Mt GOX trustee bitcoin dump


#1

So as I understand it, the lawyer/trustee in charge of Mt Gox’s liquidation is periodically selling the BTC. I hear the total was 180,000 bitcoins (an unbelievably huge amount)

  1. How far through selling is he? like half way? a third?

  2. How can BTC rise until he has sold it all? is it possible? I don’t think so.

  3. Why does BTC and all the other cryptos follow each other so perfectly? I would have thought that someone selling 180,000 BTC would make BTC come down, sure, but why everything else?


#2

The closest explanation I could find is the fact that BTC is the “mother pair” for all alts buys… Maybe some network effect. I have to admit that I am not at all convinced by my own explanation, and for me it remains a mystery.

I would be tempted to say that once you have your own fiat-crypto pair (USD-ETH for example), you protect yourself from the BTC volatility and your dependence to it, but unfortunately that’s not the case…

Last possible explanation, Bitcoin dominance (45% of Global market at the time of writing), which impact the alts too much…

I am fully aware that my attempt at answering your question was quite poor and would be interested to read other opinions.


#3

this question.

& will the alts ever decouple from BTC, because if they don’t, all the “moon” talk can never happen.


#4

Just read this article about Cardano and decoupling:


#5

He’s saying it’s because when people come to crypto the first thing they do is buy BTC. I’m not convinced 1) that is even true (I’ve never held BTC) or 2) that this would make the prices move in unison the way they do.

If you follow the markets, the prices move almost exactly in line with each other.

He also says that once dApp adoption happens, there will be a decoupling - I would agree with that, because then there will be people buying lots of a specific coin for a specific purpose.