They say that recent BTC price drops were due to Mt. Gox trustee selling huge amounts of BTC. And by "huge" I am referring to 200 000 BTC that were retrieved after the theft, which at the peak were worth 4 000 000 000 USD. They should be using received funds to reimburse those who lost money during the theft.
And who lost the money at Mt. Gox? Right, investors. I think they will return to the market at the right moment. Not sure which portion of retrieved BTC is already sold by this trustee, but when his accounts will start to dry out, it will be the best moment to enter BTC market, because no fundamentals of BTC has changed. In fact they are getting better each month.
Good point, but I think there are a lot of factors at play. I read that article too and wondered why they would even sell the BTC instead of simply returning it to the investors, but after reading your post here, I did the math. 200,000 X say 10k is still only 2 Billion USD and we've seen the total market cap go from somewhere around 840b USD down to 373b now. That's like a half trillion USD change. Looks like some big whales at play to me. All the best
As for why not return bitcoin instead of USD. I think there are many interested parties that want to get their hands on this money. Its common to count your losses in USD which were sustained at the moment of theft of your asset. All the surplus received from selling bitcoin at current prices will be absorbed by bankruptcy administrators and other intermediaries.
I agree with your point on the reasoning, but my thought stemmed from if I wanted my BTC back vs. USD (debt notes), I would imagine a lot of the others want their BTC back too. Of course, like you said, "All the surplus received from selling bitcoin at current prices will be absorbed by bankruptcy administrators and other intermediaries." That's really what it's all about. All the best
What if you had another type of asset, like bar of gold or ton of diesel, which was stolen. If you are reimbursed few years later, would you expect to be reimbursed at current prices of gold or diesel?
Sure. Then again the difference being that you can't really spend a bar of gold or ton of diesel. Of course, Bitcoin opened the door to a whole new asset class all-together.
It does not work like that. Lets say you put market sell order for 10 000 BTC, when bitcoin at that moment costs 10K USD. Market sell order will hit all highest buy orders untill all bitcoin is sold. After selling highest buy order will be somewhat lower. Multiply last order (highest remaining buy order) price with circulating bitcoin and you'll have your new market cap. Even though you have sold only 10K bitcoin which at that moment was worth 10K * 10K USD, after the selling market cap may be reduced much more than 10K * 10K.
Yeah, I understand the way it works, but was just making a point that there is a lot more at play here than just a few hundred thousand BTC being sold over a several month period. My point here is while I agree it certainly had some impact, we're probably talking a fraction of the total BTC sold in that period of time. In fact, I wouldn't at all be surprised if the "news" of the 200,000 BTC being sold had more of a FUD factor sell off than the actual selling of 200,000 BTC being sold, but who knows. It is a big market and there are so many things at play in the world these days.
Of course. It cant be all this alone, even though sudden releases of bitcoin also triggered bot selling which react to speed of price decrease, which in turn reinforced FUD / panic selling and so on.
True. The articles I read on that stated the 200,000 BTC being sold was over several months (Dec. '17 - when the article came out) and I don't recall it implied it was all sold yet or not. So who knows.
Patience is the key this moment. No need to worry about that. FUD close very soon and after coming out SMT's every cryptos will be awesome. Steem coming to top 5 list. Great post @onealfa.
Up-Voted & Re-Steemed.
I agree on the patience being the key now. My guess is many are waiting for the G20 meeting in Argentina to see how far the French Finance Minister and bankers get in trying to bring global regulation to the crypto market and that along with several other factors are at play now too. All the best
@onealfa After a horrifying a couple of week, now it's something to cheer about. Thanks for sharing this lovely image, which make the stock holders happy. Thank you form the core of my hard.
It's all based on a communal reward pool, where everyone get's rewarded regardless, but the more you post and the more SP you have or increase the greater rewards you will receive. Read the FAQ on shadowbot here: https://shadowbot.us/shadowbot/faq.php
Just keep doing your thing and you will notice consistent payouts from the pool for your posts!
They say that recent BTC price drops were due to Mt. Gox trustee selling huge amounts of BTC. And by "huge" I am referring to 200 000 BTC that were retrieved after the theft, which at the peak were worth 4 000 000 000 USD. They should be using received funds to reimburse those who lost money during the theft.
And who lost the money at Mt. Gox? Right, investors. I think they will return to the market at the right moment. Not sure which portion of retrieved BTC is already sold by this trustee, but when his accounts will start to dry out, it will be the best moment to enter BTC market, because no fundamentals of BTC has changed. In fact they are getting better each month.
Good point, but I think there are a lot of factors at play. I read that article too and wondered why they would even sell the BTC instead of simply returning it to the investors, but after reading your post here, I did the math. 200,000 X say 10k is still only 2 Billion USD and we've seen the total market cap go from somewhere around 840b USD down to 373b now. That's like a half trillion USD change. Looks like some big whales at play to me. All the best
As for why not return bitcoin instead of USD. I think there are many interested parties that want to get their hands on this money. Its common to count your losses in USD which were sustained at the moment of theft of your asset. All the surplus received from selling bitcoin at current prices will be absorbed by bankruptcy administrators and other intermediaries.
I agree with your point on the reasoning, but my thought stemmed from if I wanted my BTC back vs. USD (debt notes), I would imagine a lot of the others want their BTC back too. Of course, like you said, "All the surplus received from selling bitcoin at current prices will be absorbed by bankruptcy administrators and other intermediaries." That's really what it's all about. All the best
What if you had another type of asset, like bar of gold or ton of diesel, which was stolen. If you are reimbursed few years later, would you expect to be reimbursed at current prices of gold or diesel?
Sure. Then again the difference being that you can't really spend a bar of gold or ton of diesel. Of course, Bitcoin opened the door to a whole new asset class all-together.
It does not work like that. Lets say you put market sell order for 10 000 BTC, when bitcoin at that moment costs 10K USD. Market sell order will hit all highest buy orders untill all bitcoin is sold. After selling highest buy order will be somewhat lower. Multiply last order (highest remaining buy order) price with circulating bitcoin and you'll have your new market cap. Even though you have sold only 10K bitcoin which at that moment was worth 10K * 10K USD, after the selling market cap may be reduced much more than 10K * 10K.
Yeah, I understand the way it works, but was just making a point that there is a lot more at play here than just a few hundred thousand BTC being sold over a several month period. My point here is while I agree it certainly had some impact, we're probably talking a fraction of the total BTC sold in that period of time. In fact, I wouldn't at all be surprised if the "news" of the 200,000 BTC being sold had more of a FUD factor sell off than the actual selling of 200,000 BTC being sold, but who knows. It is a big market and there are so many things at play in the world these days.
Of course. It cant be all this alone, even though sudden releases of bitcoin also triggered bot selling which react to speed of price decrease, which in turn reinforced FUD / panic selling and so on.
True. The articles I read on that stated the 200,000 BTC being sold was over several months (Dec. '17 - when the article came out) and I don't recall it implied it was all sold yet or not. So who knows.
Patience is the key this moment. No need to worry about that. FUD close very soon and after coming out SMT's every cryptos will be awesome. Steem coming to top 5 list. Great post @onealfa.
Up-Voted & Re-Steemed.
I agree on the patience being the key now. My guess is many are waiting for the G20 meeting in Argentina to see how far the French Finance Minister and bankers get in trying to bring global regulation to the crypto market and that along with several other factors are at play now too. All the best
Thanks for your resteem @kingsberry
May be. Great idea @onealfa. Thanks. Your post is the answer.
Thanks for your resteem @yusfriadi
such an awesome content sir,upvoted and resteemed so it can reach more people in our community,have a nice day.
Amazing where the full size,btw upvoted and resteemed.
Nothing better than a green chart, NOTHING.
Yes, too much of red lately, too much
hahah that's true have a good night :D
Yeah I need also same correction @onealfa.
Upvote/Resteem.
Thanks for your resteem @dragonking
You had a great day yesterday i can see :)
That's something better and true idea. Have a good night sleep.
i am new in this World of Crypto but i need some BTC :D
cheers
yah... you need BTC . SO you think you are somehow unique ?
You and me .. we are unique.. but yeah everyone needs BTC .. cheers sir
Thanks for the post, @onealfa! I followed and thought of resteeming this, but it may be a bit dated now. All the best
Very unbelievable comment! It does not work!
Good old green!
Refreshing post.....thanks for sharing.....
We do not give you sleepy distrub..@onealfa...
Have a sweet sleep ...
Good night.
Sir, Thanks for your information :)
Good to see your post :)
Well no reason to ask ;)
Ohhh thanks @onelfa for updates now I too sleep without any worry
Thanks for this worth a follow. I enjoyed it, Keep up the good work.
Green means go go go!
it's very good, people will understand on that chart ... good rest.
@onealfa After a horrifying a couple of week, now it's something to cheer about. Thanks for sharing this lovely image, which make the stock holders happy. Thank you form the core of my hard.
Better sleep at night, will in the morning yet again be replaced by a river of tears
Hey @onealfa!
I just wanted to say welcome to the shadowbot team - stoked to have you on board brother!
Yes, found this bot only a day ago. Still learning how it all works.
It's all based on a communal reward pool, where everyone get's rewarded regardless, but the more you post and the more SP you have or increase the greater rewards you will receive. Read the FAQ on shadowbot here: https://shadowbot.us/shadowbot/faq.php
Just keep doing your thing and you will notice consistent payouts from the pool for your posts!
Once again, welcome aboard ;)
hahah that much profit by the which site it was to see chart like these
http:\coinmarkets.today
i too had a great sleep after that when bitcoin was up yesterday
still everything looks good at the moment :)
Yes, approaching 10k today
nice job
I like your post
please help ya response@onealfa
I like your post
please help ya response@onealfa
wow,excllent post
sorry
Nice words inside the spam does not make SPAM a good thing