Bitcoin Forum

Somebody dumped a shitload of coins on the market last night....  Anybody care to speculate about whether it means something?  

http://bitcoincharts.com/charts/bitstampUSD#rg1zczsg2015-04-13zeg2015-04-14ztgSzm1g10zm2g25zv

its not interesting, its scary  :'(
bitcoin crashed more then 6% in last 24 hours
such dumps are preventing bitcoin to rise

It hurts the value but those of us that are stockpiling will cash out at some point.  When I cash out I'm doing it in stages.  I don't trust the exchanges enough to cash out in a single transaction.

it will be interesting to see whether the $200 mark will hold this month. i don't think it will get dumped below $200 but with bitcoin you just never know.

After stability for 3-4 days. woke up to find a sharp drop in the value of bitcoin.
Hope it is not the beginning of another downtrend.  :(

Yup, I think everyone noticed the big drop this morning.  I hope network difficulty follows suit.

it could be desperate times for some? I mean its either that or some emergency that they needed funds from somewhere, I wouldnt see any other reason to dump a lot of coins like that.

Unless they are just tired of the the up and down scene with prices, who knows.

Thats pretty smart. I do it stages as well, but I dont have a huge lump sum like some people do.

But, no one should trust an exchange seriously lol. You never know if it`ll go under, and its way better to break up the increments sell anyways since the price move at any given point.

Serious question.
Where do people dump these coins?

Be interesting times if we see sub $200 prices this week, my guess is that this could be coming from one of the whales who just love shorting this market, just a guess.

I imagine its where the link takes you- Bitstamp, or you can dump on any btc exchange.

I dont get why anyone would dump a large amount of coins.

Its possible that its a whale more then likely to see a price reaction? to get the coin way cheaper?

Especially when they can make more money by selling these coins slowly.
It is a very bad trading strategy, if you ask me.

You're forgetting that there are still a lot of people that got in very early when prices were still in the single digits or even below.

Them selling large sums at the 2xx price point still means astronomical profit margins, and they don't have to deal with the headache of checking
daily charts to maximize their returns.  In other words, they don't let greed defeat them.

a whales that entered in panic selling mode? they aren't certainly immune from it

another guess could be miner with free electricity and roi achieved(they have nothing too lose and those are the worse, becuase they can keep dumping until 1) that was accumulating those coins for many months

this dump show how it easy to tank bitcoin price, bitcoin is too easy to manipulate....

People are capitulating. They fear a repeat of the dumps we had until now so a new low, which is becoming pretty probable at this point, these dumps are a bit slow if compared to other ones we had, this suggests we still didn't have the panic we need for a strong bounce. Stronger hands or fearful people?

A strong bounce is what we need now ! :D weve been bouncing into lower price ranges for far too long ! :O

How many shop owners have you pestered today about accepting Bitcoin?
If the answer is none, please stop weeping and wailing.

I don't think that 2-3K of Bitcoin are a "shitload"... we've seen bigger volume. Also, I don't think this means anything more than someone selling 2-3K Bitcoin.

Before Bitcoin can rise again, the majority of trader-type investors that only buy Bitcoin for USD profits need to be washed out of the market. It's possible that we see new lows in the process.

Meanwhile Bitcoin fundamentalists continue to hodl. ;)

Edit: You should use Bitfinex when referring to volumes. Bitstamp is no longer the volume leader.

ya.ya.yo!

That is the entire idea..  Non of you can imagine what is going to happen in the next few years.  Odds are most won't sell at the best time.. O well.  I for see "impossible" gains in a 2-12 hour time frame.  All shorteres not in the in will instantly be bankrupt.

someone people are needing to pay tax bills in the US. By selling off a losing commodity like bitcoin, they can pay the tax and get a write off for their losses for next year.

At least that's what I'm thinking, because that's the boat I'm in :(

That actually makes perfect sense. They have the funds to cover the money that they owe and, simultaneously, they can have a much smaller bill next year. That person might turn around and buy again in a couple days/weeks.

It'll need decades to change that mindset. When we are old we'll probably deal in Bitcoin without calculating the corresponding USD value, but this is far off. Until then, BTC will always be traded for USD profits. That means there is a long, bumpy road ahead indeed.

Still today you find people in Germany secretly converting the EURO to the former Deutsche Mark which even doesn't exist anymore. And then they say "Wow this is expensive, i don't buy it."  :D

The only reason would be a early adopter, or you just got large sums as a gift as well.

Or possible stolen coins, who knows? But, yeah if I was a early adopter this would be a no brainer since I been seeing it on the decline from after the 700 value to all the way down where it is now.

Regardless its a quick profit for them, since they didnt really pay that much.

Someone should also mention this same drop range happened at multiple other exchanges too (such as btc-e, bitfinex, etc.). From what I got, the total aggregated volumes was around 15k.

 ;D  yes perception is everything.  am old enough to remember when we went from pounds to dollars in New Zealand in the 1960s. it was a 'simple' 2 for 1 exchange yet for years people would mentally convert the price back to pounds to check on a an items price for "reasonableness". as with your deutsche mark example it distorts their thinking about cheap or expensive