Bitcoin Forum

Just when you thought the market had a stable value... Boom... someone with millions if holdings goes and cashes out, all at once.

:P

Good time to buy!

The sky is falling, the sky is falling! No, just the value of bitcoins. xD

Almost up to 20,000 BTC cashed-in... What is that, like $2,500,000 that was cashed-in for about $125/btc...

LOL, they are waiting for everyone to raise the price again... so they can cash-out on a second run, with less losses. You can see them slowing down as they knock the value down.

Smart, they cashed-out on all the markets at once... Instead of just dropping one market, they hit them all. lol. I smell ASIC dust in those transactions.

http://anony.ws/i/2013/06/02/OkcrA.png

Did just wonder what happened. Yours Is the first post I've noticed about it after looking for such info as to why it was happening this time.

Popcorn in hand

I like the "stand-off" now... lol...

Buyers moving the "Bid" to just under 119/btc...
Sellers moving the "Ask" to just over 119/btc...

Obviously, the one cashing-out has a limit/wish of getting at-least $119/btc...

Makes more popcorn, extra salt, extra butter...

Doesn't look so vicious on the 6-month chart. (That is when I start to freak.)

I knew something like this was going to happen... The "volume" of trades is sadly, the same as what it was, when bitcoins were only $13/btc... (That solidifies that the next price-point will be $1000... When we go full-tilt ASIC mining.)

$1-$10 = CPU mining
$10-$100 = GPU mining
$100-$1000 = ASIC mining
$1000-$10000 = NEURAL mining
$10000-$100000 = SOUL mining
$100000-$1000000 = GALAXY mining

Price goes down, price goes up.

Bitcoin never changes.

I don't see anyone complaining when Bitcoin goes from $5 to $200.   Come on the drop is really miniscule, nothing to worry about.  Consider it a healthy correction, I am sure that are tons of Bitcoinless people out there waiting for a drop to come into the market.  Relax!

I wasn't complaining, just observing... (That was sarcasm in my first post.) :) I am only here because I ran out of electrical tape, while modifying one of my new PSU's, to make it run my three new 7970's. Stupid PSU only had one 6-pin, and one 8-pin... The rest were all crap molex connectors. Pure waste of 64amps on a 12v rail. They didn't even use two of the holes to mount the other 8 wires it could have had. lol, cheap guys. Now it powers one fan on 5v, to give it a load, for better 12v regulation, and has all 3 of the 6&8-pin connectors, for running the three cards, and nothing else. :) Then I ran out of electrical tape, once it was all soldered and rigged. I should have been born Jewish... (That was a compliment, not an insult.)

It is a good sign that... Now it is 40,000BTC that was cashed-in, for an average of $122/btc, so that is $4,880,000 USD cashed-out... and the market was barely dented.

For those looking for a quick-sweep, to make $10 per $120... There is no better time than now, to buy. (Not like the market is going to hold at this price. That was the 2nd largest drop all week.) May not sound like much of a gain, but that is all the market has to offer.

BTC is like gold... Not great to invest in, short-term, but great to find on the ground! (We need more hedging!)

With millions of dollars pledged from venture capitalists and they themselves buying up chunks of Bitcoin, there is quite a solid footing already.

i will never understand this why someone who has 40 000 bitcoins wants to drop this all at once instead of just selling slowly for $10 more than before the drop. even considering average $5 its $200 000 lost in a second. Someone is very stupid or very rich and bored or both. Ofcourse maybe they want to lower price so they can buy more bitcoins but still its stupid idea to me to make people nervous and not just simply wait for price to be higher and then sell and enjoy they richness.

The market regains faster from an abrupt drop... The market would just look like it was crashing, if they constantly pulled a steady stream out. Psychologically, a "trough", looks more intimidating than a slow downward slope. But numerically, it will be smoothed-out in all charts when they merge the averages. (Thus, less intimidating.) They are hiding something, since they are doing all sorts of small transactions... or using a screwy BOT to bid... (It is actually waiting for the price to rise, and then sells, then waits, then sells...)

I would assume, they have been holding for a while, and finally found that new Lambo they always wanted. :P

The market is still persistently rising, as our losses (future losses), continue to grow. (Thus, we keep asking for more, to fill the losses.)

Once the GPU's switch-over to scrypt-coins, that will cause another odd swell and drop. However, we still have another four months before ASIC's do any real damage to us. Even when they take 50% of the total mined coins, we will still be the dominant ones until we ALSO own ASIC's. Then they will be exactly where they were before ASIC's... with the same 0.00001% per person, and now 50% going to the ones making the ASIC's. EG, we will still end-up with less than we have now, as individuals.

See, the market is almost right back up to $130 again...

Thus, "persistently rising", and "A good time to buy", and "still realistically going to hit $1000/btc by the years-end." (I'll bet 0.01btc on that!)

And now it is back to 130... And rising above...

....

Nope, tug of war now!... lol

130 - 125 - 130 - 125... Better stop at 150 by the end of the day.

I like that chart, reminds me of the old arcade game I had in my apartment. "Defender".
http://videogamecritic.com/images/coleco/defender.gif

1st and the 15th... major market moves... "pay day"

all i can say is someone is playing against the trend and i heard its bad for such player ;)

Eh... somebody just wanted to cash out... Big fucking deal!

Lots of people got some cheap coins!

I really hope Bitcoin will drop a while , let me get in first and rise back :) .  I am running out of Bitcoin

Yeah kinda surprising it hasn't bottomed out after that sell. But then again it is the weekend so might be a bit of lag in the reactions

Just try that out someday.  Unless you have a bot you'll find that the market reacts to your selling and you'll get the feeling of ground moving from under your feet and you'll probably end up with not a better price than what you'd get from one sell off.

if the ground is moving then maybe the sell of is too fast. still i dont think selling large amount is better than selling slowly, maybe because i dont have that many bitcoins and i dont have astronomic needs which require me to have large amounts of money fast. if i had any bitcoins and i wanted to buy something expensive i would rather look for somebody who will buy them for a fixed price outside of exchange or try to buy directly using bitcoins. but what i poor one could possibly know ;)

why do people say that "people wait for a drop to buy"? if its going to $1000++++++++++ what is an extra $10 per coin?

They didn't cash out on all markets at once - bitstamp took a healthy few minutes to respond to the massive crash on Gox. BTC-e as well..

what is the monthly withdrawl limit at gox $50k? if so to get a million dollars withdrawn its going to be 20 months.

For these amounts private deals with Mt. Gox are possible.

The whales would have already ponied up the apostilled documents for MtGox "Trusted" status, which allows - what was it - $500k per month?

Chances are, $2.5million dump dude wasn't "cashing out," he was deliberately trying to bring the price down so that he could buy again lower. Or perhaps he wanted to cash out $1 million but figured while he was at it, might as well sell his other thousand coins and buy them cheaper.

Yes, there could have been somebody with $3 million in bitcoin perfectly happy in cashing it all out to Fiat and paying 20% capital gains tax or whatever, but more likely is somebody deliberately trying to move the price to get their coins back cheaper.

Think of what would have happened to the price 6 months ago if someone sold $3 million worth of coins in one shot... lololol. I think going from $12x to $12x is pretty darned outstanding.

You have $1000
->buy at $100 -> 10 Btc
->buy at $120 ->  ~8,3Btcs

If it's going $1000++++ You've still made 20% more
easy math

birdy

you are missing the point. if I buy one coin at $100 and it goes to $1000. I made $900 profit. If I bought at $120 and it goes to $1000 I made $880. in the grand scheme of things $20 is negligible.

This is because you don't profit with those $20 from the rise of value as you haven't invested it, so they are still worth only $20.

So all you are saying is: $20 is worth $20.
Great, couldn't have figured that out.

sounds like you like to over analyze. you cant pick tops and bottoms

buying back lower is a ridiculous statement. who pays capital gains on bitcoins? and your last statement, when was the last time you saw someone buy 3 million worth of coins in one shot? expect the same price stability on the upside to. or does the price stay relatively flat for sale orders only?

ya if  you are just buyingone coin. and not investing the full 120. ok say you buy a coin now like you say and it goes to 1000 ya you make 880. but if you have 120 and want to invest all of it and it happens to be 100. well then you get 1.2 bitcoins.  and this goes to 1000 you THEN get 1200. its not twenty dollars its two hundred dollars! and this is for one BTC imagine you have eight hundred and sixty bitcoins. - I hate how people dont get this.


You have to look at it from the stance "I have a set amount of fiat I want into bitcoins." not "I am going to buy one bitcoin and pay the extra 20 bucks to make it a full bitcoin."

this (http://objection.mrdictionary.net/go.php?n=6678562)

STOP!!!

If I invest $100 in ANYTHING and it goes to $1000 I MADE $900!!!!
If I invest $120 in ANYTHING and it goes to $1000 I MADE $880!!

FOR FUCKS SAKE

YOU BUY A BASEBALL CARD FOR $100 and someone and you sell it for $1000 you made $900
YOU BUY A BASEBALL CARD for $120 and you sell it for $1000 you  made $880

END OF STORY!

So the conclusion is...never invest more than $100 in anything?
Or if you do invest at least ten times more?
What the hell are you trying to say?

All that I am saying is that in the grand scheme $20 dollars is nothing when you are hoping for the coins to go to $1000. Any everyone on here is making a big deal about $10 or $20 dollar moves.

If the price of a coin is $100 and you buy it for $100 it goes to $1000 you make $900.
If the coins cost $100 and you buy at $120(which is a 20% premium to the going price) at the end of the day when you sell at $1000 you will get 20% more because you put in 20% more in the beginning.

simple-  if people here believe bitcoin is going to 1000 ( or 10,000  or more) why do they wait for the price to move a few dollars down...

Because they either want some short term profit, they want to max their possible profit/risk less money for the amount of BTC.
After all there is a good chance it will go to $1000, but it's not 100% sure.

seems to me that the powers that be in the banking world are making life difficult to cash out, OKPAY is quitting bitcoin transaction and is going to stop doing business with all btc exchanges, GOX can not do sepa transfers fast enough so what ways are left to do business with bitcoin if one can not transfer US$ or EURO in and out of the exchanges, not to mention the Liberty Reserve fiasco

ball game over. more people will be cashing out. the news was only a couple days ago so alot of people probably dont know what is going on with gox.

down to $119. come on guys start buying Cheap coins for sale. OR dont you think that is a good price seeing we are going to $1000??????

I do think it's a good price. Sadly I don't have so much spare cash that I can throw it in any time.

birdy

$119 is a steal. they are going to $1000. ask anyone on here.

it is spread out between the exchanges

So why don't you get a mortgage on your home and start buying coins... even with all the interest rates you're gonna get 8x profit :)

news flash down to $117 another 2000 share block SOLD!

Funny you say that because NOBODY absolutely nobody can tell you what Bitcoin will do.
There is not 1 person on this planet who can guarantee you it will go to 1000 dollars or even 0 dollars.

down to $115

Yeah, it's starting to look real bad.

back up to $117 the .01 bots are rallying the coins.

Because I'm not stupid. Even if the chance is good, it's still a chance.
With the amount of Bitcoins I have, I'm fine when it succeeds. I don't need to risk more.

lol 12 coins brings the price up a dollar what a joke

Ask everyone on here and they say they are going to moon.

Maybe I got the quoting bad but my question was for meangreen

bids getting pulled like crazy now

1500 block SOLD. some sucker had a huge bid at 115 filled

OH the PAIN! LOWER BABY LOWER!!! I want to grab some cheap coins for some weed

You only lose money, if you sell your Btcs for less than you bought (or their worth is $0).
Now, would you mind stop spamming?

Paper losses are just as bad. you know it and so do I.

Why do you care?

500 more coins sold and this thing goes to 110

because I want to be right. Like I said from the beginning its a pyramid scheme. and the bulls are the bagholders

It feels great to know we can buy coins cheeper knowing that a large weekend sell = manipulation.
You only lose money if you actually sell coins. Those of us that understand BTC are unfazed (AAAAHHHHH)... Mostly.  :D

start buying

pyramid schemes don't go up and down and up and down again.
They go upupup, until it's not able to hold itself anymore and go down to $0.

pyramids dont go up you basically just run out of new money being put into it and the it collapses.

dead cat bounce here now. i see some big blocks going through on the buys side some 30 and 40 coin orders. I think the bulls will be ok for a bit

I'm about to take a fucking massive dump!

Just a minor point... capital gains taxes would be due on his/her profit even if the coins were bought back at a cheaper price immediately after. Capital gains are taxed any time a gain is realized (converted to USD). The only time the outcome of a sale is not immediately recognized for tax purposes is in the case of a capital loss, which is considered a wash sale if a substantially similar asset is purchased within 30 days (before or after) the sale.

tl:dr If he sold at a profit, he owed tax regardless of his strategy.


People who don't want to go to jail. If you think you can avoid taxes on sums this large you are in for a rude awakening.

This is incorrect, as MTGox makes international payments you just need an IBC in the Seychelles linked to an offshore bank account. Providing you're not suspected under anti-terrorism charges there is very little the state can do. I believe wealthy people interested in Bitcoin would have this well under wraps as the nature of Bitcoin itself is very tax avoidy.

Way to soon for me. I have very limited funds. This is going to be a wait and see approach.

But yes, it will be buying time.  ;D

Just someone trying to crash market to rebuy for cheaper.. Perhaps the Malta fund?

Well said. My plan is just to take extra money and every month just pick up another couple of BTC's (Yes, I'm a small time player here). If the price drops much (minus terrible news), I am actually happy because, like many or even most here, I am in it for the long haul.

LOL, OK kiddo. You've got it all figured out.

30 to 40 coins is a big block?  ROFL.  You must be new.

i was being sarcastic. obviously the are larger sell orders than people handing over their hard earned fiat.

i am not explaining it again. you are all wrong

I played that on a real defender arcade machine Memorial Day weekend at Wildwood NJ.  

You're wrong. If it does go to $1000 then entry point of $100 or $120 is a huge difference.

$120 gives a return of 733%, $100 gives a return of 900%. That's a lot.

This thread is like those huge hurricanes that get over-hyped by the Weather Channel then when it gets to your area it's just a wimpy tropical storm that blows down a couple dead trees.

Where's the hell-storm?

EDIT: 3AM $2.5mil dump guy is slowly buying back all his coins, in case you hadn't noticed  ;D ;D ;D

"All is going according to plan" :mrburnshands:

ploo you have $10000 in your account, you buy one bitcoin for $100 ok.



i have $10000 in my account and because I waited I have to buy my coin for $120 ok

you have $9900 in your account,
I have $9880 in my account. ok

A month later you can sell one bit coin for $1000.

So you sell your one coin and now you $10900 in your account($9900existing and then $1000 for your coin)

I sell my coin at $1000 now I have $10880($9880 existing then my $1000 for my coin)

You have $20 more in your account than me. Is that clear enough?

those are the shorts covering not the original buyer. bitcoins go up almost a dollar for every 30-40 coins bought the original 20k block didnt take the price directly to the bottom there were a few other sells after that block that sent it to $115. do your homework

I leave you guys alone for 8 hours... and this is what happens!

lol

BTC micro-limbo... Dropping the bar to $115, and not stopping until it hits $110.

Oh, about the "hitting $1000" thing...

Smart-butt... If you get 1BTC now, at $120, you could wait until it hits $1000... but 6-months is a long time to wait for an $880 gain.

You invest in the micro-movements... The $10-$20 swings, which there will be more than 3000 of... in that time.

Translation, 3000 movements of * $10 = $30,000 gain. (If you do it correctly.)

I like to buy progressively, and earn while I buy. You just have to set buy-points, and actually buy them. Ignore the "whole value", and only track the "individual value".

Pretend the price is normally at $300/btc...
It drops $10 from its steady position (month-average)... buy 0.1btc
It drops another $10 again, buy 0.2btc
It drops a big $20 more, buy 0.4btc
It drops a huge $40 more, buy 10.0btc
It rises $20, from the $80 it just fell, you sell 5.0btc (Gain)
It drops another $40 from the -$60 under position, you buy 20btc
Pretend this is the "ultimate bottom"... The trough of the next hill...
Hold these until it returns to half of its normal value, which it should do rather fast... then sell half your holdings from the lowest point (10btc)
Hold the remainder until it gets to 75% of its normal value, selling the remainder of the lowest buy (The last of the 10btc purchased at -$100 under normal.)

Eventually, the "tiny" motions will be able to sell for above $10 from what they were purchased. Those will be many micro-movements. The larger movements, you counter with larger purchases. Each gain gives you more buying power... It grows fast. Even just moving money between markets... One lists them for 100, another for 120... buy them at 100, and move them to the other market for an instant $20 gain. (You don't have to actually move them.. just buy them with cash on that account, and sell the same number of coins that are already in the other account. Thus, no waiting for the transfer.)

If the market is going to crash, it is going to crash... Unless you are not participating at all, which it wouldn't matter then... Then you can easily turn it into a smart gain. Never just "hold-out" waiting for that "magic low"... It is a market with only a tiny hedge, thus, it has no choice but to rise. (A hedge gives it a chance to GAIN from falling, which you should be playing too.)

What is the "market potential"... Well, btc has historically hit $250+, and actually sold for that price, sooo... that is a realistic "high" again, that people were willing to pay. What is a realistic low... Roughly "2/3 to 1/2" of the normalized monthly average. But why "wait" for it to get that low... if it doesn't, that is just longer you go, without btc to make gains on. If you buy progressively, as it lowers... you loose less, and gain more. (Less than if you just dump all your savings into a "one shot low" that might not be an actual low, with hopes of cashing-out at a "one shot high". More than if you wait for a low that never comes, and thus, have never made an investment to gain on.)

As for extracting USD... You can avoid the "limits", with multiple accounts... one on each exchange, and private sales. Your "total extraction" is not limited... only the extractions per each exchange. Use a US exchange for USD, not a foreign exchange... Unless you want Yen or Yuan. BTW, the Yuan is a great deal to buy for USD/BTC right now. The USD value is decreasing to the Yuan, since we owe them all that money for the billions in loans we just got, again...

1 USD = 6.1347 CNY now...
In a year, that will lower to...
1 USD = 5.8694 CNY

EG... $10,000 will get you 61,347 CNY. That will cash-in, within a year, to be... $10,452 Thus, about a $500 gain. Actually about $1,500 because that would normally be $10,000 USD that would have degraded here in the USA, possibly buying you only $9,000 worth of crap in the future... Made in china. (Gain of 5%, as opposed to the expected loss of 10% by keeping USD in hand/bank/savings.)

if my memory serves me - there was a big selloff around or on the 1st of May also. coincidence?

LOL, for the longest time, (two years ago), I kept calling Bit-Coins... "Bit-Cons".... (Thinking of "convicts" and "conventions".) Saying to everyone... it's a scam, it isn't going anywhere, without actually understanding what it was.

Yes, 1st and 15th of every month. (bi-weekly{month} "payouts")...
Also, Wednesday seems to have a lot of "payouts", weekly earnings selling BTC to make payments...

Friday and Saturdays seems to be more "buying" BTC than selling (sales/market users)...

Saturdays and Sundays seems to be a lot more "trades", since the "normal markets are closed on the weekends". (For traders.)

Miners need to pay bills and eat sometime.

They can do that with bitcoins. Oh, wait!

meangreen, I think you are misunderstanding the others here.

The point is that if you have $120 and you plan to spend them ALL on bitcoins, at whatever price, then it makes a big difference at what price point you get it.

If bitcoins are $100, then you buy 1.2 bitcoins (for $120).
If bitcoins are $120, then you only get 1 bitcoin (for $120).

When bitcoins are $1000, the extra 0.2 bitcoins from buying at lower price is a big chunk of money.

lol BFL has started Galaxy class miner pre-orders. If you pre-order now they will have it delivered in the week of...

So bull time  ;D

LOL i disagree. 6 month wait time to get a 400%+ gain is worth it to not trade.

sleep is priceless :)

+1

Actually, your reply is really funny, because although you intend sarcasm:

BillPay for Coins - Pay bills using Bitcoins! http://billpayforcoins.com/

Foodler - over 12,000 Foodler-participating restaurants now accept bitcoins! https://www.foodler.com/user/Bitcoin.do

I know BillPayforCoins and Foodler are only a first step, but long gone are the days when we can easily pass off statements like "Bitcoins are nice but you can't actually do anything with them." That sentiment is becoming increasingly less valid. ;D

you have to do a lot more than 2.5 million to move the price by 20+ dollars

If you time it right, you can start a rally to get the price up $20+ easy.

Indeed..  quite exiting to see almost 5M$ sell order doing less than 10% variation in the market price !  

I'm wondering what a 5M$ sell order would have done to the price 6 month from now !

Bitcoin is in a bigger game now, and it's only the begining.. still a quite new technology !

Let's bet.. look at my signature,,

You appear to be making assumptions about the tax jurisdiction the person is subject to.  Perhaps it is a jurisdiction without capital gains tax.

If ANY drug cartels were using bitcoin on a semi-serious basis, price would be MUCH higher than $120  8)

If there was a jurisdictional assumption, it was not made by me, but implicit in the post I was responding to. I was just pointing out that capital gains tax considerations wouldn't influence the strategy as described.