Bitcoin Forum

*Update: user bitcoin has linked to the U.S. Marshalls declaring a sale of 29,656.51306529 bitcoins http://www.usmarshals.gov/assets/2014/bitcoins/. Registration, accompanied by a deposit of $200k USD, will occur by Monday June 23rd, 2014. Online bidding will take place Friday June 27th, 2014. Winning bidders to be notified the following Monday, June 30th, 2014. Winners must make final payments by Tuesday, July 1st, 2014.*

This gives us 15 days until the online auction begins. Very short term event happening here.

There has been rumors of VC attempting to purchase the coins that the FBI seized from DPR's Silk Road accounts.
The ~173,000 coins sat dormant from 10/25/2013 for 230 days until 6/12/2014. Is the FBI simply doing some type of account management, or are they preparing for sale?

These coins account for approximately 1.3% of the current coins in circulation. Is demand strong enough to absorb this quantity over a short period of time? How will the price be affected?

https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPH
Address first seen 2013-10-25 01:27:54

https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
2013-10-02 10:27:16

I have been watching the US marshals auction / sales site for months, but yet no mention of bitcoins for sale there.
What other type of auction / sales can the feds resort to?

Really? :D

Back alley, smokey back room of a bar, empty parking lots, abandoned industrial complex...they call it "private sales"  ;D

just how far will this fall?

lower $300s

I don't think the FBI can legally sell those coins until the trial is over and a guilty verdict has been entered. It will most likely be years from now.

And then there are those agents who will inevitably try to shave a little for their own interests...

In the FBI? Those boy scouts don't even J walk.

what kind of discount do you think they can ask for?  Its gonna be a real scandal if they do a private sale for something significantly less than the market price.  The fungibility of Bitcoin (as compared to houses, cars, etc) means that there's no excuse for a lowball sale...

I really really hope that the pussyhands didn't panicked on the FBI coins today. It would really show how fragile the bitcoin economy is.

I do not think they need to wait to the end of the trial on this one, those crimes where held by a criminal organization no matter if it was DPR as the leader or not.

They usually contract someone out to do sales for them and give them a cut, which makes it in the interest of the contracted seller to get the highest price possible and advertise far and wide. I think we will see a bitcoin business pop up shortly and say they have been contacted by the GOV to dispose of coins.

what? how price moving 5% on fud shows anything about bitcoin *economy* ffs? is GM stock price moving 10% down shows how fragile ford cars have become? what if it just moved 100% up, still shows?

All that it shows is that people are stupid; that's an axiom which did not need any further proving. As for bitcoin economy, stronger than ever thank you :)

interesting:

http://www.usmarshals.gov/assets/2014/bitcoins/

Shit :)

$300 pe BTC if the buyer sells on exchanges! I suspect auction buying price will be 70-80%, right?

shit at 400 a coin for 1 block of 3000 is over 1.25 mil

Anyone making a bid for that much BTC wouldn't turn around and dump it on exchanges. As for the price, could end up being higher than market rate, seeing as you can't easily get that many coins on exchanges without driving up the price.

@ 600/coin its around 17mil, wouldn't that only help to boost the price of BTC?

Guys, I think we have to prepare for some rough times ahead. This will be a shit storm. If the auction winner will buy them 20% cheaper, HE WILL SELL SOME ON EXCHANGES.

Anyway, can someone lend me $18 mil?

I admit, good point. Nobody can buy 29k coins withound market impact.

I can promise you no one is going to bid anywhere near market price on these. Most investors top mark of a investment is 70% of the value after expenses. @ 600 a coin they would bid around the $420 mark.

forbes article, they are auctioning the coins at the end of the month.

this might actually be a good thing.. maybe it's time for wallstreet to group their money up and enter the game. the price will be relatively cheap too, considering the crater it has caused today.

http://www.forbes.com/sites/kashmirhill/2014/06/12/silk-road-bitcoin-on-the-move-as-government-prepares-to-auction-off-18-million-worth/

The real thing. Good find. Selling SR forfeited coins.

It's also worth noting that coins purchased directly from the US Marshall's office will be unequivocally legal. Any large US-based purchaser would want to be assured of such before taking a large position. I can't really think of a better way to be absolutely sure your large stash of coins won't run into legal hassles than to purchase directly from the gov...

Interesting times, as always.

Looks like a good lite to jump into Litecoin seeing as they wont have this rush of supply problem

Then let the price drop as low as possible. The less money they get in exchange for their stolen coins, the better.

This is a great entry point for institutional investors who want to buy coins without driving the market price up.

The market is definitely overreacting and i'm about to double my holdings.

how low do you folks think this is going before bottoming out?

Why not? Someone buying 3k BTC right now will move the price up. By auctioning near the market price they don't move the price at all.

I saw some opinions that this sale could be like the SR takedown event, a precursor to a rally.
But no, these two events are different: the SR crash happened because the market was primed for it,
bad news only enhanced it. In that confusion, some believed that bitcoin was going down hard. What followed
was a quick recovery, because the feds removed the coins from circulation and SR clones filled the market,
fueling demand for bitcoins into circulation in the real bitcoin economy.

I guess I can't have them sent to my 1fbisucks.... or 1bigtits... vanity addresses.

So I need a $200,000 deposit and I have to buy 3,000 BTC.  Assuming I bid, let's call it $500, I need about $1.5 million in cash to participate.

Looking under the couch seat cushions now...

Dumping all these Bitcoins are the market will definately ruin the market. I think it really needs a long time afterwards to gain a value like we do currently if that is going to happen.

However, I don't think buyers will dump ALL of their coins. The current price will decrease now though, as this really looks true.

The 30000 Btc are worth less than 18M$, which is half of today's volume. There's no need to panic about the fact that the buyer may sell some on an exchange; the market can handle it.

I was really hoping that they would do this in smaller blocks so I could participate.  Oh well.

I think the goobermint could make more USD on the sale by doing smaller blocks and running an ebay like auction to the general public.  Oh well, maybe next time.

It will be really interesting to see what they go for - and we don't have to wait that long to find out!  

The whole thing will be done by the end of the month.

This.  People are so dramatic all the time.  

Time to put in some "OMG the FBI coins are going to get DUMPED and CRASH the whole market" buy orders to pick up some cheap coins.  After the sale, when nothing happens, all the panic sellers will be jumping back in to try to get their (now fewer in number) coins back.

current buys on bitstamp:
560 66
555 321
550 1239
545 1801
540 2611
535 2852
530 3103
525 3539
520 3974
515 4127
510 4334
505 4557
500 4970
495 5265
490 5418

and there you come with your 30000.
It will cause a drop from 560 to about 500 if they would be sold in one time. Ridiculous.
2 Minutes later, the price would be at least at 540 again.

Don't bother these panic sellers with facts.  It only annoys them.

So this is why the price drowned so hard while I was busy with World Cup? That caused a trade of mine gone to big profit to small loss  >:(

For me they learned with the chinese how manipulate the market to get some money, and we will see many news about this that will drive the price lower and lower. Perfect time to sell all your things and all family member, get as many loans as you can, and have a huge profit in some months.

be happy, you can buy cheap. It will be on 650 again probably in this week already.

Great time to buy

I'm sure this "crash" is all about the seized coins from SR by the FBI.    If you don't want to get even more loss short term, you might should sell some now. I really think the price will decrease even more from now on. I don't really see it increase again as long as these amounts of Bitcoins are for sale by the FBI. I wasn't really up to date about the size of all the coins that were offered during I made this post. According to http://www.coindesk.com/vc-firm-bid-fbi-silk-road-bitcoins/ a guess is made that the FBI owns 5%-10% of all Bitcoin, but it looks like they're "just" selling the coins seized from SR by an auction later on.


Looks like the famous "Tulip story" that has passed in the history. I'm told you were able to buy a house over here in The Netherlands when you had some Tulip-... (I don't know the word, > kind of seed).      However, when this way to earn money crashed, most people had nothing but a flower.    Moral of this story: you should loan money to invest (in something).   Yes, it may succeed and it may make you rich, but hey, it may fail too.

What the hell are you talking about?  It is only 30,000 coins.  They are not for sale by the FBI.  They are going to be auctioned off later this month.  Nothing you said is true or makes any sense at all.

By the time they are sold, more than twice that amount will have been produced by miners.

It's a good thing they are not yet selling DPR's coins, though.

I wasn't up to date about the real amounts at that time, excuse me. I thought they were offering way more coins than that. According to articles like for example http://www.coindesk.com/vc-firm-bid-fbi-silk-road-bitcoins/ people think the FBI owns about 5%-10% of all Bitcoins. If these went for sale, it will harm the bitcoin even more.

It looks like they're indeed "just" selling (-> by an auction later on) the coins seized from SR. Looks like more people have noticed this, as the price increased again.

The Winklevii might bid.

We should gather up in bunches of 3,000, each member giving the money for one coin. There would only be the need for 30,000 of us buying those coins away and then just hodl them.

They dont look really smart. The registration time is short, which limits the amount of bidders. And the blocks are huge which limits bidders even more.

I see a chance that persons with big pockets can make a good deal because of their stupidity.

Never noticed the price had gone down until now - got quite a shock, should be used to it with BTC by now I suppose :)

Yes, there are only 3 days to send the 200k$ by bank transfer. Looks fishy, like the feds wanted to limit the bidders to those with already prepared $.
My guess is those coins will be sold well below market price.

Why dont they wanna keep it?

could be that they have certain friends who might want a nice "hookup" with some bitcoins.. all they'd have to do is work hard to limit access to people, and then once there are only a few bidders, you can have a field day.


woulda been cool if they decided to do their payroll with BTC.. instead of liquidating it. but i guess it's more lucrative to set up a small field for your friends to score some coins on the cheap.

is it dejavu ? I thought it was sold already ...

Great, hopefully they'll auction 170k coins soon. Time to get rid of that FUD dream argument once for all. Then there is just one direction to move  ;)

No, we have been waiting for them to sell off the first 30K coins and they announced the auction schedule so now we know.  This is the first auction of coins.

The rest of the coins have to wait until a court issue is settled because DPR has claimed them as his personal property.

Damn almost lol, figured they would hire a executor of some sort to dispose of the coins though. It is odd how fast this auction has cropped up though. Take real estate it is advertised for 3-6 months before they auction it.

They're retarded.

The judge told them they could sell of this smaller 30K BTC portion (the portion not claimed by DPR) months ago.  They are only now getting around to doing it.

This will bring Bitcoin down, I"m thinking 300 range. :(

No way. This is going to make it go upwards.

Seriously?! Not sure if you are being sarcastic or not. It's a giant dump of bitcoin at a cheaper amount.

it will make it go up

Had not been paying much notice to the case, but I might start now.

Why am I thinking about new mining hardware and heating/cooler ( CRAC units (CRACis a 1960s term for computer room air conditioning))  ???

http://i59.tinypic.com/25s7dra.png

Just wait until the auction goes through above market.

I would like to hear the reasoning behind up I am curious myself.

30,000 coins doesn't even touch the BTC market supply. It's less than 1% of all coins. It's crazy how much of an effect that it has on the price though. If this person bought the coins and dumped them, he would hurt the price by maybe $50 or so. The price was hurt more by the news and speculation than could have possible been done by the actual act. lololol

There is not that much volume on exchanges. Most coins are not on the exchanges. 30k would be something, but obviously people would buy the lower prices evening out everything (and other factors, which I am forgetting). All will be well

Buying slippage free makes it likely the auction price will be above market.

Yeah I know it would definitely have an effect on the market, but the BTC price is making it seem like it will have some dire/substantial effect on the market. Which it really wont.

Especially whoever buys them is probably willing to take risks to hold on them and sell them for the most possible, no reason they wouldn't take their time clearing house.

Buying above market price will still be cheaper than buying on an exchange. If they bought for say $650 it would probably be cheaper than buying 30,000 worth on any exchange. But this is under the assumption that the buyer will hold.

Since there really is no limit to the number of people who can buy these coins, we don't have to act like it's going to be "a buyer." but probably multiple buyers, unless the single buyer pays enough to buy all of them outright and outbid everyone, which would then almost definitely be above market price.

All in all a Buy and Immediate Dump is very very unlikely IMHO.

Exactly. It's a gift from sky for some whales. If they wanted to buy 30k on exchange they would drove price up by few hundred dollars.

The people that buy it wouldn't have much to gain by dumping it all at once (they'd actually lose quite a bit), so it seems like a lot of worry over nothing.  Reminds me of the mini crash after SR got raided.  Lots of weak hands selling, and the people that stayed in ended up on top (as always)

That wouldn't even be the primary reason they *could* go above market... These are government-sanctioned, fully legal, documented coins. Large investors, institutionals, etc, would have zero legal-risk buying these coins.

From other sources (exchanges, early-adopters, etc), a large buyer may always feel some nagging uncertainty that the gov would eventually somehow claim that their bitcoins were illegal/stolen/whatever. No such risk when you're buying directly from the Feds!

this is what I'm thinking, why would someone spend millions of dollars on bitcoins just to sell them immediately at a loss? makes very little sense.

Many of you folks need to calm down and think this through.  Due to the recent IRS guidance, any large purchase of Bitcoins will almost certainly be held for at least one year to qualify for the lower tax rate that comes with long term capital gains status.  There will be no immediate mass dumping of these coins, nor any others that are sent to auction and picked up by an investor.

You raised a good point. Most assume that those who'll buy of the auction will dump their coins immediately. 30k is nothing, relatively speaking.

But reasoning won't make weak hands stronger. Scared herd do not listen to reason; let the headless chicken do their run :) Every bitcoin rally was started by a dip on some scary FUD news; this one seems to be no different (FEDs + 51% boooo).

I think a lot of the impact of this depends on the price the buyer gets. If he/she gets a big discount then they might want to sell some immediately and sweeten the deal even more. If the winning bidder buys at market price then it may have very little effect. It should be interesting.

Everybody who writes this - you consider other bidders as idiots who don't know about exchanges or something? The price most probably be well above market (because convenience), and the only negative factor it will have on bitcoin price is that it would lock the higher limit on the price until the coins are sent to buyers (1-2 weeks), after that the price rallies.

I love how the fearful, panicky, easily spooked Bitcoin community constantly tries to turn non-issues into serious issues.  With all the paranoid weak hands with a finger constantly on the SELL button 24/7/365, always looking around every corner for an excuse to sell, will bitcoin ever truly become less volatile and more stable in the future?  Nope.

Maybe the community gets some strong supporters with it? I mean in case some big fish investor decides to give it a try... those people have their lobbyists at hand. And they want their investment to stay and prosper... maybe this is a nice thing for bitcoin.

This 1000%.  This is what people should be thinking about and supporting.  Who will get the coins is a very interesting question.

This is exactly why trading BTC is so darn profitable.  PANIC!  OMG! over nothing, price goes down.  Buy.  Oh, it was nothing, price goes back up.  Sell (or hold).  Rinse.  Repeat.   I love this about the Bitcoin community for the most part.  However anything that attacks fungibility I take exception to.

Lets spam tweet the Sharks of shark tank see if we can get one to pick up a lot  ;D

Eh, I think you kinda missed a point there.  Even in the future say 3-5 years from now, if bitcoin is still doing it's +/- 20% swings due to an easily panicked community, it will fail completely as both a daily currency and a store of value.  People will start leaving bitcoin forever and in droves.  Fungibility or no, that wouldn't even matter.

I think the +/- 20% swings will eventually smooth out. Bitcoin is still in the very early stages of development. A number of factors will help it achieve stability over time. One of them will be when people start pricing things in bitcoin, writing contracts in bitcoin, etc. Stuff like this will make the value "sticky" and is one of the things that helps stabilize the value of fiat currencies.

This will be like taking off a band aid. It has to be done, we all knew the coins would eventually change hands.
And this is much better than the government deciding to dump them in an exchange.

600 in 20 mins

More than likely what will happen is market prices will take a nose dive in prices for the next few weeks until coins have done auction and won and no doubt people will continue to sell and drop the prices below $200 a coin and continue to drop and my prediction is around the $150 area where things will get interesting and some dumped and some held and prices will go back up and back down again a few times.

Expect prices to go to  mid 400s next then 300s for a week or so and back down a little more and then slowly go back up. Then again it could go the other way. No doubt the twins will be in for scooping up some cheap coin to get 1% of their hold in bitcoin increased.

10/10 predictions

your targets, they're bonkers!

They wanted to make damn sure they sold it before the bubble, hehe ;)

Actually, I wonder how many days will it be before Jon Stewart interviews someone from the US Marshals office and shows them a graph (linear scale, of course) showing a June 2014 price of ~ $600, a sign saying "We Figured This Would Be a Good Time to Sell," and the immediately ensuing price rise TO DA MOON.

most likly, all the panic selling about this news is done, now there may be a few more dumps as we move back UP but we are going back UP. by the time the coins are sold, everyone will be holding shit tons of fiat all waiting a piece of these FBI coins, but there will be no such coins, because the buyers name is MR BAGHOLDER!

and then...

well then...

ha ha ha

the mad dash for digital cash!

Might be bonkers but am sure it will be very close to them figures and theirs not just that auction going on with auctioned coins. Ill let you do some research on current Bitcoin news and other auctions that are son to be following this one. And also some other interesting facts of coins being sold off and more BS with China again so expect some panic sells too.

BTC was at what ??? $612 early on this morning.
BTC now trading at $597 Did drop to $560 and its going to go back down within the next few hours go up by $10 to $15 then up by say $50 to $60 and back down in to the low $500s and then take some more nose dives.

SAN FRANCISCO — The federal government plans to auction $18 million worth of virtual money for cold, hard cash later this month.

The 29,000 virtual bitcoins to be auctioned were seized from the Silk Road website last fall. The anonymous website was a major sales point for illegal drugs and other underground goods.

The U.S. Marshals Service posted an announcement of the auction on Thursday.

Bitcoins are an unregulated online currency that are not backed by gold, silver or any other commodity.

Because they do not generally exist in the real world, what is actually being auctioned are sets of numbers that have been entered in an online public ledger. The sale will take place on June 27.

The bitcoins are to be auctioned off in blocks of 3,000, each worth about $1.8 million. The auction will take place over a 12-hour period.

Still under dispute are another 144,000 bitcoins that were owned by Ross Ulbricht, 30, the man behind Silk Road.

Read rest at link:

http://www.11alive.com/story/news/nation/2014/06/12/us-marshal-to-auction-millions-in-bitcoins/10406677/ (http://www.11alive.com/story/news/nation/2014/06/12/us-marshal-to-auction-millions-in-bitcoins/10406677/)

Wat I want to know is how did they get their hands on the coins. Wouldn't the wallet have been encrypted?

Might of well been encrypted but the government have their ways of decryption or actually getting their passwords to them if noted down or their was backups of wallets made without them being encrypted or they have gained access by getting the passwords off them and given a reduced sentience or reduction in fines for being prosecuted and was a plead to release the bitcoin in return for reduction in time sentence and fines. Who knows the Government have many ways can get access to them coins

I think this is something that the US state wanted to get rid of. They were getting to much attention just for holding those. Not like $1.8 million are going to save America.

This is interesting, and in a perverse way reinforces the size of the investment opportunity.  If Bitcoin is to become mainstream, the volatility must be very low, and be able to absorb transactions like this without a significant price move.  The fact that there is this much volatility over 30k of supply, means that if you believe Bitcoin will be around long-term, then the market cap must be many multiples of it's current size.  I'm not selling anytime soon.

The really interesting thing about the coin sale is that the bitcoins will forever be tainted by both being used to trade narcotics, weapons and 'services', in addition to being linked to the government through the FBI.  Will merchants happily take those bitcoins in the future?  Mixing services don't destroy the block chain record.

Keylogger and just wait for the suspect to enter the password.  Why make things difficult when the solution to decrypting the wallet is so easy.

Check this out...Apparently the dump of BTC is being done by the BTC Community as a response to the Feds auction. The 'community' wants the price so low that the government looses out on a bonanza. Do you buy into this or is it kabuki theater?

http://blog.doodooecon.com/2014/06/movetolitecoin-defundthefeds-response.html

No.  Hold.

people selling want to buy back lower

they think the 29K BTC will crash the market and allow them to buy in cheaper.

they are wrong.

at most the market will get to see half of these coins sold off in blocks of 50-200BTC over an extended period,  its not going to do shit in terms of price drops

meanwhile those that sold today will be left waiting for cheap coins forever.

SR Coins will likely be sold at a premium and will have a positive affect on the price imo

possible
even if they sell for half price or less, who's to say these coins will make there way to the market?
all this really going to do is shake out weak hands, and press, lots of sensational press   ;D

true that's a good point that the buyers will likely hold, I think someone going to all the trouble to get these coins would be unlikely to just turn around and sell them

Probably more whales will emerge after this selloff.

Ohhmy gawd yall need to stop being such pussies I swear  ;D

Would one of you fine gentlemen (or ladies) please explain to a girl what I'm missing here? I thought the entire point is "buy low, sell high" and btc is an alternative currency.

FBI stole BTC in the raid, now it wants to get rid of it...that means bitcoin is back in the bitcoin environment, fiat goes out, bitcoin goes in. I do understand the concept of dumping but I seriously do no see the basis for the paranoid fear mongering that zomg bitcoin is dooooomed...or that the fbi or whoever has that kind of power to wreck bitcoin.

If they did, I doubt seriously people would be investing millions of dollars in Monopoly money.

So the price drops..why is that a bad thing? I'd think it'd be the best thing ever...especially if the price conveniently plummets the day of the auction. I mean hard crash to 20 bucks level or lower...so the feds end up fucked for trying to cash in on their theft to begin with, they get shit...and once the btc are moved back in the economy, everybody will jump in to buy them and it'll sail right back up.

The only ones who get fucked are the FBI like they deserve. The auction alone seems pretty clear they think btc is bullshit and they'd rather have fiat...so give them fiat. If they had any sense they'd USE bitcoin and pass it around and pay some debt or something. Nope, they want to sell the secure currency for bs fiat.

I think a massive network coordinated crash would be beautifully sweet...let the price go waaaay up, 900 bucks even and the day of the auction when they're locked in, massive sell off so the price bottoms out and what little they get, serves them right.

Because the price and value will go up. Buy LOW...remember? So what part am I not getting here that makes some of you so sketchy about what the government does?

Thank you kindly!

Jesus lady. Talk down much? I think that you are over-analyzing the comments. You sound very irritable. Are you on your period?

I like how people are convincing each other that increasing supply by 30K BTC is a dream come true...

Man, if only we could increase supply by 300K, then the price would really start roaring upwards!

Well I say bring on the crash because I will be buying even more up bring back the days of $13 a coin back in 2011 would be nice but on a reasonable scale probs donw to low 200s maybe 300 all depends on how many people dump to cause it to crash at the time

SecondMarket will be bidding:


https://bitco.wufoo.com/forms/participate-in-us-marshals-bitcoin-auction/


https://twitter.com/barrysilbert/status/477931080889012224


https://twitter.com/barrysilbert/status/477931146030743552

Thanks for posting that mel (great read)

these coins will be back on the market and used to buy drugs and illegal merchandise in a matter of no time. Screw the FBI and government, when encrypted and anonymous coins become a staple on silkroad and other vendors, they won't be able to do a single thing.

Why auction while they could fetch better price in exchanges?

Is this the reason why the price is dropping now?

I saw someone claiming that and if this is the reason then I think the price will be dropping even low after the sale is over. am I right?

I am in agreement with statements that this is positive for bitcoin. I reserve comments on the outcome of the auction's impact on market prices. But I think that the auction does add legitimacy to btc as an asset that the U.S. Government acknowledges as being a legal asset. This is supportive of the recent IRS statement about btc as capital gains income for tax purposes. So - government legitimacy from two different angles.

At the very least we can be sure the U.S. government is not going to come out and ban and/or seize bitcoin if there is no secondary criminal charges on the table. But it should be a clear sign that the U.S. government, at least from an enforcement perspective, understands btc enough to start watching for money laundering, tax evasion, and related illegal activities.

Without getting into the vision of btc that some folks have as part of a libertarian utopia... to me this acknowledgement of btc as a legal asset can only help adoption as it removes a degree of fear and risk from the equation that is/was a big deterrent to owning the coins.

This so much. I can't believe people actually think this is a big stake of Bitcoin.

In al honesty it is. Even tho its a big amount to some and small to others having just 100 BTC can easily cripple markets and alt coins. Even having 10 coins can do the same to a lot of markets and exchanges providing you know how to trade.

You expect special treatment because of your gender?
Parts of sentences such as Ohhmy gawd and zomg bitcoin is dooooomed are repulsive and you're not getting an excuse for the supposed female anatomy you deem to present.

Aside from that, I believe this little downtrend is very healthy for the longer term rally to continue because at least now we have some bears in the equation while a week ago there were only bulls which made me a bit paranoid about the rally --- the majority of people cannot be right, right?

Is it just me or does this entire post sound like a dude trying to sound like what he thinks a chick would sound like?

You are probably right and it's not just you. I'd definitely ask for a photo with a timestamp if it really mattered for something :D.

Invalid logic.  Those numbers are cumulative.  (At that time) a (market) sell of 4970 BTC would have driven the market to 500USD.  You don't add all of those numbers up, that's why the bid wall is ALWAYS higher at each lower value.  Notice that if you look down the list, the USD goes down and the wall goes up - without fail.

Enigma.

ya but some days there is alot more volume then the total bids!
the bid/ask depth is only useful as a manipulation tool.
obviously it depends on why we are dropping, but in the case of dropping because Cheap FBI coins, i'd expect the market to put up a good fight and deliver 2 -5 times more volume then the bids shown at any given moment

Cant wait for a big ass told you so is coming.  Price going to where I predicted sooner than expected and no doubt will happen within the next 2 to 3 months or even sooner at this rate. Ill be buying some more nice cheap coins up before they go back up to their higher areas.

Especially if you're OKCoin.