Silk Road and Mt. Gox coins are entering the market

Pekelo

Pekelo

49K coins were transferred from the US government to Coinbase, ready to be sold:

https://www.fxstreet.com/amp/crypto...-another-sell-off-on-the-horizon-202303080614

In 2 days there is a deadline for creditors to choose a payment option. 142K BTC coins and 143K BCH are going to be distributed among Mt.Gox creditors later on:

https://news.yahoo.com/bitcoin-mtgo...y-market-ethereum-ether-market-104450501.html

"the total amount of assets to be paid out to creditors after the 2014 hack of the MT Gox exchange will not be released to creditors immediately, but at stages over the coming months."
 
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Furthermore:

"Last week, Bitcoin tanked 5% when someone sold $200M worth of Bitcoin. Actual volume has been non existent in recent weeks.

The US government has now moved $1B of Bitcoin they seized from the Silk Road scandal to Coinbase. This puts major pressure on Coinbase to be able to redeem the $1B.

Coinbase lost its banking partner in Silvergate last week. It seems the only way they could honor a $1B withdrawal would be to use their shell company, Circle, to redeem the $1B via USDC

It’s being reported today Circle has canceled all ACH Fiat transfers and will only honor USDC withdrawals. Almost as if they’re completely fucked."

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But wait, there is more:

"Micheal Saylor is due in court in two days. He’s being sued for $25M in back taxes and the bank he borrowed $205M from and used BTC as collateral, Silvergate, is melting to the ground as we speak.

DCG is in bankruptcy court. They sit on $14B of Bitcoin in their Grayscale trust."
 
Many things wrong with this thread...

Mixing facts with innuendos, real verified numbers are small, obfuscating the process of "cash out" (i.e. if $1B worth of bitcoins, a simple sell on the exchange, no need to "put pressure" on Coinbase), suggesting that Coinbase is responsible for "redeeming" fiat for bitcoin, it's a market place, wtf am I reading and this is posted on ET

$200M worth of sell order pressure, but no follow-through and volume been dead, no sellers, but also no buyers

bitcoin market is volatile, I already posted that liquidity is very low, over 60% of bitcoins have not moved in over a year, iow, hodlers are not interested in selling

And then there's the suit against Michael Saylor for $25M, ahh, sure, that's material to the Bitcoin market :rolleyes:

https://twitter.com/x/status/1630960837874647042

https://twitter.com/x/status/1632825379554484225
 
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There's no evidence that Mt. Gox creditors are going to sell their bitcoins, the fud they will dump have been perpetuated for many years

Mt. Gox creditors are OG's of the Bitcoin space, they've been forced to hodl for 10 years, take from that what you will
 
Genesis is in bankruptcy, not DCG

GBTC bitcoins belong to the closed end fund, there's court case Grayscale against SEC, to convert to ETF

fud hyperbole posting it on the thread
 
I logged in to Mt. Gox the other day to see what my balance was in case I forgot to transfer some coins out from a decade ago, but unfortunately my total balance of remaining BTC on the platform was about $12.81 worth. :D
 
You guys (excluding clueless OP) would know better than me but wouldn't Coinbase beware that the Feds were going to come forward with MtGox coins at some point soon? And have contingencies in place to deal with it?
 
SunTrader said:
You guys (excluding clueless OP) would know better than me but wouldn't Coinbase beware that the Feds were going to come forward with MtGox coins at some point soon? And have contingencies in place to deal with it?
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Silk Road bitcoins belong to the US Government, although in the past, they've held auctions (Tim Draper won an auction of 30,000 bitcoins in 2014) instead of selling on the open market

Btw, we don't know if the transfer of bitcoins from US gov wallets to Coinbase means they will definitely sell, lots of bitcoin whales do that to cause a sell-off, not saying US gov is doing this, but until it's confirmed they were sold, it means nothing to the bitcoin price, yet

When you say the Feds, did you mean the US Gov? I am not aware they are involved with the Mt. Gox bitcoins from the Japanese exchange failure, but tbh I don't follow it too closely since I didn't have a Mt. Gox account

From what I understand, a lot of the customers of Mt. Gox are non-US
 
johnarb said:
Silk Road bitcoins belong to the US Government, although in the past, they've held auctions (Tim Draper won an auction of 30,000 bitcoins in 2014) instead of selling on the open market

Btw, we don't know if the transfer of bitcoins from US gov wallets to Coinbase means they will definitely sell, lots of bitcoin whales do that to cause a sell-off, not saying US gov is doing this, but until it's confirmed they were sold, it means nothing to the bitcoin price, yet

When you say the Feds, did you mean the US Gov? I am not aware they are involved with the Mt. Gox bitcoins from the Japanese exchange failure, but tbh I don't follow it too closely since I didn't have a Mt. Gox account

From what I understand, a lot of the customers of Mt. Gox are non-US
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Opps meant the Silk Road coins. MtGox is in the courts.
 
SunTrader said:
Opps meant the Silk Road coins. MtGox is in the courts.
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Gotcha

US Gov Silk Road bitcoins being transferred to Coinbase is very unusual, like I said if they wanted to sell it, they would have auctioned

That's how US Gov works, when they sell properties or when they buy or award contracts for services they open it for bidding to qualified buyers (or vendors when buying)

I would like to say this may just be using Coinbase for custodial services which Coinbase Prime offers for their institutional and wealthy clients
 
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