Bitcoin Forum

$1xx in the case where it's the FBI (though they currently don't control the coins as far as we know), since it would be known, and bids would already be up in anticipation of the dump.

I'd guess it'd instead be auctioned if they were to end up controlling DPR's (rather, SR users') coins, where the buyer probably wouldn't do a full-retard dump.

no way in hell...

600,000coins!
all at once!

i'm saying 10$, that my best guess

of course the market would bounce like a mofo after a generous dump like that, but still saying the bottom would be above 50$ is completely unrealistic, i think....

We'd obviously go down real low, but we'd most likely instantly recover to $50+ I'm thinking... It doesn't take a genius to realise that's not much more than 5% of the current Bitcoins in circulation, and those being dumped shouldn't cause a drop to anything too severe.

i guess the poll isn't clear, of course we would bounce back above 50. ( i think we'd bounce back to 70-105 range no matter how many coins are dumped )

what's not so clear is how low would the bottom be ( even if we are their for a 1/10th of a second )

Your caption covers the memegenerator logo.
Is that how it was supposed to be? It doesn't looks good  :-\

i tried something else

Well there's no where near enough buy orders to fill this. So if all coins were sold instantly they'd hit 0.00001 (Or whatever the lowest unit of price is on Gox/Stamp)? lol

i think bots & super fast humans can place bid while orders are being filled, i think this is true for Gox anyway.

Oh. I think we all forgot to factor in the exchanges crapping out, too.  :D

Actually no, which is why when super large market orders go thru, there are always a set of random buys and sells afterwards. Those were made during the lag. (Ofc. if there is no lag, then this doesnt apply)

Ive tried to catch them before, doesnt work.

Here's to hoping they would use Mt. Gox... joke would be on them lol  ;) You said you wanted that in USD huh?

that would be halirous

new headline reads

"FBI sue's MTGox after month of waiting on a USD transfer "

Why is this a discussion? We can see the bid depth and we know that most of the major exchanges lock and execute market orders all at once without giving any bids time to fill in. Even on mtgox that is somewhere below $1.

If it really went down to $1, my checking account would suddenly be $10000 dollars smaller and my Bitcoin wallet would be 10000 coins larger.

I think its meant to reassure Adam on his position ;)

The price would be > 0.05; < 0.15

However this relies on a 600kBTC dump, which is.. assuming all else is possible, probably wrong because... DPR probably doesnt have 600k.

But, it also relies on:

1. Using an exchange
2. Acquiring the coins
3. Selling them without bitcoin going to the moon [Although I think 600k BTC dump would have immense effects, even if it were >1000, >100000, > 100000000. Somewhere around -90% to -99.9% value.
4. Gov't opting to sell the coins rather than delete or hold them.
5. Many other things.
6. It might actually look like I have 6 reasons if you dont read what I'm writing.
7. Not actually sure if there are this many main points.
8. End of the world (NOT occurring)

mostly i wanted to post the meme

http://cdn.meme.li/i/p0h1s.jpg

I lol'd, I lol'd pretty hard!

I think we'd see something around the $50 price, only because of how many bitcoins are already into existence. If we had far less bitcoins floating around, then sure, it's reasonable to expect that bitcoin would go below $50 but that's not the case now.

They will sell them at auction, not exchange because they will get better price for them and they have to do it publicly.

Well, if it happens I would love to buy some 10 dollar coins  :D

For me, the big question is, will the feds sell one 600k wallet, or will they split into let's say 60 x 10k wallets?
I mean, IMO they won't get many buyers (at market price) for a 600k wallet, if market price will be around 1k$ / coin by then.

If all the gold were dumped on the market, they will also worth less than $10 per ounce, but that would never happen, bitcoin is the same.

suppose that someone sold 600K coin and bought a luxury hotel, the hotel seller later will use those earned money to buy bitcoins to hedge inflation, basically no effect on exchange price

I am going to clarify my previous post: if one huge $-whale would buy the whole 600k BTC, then he won't dump all at once.
But if 60 $-whales would buy each 10k BTC, then it will be a race to the bottom, the first ones who dump will get close to the market price.
The last ones, something close to 10$, or whatever the bottom will be. But don't panic yet, there should be plenty of time left.

A more interesting question is whether the fear of the state dumping 600000 BTC all of a sudden will cause a libertarian panic.

There are some details that have been overlooked.
1) The total amount of seized BTC is under 28000 http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX (http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX)
2) The target of the state's seizure may not have anything close to the 600000 BTC left
3) The state may not be able to seize the BTC because of legal or technical reasons or both.
4) The state's bureaucracy will likely tie up the BTC for years with red tape.

Nevertheless there is a case for the bear here. Fear of the state runs very high in Bitcoin community and the mere thought of the state been able to sell large amounts of BTC could be enough to start a panic. Such panic could be called the libertarian panic.

 ;D Thats why my only comment was on the look of that pic  8)

i'm not so worried about how low the value will go.
i'm more concerned with how much air freshener will be required to get the stench to go away.