Conversation

Jesse Powell
@jespow
Great, now all the exchanges are going to have to launch investigations in to who took out massive shorts ahead of this dumping. A public auction really would have saved a lot of questions. Death, taxes.. and goxxing.
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Daniel Kelman
@danielkelman
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It was BitPoint who sold the MtGox BTC in 2018. And they dumped on the market, despite the trustee’s representations to the contrary. There should have been an auction. goxdox.com/2019/02/the-du
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Eric Wall
@ercwl
😢
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Eric Wall
@ercwl
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So let me get this straight. 1. I lose my BTC at MtGox in 2014 2. Slowly trade my way back from nothing, staring at the charts every day for 4 years 3. Finally reach back to where I was 4. Long on BitMEX 5. MtGox trustee wrecks my long by dumping my own goddamn coins on me?! twitter.com/matt_odell/sta
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Rick
@ricksawtime
If any of you guys think selling 2-6k blocks of btc here and there triggered a bear market I have a bridge to sell you in Brooklyn
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🎩Sir Lam₿o M🌔🌖N
@SirLamboMoon
It doesn't help if it's done hastily at vulnerable times. Especially when/if privelaged parties who could have added fuel to flame (shorting) Trustee should have been distributing at tops, like 8k-9.9k Either incompetent or malicious = negligence..... If all true
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Rick
@ricksawtime
but we know the exact days and amounts of the blocks being sold. there's no secret here. the market can easily absorb those small blocks at different intervals over many many months. the Trustee isnt a trading firm. they needed to sell some assets to raise cash. pretty simple
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Jesse Powell
@jespow
This looks like someone just called their broker and said "dump it, I don't care". An auction would have drawn in more hodler liquidity and minimized slippage. The process was not transparent and there was too much room for front running and self-dealing. Why not auction?
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Rick
@ricksawtime
I can tell you why. because the Trustee is a law firm and not a trading entity. they do not know whats the best way to sell financials, nor do they know the tops or bottoms or know how to time the market. an auction costs a lot of extra time and extra money in fees. pointless
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Rick
@ricksawtime
Replying to
@jespow
@SirLamboMoon
and 2 others
This was a fraction of total assets and meant to satisfy initial claims from what I understand. it was easily absorbed by the market with those small blocks. can you point me to a source for any of the many US authorities that have liquidated crypto assets under bankruptcy court?
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Jesse Powell
@jespow
US has run several successful auctions for way less coins. It’s about fiduciary duty and transparency. You would expect someone in the business of being a bankruptcy trustee would be familiar with these concepts.
forbes.com
U.S. Marshals Set To Auction $4.2M In Bitcoin Next Month
The U.S. Marshals, the oldest law enforcement agency in the United States, is holding an auction for Bitcoins worth over $4 million this coming November. The cryptocurrency up for auction comes from...
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