Mt. Gox trustee please stop the foolishness
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.