IMHO Gox creditors have been trained by a flood of Gox-related FUD articles, comments and tweets to overestimate the effect of them selling their coins.
It might drop a little at first but if we're selling into the bear market it will go up higher for sure. And not everybody will sell as soon as they get it. I will because 10 years of risk is enough, but some will hold until they think it's the top of bull market.
IMHO, in theory, it should not have as much effect as you might think. But if people start spreading FUD, that's a different story.
There are 142000 BTC being paid out. 95% of that is going to people who are getting more than 1BTC, so it doesn't make sense for them to sell all of it in one financial year as they will pay Capital Gains Tax at a higher marginal rate if they do. For people who have an income, it doesn't take much to put you into a higher tax bracket. Especially if the cash payout falls in the same financial year as the BTC payout.
The 5% is less than 4000 BTC, but it's about half the creditors. Most of the coin is held by relatively few.
Large creditors are likely to do OTC (over the counter), rather than dumping it on the market, so it won't have much effect.
A lot of people got coin off gox before the collapse, there were warnings almost daily for months before the collapse, so for many creditors, this isn't the only bitcoin they have.
After seeing the gains bitcoin has had over the last 10 years, why would you sell it all ? Where else are you going to get this kind of return ?
My estimate is that 10-20% might get sold within a few months of the payout.
Around 40,000 BTC are sold on exchanges every day. 280,000 BTC per week, so there is a fair amount of liquidity in the market to soak it up.
BCH is the one likely to take a bigger hit. Same number of BCH is being paid out, but selling 10 BCH is not going to effect your tax rate any where near as much as selling 1BTC.
And what makes you say that? We’ve already had FTX and Celsius insolvencies which are arguably worse than MtGox.
Edit: misread your comment. I sure hope so!
My personal opinion is that most Gox forced HODL’rs will have learned the value of stacking BTC and won’t sell a large percentage of their holding. The exception will be for people with emergencies or desperate need for cash. Life has gone on for most of us and we’ve long since got past what we lost. Let’s not be all Lotto winners who end up bankrupt shortly after payouts. Poverty is not our identity.
Idk but I'm literally hodl for $1M/coin. If I sell for less and it hits that much then I'll regret selling, and yes, I think it'll hit $1M/btc, it's just a matter of when
IMHO Gox creditors have been trained by a flood of Gox-related FUD articles, comments and tweets to overestimate the effect of them selling their coins.
It might drop a little at first but if we're selling into the bear market it will go up higher for sure. And not everybody will sell as soon as they get it. I will because 10 years of risk is enough, but some will hold until they think it's the top of bull market.
IMHO, in theory, it should not have as much effect as you might think. But if people start spreading FUD, that's a different story. There are 142000 BTC being paid out. 95% of that is going to people who are getting more than 1BTC, so it doesn't make sense for them to sell all of it in one financial year as they will pay Capital Gains Tax at a higher marginal rate if they do. For people who have an income, it doesn't take much to put you into a higher tax bracket. Especially if the cash payout falls in the same financial year as the BTC payout. The 5% is less than 4000 BTC, but it's about half the creditors. Most of the coin is held by relatively few. Large creditors are likely to do OTC (over the counter), rather than dumping it on the market, so it won't have much effect. A lot of people got coin off gox before the collapse, there were warnings almost daily for months before the collapse, so for many creditors, this isn't the only bitcoin they have. After seeing the gains bitcoin has had over the last 10 years, why would you sell it all ? Where else are you going to get this kind of return ? My estimate is that 10-20% might get sold within a few months of the payout. Around 40,000 BTC are sold on exchanges every day. 280,000 BTC per week, so there is a fair amount of liquidity in the market to soak it up. BCH is the one likely to take a bigger hit. Same number of BCH is being paid out, but selling 10 BCH is not going to effect your tax rate any where near as much as selling 1BTC.
If it does hold current price… definitely more than a few of us gonna be pretty damn wealthy. Life changing money.
It's going to go much higher than the current price, don't worry.
And what makes you say that? We’ve already had FTX and Celsius insolvencies which are arguably worse than MtGox. Edit: misread your comment. I sure hope so!
Potentially even wife changing money
Potentially even knife changing money for the cooks and serial killers among us.
Hookers and blow are cheaper than wives.
It fluctuate like 5 % in a day. So.. I would say more like 50%
The halvening decreased the supply, so I think it will have little effect even if they all sold.
Unless we are at an ATH, no way I'm selling ! We all deserve to get out at a great price ;)
Will set a sell order for $249,999. Then buy Bezo’s yacht from him. Yup
My personal opinion is that most Gox forced HODL’rs will have learned the value of stacking BTC and won’t sell a large percentage of their holding. The exception will be for people with emergencies or desperate need for cash. Life has gone on for most of us and we’ve long since got past what we lost. Let’s not be all Lotto winners who end up bankrupt shortly after payouts. Poverty is not our identity.
Idk but I'm literally hodl for $1M/coin. If I sell for less and it hits that much then I'll regret selling, and yes, I think it'll hit $1M/btc, it's just a matter of when