Bitcoin Forum

https://www.coincurb.com/news/bitcoin-investor-spends-800-btc-to-win-bet/

This guy on Twitter actually spent 800 (probably more) BTC in order to win a few Dogecoins. Goes to show how easy it is to manipulate the market.

People can do with their wealth and coins as they see fit. It's unnerving though to see a financial system you believe in utilized like a rich kids sandbox. I've been on this train of thought for a while and it would be refreshing to see more of these whales do more to increase the marketplace for crypto in general.
It's hard to look away or not comment on something like that but preferably they would just not receive any attention for these stunts and we'd all be better off. Good on the investigators to notice the potential manitpulation.

Probably bored and nothing else to do with his stack that just how the rich plays with money, so that answers the long squeeze we've seen in bitfinex longs. We need more people like samu in order to attract investors/whales like joe.
Even now im convincing my friends to join the bitcoin market.

Probably, easy if you really have as much or as many Bitcoin as that person. As an average guy, getting one Bitcoin can be so hard and can be taking a lot of hard work and creativity, otherwise I have to cough out money to buy one. Now, let's do away with the idea that the system can be unfair because the market is always ready for anyone with the money. And if one has no money, then there are many ways one can get them. Right now, nobody will ever be giving away a good amount of Bitcoin for nothing. One thing for sure, as in any marketplace, the more resources you have the more window of opportunities you can have. And that is just fair enough for me.

He only using his BTC in buy orders to win 5M Doge not spent it, because he can immediately cancel the buy order when the bet time is over. This is only a game of people who feel they have the ability to influence the market, but thankfully because he tried to keep the price of BTC not to go down even temporarily.
This further proves people like them who continue to manipulate the crypto market.

I think that 800 btc is just cents on his holdings, at the same time he will not going to spend a huge amount if there is no purpose or plan I think that whales is going to pump dogecoin real bad and temp other coin holders to buy dogecoin , then when everything is set and done, I think he will drop the bomb straight to the heart of the poor new holders by dumping the 5million coin believe it I see this a million times

They actually didn't care about their money, what they want to tell to the community is that all can be easily manipulated if you have a huge amount of money. Yes, money is almost everything especially in crypto world as it can easily dictate the price of a certain coin/token if they like it to hype using their huge money by buying almost all the selling order in any exchange.

Spending that huge amount of btc in exchange of 5 million doge bet is kinda crazy but I am sure that there is a twist behind this action though I cannot really point out what it is, what I am sure is that there are other reasons why they pulled this kind of unnecessary actions.

It is interesting because in reality this type of challenge between whales is usually very entertaining, but lets see that 800BTC can only move the market for a few minutes, to move the market it takes much more millions, however, Samu said that J0E cheated , but then Samu got revenge, in the end Samu said he would pay him 6DOGE ...

The chart that shows the movement is:

https://i.imgur.com/3myT2PA.png
Source: https://twitter.com/HsakaTrades/status/1205137954538082305 (https://twitter.com/HsakaTrades/status/1205137954538082305)


The funny thing is that the price of Bitcoin was falling and just before the time set in the bet the price stopped falling, and began to rise quickly keeping the margin of $ 7.2K ..

i don't find manipulation on that part?because what he did is risking his 800btc in which too big to risk?

no this is not manipulation but doing everything to win and he did,we cannot hinder anyone specially whales to spend their wealth and having thousand or millions of BTC in hand?i think you will do the same if you have the possession .

haha, you are a victim of some fake news on the internet so far as you even wrote an article on your website... it is so easy to take credit for something that has happened in the past. and that is what they are doing right here. the price stopped and naturally there was a stronger buy support there and now someone is trying to take credit.

it is a game of rich people, so don't be surprised by that kind of thing, they are more concerned with self-esteem than matter, what matters is winning the bet even if they have to bear material losses, 800 bitcoin might not mean anything to them.

Although that is a game for rich people, if I were him, I would not use 800 bitcoin to try to win the prizes in gambling. I would prefer to hold that 800 bitcoin and waiting for the price to increase. I can use 800 bitcoin for another thing than to just play gambling. But I realize that for rich people, they can use their money for anything they want, and they don't mind to use it on the gambling games, and if that rich person loses that big amount of bitcoin, they will not regret it because they can make another bitcoin easily.

Just one classic example of pure manipulation, but you have to lauded the whale though, damn 800 BTC just to win the bet. But then again, since they have a lot of Bitcoin stash they can do whatever they want, those people doesn't care about their money and it looks like he just want to proved something here. But at the end of the day, no one wins, ego, child play, as they change the whole game play.

They can play any game they want and probably they just want to trick the market because they both know each other. They spend more just to get small amount of money, probably a big risk for us but I’m sure something under the table are happening with them, they are whales probably who are trying to manipulate.

even though he placed a buy order at least what he did was foolish, why still believe in betting on other people who ultimately don't get paid, without escrow and others, after all it looks ridiculous to spend 800 BTC just to win 5 million DOGE, he should be able to buying that dogecoin with BTC, I think it's easier than betting

People with such huge amount of Bitcoins in their wallet have little concern about the entire crypto space. Personally, I think this person did that just to contain huge amount of Dogecoins just to try and see if he can manipulate the Dogecoin market.  I will not be surprised if this person has about thousands of Bitcoin in his wallet, so spending 800 Bitcoin for 5 million Dogecoins will not really affect his crypto worth.  But on a serious note, 800 Bitcoin is a lot to just spend that on a bet just for 5 million Dogecoin which is no where equivalent to the Bitcoin spent.  I don't really think this story is truth considering the worth of the 800 Bitcoins at the current price and spending such amount for  less than 0.01% of the amount spent.

Holycow He could have just bought the doge in the market and with less than 200BTC he could get more than 500Million of doge, no one advised to just buy instead of manipulating the market, 800+ BTC is the price to prove his analysis.  Anyway, people can do any thing with what he owns as he see fit, its his coins.

Most of traders are just following the flow of the market and when there's pumping and dumping it will be followed by panic selling or buying and this kind of thing always happening, not really manipulation but well, you can call it.

it's called a joke and these so called millionaires are just playing around I guess, just don't take it seriously.

And how easy it is for whales to throw away that amount of money on a whim. Makes you envious right? And yeah, that proves that the market can, and is being manipulated. Though I don't know how accurate that is. I'm not sure if that amount is enough to make a significant shift since BTC hasn't had any notable movement.


Makes you consider also, if you have that much btc, would you also do the same? I think i won't if it was me.

I think the person who holds and can buy 800 BTC I consider as a small whale, so there is no problem with that when he wants to play with his money, the rich man is free to do anything even to make a bet like this just for entertainment, I have used to see it

I think about how much bitcoins he holding with him because he spent 800 bitcoins for just win 5m dogecoins maybe 800 bitcoins are not anything for him if someone spent it for a bet to 5million dogecoins as my thought but still not able believe it is real or fake news because I can see both comment posts here.  

That would be quite a coincidence, he even warned the other guy not to take the bet.

This can be a nice pump for dogecoin

Yep if we own 800 BTC we will do many other things better, such as hold waiting for prices to rise. Or buy good altcoin and hold. And that's why they are different from us, they can spend 800 BTC to make a small game and do not care about losses, they can earn 800 BTC easily because maybe they have 10 times that amount in their wallets

Hardly to confirmed, coincidence with the bet? Probably yes, probably not.
He didn't spent BTC800, it's purely clickbait.
He supposed to spent dollars instead of bitcoin to keep bitcoin price above $7100, and don't think it would take so much money to make it happen.
The opponent could do the opposite to push the price below $7100.

@pooya87 it’s not his fault that he fell for the clickbait scheme of the media house, who wrote a catchy article with the sole aim of getting traffic to thier site. According to Cointelegraph article it’s now confirmed that the user didn’t buy 800 bitcoins to influence the prices, and it’s also sad to read that in the end he’s only getting 6 Doge coins for winning the bet.

Source: https://cointelegraph.com/news/bitcoin-whale-defends-72k-price-with-800-btc-to-win-001-in-doge

The volume and liquidity in the crypto market is very low compared to the traditional markets. Any party with a few hundred bitcoins can masssively impact the bitcoin price especially if they use leverage. I am sure that this problem is going to solve itself as the market matures, but until then we're going to see these massive wicks thrown around in the market. I don't like the idea of betting over market price. If you wanna bet do it on the market like everyone else. I guess some people are just arrogant and they fulfill themselves by showing off in the public  ::)

Very interesting and that's only one whale, the bet and the conversations are open, we never know if they have a secret room where they can discuss manipulating the market, they can manipulate the market now because Bitcoin is not in its peak price I don't know if it is possible to bets like that when Bitcoin is trading at $50,000 level, it's hard to imagine manipulating the market through bets but they are actually doing it and we have seen the proof.

You would have to be very stupid to risk $5.7 million worth of Bitcoin on a $11 000 worth of Dogecoin. Yes, people might say that he would not have

lost the $5.7 million, but he would be risking it in a bad timed trade.  ::)  I personally think 800 bitcoins would not make a huge difference on Bitfinex,

but other traders might pitch in to sway the price and that could trigger something. In any way, it is never a good idea to splash money like that,

because it will just attract attention from the wrong people. (authorities and criminal elements)  >:(

Here we can see how Whales play the price of bitcoin, and here we also see how they make a huge profit by manipulating prices.
And there is nothing we can do here if we do not go along with the steps we will take to prevent our losses.

So what do we gain here?
- Bitfinex prices can be manipulated (we knew that).
- To Manipulate it for a short period of time, you need to be able to have 800 BTC (not including hidden orders if we accept the insinuation from whale to be accurate)
- Whales who bet don't honour their bets (who's surprised eh?), whales don't care when their bets aren't paid up either. 10k USD, after all, it's like peanuts for the big boys isn't it?

Hi Astargath
I looked and I found that she does analyzes on her blog, but from these analyzes I find that she is not professional dans le bitcoin, in addition Dogecoins has no real value :)

Nice move and it was pretty clear that they only use one trading site to bet on the price,
Who know's maybe there are other whales who help him in order to receive some tip or have some part of the bet.
But it was clear that the price was manipulated and it isn't something new for us we all know that the whales could easily move the market from time to time.

Is it easy to manipulate the market, though? I don't see any dramatic changes over the last 24 hours in terms of the price of Bitcoin. Do you? Maybe the guy just got lucky rather than prevented the loss. It could be just a coincidence like some have rightly pointed out.
Oh, not to mention that even if it had an impact, it was 'local', not 'global'. The bet was about Bitfinex, and pouring $5 million worth of coins made the price, what, like $50 more for an hour on one major exchange? That's not an example impact or let alone manipulation to me. I think it actually shows quite the opposite: how much effort a millionaire has to put to make a tiny difference (if any at all).

This is not a problem that only bitcoin has. But the crypto market problem is that they manipulate the price in a very obvious way that most people realize and this creates a gap for governments to criticize the crypto market. many governments also do things similar to what has happened in the crypto world

Samu looks like a scammer here, doesn't he?
The promise was, he needs to pay Joe007 5M dogecoins to his (Joe's) choice of address if the demand of the bet is met and BTC remains above $7100. No matter how it was maintained, but whether market manipulation or anything, the risk was involved too because Joe could have been dumped by another whale if markets could have slumped and seen a downsurge on most high volume exchanges. Betting his 800 BTC just to win a bet of 5M dogecoins looks weird mentality here, but if the word was kept by Joe, so should have been done by Samu too as expected. He just paid Joe 6 dogecoins after accusing him of manipulating the markets, excuses?

That's a kind of thing that usually happens between die-hard fans of a particular meadow which seem to be good in what they love and i don't see something bad in it because the guy that won the bet will definitely be somebody who usually invest in future form of trading which automatically earn more profit.
Meanwhile, the situation happened a couple of days ago

Wow! Somebody utilized around 800 BTC to keep Bitcoin price stable for a period.
He was much progressively idealistic that he will win.
A similar person that was wagering on Twitter, be that as it may, it would be a serious occurrence if it wasn't.
This indicates the power of crypto whales in the market. They can do an undo, and  further points at one of the issues to be address on crypto volatility.

yeah, i know the news is circulating other places including the bigger news sites but the link that OP posted is a link to his own website so it is safe to assume he himself wrote it or basically copied the content that he thought is more click-bait-y.
it just makes sad to see people waste a lot of money and effort in creating websites then try to grow its traffic by writing very low quality content and then wonder why their site fails in the long run.

Some people have websites, others get paid for posting stuff on Bitcointalk, we all do what we can eh? I wouldn't necessarily say your posts are very high quality but good luck hating on other people, you will get far.

This is an example of how to behave in the cryptocurrency market and it is a pity that this happened to the guy. The guy put on public display screenshots of his "achievements in crypto." I have no words on how to do this.  ???