapse of Mt.gox caused them a lot of trouble at that time, some people even committed suicide because of it. That's why I say that the amount of compensation that many of us dream of, but will not be enough to compensate the victims for what they have had to go through.

If he deposits 7.5k$ in the bank, he will not receive any profit and even purchasing power will decrease due to inflation. But at least he can withdraw that money at any time and can make ends meet.

I guess OgNasty is the only person left on the forum who is a victim of Mt.gox and he is the only one with the most accurate answer to this topic, none of us have ever had to go through what Mt .gox caused him.

Oh really?
Well he would know exactly how much they are giving their customers for the repayments.
Also how much of the hodl in the amount they should be giving back aswell.

[Rikafip]

As vapourminer above, there are more that are still lurkign around and there are some who have stopped talking about it in public.

Yep, I know one more forum member that had money lost in mt.gox so surely there must be more of them around.

People should be happy because they got their money back, wtf.

Thing is, vast majorify of those people got over that loss long time ago and thought that they will never see that money again, so no wonder that they are actually happy about it. Especially since btc is worth way more than it was back in the day.

[PrivacyG]

I suppose there are victims out there who are lucky enough to have had a Balance high enough for this reimbursement to change their lives.  But the number of people whose lives will be changed for the better is, I suppose, really low as compared to other people who were living a normal life and had a hammer hitting their nuts at the time.

There are many who were working at the time and trying out Investments.  Imagine you worked for years on a low Salary, put Money on the side and then into Bitcoin and all of a sudden it is gone thanks to a hack.  I believe there are way more people in this situation.  Then think about it even deeper, there are people who put dozens of thousands of Dollars into Bitcoin and all of a sudden it was all gone.

I would be surprised if no life was lost after the hack and I would be even more surprised if the number of people whose lives become better after the reimbursement is significant.  No way in hell would I consider this reimbursement turned hack a 'blessing' for them.  I would not want to be in that situation.

[vapourminer]

There are many who were working at the time and trying out Investments.  Imagine you worked for years on a low Salary, put Money on the side and then into Bitcoin and all of a sudden it is gone thanks to a hack.  I believe there are way more people in this situation.  Then think about it even deeper, there are people who put dozens of thousands of Dollars into Bitcoin and all of a sudden it was all gone.

this was over a decade ago; bitcoin back then was waaaay less secure software and hashrate wise than now.. only the brave "invested" it was all experimental lol.  also as mtgox started having problems with withdrawals the price of mtgox btc vs other exchanges btc was so different some peeps sent btc to mtgox deliberately to try and get the higher price. so when gox went down.. oopsie.

and its not like there wasnt a lot of warnings from people.

iow - us folks who got burned in mtgox basically knew we were playing with fire.

[Antotena]

It's a great news and I'm happy to hear that all those victims or their families if they aren't alive can get 100x profits by not being able to sell their locked Bitcoin for 10 years. It was a quite sad news for the victims when they heard that all their Bitcoin holdings were hacked and they won't be able to sell their holdings.

Many of them might regretted that why they have deposited their Bitcoin at Mt. GOX at first place and a few of those might gave up on it. The talks about Mt. GOX return plan have been going for a long time now but finally the ones who were eagerly waiting for it will get their money back. It's surely a blessing in disguise but I fear it may be the cause of huge dump if Mt. GOX allow all users to withdraw their Bitcoin.

I sometimes think that this Mt.gox of a thing has involves foul play, they are always quick to make announcements about the distribution and then the next day, they are quick to postponed it to another year or month. If they want to do it, they should atleast people that have been waiting for years would have their coins back and do what they want and the market will always be free from the fear of been dumped on them, that's billions of dollars we are talking here.

Anytime I remember how long this MT.GOX matter take for distribution, I really pity how FTX people will be feeling right now, it will take another 10-15 years before they get back their assets, that's if legal proceedings are done quickly and the teams are able to recover some other stolen coins and when also in bull run because that's the only way they can get back the real value stolen, bear market will only slow down things.

[_BlackStar]

-snip-

I guess OgNasty is the only person left on the forum who is a victim of Mt.gox and he is the only one with the most accurate answer to this topic, none of us have ever had to go through what Mt .gox caused him.

OgNasty isn't the only one still left - many other users still exist as well as the users mentioned above. I don't think all users need to admit that they are one of Mtgox's creditors and will receive compensation - they have privacy or something that might make them uncomfortable. So the correct conclusion about that is - OgNasty is just one of the many users who will receive compensation from Mtgox, others are still on the forums and are not willing to tell us how much they will receive.

[SamReomo]

I sometimes think that this Mt.gox of a thing has involves foul play, they are always quick to make announcements about the distribution and then the next day, they are quick to postponed it to another year or month.

You're not the only one who thinks that they're doing something wrong, most of us know that but this time I think they might do some refunds and allow at least some people to get their funds back. If they somehow postpone it this time then I'm sure they aren't going to refund anyone but keep promising about refunding.

[SickDayIn]

What I'd like to know is what happens to the crypto funds that can't be refunded back to original holders? For example, people that can't be located, have passed away or are just missing. Who gets that? Other creditors or does the state get it?

[Solosanz]

What I'd like to know is what happens to the crypto funds that can't be refunded back to original holders? For example, people that can't be located, have passed away or are just missing. Who gets that? Other creditors or does the state get it?

If the people have been passed away, the other creditors should have able to receive the refund, just like how inheritance works.

If the people are missing or can't be located, it will be hard, but I think the state will receive the money since people that are missing or can't be located doesn't mean they've been passed away.

OgNasty isn't the only one still left - many other users still exist as well as the users mentioned above. I don't think all users need to admit that they are one of Mtgox's creditors and will receive compensation - they have privacy or something that might make them uncomfortable. So the correct conclusion about that is - OgNasty is just one of the many users who will receive compensation from Mtgox, others are still on the forums and are not willing to tell us how much they will receive.

Yeah, we can see them on WO thread, they're early Bitcoin adopters.

[Iranus]

What I'd like to know is what happens to the crypto funds that can't be refunded back to original holders? For example, people that can't be located, have passed away or are just missing. Who gets that? Other creditors or does the state get it?

As far as I know, the CEO of Mt.gox was arrested shortly after the exchange went bankrupt in 2015 and they later recovered a fair amount of assets and they could have returned the amount that money to creditors. But due to long and complicated litigation, everything has been delayed until now.

So in case the bitcoin is not returned to creditors, I think the government will confiscate it and possibly put it in a government fund. Just as the US and German governments are doing, they confiscated tens of thousands of bitcoins from criminals and pirated websites...and sold them to fund their political activities.