bryant.coleman
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April 20, 2014, 04:04:42 AM |
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If the 200k BTC are liquidated, the funds raised will be distributed to the creditors (who a primarily Gox depositors). These are the same people who just lost 750k BTC. I would expect many of these people to purchase bitcoins once they receive their share of the fiat [which ironically was raised by selling their bitcoins in the first place lol]. Complete BS. You are talking about people who have already lost huge amounts of money by investing in Bitcoin. 99% of them will never invest in Bitcoin again. It is going to drive the price of Bitcoins down, and it is going to result a decline in the number of people who possess Bitcoins.
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Peter R
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April 20, 2014, 04:46:46 AM Last edit: April 20, 2014, 04:57:32 AM by Peter R |
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If the 200k BTC are liquidated, the funds raised will be distributed to the creditors (who a primarily Gox depositors). These are the same people who just lost 750k BTC. I would expect many of these people to purchase bitcoins once they receive their share of the fiat [which ironically was raised by selling their bitcoins in the first place lol]. Complete BS. You are talking about people who have already lost huge amounts of money by investing in Bitcoin. 99% of them will never invest in Bitcoin again. It is going to drive the price of Bitcoins down, and it is going to result a decline in the number of people who possess Bitcoins. If you believe that 99% would not buy bitcoin when they receive their disbursement from the liquidation, then do you also believe that 99% would have sold the bitcoins had they received the disbursement in bitcoin rather than fiat? I also think your statement "99% of them will never invest in Bitcoin again" might be a bit of an exaggeration. I know that any disbursement I receive will go into bitcoin. I still don't think the direction of the anticipated price movement is clear.
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bryant.coleman
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April 20, 2014, 05:09:09 AM |
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If you believe that 99% would not buy bitcoin when they receive their disbursement from the liquidation, then do you also believe that 99% would have sold the bitcoins had they received the disbursement in bitcoin rather than fiat? Selling your bitcoins is another thing. But once gain buying Bitcoins for the cash is entirely different. I know 3-4 people who have lost money in Mt Gox (I myself lost BTC0.001). All of them are distraught and have lost their interest in Bitcoins. Bad for them, they decided to keep all their coins in an exchange. Most of them were active in the crypto-scene for almost 2 years. But now, they have quit. I have tried to persuade them to collect BTCs once again. Know what? They are asking me, Bitcoin scams are happening every now and then. Most of the Bitcoiners refuse to do anything against it (freezing the stolen coins.etc), then why should they trust in crypto anymore? I myself has lost 80% of my coins in BTCT.co. If I lose my remaining 20%, then I'll also quit dealing with BTCs. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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Peter R
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April 20, 2014, 05:48:59 AM |
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If you believe that 99% would not buy bitcoin when they receive their disbursement from the liquidation, then do you also believe that 99% would have sold the bitcoins had they received the disbursement in bitcoin rather than fiat? I myself has lost 80% of my coins in BTCT.co. If I lose my remaining 20%, then I'll also quit dealing with BTCs. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) It sucks to lose wealth to incompetent or unscrupulous third parties. I think what we need is a trustless system for storing, transporting, and exchanging value with users across the world, without having to rely on third parties. It would be nice if we just needed to protect one piece of information to secure our funds too. Something like a 78-digit number that nobody could ever guess. I bet something like that would really catch on.
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AndersAA (OP)
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April 23, 2014, 09:47:59 AM |
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It sucks to lose wealth to incompetent or unscrupulous third parties. I think what we need is a trustless system for storing, transporting, and exchanging value with users across the world, without having to rely on third parties. It would be nice if we just needed to protect one piece of information to secure our funds too. Something like a 78-digit number that nobody could ever guess.
I bet something like that would really catch on.
Probably would... I suppose we could use cryptographic signatures to sign transactions and maybe a public ledger to protect us against duplicate transactions. Why didn't anyone think of this before the gox scandal?
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bryant.coleman
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April 23, 2014, 05:09:20 PM |
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It sucks to lose wealth to incompetent or unscrupulous third parties. I think what we need is a trustless system for storing, transporting, and exchanging value with users across the world, without having to rely on third parties. Such a system would be good.... but I fear that it will be against the basic principles of Bitcoin (decentralized currency, controlled by no one). So the third parties are here to stay.
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Fatpony
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April 23, 2014, 06:24:40 PM |
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Those coins will never be sold at once and in a public sale. Some small % will but large portion, never. No one will sell that amount and affect the price, who in the right mind will dig their own grave...
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Peter R
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April 23, 2014, 07:15:37 PM |
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I myself has lost 80% of my coins in BTCT.co. If I lose my remaining 20%, then I'll also quit dealing with BTCs. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) It sucks to lose wealth to incompetent or unscrupulous third parties. I think what we need is a trustless system for storing, transporting, and exchanging value with users across the world, without having to rely on third parties. It would be nice if we just needed to protect one piece of information to secure our funds too. Something like a 78-digit number that nobody could ever guess. I bet something like that would really catch on. Probably would... I suppose we could use cryptographic signatures to sign transactions and maybe a public ledger to protect us against duplicate transactions. Brilliant idea to use cryptographic signatures. That way we can prove knowledge of our 78-digit passwords without actually trusting them to a third-party. Now we just need a practical method to timestamp transactions. I wonder if we could use a proof-or-work based peer-to-peer network of nodes? Why didn't anyone think of this before the gox scandal?
Yeah, so weird. Think of the damage that could have been prevented if such a system had existed.
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bryant.coleman
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April 24, 2014, 02:18:34 PM |
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No one will sell that amount and affect the price, who in the right mind will dig their own grave...
That is an incorrect argument. Imagine a thief who managed to steal BTC886,000 without spending even a penny. Even if he sells his coins for just $10, it is a net profit for him. Let's hope he is not that clever. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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adrian33
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April 24, 2014, 04:43:11 PM |
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They may go to private sale, but the buyer (or buyers) could put them on the open market if they wanted... or had to... right? (unless they signed some contract not to, and who would... and wouldn't that lower their perceived value.)
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bryant.coleman
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April 24, 2014, 05:33:10 PM |
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^^^ This is what we got fro the Mt Gox website: The bankruptcy trustee will implement the bankruptcy proceedings, in which the assets of the bankrupt entity will be managed and converted into cash, the investigation of the claims, etc. will be conducted, and if funds for a distribution are secured, the liquidating distribution will be made. They are just saying that assets of the bankrupt entity will be managed and converted into cash. There is no clause saying that the coins could not be later sold through the exchanges.
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adrian33
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April 24, 2014, 05:55:10 PM |
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converted into cash, the investigation of the claims, etc. will be conducted, and if funds for a distribution are secured, the liquidating distribution will be made. Well, perhaps that means the reserve price is 0 -- they will be sold, no matter what the price. I don't know.
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bryant.coleman
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April 25, 2014, 04:28:33 AM |
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Well, perhaps that means the reserve price is 0 -- they will be sold, no matter what the price. I don't know.
A lot of people are already lining up for the auction. So I don't expect anything more than a 20% discount to happen. And there is a chance that the winner of the auction decides to hold on to to his coins, rather than selling them in the exchanges.
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Cryptogirl82
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April 25, 2014, 12:21:04 PM |
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this will have a long term effect like I have already predict in the past. See the price drop today.
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▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ PRIMEDICE The Premier Bitcoin Gambling Experience @PrimeDice ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
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spazzdla
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April 25, 2014, 01:35:41 PM |
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Do they not have to split up all the BTC between everyone gox owes BTC too...?
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nuff
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April 25, 2014, 03:23:36 PM |
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If you believe that 99% would not buy bitcoin when they receive their disbursement from the liquidation, then do you also believe that 99% would have sold the bitcoins had they received the disbursement in bitcoin rather than fiat? Selling your bitcoins is another thing. But once gain buying Bitcoins for the cash is entirely different. I know 3-4 people who have lost money in Mt Gox (I myself lost BTC0.001). All of them are distraught and have lost their interest in Bitcoins. Bad for them, they decided to keep all their coins in an exchange. Most of them were active in the crypto-scene for almost 2 years. But now, they have quit. I have tried to persuade them to collect BTCs once again. Know what? They are asking me, Bitcoin scams are happening every now and then. Most of the Bitcoiners refuse to do anything against it (freezing the stolen coins.etc), then why should they trust in crypto anymore? I myself has lost 80% of my coins in BTCT.co. If I lose my remaining 20%, then I'll also quit dealing with BTCs. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) The question of whether or not they trust cryptos is irrelevant. Like it or not, cryptos, like the internet, once invented, is here to stay. Cryptos in itself is a trustless system after all, so it's kinda an oxymoron as well. Look, all of these so called 'scams' are due to human actions. By blaming Bitcoin it's like, you're not careful with your money you blame the money scamming you, that's just how ridiculous it sounds.
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bryant.coleman
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April 25, 2014, 03:38:42 PM |
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Do they not have to split up all the BTC between everyone gox owes BTC too...?
As already discussed here many times, unfortunately that is not going to happen. As a part of the liquidation process, the authorities will auction off the remaining Gox coins and convert them to fiat.
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Harley997
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June 10, 2014, 03:34:33 AM |
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They will likely sell via an auction to most likely large buyers. Similar to how the seized Silk Road coins were sold.
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▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ PRIMEDICE The Premier Bitcoin Gambling Experience @PrimeDice ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
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CEG5952
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June 10, 2014, 04:32:00 AM |
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I imagine if any of it makes its way to an exchange, it would be in small trickles. Most likely situation is that this will really soak up off-exchange buying pressure. And that could spill over to the exchange rate, for sure.
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Ron~Popeil
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June 10, 2014, 05:21:06 AM |
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Could be a good buying opportunity for sure. I hate seeing this happen to members of the community though.
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