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 | 142,000 btc & bch moving from mt gox storage! | |
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[IOD]Snips
Super Regular
Speed Sniping
Master
|  | | P: | 05/28/2024 07:35 EST |
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Today I can confirm the 80 addresses appear to have been moved by the MT GOX trustee. He's moved just over 140,000 bitcoins and 140,000 bitcoin cash tokens. After manually searching the blockchains he hasn't moved the bsv yet. Current timeline was to distribute these to the MT GOX creditors someday before halloween 2024.
I fear a massive crypto crash may occur in the next 24hours to week. This is one of the scary events nobody knew when it might occur. Exercise caution if you're holding crypto. Perhaps the creditor won't distribute them soon. | |
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[IOD]Snips
Super Regular
Speed Sniping
Master
| | | P: | 05/28/2024 07:45 EST |
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 | Over $9.4 billion worth of Bitcoin is owed to some of Mt. Gox’s 127,000 creditors who have waited to get it back for over 10 years after the exchange collapsed in 2014 after multiple unnoticed hacks. | |
What could go wrong? lol. The Rehabilitation Trustee did make a statement in the article. But the thing people have to realize is only a percentage of the 800,000 coins owed are repaid. So someone who held 10btc from 2014 or earlier is getting less then 1btc or 2btc. You also have to assume these people paid hundreds of dollars for their bitcoin & are more likely to sell the moment they get these coins deposited into their pre-arranged exchange deposited address they provided last year.
Also before people claim that the market can handle $10 billion in sales, most exchanges on coinmarketcap have washtrading or whatever term its called where people buy and sell to themselves to inflate the volume metrics. The real true bitcoin volume exchanged globally is significantly less then is what is reported.
Bitcoin & the rest of the cryptocurrency economy is large enough to make an impact on the stock market if this goes poorly too, probably a small impact but still worth keeping an eye on as this develops throughout the rest of the day.
https://cointelegraph.com/news/mt-gox-bitcoin-transfer-9-6b-... | |
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You just made me almost convert all my ETH and BTC to USD.
If you notice a crash happening, post here. I check this more than my wallet lol. | |
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-X-
Super Regular
Evil Medic
| | | P: | 05/28/2024 11:50 EST |
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I lost 14 BTC on Gox and never claimed anything :handsupidkemoji: | |
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Vishus
Super Regular
Killer Scout
| | P: | 05/28/2024 18:17 EST |
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Dump it. Rip the bandaid off. If they do, it could result in a good buying opportunity.
Markets in general are far overdue for a move to a risk-off environment. Anyone who follows the data can see that things are not well underneath the surface. If the long end of the yield curve starts another climb higher, grab onto Kilmov's mom's handbag.
Recession should not be off the table, it should be base case. | |
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[IOD]Snips
Super Regular
Speed Sniping
Master
| | | P: | 05/30/2024 02:31 EST |
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Proof the trustee knows what he's doing:
Few days ago, first he made several transactions worth a few dollars, just making sure he copied & pasted the destination address correctly and had set things up properly. He did this before moving nearly $10 billion dollars worth of bitcoins.
Proof the trustee is an idiot:
Sent the 80+ addresses containing 141,686 bitcoin all into a single wallet "1jbez". The single point of failure for stolen or lost funds is enormous when the single public & private key contains such a fortune. Hope he is not walking around with a $9.585 billion dollar cold storage key in his pocket. He should've executed tens of thousands of smart contracts on the day of distribution to the public using the old cold storage wallets. Or better yet diversify them into more wallets for better security. They're going to be using programming to automate distribution on the day & not sending the coins by hand. No reason to use a single bitcoin wallet for storage.
If the trustee announces on the 10 year anniversary of when the coins were stolen in 2014, that due to his new 2024 storage system all the bitcoins just got stolen yet again I am just going to lose it. lmao | |
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[IOD]Snips
Super Regular
Speed Sniping
Master
| | | P: | 05/30/2024 02:40 EST |
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I've followed the MT GOX & trustee articles for years now, and will layout a few "facts" & "my opinions" on a few points. There are a few very important UNKNOWN things that the mt gox trustee in Japan hasn't made public yet, which should make any investor nervous. You want full transparency with no surprises, but that can't happen if you're not told everything.
Fact:
Deadline for the repayments (142,000btc & 142,000bch) will be before October 31st 2024. People owed either cash, bitcoin and/or bitcoin cash had the option to determine in which form they wanted to be repaid last year. Some people will want all of their funds owed to be converted to either fiat, bitcoin or bitcoin cash and delivered to them on the exchange they provided info for last year.
My Opinion:
Trustee has made deadlines in the past that he had to extend further due to the complex nature of everything involved. The original deadline was October 2023. I think when the delayed deadline was extended to oct 2024 in the trustee's statement last year, he even included wording allowing for the possibility for future delays. I'm skeptical about promises for dates until coins actually move, that's why I am nervous when the coins moved for the first time in over like 5 years a few days ago.
Fact:
Trustee has never told the public if all the coins will be paid back on the same day to everyone, or if they will be released in stages (10,000 people repaid per month, etc). The trustee never told the public which day this will occur, but rather it will be someday prior to October 31st 2024.
My Opinion:
Maximum damage to the cryptocurrency space would occur if they were all released at once. However if they were released in waves or rather stages, that would be so unethical to the people being repaid that lawsuits would likely occur afterwards. How would you like to get 2btc back with btc worth $68k when someone else gets 2btc back with btc worth $45k a few months later. When the realization of a low volume bullmarket being unsustainable with a sudden influx of long dormant coins. Not to mention the great majority of these people are likely not rich individuals, so suddenly getting $10k to $300k worth of assets being deposited will result in a race for who can hit their sell button the fastest.
Fact:
People believe the market has priced this event in.
My Opinion:
Without knowing the exact timeframe or even guaranteed which year the large distribution will take place without delays, not to mention if they will all be distributed on the same day or not leaves a large amount of uncertainty. I think the initial price damage will be much worse than anticipated. And I think the resulting price action months to years later will be massively positive. This stormcloud of excess coins dumped into poor hands will no longer be a threat with an unknown time frame, resulting in previously hesitant investors willing to enter the space afterwards making the price much higher.
Why care if mt gox owes you nothing?
Basically bitcoin & altcoins will crash in price temporarily exposing the low volume ecosphere & weakly built exchanges that tend to crash during sudden high volume events. Coinbase may crash for a few hours or temporarily be unavailable on the day. There may be opportunities to get heavily discounted cryptocurrencies during this time. Deciding to sell your altcoins on the day of the crash because others are isn't the smartest move. Identify this event ahead of time & make your own plans. Diversify. Realize too that there's a chance this distribution may not happen in 2024 if the trustee delays things further. | |
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[IOD]Snips
Super Regular
Speed Sniping
Master
| | | P: | 06/24/2024 08:21 EST |
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Came out three hours ago on 6/24/2024: Basically expect 140,000 BTC to be released & sold in early July 2024.
| Now that these preparations are in place, the Rehabilitation Trustee will commence the
repayments in Bitcoin and Bitcoin Cash in due course to the cryptocurrency exchanges
with which the Rehabilitation Trustee has completed the exchange and confirmation of
the required information for implementing the repayments. The repayments will be made
from the beginning of July 2024. | |
https://www.mtgox.com/img/pdf/20240624_announcement_en.pdf | |
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| He should've executed tens of thousands of smart contracts on the day of distribution
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Do you know a lot about day trading, manual or automated? Something I'd like to get into. Seems like you need a hella lot to get started to be able to live off though. I see day trader ads saying "I made $1,300 today for 20 minutes trading online!" then you see they made that $1,300 because they have over six figures to get started with. Yeesh. | |
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[IOD]Snips
Super Regular
Speed Sniping
Master
| | | P: | 07/08/2024 02:36 EST |
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Started this thread on May 28th 2024 when the information about MT Gox's activities occurring much sooner then the expected Oct 31st 2024 date.
5/28 Crypto prices were:
btc $68k
eth $3.8k
link $18.53
bch $470.17
7/7 Crypto prices this evening:
btc $55k
eth $2.9k
link $12.35
bch $312
Just manual trading and holding at the right times you can do well. It's not about getting rich super quickly. If Trump becomes president, the mt gox payouts eventually finish & the economy is looking great, then later it will be a great time to enter in again. Have to watchout for wars, pandemics, policy changes relating to crypto mining, SEC securities bullshit, and changes in presidents or laws. | |
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[IOD]Snips
Super Regular
Speed Sniping
Master
| | | P: | 07/08/2024 02:41 EST |
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My dad was holding some alt coins & I told him to dump them due to this new information date on May 28th.
I did the same thing during the beginning of the 2021 bearmarket around May I think when Biden announced carbon changes the world needed to make for global warming stuff to China which would obviously impact global coal mines mining bitcoin. China was the biggest miner at the time, and it couldn't be more obvious a massive mining change was about to occur along with support or lack of globally temporarily. The prices turned to shit the rest of the year, couldn't have been easier to predict.
You have to factor in very favorable or terrible global changes that occur and create an emotionless decision based on logic. This MT GOX dump would've been kind of bad in 2018, very bad in 2022, and just terrible in 2024. But it's simply because those years massively fewer & fewer coins are being mined daily due to the 4 year halvings. 80k coins moving around at $5k each would've been a whale a while back, but now 10k at $55k is considered a lot. In 10-20 years, moving hundreds of coins will be a whale.
Might take months or a year for prices to recover after every single coin has been sent to the mt gox customers, but longterm this is one of the biggest threats/uncertainties that will be completed. With the threat of the 140k bitcoins, thus it will further help the btc price longterm. | |
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[IOD]Snips
Super Regular
Speed Sniping
Master
| | | P: | 07/08/2024 02:46 EST |
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Because like 850k BTC were stolen & only 140k were recovered, if you used to hold 2 BTC you're not about to get that back in 2024, only like 0.2btc or something small. It's going to be closer to 100,000 people getting small amounts instead of the assumed hundreds getting dozens of actual full bitcoins that some people assume.
MTGox began some repayments starting July 5th according to some posts online.
One reddit site (more opinion then verified fact) conclusion when looking at the blockchain activity shows 2702 BTC were sent to two exchanges on July4/5, so about 1.9% of the total held.
The Cryptocurrency appears to be paying out in stages, it's unclear how fast this will happen. The conclusion deadline date of October 31st 2024 should still remain in effect where all coins should have been sent to everybody by then.
Chase bank among others are having issues. If you chose cash & crypto but your bank has tech issues with the japanese branch, you're going to be moved to the back of the line for payouts. If you're getting under $7000 in cash, you can choose paypal but you'll get sent to the back of the line. There's lots of shady odd stuff that was only told over phonecalls & emails and not on their website.
Huge amount of people in other forums that haven't gotten their BTC/BCH yet as of 2-24 hours ago.
Public Perception: News said payouts went out July 5th. BTC went down to $52k and is starting to recover at $58k. See, there was nothing to worry about! The news scared me but everything is going back to normal!
Reality: Repayment schedule is going to be inconsistent & unfair full of technical difficulties related to international banks. Expect a long slow bleeding of prices from July through October as the markets fail to absorb such huge quantities in such a short time. Germany's 50,000 BTC they confiscated from a crime were being dumped onto the markets in June which is why BTC began falling earlier and they only sold like 5k or 8k coins too. True crypto market volume is super exaggerated for any new players gauging the conditions of the crypto economy. | |
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| Forums > General Discussion (Archives) > 142,000 btc & bch moving from mt gox storage! |
