Bitcoin Forum

Imagine you meet a permabear bitcoin whale who wants to destroy btc by shorting and selling, and he is actually manipulating the btc markets. What will you do?

of course there is nobody around!

http://ak.picdn.net/shutterstock/videos/4691195/preview/stock-footage-two-men-with-a-bottle-in-the-park-on-a-bench.jpg
 

even if you have 1 million of BTC, you can't destroy BTC exchange system ... why ?
because you can't spend fast the 1 millions of BTC in short hours to the exchange.

This, and he would create a huge wall which would block the price, unless hes selling at a rediculous low price, then it would get eaten in seconds... but even tho, you have to deal with it, its called free market.

Will just plead, beg, threaten him to keep me in the loop. If I have tips on market movement I can make a lot by leveraging.

If Satoshi ever wants to crash the market by selling his 800k in bitcoins than I will happily scoop them up when they are selling for 20-50 bucks a piece before the market rebounds.

My guess is that part or all of the bitcoins won't move because they were lost or destroyed however.

You mean Mark Karpeles?

yes, or like the coins the FBI stole and the 29,000 coins dumped on the market by the U.S. Marshals which had no effect upon the price at all.

Smartness

I would do nothing, maybe have a friendly conversation. This person cannot affect me financially or otherwise.

The idea that you can destroy - or even harm - bitcoin by buying OR selling BTC is as absurd as the idea that you can harm the internet by downloading or uploading information.

if someone wanted to sell 50k on BTC right now to tank the price right now. my first response is to get online and buy the whole lot up dirt cheap. and then thank him for the blip in price, knowing that as mining gets expensive and less whales can tank the price. it will stablise back up.

anyone selling coins at a loss is the loser, so let them lose out, while we gain from their loses.

simple lesson. dont sell for a loss

The FBI did not actually steal any coins, they seized ~30k bitcoin from silkroad, and gave the public a chance to claim ownership in the bitcoin, but when no one claimed ownership (nor contested the FBI's ability to sell the bitcoin) the coins were eventually sold via auction

Ahhh... Asset Forfeiture, the corrupt practice where money can be sued directly because it contains certain odd personhood rights. Under civil forfeiture assets are "seized" and since they cannot defend themselves because they are inanimate objects, are guilty until proven innocent without good standards of evidence and rules of culpability.  

Notice how all the property instantly becomes theirs and people have to prove otherwise? The FBI even admitted they believed those assets belonged to Ulbrict. Why were they than allowed to auction them off before the trial was completed?

Seized is doublespeak for theft. Men with guns violently attacked a man, stole his property, kidnapped him, and tortured him. Make no mistake about this.

I would tell that whale that eventually he is going to run out of bitcoins.
And the price is going to shoot up after that.
He is going to regret dumping the bitcoins for the rest of his life.

Thank him for the cheap coins?

:D Pretty much this, whales are funny to mess with :P They tend to also use bots which are easy to manipulate though you do need a steady stream of coins to outbid them, they always buy at the most unrealistic prices and sell at the most unrealistic prices when you look at the orders they pick and they clearly rely on panic sellers to make money.

What if the manipulating permabear-whale dumps it to an evil antibtc-permabear-whale-pig? (mindblown)

Why are people so hard on whales?

Bitcoin whales and Altcoin whales are market movers, because of them we can buy cheap and sell high.

They make sure we can buy from their large sell walls or dump in their large buy walls.

I can only thank them and tell them to continue.

If a bitcoin whale wants to destroy bitcoin, dumping all in one go would be the stupidest thing he could do. He would most likely do what has been going on for months now - sell at small enough portions to keep the price go down gradually to weed out investor confidence. Maybe someone's actually on that mission now, as the price certainly encourages to think someone's trying to kill it. This strategy also helps to weed out smaller miners and leave bitcoin centralized and thus vulnerable.

They bought higher than the current exchange rate and "whales" are the easiest to blame.

No one is powerful enough to manipulate market for long.

Except when the big exchange uses bots to fake volume. Like mtgox and the Chinese exchanges.

peligro + 1
lol madken -1

btc-e is only doing 15k day trading (300 coin max at play at any on time/order) thus very easy to continually mess with prices on these crappy exchanges that have locked down deposits and withdrawals to only be useful to the little fish

If you think bitcoin is undervalue right now, by all mean, buy it all up to the price where you deem "fair".

I'll be nice to him and try to extract important information such as which coin he is going to target next and when the next pump is going to be