Helen Partz10 hours agoMt. Gox creditors opt to hodl Bitcoin payouts — Reddit pollAs the Mt. Gox trustee has yet to distribute 64% of the Bitcoin owed to creditors, the Reddit Mt. Gox community is pushing the hodl agenda.3809 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCreditors of the hacked cryptocurrency exchange Mt. Gox are not rushing to sell their Bitcoin payouts, at least according to one Reddit community vote.
According to a recent poll on the Mt. Gox Insolvency subreddit, most Mt. Gox creditors plan to retain their Bitcoin (BTC) payouts, which they are set to receive or have already received nearly 11 years after the Mt. Gox hack.
Mt. Gox Insolvency is the sub for those crypto investors affected by the 2014 collapse of Mt. Gox and participating in the official Mt. Gox insolvency process in Tokyo through the Japanese court system.Approximately 20% of creditors intend to sell all of their Bitcoin holdings
The Mt. Gox Insolvency poll, which closed on July 13, indicates that approximately 260 Mt. Gox creditors, representing 56% of the 467 poll participants, plan to hold onto their Bitcoin after receiving their payouts.
Such a decision aligns with the Bitcoiner strategy called hodl, meaning that investors decide to hold onto BTC holdings through its various price fluctuations and volatility.
On the other hand, 88 responders — or roughly 20% of all poll members — indicated that they would sell 100% of their BTC payouts.
Around 14% of respondents said they would sell up to 25% of BTC payouts, while only about 6% of respondents said they wanted to sell up to 50%.What subredditors plan to do with their Bitcoin. Source: RedditHow meaningful are polls on Mt. Gox Insolvency subreddit?
The poll might show overall investor sentiment on the Mt. Gox Insolvency subreddit. Still, it doesn’t show the actual picture for many reasons, like discrepancies in payout amounts and only a fraction of creditors participating in the vote.
“This is all good fun, but doesn’t mean anything,” one Redditor wrote, adding that someone with 1 BTC selling 25-50% is way different from someone with 10,000 BTC selling 25%.
“You cannot take the results of this survey and calculate the percentage of Bitcoin that will be sold and be anywhere near accurate unless you get lucky,” the poster said, adding: “People have a motivation to lie about their choice.”
Others still believe that polls on Mt. Gox Insolvency subreddit are helpful as they can grasp the temperature of investors in this space.
“The polls about receiving fiat from the trustee changed every week with the increased disbursement and showed how many creditors were compensated,” one Mt. Gox creditor told Cointelegraph.Mt. Gox has already distributed 36% of the owed Bitcoin
Mt. Gox was once the world’s largest Bitcoin exchange, handling approximately 70%of all BTC transactions before its collapse.
Founded in 2010, Mt. Gox lost 850,000 BTC — 4% of all issued Bitcoin — in a security breach in February 2014. After more than 10 years since the hack, the Mt. Gox trustee managed to recover around 141,000 BTC to repay creditors.
However, many BTC payouts have already been distributed to creditors. According to data from CryptoQuant, more than 36% of owed BTC was distributed as of July 17.
According to an official communication from the Mt. Gox rehabilitation trustee, over 13,000 creditors received repayments in Bitcoin and Bitcoin Cash (BCH) as of July 16.Source: Mt. Gox rehabilitation trustee
According to data from Mt. Gox Balance Bot, the total current balance on all known addresses of the Mt. Gox trustee is 47,228 BTC, worth about $3 billion at the time of writing.
Related:Up to 99% of Mt. Gox’s $8.2B Bitcoin could be sold — Analyst
94,457 BTC has been moved away from the addresses since funds were consolidated on May 30, according to Mt. Gox Balance Bot.Source: Mt. Gox Balance Bot
Django Bits, the creator of Mt. Gox Balance Bot, suggested that the bot might soon be adjusted following the trustee’s Bitcoin and Bitcoin Cash transactions to Kraken.
“Last week, the trustee sent a big chunk, but it turned out that most of it was sent to a change address — meaning it was sent back to the trustee — so I needed to add that change address too,” Django Bits told Cointelegraph.
“I did not yet have time to check the movements but I might need to adjust the bot again,” he noted, referring to the most recent transactions to Kraken.
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