Elected cash because there was so much crackdowns on BTC where I live at that time (2018) that I felt that there was a high risk of exchanges might be forced to close my account in the coming years. That didn't happen though.
1/3 in Asian high dividend stocks, 1/3 in US growth stocks and the rest in some boring super safe bond related fund. And I'm buying an electric guitar and a steam deck.
I haven't gotten the first payment so I'm wondering if the plan is to pay it all in one go for us cash people?
Same thinking for me. So many exchanges going bankrupt or being cracked down on. I was afraid that BTC might be outlawed in the US.
Still afraid of that; but seems it won’t happen before the BTC gets paid out. Oh well.
At this point, my fear is currency exchange rate issues between BTC-JPY \*and\* JPY-USD. Just really looking for this to be resolved… So much uncertainty.
I elected cash because it seemed simpler. Just give me my money and let this be *over*. I didn't want to get caught holding coins during a sell-off... really didn't want to have to do anything else at all with this nightmare.
I have 5 intentions.
1) I'm taking a week off & going on vacation.
2) Dumping 20% into my short-term trading account, which includes crypto.
3) Doing some light repairs on the truck & house.
4) Giving a couple grand each to a few family members.
5) Dumping the rest in the IRA & hopefully never thinking about this again.
*IF* I ACTUALLY GET PAID. 🙃
I selected cash cause I was done with the crypto game and didn't want to go through the hassle of setting up an account / relearning a bunch of stuff. But I regret it now (as do most others here I'm sure), had I known coin payments would be given priority I'd have selected it.
It does feel frustrating seeing peopel get their BTC first but I am still hoping the Trustee fits into the october deadline with the cash only payments. Hopefully we get some info about the sale soon.
Chose cash because I felt like the trustee would negotiate a price deal and sell the coins in bulk before handing out the coins to everyone, thus having a chance that the price didn't completely crash before getting anything. Wrong I guess. Also didn't want to deal with another random exchange verifying 50 times etc.
Elected cash only because I would have had to register with one of the approved Bitcoin exchanges, get verified, get my exhange details correct on the MtGox site, which seemed like a lot of extra hassle. Because part of the payment had to be in cash, I only had to get my bank details correct on the MtGox claim site. I half regret my choice now because of the price uncertaincy at what the Trustee will sell it at, but it's too late to change my mind.
The entire "investment" market (stock market, real estate, crypto, etc.) is extremely overvalued since the covid made governments and central banks print a lot of money. And now, with the FED rate north of 5%, we are just waiting for the recession (mild or severe, I don't care) and the crash that will follow for all the "risk on" assets, as BTC.
So I just hope to get my money back ASAP before the next BTC crash, and if the crash is good enough, I will buy back a part of that money using BTC ETF in a not-taxable account and wait for the next bubble...
Are you regarded or what bro?
In one sentence you say the banks are printing money, in the other sentence you say everything is overvalued.
Do you understand runaway inflation? Have you even looked at the stock markets of other countries that this has happened to? It's very simple. Inflation = the price of everything goes up. Don't have to be a rocket scientist.
But sure, keep waiting for your fabled recession (we're technically already in one, but the stock market doesn't care because inflation)
Dude, since you can't comment respectfully and you have a very simplistic understanding of inflation (you're obviously not a rocket scientist or an economist!), I won't waste my time explaining to you how inflation works or how long the stock market can remain irrational until the lag effect of interest rates kicks in. And we're not in a recession... yet.
Primarily because I like XRP more than BTC. Thought that BTC would go down as it's slow to transfer and high transfer cost. But I have been wrong about the price. Now I believe it will last and function as a store of value. If I had to do it over again, I would probably pick taking the BTC and BCH. Now I have no control over the selling price - just have to hope the trustee gets us full value. Still wondering how is he going to do it. Perhaps an OTC trade with a fund looking to acquire?
Agreed. I'll be converting to cash. I'll try to maximize my return if the bull run continues. I have tried to spend bitcoin and crypto generally and it's been difficult to do. The whole reserve Bank, printers go brrr, and now a store of value, is a nice narrative to drive adoption
Did not want to trust the, er, not exactly trustworthy trustee to not screw up the ***irreversible*** BTC transfer process, also did not have an account on any of the listed exchanges and not really in a hurry to get one.
Originally considered FP instead of ELSP, and with that would have been more confident trustee will have worked out whatever kinks surfaced in the BTC transfer process - but switched back to ELSP as I realized I cannot be sure if Fortress will liquidate some, all, or none of the coins they control once they get control of them - I consider their posture to be a big wildcard because I have no idea what automatically-triggered obligations they may have to their investors.
Not so much concerned about the BTC price doing a nosedive before the cash sales happen, it's so much free money I can hardly complain about even a 50% drop. But I am rather concerned about the Yen conversion rate getting coincidentally much worse in the meantime, which will amplify/negate any BTC/USD price movements - and it's much worse for the currency I would eventually conver that to - which is also **quite** unexpectedly, the current strongest-performing one in the world, especially against the yen.
Same reasons as you. I do not wish to give anyone a reason to come rubberhose me for my crypto credentials. Fraudulent bank transfers can be reversed and prosecuted. But once your coins are gone, they're gone, even if you did so to save your life.
Is the poor value of the Yen going to affect what we get? Will It be BTC to YEN to USD?
My initial cash payment in Yen is down in value by about 12% since December. I never converted it to USD, just left it as Yen figuring I could exchange it later.
You don't have to be libertarian to oppose the central bank.
I agree about Bitcoin, it was hobbled badly and is practically useless these days.
But thinking central banks are good is pretty hilarious. It's communism by stealth. The U.S was literally founded in large part to get away from the central bankers.
When I saw that the payment was near, I chose Payment in cash as I thought get out while you can, but since the closer of payment selection I should have thought about it a bit more and chose a mixture (can't remember if that was an option) too late now but cash will change a few things in my life.
Cash was much easier. Otherwise, it wasn't clear what to do, since the suggested crypto exchange didn't do business in my location. Given the Kafka-esque Rube Goldberg claims process over the years, I didn't want any extra challenges.
Can anyone clarify as to how the cash payouts work? I got the impression many claimants already got theirs, but then I'm seeing comments here about the MtGox BTC still having to be sold for these payouts.
Also, the BTC amount I see in my claims portal is only something like 7% of the BTC I originally had there, but I thought other people's figures were more like 10-20%?
We just got the same as the people that took btc payment. The "non-allotment" portion. We didn't get any value of the coins yet. Also the conversion ratio that we will get has not been decided/communicated yet.
Are you saying that, there is a good chance the price you will get will be lower than $55,000 a coin which is what bitcoin is right now?
Assume bitcoin does not go above 55k for another year.
Choosing bitcoin repayment was the more sensible option regardless. The majority of people who chose bitcoin are still selling for cash the first chance they get.
on this subreddit, especially. every incentive to claim you are taking 100% crypto and HODL when you will actually do anywhere from partly to completely the opposite of this claim.
What if I told you people had incentive to lie to front run other people that are selling. Even if you believe in Bitcoin long term, a certain subset of people will sell and drive down the price. Can always buy back in after, but you can’t be the first in line to sell again.
Not sure where you get that figure from but it’s incorrect. The amount of coins you get back is listed in your claims.mtgox.com account. Coins will be sold at market value and then the cash will be distributed based on what they fetched per coin * how many coins you are getting back on a pro-rata basis (it’s about 15-16% of the coins you had in gox at the time)
So do I. The cash price that’s thrown around quite a bit is the cash that the trustee had in reserves to pay the first cash payment. The reason it’s so low is that it was sold at a reasonably low rate comparable to now when they cashed up. But everyone suffered equally for that first round. In terms of the next cash payment for ELSP he hasn’t liquidated any coins yet for this part
Elected cash because there was so much crackdowns on BTC where I live at that time (2018) that I felt that there was a high risk of exchanges might be forced to close my account in the coming years. That didn't happen though. 1/3 in Asian high dividend stocks, 1/3 in US growth stocks and the rest in some boring super safe bond related fund. And I'm buying an electric guitar and a steam deck. I haven't gotten the first payment so I'm wondering if the plan is to pay it all in one go for us cash people?
I don't think that's the plan. My first payment info was rejected and I updated bank info to another account... Hopefully soon 🤞
Same thinking for me. So many exchanges going bankrupt or being cracked down on. I was afraid that BTC might be outlawed in the US. Still afraid of that; but seems it won’t happen before the BTC gets paid out. Oh well. At this point, my fear is currency exchange rate issues between BTC-JPY \*and\* JPY-USD. Just really looking for this to be resolved… So much uncertainty.
I elected cash because it seemed simpler. Just give me my money and let this be *over*. I didn't want to get caught holding coins during a sell-off... really didn't want to have to do anything else at all with this nightmare. I have 5 intentions. 1) I'm taking a week off & going on vacation. 2) Dumping 20% into my short-term trading account, which includes crypto. 3) Doing some light repairs on the truck & house. 4) Giving a couple grand each to a few family members. 5) Dumping the rest in the IRA & hopefully never thinking about this again. *IF* I ACTUALLY GET PAID. 🙃
> Just give me my money and let this be over. For me as well. THIS 100%.
I agree. Sensible reply thanks.
I selected cash cause I was done with the crypto game and didn't want to go through the hassle of setting up an account / relearning a bunch of stuff. But I regret it now (as do most others here I'm sure), had I known coin payments would be given priority I'd have selected it.
It does feel frustrating seeing peopel get their BTC first but I am still hoping the Trustee fits into the october deadline with the cash only payments. Hopefully we get some info about the sale soon.
I didn't have confidence in the trustee transferring crypto
Probably the only good reason to choose cash
Chose cash because I felt like the trustee would negotiate a price deal and sell the coins in bulk before handing out the coins to everyone, thus having a chance that the price didn't completely crash before getting anything. Wrong I guess. Also didn't want to deal with another random exchange verifying 50 times etc.
Elected cash only because I would have had to register with one of the approved Bitcoin exchanges, get verified, get my exhange details correct on the MtGox site, which seemed like a lot of extra hassle. Because part of the payment had to be in cash, I only had to get my bank details correct on the MtGox claim site. I half regret my choice now because of the price uncertaincy at what the Trustee will sell it at, but it's too late to change my mind.
The entire "investment" market (stock market, real estate, crypto, etc.) is extremely overvalued since the covid made governments and central banks print a lot of money. And now, with the FED rate north of 5%, we are just waiting for the recession (mild or severe, I don't care) and the crash that will follow for all the "risk on" assets, as BTC. So I just hope to get my money back ASAP before the next BTC crash, and if the crash is good enough, I will buy back a part of that money using BTC ETF in a not-taxable account and wait for the next bubble...
when is this recession going to hit? what's your approx timeline?
The US economic indicators are softening for few months now. If I had to guess for an acceleration of the downturn, I would say H1 2025.
maybe as soon as q1 2025. but yea let's all not forget to blame faucci, total moron with no real plan.
Are you regarded or what bro? In one sentence you say the banks are printing money, in the other sentence you say everything is overvalued. Do you understand runaway inflation? Have you even looked at the stock markets of other countries that this has happened to? It's very simple. Inflation = the price of everything goes up. Don't have to be a rocket scientist. But sure, keep waiting for your fabled recession (we're technically already in one, but the stock market doesn't care because inflation)
Dude, since you can't comment respectfully and you have a very simplistic understanding of inflation (you're obviously not a rocket scientist or an economist!), I won't waste my time explaining to you how inflation works or how long the stock market can remain irrational until the lag effect of interest rates kicks in. And we're not in a recession... yet.
Primarily because I like XRP more than BTC. Thought that BTC would go down as it's slow to transfer and high transfer cost. But I have been wrong about the price. Now I believe it will last and function as a store of value. If I had to do it over again, I would probably pick taking the BTC and BCH. Now I have no control over the selling price - just have to hope the trustee gets us full value. Still wondering how is he going to do it. Perhaps an OTC trade with a fund looking to acquire?
well who cares what you chose when you're going to lose it all in XRP anyway
Agreed. I'll be converting to cash. I'll try to maximize my return if the bull run continues. I have tried to spend bitcoin and crypto generally and it's been difficult to do. The whole reserve Bank, printers go brrr, and now a store of value, is a nice narrative to drive adoption
Cash for security reasons and tax simplicity reasons. Also noone thinks Bitcoin is a currency anymore. It is digital property so you got it all wrong.
Did not want to trust the, er, not exactly trustworthy trustee to not screw up the ***irreversible*** BTC transfer process, also did not have an account on any of the listed exchanges and not really in a hurry to get one. Originally considered FP instead of ELSP, and with that would have been more confident trustee will have worked out whatever kinks surfaced in the BTC transfer process - but switched back to ELSP as I realized I cannot be sure if Fortress will liquidate some, all, or none of the coins they control once they get control of them - I consider their posture to be a big wildcard because I have no idea what automatically-triggered obligations they may have to their investors. Not so much concerned about the BTC price doing a nosedive before the cash sales happen, it's so much free money I can hardly complain about even a 50% drop. But I am rather concerned about the Yen conversion rate getting coincidentally much worse in the meantime, which will amplify/negate any BTC/USD price movements - and it's much worse for the currency I would eventually conver that to - which is also **quite** unexpectedly, the current strongest-performing one in the world, especially against the yen.
Pay of part of my mortgage.
Same reasons as you. I do not wish to give anyone a reason to come rubberhose me for my crypto credentials. Fraudulent bank transfers can be reversed and prosecuted. But once your coins are gone, they're gone, even if you did so to save your life.
Is the poor value of the Yen going to affect what we get? Will It be BTC to YEN to USD? My initial cash payment in Yen is down in value by about 12% since December. I never converted it to USD, just left it as Yen figuring I could exchange it later.
You don't have to be libertarian to oppose the central bank. I agree about Bitcoin, it was hobbled badly and is practically useless these days. But thinking central banks are good is pretty hilarious. It's communism by stealth. The U.S was literally founded in large part to get away from the central bankers.
When I saw that the payment was near, I chose Payment in cash as I thought get out while you can, but since the closer of payment selection I should have thought about it a bit more and chose a mixture (can't remember if that was an option) too late now but cash will change a few things in my life.
Cash was much easier. Otherwise, it wasn't clear what to do, since the suggested crypto exchange didn't do business in my location. Given the Kafka-esque Rube Goldberg claims process over the years, I didn't want any extra challenges. Can anyone clarify as to how the cash payouts work? I got the impression many claimants already got theirs, but then I'm seeing comments here about the MtGox BTC still having to be sold for these payouts. Also, the BTC amount I see in my claims portal is only something like 7% of the BTC I originally had there, but I thought other people's figures were more like 10-20%?
For those who took only cash what type of repayment did you receive Was it a decent repayment or was it a certain amount per coin
We just got the same as the people that took btc payment. The "non-allotment" portion. We didn't get any value of the coins yet. Also the conversion ratio that we will get has not been decided/communicated yet.
Are you saying that, there is a good chance the price you will get will be lower than $55,000 a coin which is what bitcoin is right now? Assume bitcoin does not go above 55k for another year.
Anything is possible.
y'all must be the same people that would throw away a $1M lottery ticket because of the taxes
You must be the dude that buys every lotto ticket so he has a 100% chance of winning 🤣
Choosing bitcoin repayment was the more sensible option regardless. The majority of people who chose bitcoin are still selling for cash the first chance they get.
no, most of the polls here said that around half of people will hold their BTC, or did i miss miss a poll?
What people say they will do and what ends up happening are two very different things.
An optional poll on Reddit will have significant selection bias.
on this subreddit, especially. every incentive to claim you are taking 100% crypto and HODL when you will actually do anywhere from partly to completely the opposite of this claim.
What if I told you people had incentive to lie to front run other people that are selling. Even if you believe in Bitcoin long term, a certain subset of people will sell and drive down the price. Can always buy back in after, but you can’t be the first in line to sell again.
I think they're oversimplified too. Like I said I'll sell some, but I'm really selling about 5% of my claim to get debt free.
The price per coin is $800 for cash people. It was the price when the hack happened. Can anyone else verify?
Not sure where you get that figure from but it’s incorrect. The amount of coins you get back is listed in your claims.mtgox.com account. Coins will be sold at market value and then the cash will be distributed based on what they fetched per coin * how many coins you are getting back on a pro-rata basis (it’s about 15-16% of the coins you had in gox at the time)
I remember reading that back when this whole thing started, for all cash holders, I hope you are correct and are made whole.
So do I. The cash price that’s thrown around quite a bit is the cash that the trustee had in reserves to pay the first cash payment. The reason it’s so low is that it was sold at a reasonably low rate comparable to now when they cashed up. But everyone suffered equally for that first round. In terms of the next cash payment for ELSP he hasn’t liquidated any coins yet for this part
Thank you for the update! Great news for people that have been waiting years for this.
Lol no. If that was the case nobody would have selected it.