BTC & BCH Fear Of MtGox

The force hodl the MtGox degenerates suffered from was the only reason the became millionaires today. Most of them were just beginning, in 2012 and 2013, but with the price reaching dream ratio inside these two years they already had made a fortune.

It wasn't easy to hold and they would have sold, but today they expect to get back an amount of 10-20% from their BTC.

An account holding 100BTC back then would be worth about $ 50,000. From this this investor expects perhaps 20BTC back, that would be today $720,000.

Life changing wealth and it is expected 80-90% of these traders to DUMP their BTC in the market, flooding it with 160,000 BTC that have not been moved since 2014.

MtGox Again and Again

This website, if we can trust it will give us real time data will bring us the bad news.

MtGox Cold Wallet Monitor

Those early in bitcoin, the lucky traders that instead of losing money by buying high and selling low, they became investors with long term perspective without their own volition.

The news is out. 160,000 dormant BTC for years will move in 2022. And go to the pockets of traders that had them bought at a price 99% lower.

Price of Bitcoin when MtGox suspended trading and filed for bankruptcy was $ 483. Soon more than 160,000 will flood the market at price of BTC $ 36000.

This is almost a hundred times higher than 2014 and what can we expect beyond dumping it for profit.

They don't get their total fortune back, but only about 20% of that. Some have received payments in USD before, as in 2018 the trustee of the fund sold quite a lot of BTC in a liquidation process. So someone with 100BCH will receive 20BCH.

This is because out of a total 850,000 BTC MTGox lost from hacking and mismanagement, Karpeles found a disc drive containing 220,000 BTC and handed them to the investigators after the shutting down of the exchange. So they lost about 80% of their BTC, and the rest are in a lengthy process of figuring out how to divide them between the creditors (accounts).

So, they did not 100x their wealth, but a lot less. Still enough to dump on the market, since most of these traders would not make not even close to this ROI the current days.

MtGox is also a problem for Bitcoin Cash. The "forked" coins of BCH will also be delivered to those lucky traders, and as anyone can suspect, those trading BTC at MtGox, were not interested in fundamentals or in BTC as a currency. They were speculators and similar to what the typical BTC maxi is today, all about the price.

They are sell outs, never had any values and would love to make dollars out of selling their BCH as well.

I have read Roger Ver had about 800BTC in there and perhaps some more early in Bitcoin and now in Bitcoin Cash also used MtGox, storing some of their BTC, to sell for their immediate needs. This is a use case for many exchanges but I doubt Bitcoin Cash users didn't know the risks. I haven't read from anyone in the Bitcoin Cash community asking about the MtGox rehabilitation plan, or making lengthy articles but only BTC maximalists.

I could be wrong, but I don't think I am. Bitcoin Cash community seems it understood completely what Bitcoin was about back then, and was using Bitcoin as it was supposed to be, with private keys and non KYC wallets.

Finally

I am expecting the degenerate MtGox crypto gamblers to dump both BTC and BCH.

But some of them perhaps invested more in BTC all this time and probably became the hodlers that we learned about in 2015. Probably these hodlers will hodl their BTC and dump BCH as their mental state in understanding Bitcoin will never be any better than the average BTC troll.

As for myself, I had sold all my BTC since April, when I posted here a series of articles concerning the bear market and how it could be presented upon us. I called the bottom at about 30k previously, although, price at that point wasn't easy to predict. I still felt it was an irregular move for BTC to reach to new ATH even if this was only a few thousand dollars more than the previous. But this is markets, often so irrational we can't predict at all.

But, even now, I can't predict the next move and not care about BTC either.

I am in Bitcoin Cash because of smartBCH and I find this bet to have a long way to go. I lost money from BCH drop, but the decision was made, and it wasn't a decision taken with emotions, but one that logic commanded me to take.

A bet no matter the odds can go wrong. When we have 90% chances to win, there is always 10% we lose. But even if we are unlucky Bitcoin Cash can't go to zero, it can go down a lot, but the potential for the investment to increase in value later, is not going to change. Maybe it takes years more, the BCH will keep increasing in my wallet, for as long as the rest investors wish before they take a look and see it themselves.