Bitcoin Forum

Dropping from $500 to $380 saves an auction bidder who wants to buy the whole 44K BTC lot $5.2 million dollars.

It took a lot less than 44K or $5.2M to tank the price.

This is whales preparing for the auction people.

Back to 410. oops?

That's a reason I hadn't considered, and it sounds convincing. The pump had sidelined any discussion of the auction, and I considered it to be a none-event that would pass without barely a mention. A whale wanting cheap auction coins sounds a likely candidate for the dump.

No worries for the whale, it's just been dumped back down to 400. It's like he can do whatever he wants with the price. I don't like the way its being pumped up a bit then further down, it's sneaky.

So it's just coincidence that the price spiked like crazy before the dump? No relation to each other? Or are you saying this bidder also pumped up the price for some reason?

It's a blind auction. Someone will overbid regardless of current price. Wouldn't be surprised if they go for over $500/coin at auction.

It doesn't work like that.  It's a silent action.  You submit one bid and are notified if you won.

I think auction bidders and exchange whales are totally separate entities. What attracts people to the auction is the very fact that it doesn't take place on piece of shit exchanges.

I'm not sure it is safe to assume people are bidding anywhere near market price.

That was what I was thinking.  It would be beneficial to those that are involved in the auction tomorrow to try to keep the price low in anticipation of it.

But what will happen after the auction when some people with some cash in hand that were not able to win?  Will that money suddendly be poured into the exchanges?  We might have a really fun ride ahead of us!  ;D

That is possible someone was pissed off that the Auction market price was rising and decided to spend a lot less to bring bid prices down again.
The question remains for how long they will put pressure on it.

maybe, how did the previous auctions affect price?

did they even have any effect?

this auction may be different though, given the timing and the fact that it's the last one.

If a potential bidder were trying to suppress price by selling, that would assume the bidder already had a shitload of coins...coins they were willing to throw away in hopes that the price went down, allowing them to buy cheaper.

As I recall, Draper bid WELL over the market price last time.  I believe he was in the range of $600, but I'm too lazy to look it up.  Seems highly unlikely that he'd take coins he bought at $600 and sell them in the low $400's just to suppress price so that he could buy them back for $500.  Even if a bidder planned to bid under market, I'm not sure why they would sacrifice coins they already own to perform such a stunt.

Especially seeing as they have no idea whether or not they'll win the auction no matter what price they intend to pay. If somehow outbids you you are shit out of luck

Years from now we will look back and see that govco sold at the bottom.

There's a premium for sure. If I remember correctly, it was pretty high last time.
OP's claim is very doubtful.

I wouldn't call it dump just yet, but rather a correction. In order for it to be a real dump, the sell volume would have to be as high as the volume that was
active during the tanking of the price, and i'm not seing that, yet.

Seems you didn't understand his post. He meant it was probably a dump from the auction bidders as  it would save them a much larger amount of money to just sell 44K in the market to drop the price.

It is not even that strange to pay a premium on that big of a lot.

If you filter all self trading from the exchanges, try buying 44k from exchanges in one go and see what happens to the price. The orderbooks are not even nearly that full. Price will shoot up like a rocket and that is what they have to take into account with their bids.

I think the coins will sell for 500-600 a piece.