Mt. Gox's Bankruptcy Trustee is Dumping Bitcoin to Repay Creditors
So how about that Bitcoin, huh...
After Bitcoin failed at the key technical level, bad news story after bad news story has created headlines and it's all been downhill.
Not a good week for the trusty HODLers that I know populate the Steemit blogging network. There's nothing like a mass liquidiation to forced you to get your risk management principles in check.
Yesterday I featured the Binance hack headline, but it's this Mt Gox trustee dumping bitcoin to repay creditors that is really rubbing salt into the wound.
They call him a whale seller, but Nobuaki Kobayashi isn't your average whale.
He's in fact a Tokyo attorney, and bankruptcy trustee for the now famously defunct Mt Gox exchange.
It has emerged that Kobayashi has been drip selling Bitcoin assets to pay creditors and will continue to do so until all debts are paid.
That's supposedly $400 million worth of Bitcoin since September, with another $1.9 BILLION worth to go.
Jesus.
Kobayashi has said only that he is 'trying to get as high a price as possible', but nothing more about his strategy. A strategy that either way isn't going to be good for anyone in the bear market that we're now seeing.
The one shining light in all this, is that we now know the amount that Kobayashi has left to sell and that risk will begin to be priced in immediately. It's no longer a shock to the market and that is a good thing once the dust settles.
But for now, the pain is real. Feel it.
Best of probabilities to you.
Peace ✌🏻.
Instagram: @forexbrokr
Website: www.forexbrokr.com
Why not just payout in Bitcoin?
Creditors work in a legal system that requires fiat. That is still the real world. 😉
Why not not just OTC? The exact reason that this sort of thing is in place
I’m no legal expert, but is there any tax or transparency issues with doing an OTC deal in this instance?
For now, we can pay strippers in Bitcoin. :D Most things require FIAT unfortunately. But that will change soon.
But you cant flick bitcoins like notes. Just not the same. 😂
if he would have had his money in litecoin last year he would have had the money to pay him back lol
That’s one way of looking at it 😂.
The bankruptcy trustee for the defunct Mt. Gox exchange announced yesterday that he had sold $405 mln in Bitcoin over the last few months, a total of 35,800 BTC and 34,000 BCH. The selling of such massive volumes could be a big part of the reason Bitcoin fell from its high of $20,000 to its current price of $9,300. Even if the coins were traded over-the-counter (OTC) rather than on exchanges, it still would have suppressed demand, by filling the needs of buyers who otherwise would have bought off exchanges.
Yeah, fair call.
Now it’s all out in the open, let’s see how it gets priced in.
why steem doller price is so low?
Because Bitcoin is king and when it falls, alts (which are all priced in BTC), fall too.
Do you think Tokyo’s Bitcoin whale and his intention to dump another $1.9 billion value of Bitcoin? does one suppose this can have any effects on the market?
Well of course. But it seems out in the open now which means the whole lot is being priced in as we speak. No more maybes and shock news to cause a big dump.
Exelente
Sure thingente. Got nothing more to say, champ?
To me this reads more like the trustee is the best bitcoin trader ever or close. He did wait for the bubble to pop before selling, how many of us can say that? @forexbrokr
He’s sold close to the bottom. What are you talking about?
Like you said, the good news is that we at least know about this. Nevertheless, that is a damnn big amount of Bitcoin being sold. I hope that for this rough start of the year we get a great end to 2018 in return.
Yep, it’s all out in the open now. Get it priced in and no more shocks.
Thanks for this. The picture is much clearer now.
Thanks mate.😎