Andy Pag, the Founder and Administrator of Mt. Gox Legal, spoke about the claims made by CoinLab, in an interview with Peter McCormack on WhatBitcoinDid. During the interview, Pag was asked whether the claim was high because CoinLab wanted to block out the potential future value of the entire holding.
To this, Pag stated that the total Bitcoin assets’ value that was going to be given to the creditors was roughly $1.5 billion, considering the largest cryptocurrency’s volatile market. Taking this into consideration, he stated that CoinLab resubmitted a claim of $16 billion, clear of the fact that that their claim was not going to be approved. However, there was “some thought process” that went into that massive claim as they could not have “just stumbled across [that] number”, added Pag. He further said,
This was followed by Pag speaking about the impact this claim would have on proceedings. He stated that voting rights would be based on the size of claims. The party with the largest amount of claims had “more say in how things were done”, he added. Pag went on to state that when a creditor had “basically 16 times more” voting power compared to the rest, “then clearly [they] get to dictate”. In his words,“[…] until the trustee is in a position where you can say this is actually what CoinLab’s claim is worth […] even if you give [CoinLab] 50% of the voting rights they still have eight times more voting power then everybody else combined. So, it makes a mockery of the process and its groundless to a halt”
Pag further stated that it was “frustrating” because the initial deadline was supposed to be towards the end of April, and now nobody knew how long the settlement would take. He stated,“[…] I’ve got my views and they are my opinions and views and I want to make that clear to anyone that’s listening to this and thinking about what their options are that I’m offering this is a personal set of views […] but my view is that it’s going to take between at least 18 to 24 months there’s a good chance it will take longer than that.”
More Bitcoin ATMs are being introduced by LibertyX as interest grows
- The company behind first launching Bitcoin ATMs in the United States, LibertyX to introduce more.
- LibertyX have announced they will add another 90 ATMs to its network.
LibertyX, the firm that launched the first Bitcoin (BTC) automated teller machine (ATM), in the United States, will be adding 90 new machines to its network.
The Boston-based firm will be partnering with independent ATM operator DesertATM, as part of the network expansion, as detailed within a report by global ATM market publication ATMmarketplace on July 18.
DesertATM will be uploading LibertyX on 90 of its Genmega ATMs to facilitate Bitcoin operations. In terms of the new Bitcoin ATM locations, these will be placed at; gas stations such as AMPM, ARCO & Chevron, as well as Family Dollar retail stores, as per the press release notes.
Bitcoin not yet banned in India, regulations around the corner
- The Minister of State to the Ministry of Finance told the upper house of the Indian Parliament, cryptos are not banned yet.
- The Minister, Anurag Singh Thakur, also stressed the need of creating a solution that caters to global regulators.
As per Anurag Singh Thakur, the Minister of State to the Ministry of Finance, holding or trading cryptocurrencies is not banned in India. During an address to the upper house of the Indian Parliament, Thakur stated that the Reserve Bank of India and the Ministry of Finance have issued notices regarding the use of Bitcoin and other similar coins:
“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”
The Minister’s response followed a recent report regarding an alleged crypto blanket ban draft which stated that the government would sentence crypto traders with a ten-year imprisonment.
In a separate letter addressed to the Ministry of Corporate Affairs, Thakur stated that an interministerial committee needs to create a solution that caters to global regulators:
“It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorizing any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet.”
Bitcoin price prediction: BTC/USD faces two healthy resistance levels on path back to $11,000
- BTC/USD is currently trading around $10,545.
- The two resistance levels are at $10,575 and $10,700.
BTC/USD had a bearish Friday where the price fell from $10,660 to $10,540. Bitcoin managed to have a bullish start to this Saturday and is currently trading for $10,545. The daily confluence detector shows two moderate-strong resistance levels at $10,575 and $10,700. On the downside, there are two support levels of note at $10,500 and $10,375.
BTC/USD daily confluence detector
The $10,575 resistance level has the 1-week Fibonacci 61.8% retracement level, while the $10,700 has the most substantial resistance level but no confluences has been detected. On the downside, the $10,500 support level has the 100-day simple moving average (SMA 100) and the 1-hour previous low. The $10,375 level possesses the 1-day Fibonacci 38.2% retracement level.