Bitcoin Forum

I heard Bitconnect's owners collected BTC50000 from people and scammed them. the owners sold BTC50000 from 2 days ago till now. This is a big reason for crashing price. don't panic and put some buy orders at different lower price. If BTC fall down to $1500 don't panic and do buying more at different steps.

The founders cashing out lump sum through public exchanges is quite possible but hard to prove this drastic market crash.
My intuition says otherwise though. There could be 2 main possible scenarios that are fueling the downtrend:

• BTC Future contracts were set to expire today after its month-long journey, which is creating a false pretense of downtrend in order to short money and profit out from it. (Remember the price of BTC was around $10k - $12k when the future contracts started)

• Onset of Lunar New Year, which could be just another baseless FUD though.

Yes this is a one bad reason as for btc price as for investors,they have lost up to 95% of their investment and today there is a very bad situation in confidence issue because people may don't trust companies like this anymore.But I think its not finish and relevant bodies  will be interested in this case.Also there are a lot of reasons and everybody talks about this,despite the fact,Its Little doubtful that price goes down every year In january and I think  panic is  artifically created from investors who want to buy it for low price.

I'm also very sure the bitconnect scam has had a role to play in BTC price fall. All we have to d now is measure up with the supply by increasin or buying BTC. That way the price will begin to rise gain. My thoughts though.

for those who are surprised about this market crash let me tell you that all this is very normal ,after a big pump comes a dump and sometimes a big one . For those who are familiar with stock market this is not a surprise because this is what big investors do when they want to manipulate the market to get their profit . I already explained how this happens in other thread . What I can tell is just don't panic hold your coins and keep buying if you want too

Yup ... that’s how a Ponzi scheme works.

Is 50.000 bitcoins really enough to influence that market that much?
I have a buddy who recently invested 10.000 USD into BitConnect. Ouch, I bet he's been crying in regret  ;D

So Bitcomnet is a pure financial pyramid. The outcome was clear in advance. I do not understand why people in 2017 give money to such projects, when you can invest almost riskless in popular reliable coins and not think that someone will one day take and run away with your money.

good grief, well they cashing out

It's time to end a mighty empire Bitconnect in the MLM coin market. I think this is also a bad omen for similar projects because coin lending and MLM projects have developed well in the past due to the fact that BitConnect has taken the lead to push them up. When BitCon was on the Coinmarketcap, I thought about the prospect of it going but did not expect it to go so soon. I feel very sorry.

It was so obvious Bitconnect would crash, such an obvious scam.

I really do not understand how people were so naive to give them a single penny.

I believe that yes, it is enough to  influence the market , the value of 50000 BTC is from 500-700 million USD, depending on BTC price (10-15k). Also I was not aware of this huge scam and sell off in these days, it means that this factor did add to huge correction.

that explains a thing or two...

There is big different between the two project (BTC.BCC) no way to compare both market .

If they have sold people's money and kept it for themselves, they're looking at jail...

It may be to a certain extent. Let's assume that it has indeed been BCC selling these coins from $14,000 all the way till just over $9000 reached today. If we look at how thin the markets are, then it wouldn't cost any effort to get the price to tank like it has been doing since yesterday. Especially when we take into consideration that a lot people due to the mainstream media think it has to do with governments cracking down on crypto exchanges. BCC may have initiated the dump for a good amount, and the rest of the market has done their part of the work. The price seems to be recovering right now, so we have to wait and see how the coming days will be. If the dumping is over, which may be the case, then we have just started to go up again.

It's horrible. I was deceived by these crooks. Although I lost very little, but this residue remained. Now they are trying to attract people to a new platform. I hope they will not work out :(

if buyers aren't ready to meet the price then yes. if you ever watch futures trade in a thin market each trade drives the price. when i was watching the price fall the other day there were not many buy orders firing off so the price moved quickly.

this morning when we were at a tech support level and the selling seemed exhausted buyers stepped in and drove the price now +800usd in a few hours

50,000 coins is a lot of money and you also had nervous people in korea who were probably not wanting to throw more dollars at it just yet also limiting the buy side

i think the long term trend is bullish but it's going to be a wild ride on the way up.

if i could ask any fundemental question in the world and actually receive an answer which i know i can't it would be this. what happens at 21 million coins


what i honestly don't get is why someone would unload 50k coins into negative news. if you have a large position it would seem logical to sell into strength and trickle out

The panic will not benefit us if the bitcoin price goes down the better we buy it again to increase the investment, because it is also one of the advantages of the bitcoin price reduction, stay patient and do not do panic selling.

This is not true, no one can sell this scammed btx in exchanges, the reason is south korea news but they confirmed that they will not ban, RISE

Do you think it will fall out into that? you're spreading FUD news. it won't affect the price because people are holding.. well this is a big opportunity to jump in the train. goodluck and make more bitcoin! and Yes Bitconnect is delisted in coinmarketcap this is a good news!

If he really is selling all that BTC then it is likely to have an affect on the price but what evidence is there that this is what is happening?

We will survive the crash. We can take advantage of it ourselves. But I'm sorry for the victims of Bitconnect.

Everyone knew it was a scam, I do not even understand those who invested in it ..

Bitcoin will recover its price and don't panic! Everything will be back to normal. I think it is our opportunity to buy more bitcoins specially if it will fall down at the deepest. Bitconnect is a scam, a lot of people fooled by them.

Isn't there anyone to punish these guys? How can you so something like that? It's crazy, they've ruined a lot of lives...

that's a very bad news for bitcoin , we should always refues the scam project , why Bitconnect collect so many

bitcoins for sale? it's their project very well?

I was wondering when bitconnect goes down, it seemed to good to be true.

https://hyip-rotation-system.com/

Why is everybody panicking ? Bitcoin has always gone up and down and the price needed to fall it was way to high plus now more people can afford to buy Bitcoins

50000 is alot of bitcoin. Every time I seen an advert for bitconnect I always thought there was something not right with it. We all have to feel for everyone that got burnt by this. If something smells like fish it probably is.

Move on and forget about bitconnect like the development team who scammed us already they create new icos of bitconnect x valued as low as 50 $ .

I don't think bitconnect is the main reason why the bitcoin crash but I believe bitconnect is the one of the crashing bitcoin and bitconnect scam team launch their new ICO which is called bitconnect x another scam site.

50k bitcoin is nothing.

people shouldn't trust them in the first place
we said repeatedly in every social media that its a scam, if people lost money because of it its their problem really.. and i am sorry for that

Is that real ?

OMG!! (not a coin) I've lost money on Bitconnect :(

Yes, everyone knew that it was a scum, but greed turned out to be stronger. I hope people have learned this lesson.

you can certainly see for yourself, many people have said and talked about in social media that it is just a scam. so we must be more careful and cautious in making investments

It will be a combination of reasons, this might be the biggest story and like people said we all expected it well ahead of time.    The problem is people new to crypto who are slightly dazed and confused and got caught up in that, its shame they could not have been warned more.   I'm not sure if any big news channel jumping on the back of the general crypto story line took time out to do some journalism and call out BCC as a scam like enterprise ?

In any case the trend is greater then the sums of the parts.   BCC sells out partly because the market was forcing a liquidity squeeze onto them and so it becomes part of the selling momentum.   Markets always move like this, people hitch a ride on the way up and flee on the way down.   Just general market profit taking, its not selling caused by BCC in my book.   Its only part of the story.  
Mt. Gox was big enough to distort the price upwards and eventually downwards, that I will take as the main strut to 2014 selling but I've not heard anything in the last year to parallel that effect.   Which is good, we never want one thing to dominate crypto like that did as it makes for weakness.   Decentralisation is king, stay away from anything that doesnt make the best of distributed load

You sounds like you are proclaiming a ponzy site, not Bitcoin. Buy, buy and buy :)
50000 Bitcoins are just 550 000 000 or half a billion. I don't think that Bitconnect's money could disrupt so badly the market. The daily trading volume is 100x higher.

Do you know the old history about casino Star Dust and the one clever but unlucky 'shortist' in 1980s?
Please find it in Google. That's very useful for those who advise to buy and buy... even if price falls down to hell. :)

ps about Bitconnect - it's absolutely immoral scam. I heard about some suicide of it's investors :(

Wow that is a staggering number. Those figures put them around 750 million dollars. However volume for bitcoin has been around 10 billion a day. 50k bitcoins can put a dent in the price but not even close to crashing it.

Exactly and very well said.
I also don't think 50000 bitcoin selling can badly disrupt the market. I have seen big sales but they have never disrupt the market 80% down. That's way too much of asking.

Are you sure this is real news ? do you have any valid source ? if not this is just another FUD. Anyway 50k BTC its not that much money, i mean try to see daily btc trading volume on several market and see how much it is.

if this true, this can be one from many reason
because there are a lot of reason for the down price of Bitcoin in this moment
but, i think bitcoin will never comeback to $1500 that is very imposible for me

yes maybe that's the reason bitcoin goes down