This is actually BULLISH for Bitcoin?

by birtanpublished on October 2, 2020

Today let's talk about something that is decidedly bullish for the vast majority of Bitcoin users and unfortunately pretty bearish for a good amount of people as well what's going on everybody it is your boy crypto Bobby I hope you were having a great day great night wherever you are watching or listening in from and if you thought mal Cox was over if you thought mount cox would slowly fade away into the sunset nope there's more information and this time it's actually probably bullish for you let's talk about that today and a bit more in this episode of crypto Bobby some of you might have remembered in the

Past when I did my Casa node review when I set that up I had that running for a few months and actually closed out all my channels recently and have gone through the process of reopening channels and rebuilding capacity much of that manually rather than on autopilot and for anybody out there who happens to be running a Bitcoin a lightning node I would love to open up channels together so this is a little bit of an aside here but if you are running a Bitcoin lightning node please sound off in the comments if you can include a link or the address of your node and if you open

Up capacity with me up to two million Satoshi's I will reciprocate that capacity to you and I'll also just for a future thoughts if you would like this in the YouTube comments please sound off but if you'd like an update as far as how things are going with the COS node I'd be happy to provide that if that's something just the YouTube community is is interested in but for right now like I said I am looking to I restarted a bunch of my channel so right now I have 10 channels open about point zero five BTC in those channels so not a ton but looking to

Open up a bunch more channels with a number of people so that I can at this point in time start to transact a little bit more on the Lightning Network and build up my capacity for a greater throughput and there will be a link in the YouTube description as well as a pin comment for my node if you want to open up a channel with that node the alias is Bobby boy so if you want to connect through the public feel free to do so but would love to open up as many connections as possible that would be awesome so let's get back to what you're here for right because

Bullish Bitcoin I want to get rich again a and Mel Cox is not usually associated with bullish and Bitcoin if you're not familiar with mal Cox or if you've either been sleeping under a rock or you got in a Bitcoin very very recently well why is mal Cox in portal mal Cox was the og Bitcoin exchange and in 2014 due to mismanagement hacks and just general terrible business practices mal Cox went bankrupt and it was initially thought that they lost almost all the Bitcoin that they had for their customers turns out that they had a good amount of it they were able to recover a lot of that

Bitcoin and because they were able to recover a lot of it they couldn't simply just return that to customers there were a number of lawsuits and since 2014 there have been lawsuits going through the Japanese court system where individuals have individuals and groups have been trying to recover the Bitcoin that they basically had locked up on Mount Cox we're not able to have access to now as of late there's been a lot of progress in the four plus years in which this has gone down and most recently in the kind of fall of 2018 in September it was put out from an official document

With the exchange and the legal proceedings that the victims of the hack the victims of the bankruptcy could actually claim up to 170 thousand BTC and BCS that Bitcoin on that Bitcoin cache through the Japanese court system and this was something that freaked a lot of people out in many respects because the thought process of the Japanese court system and this legal proceeding essentially unleashing one unleashing 170,000 Bitcoin and Bitcoin cash on to the cryptocurrency market is not great and there were some thoughts and some

People out there saying hey that actually might be a good thing it's not it's not we'll talk about why it wouldn't be a good thing well first of all it would be a great thing for the people that had their money tied up in Mount GOx in Bitcoin and Bitcoin cash that'd be a fantastic thing for them obviously you know I hope they get their money back why is it a bad thing for the price of Bitcoin well this was in 2014 where the price of Bitcoin was at its peak around a thousand twelve hundred dollars typically a lot lower there were many people that had their money on

Mount cox that acquired that bitcoin lower than a thousand dollars on a cost basis maybe it was $100 maybe was $50 maybe was five hundred eight hundred dollars whatever it might be the price of Bitcoin is now above five thousand dollars if you are a somebody that was a victim of the MAL Cox hack and you had like let's say you know maybe had ten Bitcoin back then it was were only worth $5,000 not bad right now that Bitcoin if you ever get it back is worth $25,000 maybe more and because of that a lot of people are anticipating significant significant amounts of sell pressure

From these individuals they're finally going to get their Bitcoin back maybe they want to go back into cash sure some of them will hold on to it mate you know they're probably big Bitcoin believers if they were in that early but for the most part there is a strong likelihood that they're releasing of this 170,000 Bitcoin and Bitcoin cash will create immense selling pressure on the Bitcoin price and the overall cryptocurrency market as a whole so that's bearish for Bitcoin right why am I saying this is bullish well things change and what changed is recently as

Of today what happened was one of the founders of and coordinator of what's called Mount Cox legal which is the largest claim group that has put forth claims on behalf of victims for the mount Cox hacking for the general mismanagement for the bankruptcy that went on there the founder and the coordinator of the largest group mal Cox legal and E pag is actually stepping down because of an issue that is happening right now a massive a single but massive claim that is actually backed by a start-up and former mal Cox partner coin lab and because of this

Andy pag is saying that this can draw out another 18 to 24 months this reimbursement that people were expecting to happen relatively soon in 2019 were that 170,000 Bitcoin might be unleashed onto the market back to the original basically the original holders and the victims of the mount GOx exchange this could end up taking another 18 to 24 months for this process to get drawn or this process to really get figured out due to this massive claim by coin lab if we go down further here on coin desk they say it could take the bankruptcy judge anywhere from several months to a

Year just to assess the claim from coin lab if the claim is rejected the company can then litigate in court could take another year if the Court rejects coin labs claim the company can then appeal which would additionally take time all told Andy pag the individual who's stepping down because of this issue estimates that it could take anywhere between 18 and 24 months now why is this bullish because you are now delaying the out essentially delaying the output of the Bitcoin on the mount GOx exchange that will kind of push off some of this issue and something that a lot of people

Were talking about as a bearish event now when you look at that – it does coincide nicely with the Bitcoin happening that will be occurring potentially pushing it out beyond that which would also be pretty massive because when we're talking about the amount of money here that will be dispersed to victims and mount GOx it I believe is about 850 million dollars of Bitcoin not including Bitcoin cash so probably over a billion dollars of liquid assets that could then be deployed it theoretically this is the dumbest thing ever but some people on

Reddit we're talking about you know the mount cox victims then going and buying altcoins I highly doubt that I would suspect that the vast majority of individuals would either sell their Bitcoin to fiat and or put that Bitcoin into cold storage and never put it on a shady exchange without insurance again so I'd love to hear your thoughts on this do you think that this is bullish if mal Cox the proceedings get drawn out another two years do you think this is bearish for Bitcoin do you think that it matters at all and sure to hit the thumbs up on as you are

Watching this on youtube right now really do appreciate everybody's time and again reminder if you are running lightning make sure to open up a node with me and let me know that I can reciprocate and that capacity back to you and we can help build that Network it's pretty fun to participate in the ground roots of that so I've been enjoying that but outside of it hope you guys have a good one crypto babi signing out peace

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