So last time we were going through an extended bear season, a catalyst appeared that was quickly denied. The Mt. Gox btc address happened to have moved thousands of btc the day before massive dumps on the btc market. It was denied and everyone moved on. But......
Here we have this madness, it just so happens before this current dump MT gox account moved 8,214 coins. This has become far more then just s coincidence and cannot be ignored, as it is cause a mess in the markets.
This whole ordeal has me fustrsted because it doesn’t have to be this way. I personally run a OTC liquidity company and would gladly help dissolve the assets without disturbing the markets. So there is no need for what this type of recklessness.
What are your thoughts on this situation?
This is not the ethical way of doing businesses. People lose trust due to these activities.
Big time, it just erodes at the overall trust.
The Tokyo whale has said that he sells with the aid of an exchange but in a way that shouldn't affect the market price. So some form of OTC or private sale brokered by the exchange? I guess if there's someone who wants to buy substantial amounts without moving the price up they could tie up.
Unfortunately even moving the money out of the GOX wallets now will be enough to trigger a market fall, particularly in a jittery bear market.
Yea it seems any movement from the can cause a ruckus. The maturity of the markets need to catch up to the price or else we are doomed.
Unfortunately this guy is free to do what he wishes, as we all are.
This shows how ill prepared the market and ecosystem is for the growth of the past year. Rich people move and manipulate their money all the time, but we are on a public ledger and our money is also an investment/asset class. You and I can't legally and publicly access the bank accounts of billionares and follow it, but in bitcoin you can. Think of what would happen in traditional markets if you could follow the market makers accounts like this. I'm a big fan of a public and immutable ledger, we just are seeing right now how it can be used for manipulation in this infancy.
Big money man moves his digital money = everyone gets spooked. Realize the pattern = profit off of it, just as the rich and powerful have always done.
At the same time its very frustrating, especially given the player is tied to Mt. Gox of all parties. How much damage could one shitty exchange do to this space, we still await the final answer.
It feels as if they have no ends to the unethical movements. Yes it sucks that they can spook the market in this manner, but we are adults using real money so the responsibility falls on the masses.
I do agree the Mt. Gox crew are total pieces of shit.
i agree, though unfortunately much of the masses wont take responsibility (for anything!)
I agree, they can sell these bitcoins privately.
That will be much better idea and I am sure there will be plenty of buyers.
That’s really frustrating it that’s the case. I also heard that recent selloff is due to Korea fraud, it’s not official yet, but in Korea they were dumping like crazy. It’s all just a noise in my opinion. Obviously whatever happens, bitcoin took everything else with it down. We should see, I see cup & handle formation if we bounce soon.
Put the 2 together and boom complete madness.
The Korea fud seems to be never ending, how weak handed are these people.
Markets will be spooked by something. If not this, there will be something else. He has a job to do (ie liquidate assets) and that’s what he is doing. I assume he doesn’t want to drop the price (as he will get less for the coins he is dumping) but equally, he doesn’t want to drop fees into the market over many years!
This will come to an end and we can all move onto the next crisis!
This can be done otc with no effect to the markets.
But unless his terms of reference state he has to avoid market impact, why should he care?
Damn, he still got a lot left. This thing can go on for years!
I think there is going to be a large amount of institutional money coming into the crypto space as the regulatory situation becomes more clear. I would like to a big institution like Goldman Sachs or some other bank or hedge fund approach the Mt. Gox trustee about negotiating the sale of a huge amount of bitcoin in a private exchange. The institution would get a discount off market price for buying a huge chunk of bitcoin, the trustee would get to unload a huge quantity of bitcoin in one fell swoop, and the overhang that is clouding the market would go away. That would be a win-win-win.
That would be the approach I would like as well, but it seems as if the trustee is looking for complete anonymity which Goldman won’t accept.
That is silly. He has a fiduciary duty to maximize the value of the assets in his custody, which takes precedence over his desire for anonymity.
I willing to bet they are purposely selling on exchanges so that way with the low prices they can buy more btc.
Yea this could very well be the case, sell to all the top buy orders cause a dump. Buy up all of the panic sells, let price recover and dump all over again.
That would be a great strategy...for them. Too bad that not many of us see the problem from your perspective.
Fear is more powerful than logic most of the times.
sadly.
This is a effing disaster. The market is in precarious situation and these douches are acting like children playing around with a fire arm. Although today's sell of can also be attributed to the Upbit exchange raid but still.....
How does Korea keep heading up the fud headlines.
The only thing that makes any sense here is that the Mt. Gox trustee is working with some of the central banks and governemnts around the world to suppress the crypto-markets, on purpose. Manipulation is always so some "big money" interests can take a bigger share in some asset or take a massive profit, or both.
Doing an OTC sell of this much BitCoin is the only way to go. This trustee's strategy seems to be deliberately losing them money - and I can't imagine they are THAT stupid, or that they aren't doing it with a specific purpose in mind.
And, it's total Bull$#!t what this is doing to the markets.
Yes it is total bullshit, and it stinks of collusion. There has to be a reason he is taking such s lost dumping the market.
I'm amazed to see how easily people are influenced in this market. At every buzz on the news they start throwing coins at cheap prices. I don't know how long will the prices stay on this lane, but once they will go up consistently again it is these people who will buy BTC at $20,000-30,000 and dumping it at $10,000 being scared of some other news. It's really a tricky circle and looks like the market hosts alot of weak hands.
People that can't really see the future in blockchain and cryptocurrencies and get stumble at every whistle.
I'm still holding the coins for months and I am pretty new in the crypto world. I have to admit I don't like selling at loss.
100% facts my friend. This show the total immaturity of the crypto space as a whole. It should not be this easy for Billions of dollars to dissipate off of a market cap. The mearutterance of fraud and people run for the hills.
It is a strange! One rimple in this case can cause a complete tsunami!
That indicates to me that the market is not mature! In a mature market is would only have a small impact! So I guess that we have to prepare ourselves for a new bargain market!
I try to look at it from a positive side!
Probably interaction here will also have a decrease, which means that I become easier to get noticed! If one continues to post!
Yea the maturity really isn’t there. It cannot be this simple to disrupt billions of dollars. Hopefully this will clear some clutter on steemit as the dreams of living off blogging dies lol
And other thing is that when ppl saw move on Mt. Gox cold wallets started to panic and sell everything off :/ That shit shouldn't happen. Imo Mt. Gox should have mandated to inform publicly some time before sell off
Honestly they don't really need to tell anyone, they just need to move it to OTC and call it a day.
Yes and that suck, cuz they are able to crash whole market in few minutes
Well, i heard this is one of the major problems with people who hold so much coins from years back, anyone can actually do this to any currenecy and there is literally nothing stopping it, but it doesnt mean you cant also make a profit out of it, buy low sell high, right? but scary note is, can mt gox and will mt gox sell all the remaining in 1 swoop. that can probably crash bitcoin... but these are just my thoughts. i could be wrong.
A majority of the older holders have been more prudent with their sells. Not many are on exchanges dumping in this manner. Many use OTC to handle the transactions.
How recent is the timestamp on that screenshot?
2 days ago
Kinda thinking this is a two-part issue.
Well just found out the Korea fud was just that fud, and a big misunderstanding.
Greeeeeaat. So people got all freaked out over nonsense. All these hyper sensitive traders need to leave. They messing up the party for everyone else.
They will get squeezed out soon enough.
They are dumping with no regards and care in the world of the price they sell at. Don't see why they don't get rid of their Bitcoin at reasonable prices instead of crashing the market.
When you didn’t pay for it, does it really matter.
So they original mtgox hack caused a 2 year bear market now it looks like the sell off is going to do the same thing.
Here's a thought to repair the damage they're doing to the market they should do a coin burn on some of those extra bitcoins they will have left over once they have paid everyone out.
Never going to happen. Greed won’t let it.
I think the trustee thing is a dumb boogie man argument.
Even if it is true and trustees are market dumping via an exchange, they’re allowed to do that lol, its their bitcoin.
Welcome to the market
MT Gox just want profit. I don't think they deserve to be trusted the second time unless they show real sincerity.
That's time to buy more BTC because it down more and more. Not the time to sell. I am also looking to buy steemit DOllar
Actually I don't know about do that's situations,
but I except your support. thanks for sharing....
upvote and resteemit
Wonderful cryptocurrency news.
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I follow you......
This is a problematic aspect of Bitcoin. Trustees and the structure worry me.
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Oh well, tipuvote! 4
Do you think that we're gonna be in a bear market for the incoming months?
Not likely consensus starts on monday
more people will start to believe in bitcoin and buy it when it's cheap all over again
Well I guess time to buy more btc/altcoins
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I rather have the trustee sell bitcoin now because we can stock up more. I rather not have him sell during a bull run it will cause a price dip and could discourage new people to buy during the bull run.
It honestly pisses me the F off!
These are assets that where seized by governments and where suppose to be handled outside of markets. Instead they are doing the complete opposite. This sucks because governments keep seizing more and more crypto and manipulating everything.
That’s what Erks me the most, they are gaining so much off of the backs of those they scammed.
Congratulation crypto2crypto! Your post has appeared on the hot page after 152min with 52 votes.
I sold all of my little crypto at 9300 after first wave ... one of the best decisions of my life... end of all pains since dec 17...
No one ever went broke taking profits.
I just wish I could get back even a fraction of the BTC MtGox robbed me of when they shut down... :(
Ouch sorry to hear you were caught up in that.
Thanks for your sympathy! :)
Sadly our immature market is really susceptible for manipulations.But all we need is time.Future is ours anyway📈
How do you keep the cost down on the curation? I have had posts where I make $100 and I pay out $24 in curation.
I honestly do not know. It’s a mystery to me.