Kraken Mt Gox BTC Just Arrived ...

[ContentWriter]

Breaking on Reddit:

[DeathAngel]

Good for the people being paid back after so long. Maybe not so good for the price though, in tge short terk at least. It’s difficult to know how many creditors will sell as they already had a forced HODL of over 10 years, it means they are fully aware of what Bitcoin can do. I don’t think we will see as bad a sell of as some are predicting though. The German government sold over 50,000 Bitcoin in a couple of weeks, the market absorbed those sells well so hopefully we see similar here.

[uneng]

And that is why Bitcoin is bouncing back to 65,900$ today. Let's see how harmful it's going to be the impact of this redistribution for Bitcoin price in the following days and weeks. So far the impact hasn't been too noxious and everything is still under control. There are chances Mt. Gox's investors won't sell their coins right now, because they also want to be benefited by the upcoming pumps which must lead Bitcoin to a new ATH between the end of this year and the next one.

I risk saying the German government's sales were more detrimental to Bitcoin than Mt. Gox redistribution. But let's see if reality confirm these words. Crossing fingers... There is big money coming into ETFs these days, so it's totally possible demand and supply gets balanced in the market, maintaning Bitcoin price on its current range.

[Aanuoluwatofunmi]

The question is all about knowing the exact numbers of the victims and those who were still alive to claim back their asset, though as many have already said, the price now may not be a good worth on their side after all these while, what are the statistics in consideration here, how many were affected, how many showed up, and how many will be identifying themself out to the public that they have been credited for a refund, lastly, what rate have been added to them as a compensation. 

[Helena Yu]

And that is why Bitcoin is bouncing back to 65,900$ today. Let's see how harmful it's going to be the impact of this redistribution for Bitcoin price in the following days and weeks.

Mt.Gox only dump 1/4 from their total coins, so the effect would be 3x times worse if they've distribute all the coins, probably it could make Bitcoin price to touch $60K again.

The question is all about knowing the exact numbers of the victims and those who were still alive to claim back their asset, though as many have already said, the price now may not be a good worth on their side after all these while, what are the statistics in consideration here, how many were affected, how many showed up, and how many will be identifying themself out to the public that they have been credited for a refund, lastly, what rate have been added to them as a compensation. 

There are two ways to claim the refund: priority payment and non priority payment, non priority payment require you to wait upward of 5 to 9 more years. Some users in reddit claimed to receive less than 10%.

Good to see Mt.Gox finally made the refund after 10 years, so the victims can learn to not hold the coins in centralized exchanges.

[BALIK]

Good for the people being paid back after so long. Maybe not so good for the price though, in tge short terk at least. It’s difficult to know how many creditors will sell as they already had a forced HODL of over 10 years, it means they are fully aware of what Bitcoin can do. I don’t think we will see as bad a sell of as some are predicting though. The German government sold over 50,000 Bitcoin in a couple of weeks, the market absorbed those sells well so hopefully we see similar here.

When Mt.gox went bankrupt, bitcoin was trading at $600 and now it is trading at over $60K. That means they are making x100 profit so if they all sell bitcoin to the market after receiving it then it is understandable. I don't know what impact this will have on the market but I think even if bitcoin is dumped, I won't be sad because people have had to wait 10 years to receive their bitcoins.

Instead, I think we should see this as a last good opportunity to collect cheap bitcoin before the bull season arrives. Whether this news is positive or negative, it all depends on how each person receives it, it cannot be said that this is completely negative news.

[Dave1]

Good for the people being paid back after so long. Maybe not so good for the price though, in tge short terk at least. It’s difficult to know how many creditors will sell as they already had a forced HODL of over 10 years, it means they are fully aware of what Bitcoin can do. I don’t think we will see as bad a sell of as some are predicting though. The German government sold over 50,000 Bitcoin in a couple of weeks, the market absorbed those sells well so hopefully we see similar here.

When Mt.gox went bankrupt, bitcoin was trading at $600 and now it is trading at over $60K. That means they are making x100 profit so if they all sell bitcoin to the market after receiving it then it is understandable. I don't know what impact this will have on the market but I think even if bitcoin is dumped, I won't be sad because people have had to wait 10 years to receive their bitcoins.

Instead, I think we should see this as a last good opportunity to collect cheap bitcoin before the bull season arrives. Whether this news is positive or negative, it all depends on how each person receives it, it cannot be said that this is completely negative news.

Yeah, but before we forget, it's not only Bitcoin, but there are crypto like Bitcoin Cash that is going to be used as repayment scheme. Nevertheless, at least we have exorcised the demon already, it has been 10 years since this case and it has been dragging us.

Not much effect on the price though, still above $66k and there's not much of a negativity as for sure some of those who might received their crypto are still holding. However, there are still billions in the hands of the trustee and so this might continue in the next couple of months and once it is done, we can finally close the books.

[NeuroticFish]

When Mt.gox went bankrupt, bitcoin was trading at $600 and now it is trading at over $60K. That means they are making x100 profit so if they all sell bitcoin to the market after receiving it then it is understandable. I don't know what impact this will have on the market but I think even if bitcoin is dumped, I won't be sad because people have had to wait 10 years to receive their bitcoins.

Instead, I think we should see this as a last good opportunity to collect cheap bitcoin before the bull season arrives. Whether this news is positive or negative, it all depends on how each person receives it, it cannot be said that this is completely negative news.

I will add that we should be happy that this payment comes in a bull run period, hence the price has a good chance to recover (sooner or later) afterwards and continue then to rise.

So yes, stack sats, it's a good time for that.

[PrivacyG]

I will add that we should be happy that this payment comes in a bull run period, hence the price has a good chance to recover (sooner or later) afterwards and continue then to rise.

A drop still means yet another opportunity to Buy cheaper for those who have not taken the opportunity before yet.  Us being in the Long Term here makes both endings happy.  Unless the drop sticks for a really long time, which would hurt all of us.

I see no problems, just opportunities.  Never in the past many years have I panicked during a drop, so nothing new to see.

[Z-tight]

Great news for the creditors, for their sake we can forget about the price impact for a minute, they have been waiting a very long time to get their money back and now it is happening for some of them. Surely a lot of them are going to sell their coins immediately, can you blame them, there would be others that would keep it, but for the love of God, i hope they move it to their self custodial wallet, if they want to keep their BTC they have received.

The price of BTC will fall, however nobody can predict how much of a drop it would be, but as usual it would only be temporary and only weak hands will fret on this news and start selling.

[Marvell1]

Not only Kraken, Mt.gox is also transferring bitcoin to Bitstamp to repay creditors and we can see the market is gradually getting used to the news about Mt.gox and is no longer reacting as much. Bitcoin has yet to have a significant correction and I really don't know whether to be happy or sad because the price drop can be seen as an opportunity to stack sats.

But if we put ourselves in the creditors' shoes, we should be happy and congratulate them for having to wait 10 years just to get a portion of their bitcoins back. There is also some unverified information that many people did not sell their bitcoins and that is why bitcoin did not correct too much.

No matter what happens, but I know that the Mt.gox saga will soon end, everyone will win as creditors get their bitcoins back and we will no longer have to endure the associated manipulations of this news in the future.



https://platform.arkhamintelligence.com/explorer/entity/mt-gox

[Z-tight]

No matter what happens, but I know that the Mt.gox saga will soon end, everyone will win as creditors get their bitcoins back and we will no longer have to endure the associated manipulations of this news in the future.

True, it is good news that very soon we will be over this Mt. Gox's saga, for many years now, speculations of their repayments has temporarily affected the price of BTC, so now that they are truly paying, its effect will be over for good.

There is also some unverified information that many people did not sell their bitcoins and that is why bitcoin did not correct too much.

If weak hands do not dump their coins due to this news, then surely the price would not dump; except there is another separate negative event that occurs.

[coolcoinz]

Good for the people being paid back after so long. Maybe not so good for the price though, in tge short terk at least. It’s difficult to know how many creditors will sell as they already had a forced HODL of over 10 years, it means they are fully aware of what Bitcoin can do. I don’t think we will see as bad a sell of as some are predicting though. The German government sold over 50,000 Bitcoin in a couple of weeks, the market absorbed those sells well so hopefully we see similar here.

Let's be objective here, the price is doing great. We were more or less in the 60-70k channel for months now and with the fact that 68k used to be the ATH since 2021, 66k is great.

For the whole bear market of 2022-23 I've been telling myself and people around me that anything below 50% of the ATH is a bargain and that I'd never sell below that point.
That said, everything above $35k is fair game, but everything above $50k is great. I'm not going to go into euphoria and dump my bitcoin because it's at 60 or 70k, but I'd be far from depression seeing a drop to $50k right now.

Good luck to all the Gox victims, I hope you'll never get out 100% and leave yourself at least 10% of what you received because bitcoin won't care if you sold. It will keep moving forward at its own pace and you're going to be left behind.
It's really funny seeing these people write things like: it's good gox went down because we would have sold earlier and now we can sell for more. If you know that this is how bitcoin operates, why would you sell at all? You have an appreciating asset in a world of depreciating money and you're like "I finally can sell this shit!"

[cryptocoupons]

I wonder how many will sell.

[aoluain]

I'm not worried what happens to the market, its going to be short term anyway.

I'm happy for the creditors though, finally they get their payout and a nice windfall
for some.

I wonder how many will sell.

We could probably work on 50%.
I wouldnt blane them, as one person said they can buy a house now thats great
for them. As dob_bobbs in the op's screenshot posted the chances are not
a lot of people would have had those Bitcoin 10 years later.

Great that this is happening, for them and us, finally it can be behind us.

[Wapfika]

I wonder how many will sell.

Is this information really important? They already waited a very long time just to get their Bitcoin. We can’t blame them if they want to take profit since they deserved it as an early investors who believe on Bitcoin potential that already mature with the current price.

The transition is more important since this Bitcoin that stagnant for a very long time will finally transfer to new owner that will continue to hold them until the next bull run cycle.

I’m happy that biggest exchange bankruptcy before now solved. I remember seeing this mt.gox topic frequently when I’m still newbie that serves as example to alway think about not your key not your coins. 

[DeathAngel]

Price is down a bit but I don’t know if we can attribute this to Gox creditors selling. Seems like normal market behaviour to me. Hopefully we get some bullish announcements at the Bitcoin Conference in Nasville over the next few days. I think Q4 could be bullish for Bitcoin especially if the Fed starts rate cutting which is expected soon.

[SickDayIn]

I think I had some coins on Mt Gox way back in the day, how do I get access to the release of funds?

[vapourminer]

I think I had some coins on Mt Gox way back in the day, how do I get access to the release of funds?

the deadlines for submitting claims is long over.