The Bitcoin (BTC) thread

BURNΞR

Pelican
I have some really bad news. Mt Gox trustee is giving out 141000 btc to the creditors starting November 20th. Im not sure how long the process will take but Im certain it is bad for the market. Im not sure the market can withstand even a fraction of this sell pressure.
 
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Blade Runner

Ostrich
Orthodox
Who actually receives the balance of these coins? People who were hacked? Why would they sell?

Just curious as to your concern why it would be a mass flooding of the market.
 

BURNΞR

Pelican
Who actually receives the balance of these coins? People who were hacked? Why would they sell?

Just curious as to your concern why it would be a mass flooding of the market.

The creditors (people that lost their btc in the hack).

A sane person will take at least some profits in fiat for life expenses. Then as the price drops the rest will be incentivised to sell theirs before the price drops more. There are 3 basic options: 1) hold 2) sell for fiat 3) sell for alts. I imagine it will be some combination of the 3. What is not clear is how and when the btc will be distributed but the news alone can damage the market. Some people that mentioned this on reddit are getting actively censored.
 

kiryu

Sparrow
Gold Member
The creditors (people that lost their btc in the hack).

A sane person will take at least some profits in fiat for life expenses. Then as the price drops the rest will be incentivised to sell theirs before the price drops more. There are 3 basic options: 1) hold 2) sell for fiat 3) sell for alts. I imagine it will be some combination of the 3. What is not clear is how and when the btc will be distributed but the news alone can damage the market. Some people that mentioned this on reddit are getting actively censored.
It's approximately 1/4 worth of the average trading volume on a normal trading day (this represents $8.7B at current prices, BTC daily volume $32-41B)
 

DenizenJane

Woodpecker
So I went for a long overdue in-person meeting with my financial advisor last week. I'd already heard from the ol' grape vine that they would like to have a word with me over my hobbyist tier crypto holdings (My whole family uses the same firm). I fully expected a denunciation of whatever crypto I had, along with the demand to liquidate it all and make "real" money with it in stocks. Apparently they forgot all about that the day of, and I had to remind him after we had discussed all the vanilla financial stuff.

Astoundingly, this guy is into Bit, as well as all other non-shit coins and NFTs. I couldn't believe it.

Anyway, he suggested buying Ethereum in the coming months.
 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
bitcoin-normie-land.jpg
 

Penitent

Woodpecker
Orthodox
BTC usually goes up for the first half of the month, then falls towards the end of the month, when people have to pay bills and futures contracts expire and the like. It does this fairly consistently.
 
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