Bitcoins - digital currency
Bitcoin is a peer-to-peer digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network. Advantages:
- Bitcoins can be sent easily through the Internet, without having to trust middlemen.
- Transactions are designed to be computationally prohibitive to reverse.
- Be safe from instability caused by fractional reserve banking and central banks. The limited inflation of the Bitcoin system’s money supply is distributed evenly (by CPU power) throughout the network, not monopolized by banks.
Total size 5,811,700 BTC
or 4,585,431 USD
or 3,545,137 EUR
or 133,094,323 RUB
or 3,849 ounces of gold
Any value to this idea or will it never work?
Say it ain't so, Craig.
That certainly marked a pivot point on which the market turned but most of the downward pressure had been the huge amounts of BTC dumped by the German government over a 3 week period. I think over half of the 50k BTC they had was dumped in a one week period. The were transferring BTC to exchanges and market selling it day after day without much care for the price. It was a strange way to go about selling it all but apparently it had something to do with German law that they needed to get rid by
my buddy had about 5k worth of btc on mt gox then
he was refunded the dollar amount instead of the bitcoin he owned
didn't press for details because he was obviously very upset about it
my buddy had about 5k worth of btc on mt gox then
he was refunded the dollar amount instead of the bitcoin he owned
didn't press for details because he was obviously very upset about it
Dutch101 posting in this thread is part of the distribution. He described that it is all very complicated based on what you opted for as part of the settlement with different cash/BTC arrangements. I think you could have chosen to take a cash settlement and not pursue a claim for the BTC. I don't know if your friend maybe went for a deal that guaranteed him cash but you were foregoing the right at a chance of getting some undisclosed BTC amount back many years later. I have no idea though.
There are big distributions of BTC going to happen as Kraken already have been sent a portion of it and you can see the $3billion transferred to them from the Gox address sitting in the Kraken Wallet .
Yup. Your friend should've chose btc rather than early cash payout / sold his claim. That's hindsight bias obviously. But others fared better.
Dutch101 posting in this thread is part of the distribution. He described that it is all very complicated based on what you opted for as part of the settlement with different cash/BTC arrangements. I think you could have chosen to take a cash settlement and not pursue a claim for the BTC. I don't know if your friend maybe went for a deal that guaranteed him cash but you were foregoing the right at a chance of getting some undisclosed BTC amount back many years later. I have no idea though.
There
yeah this is probably why he didn't want to talk about it
i'm not familiar with the case, was mt gox confident they'd get the btc (or already had it) and freerolling people into hoping they'd take a dollar figure or did they indeed not know if they'd ever recover any of it and it was a genuine option to take the cash instead
kind of hard to imagine he'd take the $5k if the thought there was even a 1% chance of getting the coin amount given back
yeah this is probably why he didn't want to talk about it
i'm not familiar with the case, was mt gox confident they'd get the btc (or already had it) and freerolling people into hoping they'd take a dollar figure or did they indeed not know if they'd ever recover any of it and it was a genuine option to take the cash instead
kind of hard to imagine he'd take the $5k if the thought there was even a 1% chance of getting the coin amount given back
I am sure at stages it looked like a very long shot of getting any kind of recovery. We are talking over a decade for it to finally get resolved. At times during that fight I am sure the price of BTC hardly made the fight seem worth it over taking the money. They were having to deal with Japanese bankruptcy law while getting fed information sporadically often in broken English without any follow up contacts. They even ruled at one stage that under Japanese bankruptcy law they would only get paid out based on the price of the BTC at the time of the hack. They also only recovered a portion of the BTC. So the claimants are only getting a % of the BTC thought to be in the range of around 20% of the original amount but it will be BTC so at least you get todays value.
For three years after the collapse, Mt. Gox followed a traditional bankruptcy process, under which customers’ claims were valued in Japanese yen based on the price of bitcoin in 2014. To allow customers to benefit from the rise in the price of bitcoin, the bankruptcy was converted in 2018 into a civil rehabilitation, a framework under Japanese law that affords greater flexibility, but which required claims to be refiled. The deadline for filing those claims was later extended multiple times before the trustee could begin the process of separating legitimate claims from bogus ones, itself a laborious and time-consuming process.
thanks
The people that bought out MtGox claims early on made a fortune. Not only did they pay cents on the dollar but they also bought them for the lowest price BTC has been since MtGox failed.
Also lots of people decided to get cash only payments and I never understood that as you depend on the timing and competence of the Japanese lawyers to get a good price and it was clear by the time that choice was offered that they were not competent at all. Those people all lost out both on the BTC price when it was sold and for Americans a terrible Yen/USD exchange rate on top of that when the money was transferred.
It is also going to be interesting what happens if coinlab loses its claim because then all the early lump sum people are going to be upset again. But the case is expected to take another 6 to 10 years.
I find it weird that a large swath of bitcoin bros are going full MAGA because someone whispered in Trump's ear to mention bitcoin. Do these people not understand game theory?
We don't need your stinking support, you dirty politicians(both sides!). Just support bitcoin because you have to, and then get back in your holes and **** off.
I find it weird that a large swath of bitcoin bros are going full MAGA because someone whispered in Trump's ear to mention bitcoin. Do these people not understand game theory?
We don't need your stinking support, you dirty politicians(both sides!). Just support bitcoin because you have to, and then get back in your holes and **** off.
Likely a combination of the "vibe shift" in gen pop, leading to being pro-MAGA more socially acceptable and the fact that Dems have been more anti-crypto over the last couple years, namely Elizabeth Warren, and Trump is/was scheduled to speak at the upcoming BTC conference. Rumors of Kamala speaking there as well so Dems could be reversing course. Short term support of dirty politicians would be helpful. I agree long term likely doesn't matter much.
In more positive political news, BTC appears to be owned by people all across the political spectrum.
Received my MtGox BTC and BCH. Converted the BCH to BTC immediately as who needs that ****. Today is a great day that took a very long time.
I am sure there is some explanation somewhere why the other forks are ignored but it has been clear for a long time that we would only get BTC and BCH.
my buddy had about 5k worth of btc on mt gox then
he was refunded the dollar amount instead of the bitcoin he owned
didn't press for details because he was obviously very upset about it
For every 10 btc, holders are getting like 1.5 btc only. About 800k btc was hacked. About 200k btc was found. After fee and partial dilution, about 145k btc is being distributed. Initially bankruptcy was filed. But the remaining btc price went way higher than what was hacked in dollar amount. So they converted this to re habilitation and are distributing btc. Initial dilution they did was to recover losses in dollar terms and these already got distributed three months ago. So what ever btc and bch holders will get now, is all extra bonus (again in dollar terms).
I remember watching Roger Ver give a podcaster the middle finger during a podcast. God bless anyone still rolling with a BCH dominate split.
Trump calls for US to be ‘crypto capital of the planet’ in appeal to Nashville bitcoin conference
It ALREADY is the crypto capital of the planet in terms of total value locked.
Bitcoin Conference is in Vegas next year. Late May.
