Mt. Gox Payouts: Two Opposing Views on Market Outcome

Mt. Gox Payouts: Two Opposing Views on Market Outcome

A five year mess, the result of a 2014 cybertheft by Russian hackers, is nearing the payout stage for the victims.

On the 28th of February 2014, Mt. Gox filed for bankruptcy protection in Tokyo. In the following month the exchange filed for bankruptcy protection in the US. Since then the bankruptcy case was shifted to a Civil Rehabilitation one. The defunct exchange is expected to pay the claimants in BTC instead of exchange rate equivalent (2014) fiat money. Mt. Gox will be paying 160,000 BTC, correspondingly $1 billion in today’s market worth.

Nobuaki Kobayashi, Mt. Gox’s bankruptcy trustee, has released a rehabilitation filing system which will allow corporate users to file proofs of their claim online. Investors can file by the 22nd of October 2018. As for individual traders, they were allowed to file their claims earlier. The deadline for the filing, for individual and corporate investors, will be in the 14th of February 2019.

Kim Nilsson of WizSec, who was a Mt. Gox client and who began an investigation on Mt. Gox’s bankruptcy, claims that the dark cloud of a price crash looms over the $1 billion payouts. This could worsen if there would be an inadequate demand for the Mt. Gox six-figure BTC.

But an opposing viewpoint has come to light. It deduces there is no indication that a number of claimants are intending to sell-off the reimbursed BTC. Another reasoning put forth is that BTC will go through a series of system upgrades: atomic swaps and the Lightning Network which will enhance system performance.

The $1 billion worth of BTC is just 1 percent of BTC’s total market value. It is further argued that BTC is not synonymous with Mt. Gox. Once the claims have been paid back, BTC will continue to be, and Mt. Gox will just be a small glitch in its much bigger history.


8,744 USD -5.52%
Volume, 24h
3,497,717,274 USD
153,922,072,217 USD

Related news

Blockstream Announces New Lightning Network Upgrade

Blockstream announced the v0.7.1 release of C-lightning. This version is one of the several technological improvements presently streaming into the crypto space to make Bitcoin lightning network transactions cheaper, faster, and safer. C-Lightning To Run Faster Synchronizations While Reducing Bandwith Consumption Bitcoin and its underlying blockchain technology offer amazing opportunities for distributed ledgers. However, according to the authors of the paper titled The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments, the blockchain, as a payment tool, by itself, cannot yet handle the volume of the world’s commerce. This might eventually change. Bitcoin developers and engineers are continually making improvements to solve critical issues such as scalability and transaction costs. In effect, technological innovations, such as SegWit, Lightning Network, and Atomic Multi-Path Payments over Lightning, are already helping to solve these issues. Now, Blockstream announces the release of c-lightning version 0.7.1, which brings several technical advances to make the Lightning Network faster and more efficient. In this regard, the most significant improvement is the result of the work that developers Joe Netti and Rusty Russell performed on the gossip protocol. Aware that the Lightning Network is growing exponentially and so far working well, developers Netti and Russel wrote, “However, the burden on hardware is increasing, and if the growth of channels continues to accelerate, the network will be facing scaling issues in the not-too-distant future. Finding an efficient route through a million channels isn’t easy.” We're excited to announce #clightning 0.7.1. This point release includes gossip improvements, longer default invoice timeouts, external-wallet channel funding, more powerful plugin support, better peer error handling, and performance improvements! — Blockstream (@Blockstream) July 17, 2019 As a result, Netti and Russel, through their “The Million Channel (Lightning) Project,” obtained relevant data that help them to refine the gossip protocol. Thus, with the new deamon gossip, C-lightning transactions can better and more quickly synchronize with peer nodes, while economizing on bandwidth. The Blockstream Engineering Blog states, “The gossip daemon is more selective about which peers it synchronizes its network topology from, considerably cutting down the time to synchronize and the bandwidth consumed by the gossip protocol.” Additionally, the new version allows for longer default timeout invoices. Until now, the default was set to one hour. Now, the timeout for invoices is seven days. Moreover, the new c-lightning version introduces better plugin support, better peer-to-peer handling, and performance improvements. And it facilitates external wallet funding. Lightning Network Continues To Grow Presently, three independent teams are working on the Lightning Network implementation: Blockstream, ACINQ, and Lightning Labs. The aim of these projects, among other things, is to minimize transaction costs, while improving the scalability of the Bitcoin network. Blockstream focuses on the c-lightning network. The Lightning Network continues to grow and get adopted at an increasing rate. For example, on July 8, 2019, the Luxembourg-based Bitcoin exchange Bitstamp announced that it had launched a Bitcoin Lightning node “to help grow the network and encourage other companies to get on board.” As of this writing, according to data provided by 1ML, the Lightning Network boasts over 9,075 nodes, with a capacity of about 903 bitcoins. How do you think technological innovations such as c-lightning will help to solve cryptocurrencies’ scalability issues? Let us know in the comments below! Images via Twitter:@Blockstream The post Blockstream Announces New Lightning Network Upgrade appeared first on

Bitcoin & Crypto Market Near Key Juncture: LTC, BNB, BCH, TRX Analysis

The total crypto market cap declined towards the $235.0B level and recently corrected higher. Bitcoin price is also correcting higher, but it is facing hurdles near $9,800 and $10,000. Binance coin (BNB) price recovered more than 10% and broke the $27.00 resistance area. Litecoin (LTC) price rallied recently above the $80.00 and $85.00 resistance levels. BCH price is slowly approaching towards the key $300 resistance area. Tron (TRX) price is up around 10% and it is currently trading above the $0.0220 level. The crypto market cap and bitcoin (BTC) are currently near an important juncture. Ethereum (ETH), BNB, litecoin, ripple, BCH, TRX, XLM and EOS are showing signs of a short term recovery. Bitcoin Cash Price Analysis After a sharp decline below the $300 level, BCH price found support near the $270 level against the US Dollar. The BCH/USD pair started an upside correction and traded above the $280 and $290 levels. It seems like the price is slowly recovering and it could soon test the key $300 resistance level. If there is an upside break above $300, the price could correct towards the $320 level. If not, the price is likely to decline again below the $290 and $280 level in the near term. Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis Binance coin (BNB) price found strong support near the $24.00 level and it recently started an upward move. BNB price broke the $25.00 and $26.50 resistance levels. It even broke the $27.00 resistance and it may soon test the $27.50 resistance level. Litecoin price found support near the $75.00 level after a massive decline. LTC price jumped higher recently and broke the $80.00 resistance level. The price is up more than 12% and it is approaching towards the $92.00 and $95.00 resistance levels, where sellers could emerge. Tron price tested the $0.0200 support level and recently corrected higher. TRX price is up around 10% and it broke the $0.0215 and $0.0220 resistance levels. The next key resistance on the upside is near the $0.0230 and $0.0232 levels. Looking at the total cryptocurrency market cap 4-hours chart, there was a downside extension below the $250.0B support area. The market cap moved towards the $235.0B level and formed a swing low at $234.9B. It recently corrected higher and broke the $245.0B and $250.0B resistance levels. However, there is a strong resistance formed near the $260.0B level and a bearish trend line, which is currently acting as a barrier. If there is an upside break above the trend line, there could be a decent comeback n bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term. Bitcoin & Crypto Market Near Key Juncture: LTC, BNB, BCH, TRX Analysis was last modified: July 18th, 2019 by Aayush JindalThe post Bitcoin & Crypto Market Near Key Juncture: LTC, BNB, BCH, TRX Analysis appeared first on NewsBTC.

🛑 Congress: BITCOIN IS UNSTOPPABLE 🛑 Big Rally, Ray Dalio Paradigm Shift (Bitcoin is the Future)

🛑 CONGRESS: "Bitcoin Good, Libra Bad" 🛑 Ray Dalio Paradigm Shift *ByBit Exchange:* ​​ (GET $60 FOR FREE WHEN DEPOSITING 0.2 BTC). Some countries might need to use VPN to access Bybit (if your laws allow that) *Learn Crypto Programming:* *Crypto Domains (Hurry)*: *Join Telegram Discussions*: 😍 WANT TO BE SEEN ON THE CHANNEL? 👉 EMAIL 🚀 JOIN ACADEMY 👉 💥 JOIN TELEGRAM GROUP 👉 💰 GET $10 TO BUY YOUR FIRST CRYPTO: 🏆 BUY PHYSICAL BULLION GOLD: 📈 BEST ALTCOIN EXCHANGE: 🔐 BEST WALLET: Good Morning Crypto 🚨 Want to be a Sponsor? EMAIL 🎓 Join my online academy 👬 Join the crypto discussion forum - 📣 Join Telegram channel 🎤 If you would like me to speak at your conference, book me here: #bitcoin #blockchain #ivanontech 👫👭👬Social: LinkedIn: Instagram: Steemit: Facebook: DISCLAIMER: This is NOT financial advice. This is just my opinions. I am not responsible for any investment decisions that you choose to make. Ivan on Tech is all about cryptocurrencies and the technology behind Bitcoin, Ethereum, Litecoin, Ripple, IOTA. We also cover Bitcoin price, altcoin price, investing, analytics, different altcoins. Ivan on Tech by Ivan Liljeqvist
Ivan on Tech

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.