Bitcoin Forum

https://i.imgur.com/Y7PFaOp.png

The fact that it even exists, the other exchanges are starting to drop.  How low could 1 trade drop BTC?

thats a real sell wall, legit

can confirm the number of btc in order is decreasing, like 20 or 30 every minute

nothing new, it's just the same manipulator who makes the same trick  ::)

Dude's been putting that sell wall up and down at various prices all day long, LOL. Like a sheepdog.

I mean, that is just one individual who is being stupid about it.  What about the bigger dogs that are MTGOX esque?  What about the smart manipulators?  I'm sure theres plenty of people that have more coins then him.

If his trick doesn't work, why does he repeat it ?

edit : I admit the second time seems to be different, up to now the price doesn't make a single move ;D

quickly buy buy, there are only 23048 coins left at 300, gonna run out soon then to the moon   ;)

Who said they were dumping them?  ::)

maybe he's not manipulating the market, and just wants to get rid of a lot of his coins

I know, if it was a dump he would clean the books not set a wall. This is nothing but a move to keep the price under... but its getting eaten slowly but surely. All it takes is a few big dogs to make it not there anymore.

If you want to sell 25000 coins, the worst technique must be to make a giant wall with all of them ;D

patience, just don't jump in front with a panic sell.  he won't crash the price.  let him out and then we can head higher.

not a good way to do it.

smart way would be to sell in random numbers between 50 and 100 every few minutes, that way you won't be detected - instead this guy makes a panic wall

nope this isn't someone just selling coins, this is someone with another motive in mind.

Ding!


I know I bought a few BTC worth earlier today when they thought it was cute to try to crash it, still ahead by 40 bucks lol

I think he just want to buy coins @299 (all panic sellers are creating orders just below his wall)

edit : no it seems to be a real sell wall!

Whoever it is just wants $6,756,207, which seems fair enough. Let him sell his coins and become the 6 million+ dollar man.

here he is

https://www.youtube.com/watch?v=q-D99_UBhaU

lol at the door kick 1min53, we didnt get to see the landing after that weird flying kick

How long do you think it will take to eat through the wall?

Oh its a manipulator? Awwww.. such manipulation to sell your coins without dropping the price! Idiot.

seller is hoping never, hoping he will cause a panic sell off

I'll say 3-4 hours...but I actually think he'll pull it before it gets below 20K

Funny the same trick was used this morning for us in the US, didnt work that well.... now its china turn to see if anyone bites.... I guess Ill find out when I wake up.

Doesn't look that way to me. Not much selling going on below the wall, and around 2.5k BTC was taken from it already. He wants out.

well, if you were there few hours ago you would have seen exactly the same wall... but it was bigger. And it dropped the price to $275

The Great Wall of Bitstamp!  :o

https://i.imgur.com/4UkDH5o.png

The worst technique ( worst fiat income ) would be to just place a market order and rip down the book asks. Especially if there wasn't much volume down the book.

But sure placing a big wall like that so close to market price will scare many into a lower range, especially many bots that analyse the book to choose position.

If that wall gets eaten completely. Nice solid floor?

removed, not eaten

edit : it's back  ;D

Indeed, if bids do have at it like pirhanas then it may even cause a little trampoline action.

Dude that would take a huge cash infuse into the market right now, plus not to forget others selling....

Quite a bit might be purchased via arbitrage, but yes, chances are he will move it or remove it.

It was bigger because hes already sold fucking 10,000 coins. Get a grip man! ITS A REAL SELLER

99% chances (but who know if another whale wants to buy it could be funny ;D)

Good luck proving that one.

We can't know, his last giant wall has been pulled out, not eaten

I roughly worked it out to a day and a half to sell the lot at the current rate of buys. The silk road bitcoins buyer could have got a better deal today, and he had the money to buy the lot in one go.

Exactly - he's buying right ?  Does Green mean Buy on Bitcoinwisdom

What do you think will happen to the price after the order is sold/removed?

Last two times he pulled it, the price went up to 320 ish

I dont think this is manipulation, the sell wall is back every few hours and it is getting smaller. Some large holder is exiting the market in the stupidest fashion possible.

wall is being turned on and off, if he's trying to get out quietly he sure is being loud about it  :D

https://www.cortex7.net/gfx/bitcointalk/chart/bsta_wall0.jpg

https://www.cortex7.net/gfx/bitcointalk/chart/bsta_wall1.jpg

Sounds legit, but if each time he creates a wall he sells 3k, why not to make 3k walls ???

Hmmm.. has he gained some control? maybe a technique to lure bids into smaller orders he leaves after the wall is turned off?

no it's just arbitrage eating into his wall. If he left that wall up for a few days I bet it would be eaten.

Damn, thats 10 million dollars right there. What will the price be after this order is fulfilled?

I was almost ready to panic buy at $325, but then his $300 wall appeared. Thanks to whoever put that wall there.

I buy some. Just to be a part of this ;D

Good question - from the other times he entered Bitstamps' Orderbook today, would say the price is going down, but got an irrational feeling that the opposite will happen

Big Dawg scoring cool points with us Bitcointalkers  8)

Just 21347BTC to go

Are people just putting orders in @ $299.99? To buy off him

$299.99 keeps getting topped up - Wonder if he will stay once they have all completed @$299.99

Wall is being bought at a rate of ~10btc a minute.

If this rate continues it will be gone in ~1.5 days.

21126 now left in the $300 wall.

I think this is just a small trick from their bags.  No one shells out 30k btc's like that.  I think the bigger ammos are to come, once this 30k is eaten up and no more buy orders left on exchanges.  Then he shells out the big guns aka 50k stacks and 100k stacks... and good buy to the 300s.

Perhaps Bitstamp only allowed this client to exchange for certain periods?? (I don't know)

I'm sure I remember, you have to contact Bitstamp if you want to deposit over a certain amount (it's a lot) I sent over my Superannuation money + savings and was ok (nowhere near this whales $9-10Mil)

there's surely no dump going on.

Oh...well hell.

I am not a trader so a lot of this was over my head but I think I got it. The manipulator/real seller/bf buddy whale bear man person didn't put up 25k - 30k worth of bitcoin, he put up 25k-30k bitcoinS which would be selling 7 frigging million dollars worth at 300ish?

 :o

Is that right?

Is that why all the charts flatlined all of a sudden?

And if he was to sell 7 million, it would send the price careening toward single digits?

Is that right?

And the death knell silence happening is waiting to see what happens in the next 24 hours when the day people wake up Monday and discover the 6 million dollar man is holding up bitcoin fun?

So can this person cancel the order to sell all these coins and if so, and he/she did, what would happen to the price at that point?

Also, should I go make popcorn? Is it gonna be one of those nights? Can girls play too because this is seriously interesting to me.  ;D

Maybe pressure from the wife...

correct


Yes, good news that they go flat, this means his coins are being bought, other exchanges want to rise in price and some people take advantage (arbitrage) buying cheap $300 coin on bitstamp and selling for a little guaranteed gain on other exchanges.


If he were to push "Sell Now" and place a market order then some lucky people on bitstamp would get some very cheap coin.

Then all other exchanges would share the blow through arbitrage.

I'm not sure what the final "stable" price would be, but nowhere near sinlge digits.



The person would be mad to hit "sell now".

We should start to worry if the price drops below the wall and he moves it down.

That makes sense. I originally thought it's because he wants the money, but it's probably because she wants the money.

What does the rest of the book look like?  If (s)he hit "sell now" how far down would 30K bitcoins take us?  I went to stamp, but it didn't show the whole thing.

Spot on - who knows where the coins had come from if he deposited BTC to sell or deposited like you said 7-10Mil :)

During today he has entered the order book with 30,000BTC @ $320, $275 and now at $300

My guess is that he'll probably withdraw from the orderbook again at some point and rejoin later on - wow, decisions, decisions - life of a whale  :-*



Also wouldn't he had been a lot better off selling like just over a week ago @$450?

$150 x 30,000 = $4,500,000 extra ?? I know it's only 4.5mil but still

Don't forget that whales can always pretend their walls are real by buying into their own walls and thus not actually dumping any coins at all.

They don't display whole Orderbook but fairly comprehensive (Bids:$240, Asks:$359.90)

https://www.bitstamp.net/market/order_book/     Scroll down

Maybe this wall is real? He wants to sell his coins but he doesn't want to kill bitcoin with dumps.

Satoshi, Tim Draper, Winklevoss twins, Ethereum?

I could only read it down to about $240, but the home page says their 24h volume was 69600 BTC, which is over two times bigger than the amount the whale is selling. If (s)he hit "sell now" it might clear all the buy orders, but I doubt the effects would last long.

Good to know.  Thanks.

So Bitcoins are at what most people think is close to "bottom", and all of the sudden this whale shows up and wants to sell 25k coins? Something is very fishy, and in a scary "insider knows shit is going down soon" sort of way.

The wall is very real (when it's up)

Seems like the behaviour of a lone whale deciding to get out. prolly mined them all on a laptop.

Any org like ethereum would probably get out in a more sedate manner, trying to stay under the radar.

Could it be that dumping stopped producing a desirable result? Or maybe he is deliberately trying to establish support?

Ethereum still has 26.6 K of their original 31.6 K bitcoins left untouched in their IPO address, so the wall's not down to them.

https://blockchain.info/address/36PrZ1KHYMpqSyAQXSG8VwbUiq2EogxLo2

such as the guy who sold a pizza for +10,000 BTC. They are numerous.

But one thing is sure, the price will fall quickly if this wall is not removed in the next hours.

The pace they are being sold at is accelerating. There were 1436 sold 7 minutes ago and he only has 18127 left to sell.

Agree.

I'm just perplexed as to why (if the seller want to maximise fiat received) the wall doesn't get moved up a little, it sure looks like all markets would follow it up at least for a little while, but no, rock steady at $300.00.

Maybe the seller will will miss their coins tomorrow and we will see a massive bid wall appear tomorrow at $290, that would give support, but the seller might end up holding rags... the market will probably surge up a little if it manages to digest this wall...

What about the guy who bought 30K coins at auction? Bulltards then saying its impossible to buy that many without sending price to the moon

The wall has just been nibbled away to 17936.

I hope it is still there in the morning Austin time, so that I buy a small piece of it when my local ATM opens.

The very worst technique would be to hit "sell now".

Yes, this

This is fucking insane.

Massive dumping to surely follow.

I'm thinking engineered rally. Recent dumps and superbuys were to test market sentiment, then when the time is right (may or may not be now, no way to tell) make it look like things are changing. Or something like it.

Why?

If the wall gets devoured were gonna see some pent up rebound for sure. all those buyers at 300 will hold for ROI all at once, but most being profit whores they will probably sell at $310 :D

Not me!  I just bought to hodl

wall is actually getting eaten pretty damn fast

I'm going to bed soon.  The way it looks, this wall is NOT getting pulled as it did earlier today...twice.  If I sleep for 7 hours, it sure looks as though the wall will still be here.

nah its been through 6000 coins in last 2 hours

and europe is waking up soon

if the wall gets eaten all the way through and isnt pulled, when its at approx 1000 coins I might risk a big purchase as punt, 100 or 200 coins

I suppose because people are clearly worried about Bitcoin crashing back to double digit figures and all signs point to this happening. It's not just moving in that direction, it's accelerating each day.

No one is selling cheaper  :o No one wants to sell  ???

Excellent, I think you'll be well positioned for the short and long term.

Cheap coin at the moment IMO.

This wall test is proving that the market's not a bear but a sleeping bull.

I see a couple of small orders <1btc sneaking in at 299.xx now and then.

Plus, according to Bitcoin Wisdom, the Chinese exchanges are reporting prices $10 higher than the ask wall on Bitstamp. Who would sell on Bitstamp if they had a choice?

So the wall is gone for now, leaving a wide flat crater in the bitstamp price chart:

https://www.cortex7.net/gfx/bitcointalk/chart/wall_eat2.jpg

It looks like maybe ~14k bitcoins were purchased from it. Many being sold on other exchanges (arbitrage).

Most exchange users were probably oblivious to the wall and so it was driven over with just a bump.

Below we can see that this big wall only put a temporary 5% dent in BTC-China:

https://www.cortex7.net/gfx/bitcointalk/chart/wall_eat1.jpg

The wall builder lost about $300,000 doing this crazy move.

Very bullish news for bitcoin.

You hodling yet? maybe you should....

It's awesome, that those BTC have been just gobbled up, instead of being dumped again and again. Also, that there hasn't been any catastrophic panic is a very good sign for Bitcoin in general! It fosters the long-term trust, in my opinion!

The wall builder lost about $300,000 doing this crazy move.


wall builder made what, 7-10 million so that's probably pocket change...pay 300k to make 10 million.

Did he? How do you come to this conclusion? Maybe he was speculating on a continuing drop, any by using the upswing from the flash-crash (if we may call it that), he was effectively using the combined buy-back power from everyone in order to liquidate his position at once.

This. Do you think you if had 25 BTCS you would sell at the SAME price creating a ridiculous wall? this is all manipulation.

He received about $4.2 million after selling ~14k coins

300k is like having a 7% withdrawal fee, that's an ouch for anyone.

He made arbitragers happy though, note he pulled the wall just after it started getting eaten hard, when the arbitrage gains started to rise against china.

Having had so much coin I'm guessing he's ridden over several bubbles/corrections in the past, a puzzling move for sure.

Wow...okay.

 :)

Soooooooooooooooo

Fallin, servo, etc.. how mad is your boss Paul K that his plan has failed HHHHARD?

On a level of 1 to jumping out a window?

The move was not good strategy, he should have monitored all other exchange prices to get a read on the real upward pressure being applied to his wall and moved his wall up accordingly. To just leave it at $300 and maybe go to bed was crazy.

Exactly. Which makes me think it was a bank or non economic agent.

Otoh, the increasing balances in many early adopter addresses doesn't jive with that. Do you have any specific evidence it was an early adopter?

The whole thing was orchestrated by the people that have been acquiring throughout the sell off, and is intended to spark off the next run up.

And the point is, he's rich and we're not - what a stupid man  ::)

Should have quietly sold little by little rather than trying to drive down the price.

Bought few bitcoins at 290$ price. Feeling good.

I didn't imply he was stupid, just a little crazy, not optimal way to sell coins.

Just discussing the whole situation as it's dramatic and interesting.

maybe the guy who won the 30k silkcoin auction decides to sell ---- pure BS   ???

at least we see some demand at that price level.

Makes me wonder if it really takes the 'balls of an early adopter' to ride this train and all those bubbles. I guess they've already cashed out enough, in order not to regret everything, but they may of course still get burned big time, if there isn't another bubble or rise!

The market cap is still too small for bitcoin

It's entirely possible they've been doing that for the past few months.

+1

^ This. It's pretty clear by now especially what just happened with the bitstamp wall. Whoever is doing this is driving the price down to either make short term profit from shorts, or preparing for a huge buy. Though, I do think their last plan to cause panic with the latest wall backfired and the market is finally showing resistance to any further price decline, but we will see.

I tend to agree....so the market isn't scared of 300...would they freak at mid 200s?

Do you think they'll have a go at it to see?

Maybe this question has been answered, so I apologize, but how can somebody hold that much fiat on a Bitstamp account? Is this a corporate account or something?

For example Cavirtex has a $USD limit on accounts, so you can only sell $150k of coins at a time before you need to withdraw. Bitstamp doesn't have this limit, but when I inquired they said they would monitor large or unusual transactions on an individual basis and possibly request additional ID info.

Yeah but you would think such a move (market price ask wall of 20k btc) would be conducted at the beginning of a price drive down campaign, doing it now is risky, and we've just seen the result... the market almost chewed through it without needing to swallow... the wall was pulled when arbitragers started a buy frenzy (making a tidy sum that will probably be spent in the real world as fiat).

IMO the chances of that seller making future gains with that selloff are slim, he has produced a strong support at $300. I think we have tested the bottom, it's prolly up from here...

Putting a 20k btc wall at say $250... it would be purchased immediately by all existing bids, any left over would be snapped up by a hoard of hungry pirhanas (arbitrage).

It would only drag global price down by about $10 for a short time and then rebound leaving strong support at 250.

If a low wall gets chewed through like this, it's a very bullish sign for the market.

Chinese markets actually finished higher at the end of the wall than they were at the start.

Chances are we may not see $300 again... ( of course I could be completely wrong here, la di dah  :D )

LMFAO! A Bitcoin insider dumps over $7mil in coins & the dumb money throws their money into the casino thinking they know better........ wow.

I guess these other guys can't possibly fathom that exchange insider whales would have enough funds and bitcoins to:

1.  Open large short positions at 600 (precisely on the 3D chart crossover to the downside)
2.  Start slowly selling off bitcoins to drive market down, putting up large sell walls along the way
3.  Drive a capitulation down to $275
4.  Set up their own 30K btc sell wall @ $300, and buy it back with small purchases to short cover without sparking a rally
5.  Remove all sell pressure after the short cover, allowing market to naturally rise

Naw, that couldn't possibly happen.  Nope.

he didn't just lose $400,000, assuming the calc is correct.

Occam's Razor indicates he also lost control of 30000 BTC.  that's even more important.  i don't buy the idea he bought his own wall.  too much lost in fees when he could just've taken it down.  and he could've backed it up for a higher price.

I don't see how that would benefit the perpetrator? [4]... Selling on a public exchange, giving capital on a plate to arbitragers?

I'm not trying to be argumentative or know-it-all, I'm just trying to understand what went down.

Are you saying: The whale has enough coin held back that this was a sacrificial move that will give net gains in the future?

I think he lost control of ~15k BTC or so, with a good risk of not being able to buy them back < $300

So what's your best guess as to the cause of that wall?

Me, I'm thinking a very early adopter who recently had a big life change, got married planning kids or something? Thought he'd like his new family to live in style.

my best guess was that it was a non-economic actor trying to suppress the price.  why?

1.  as said before, it was an irrational way to sell.  should've been done surreptitiously in smaller chunks on the way up in price action.
2.  the wall was set below all other exchanges by about 4-4.5%.  why take a loss when he could've just backed the wall up to $311 or so where all the other exchanges were priced?
3.  early adopters are inherently bullish and have lived thru about 4 previous episodes of this.  we never got down far enough for them to be in a red position for the most part in order to panic.
4. all the other early adopter addresses were increasing their positions over the last 6 mo.  why would this guy be any different?
5.  the coordinated trolling we have been beset with here on the forum which has now suspiciously disappeared abruptly for the most part.  their message was incessant and irrational and thus highly suspicious in character.  i could tell these guys had no real idea what they were talking about as not one of their arguments came from a technical level meaning they don't really understand Bitcoin.  early adopters do understand these things for the most part.  
6. an early adopter would not have gone out and hired trolls like that if he were panic selling.  early adopters tend to work alone and are generally smarter than this.  they wouldn't troll the price down.
7.  this is what non-economic actors do to disrupt markets they don't like.  we already know this and the playbook is wide open. they don't go out and build mines to perform 51% attacks.  it's easier to create financial havoc.

Wow apparently you know nothing about ASK walls & why they're created... Keep thinking you know more than a whale who just dumped over $7mil in coins in ONE ORDER!  :D

Maybe he was Bill Gates, that just discovered Bitcoins exist and buy some and then sell some. Not really care if made some tiny loss.

My latest conspiracy theory about the panicked 30k BTC whale is that he's just that: a panicked whale.
But not an early adopter, so where does he have the coins from? A possible answer is that those are
Gox stolen coins, tumbled of course, that the whale saw greatly depreciating over the last weeks.
If the whale is the Gox hacker, I have no idea, he could be a fence that bought them at a massive discount
from the hacker and now panicked after seeing long term support at 340$ broken.
The result is that there are more coins in the market, even if many were now preemptively moved
from Bitstamp, where the bid side looks anemic.

Its just a natural correction, imo.

Since mt gox is gone.

wow, early adopter!  nothing like arguing nothing with nothing!

It's the same people who drove the price down that did this. The message is obvious. Huge dump does not drive the market down, buy while you can because the bottom is in. Or, make people speculate in one direction and then go the opposite way. Either way, nothing about it was coincidental.

dumped? or calmly watched, as it got eaten, as planned (possibly by his friends, who are all part of act). you keep seeing what you want to see because for the last 6 months you have been calling "sell" and have never been wrong. yet.

The money that was thrown at that wall was not dumb gambling, it was sure fire profit.

Google "arbitrage".

The arbitrage signiature is plain to see on BTC China, I took advantage a little myself in the latter stages.

Real traders hold no emotional ties to either side of the equation (bitcoin or fiat).

The inevitable rise of bitcoin capital is a fundamental issue (not shared by all granted), but a real trader does not care if we're trending up or down, so long as there's short term movements and you can get on the right side of the majority of them then all is good, plus by actively trading you position yourself well to react to large moves.

Cypherdog is the guy Dumping the 25k on Bitstamp! I bet 10 BTC it is him. Early adopter has about 100k BTC, been Dumping in bunches of 25k - 30k the last 48 hours.
Believe me ist him. He wants to cash out.

Nah, he'd have inched the wall up to maximise fiat income, he knows not to waste market pressure.

That wall stayed at $300.00 for 8 hours.

While I dislike cypherdoc for his HF shilling and endorsement I don't think he is that stupid to do that. There is simply no logic reason for him to do that.

Bitstamp definitely know who is it, why not ask them  ;)

I think exchanges are still the most dangerous part of the bitcoin system and maybe it will be like that forever. They will practice FRB, create coin out of nothing, and manipulate the price by simply changing their database etc... and there is no regulation so far for those exchanges, maybe never since bitcoin is a decentralized financial system

The best way to avoid such risk is to use P2P exchange like localbitcoins, those platforms can not be manipulated since the trade is done directly between traders. But currently their model is still half-manual and the pricing is quite dependent on other exchanges. If they could successfully establish their own price matching mechanism, that will become the true source of bitcoin exchange rate

I tell you what though, as an online poker player who's lived through countless sites going into administration, I'd be pretty cagey with even $10K on some Eastern European server in some guy's basement - let alone $10M. I'd want to be on pretty good personal terms with the owner/s. Like, we party together in his yacht on Croatian beaches together kind of terms.

You're dreaming. In so many ways.

Anyone around Sunday knows how hard I was working to defeat any negative effects of that wall to the community. I was on all day posting trying to lead the charge against the wall and not have people panic or over react and lose their coins.

I've never sold a coin and don't plan to until maybe 2020.  ::)

Furthermore, if you read the plethora of posts I made you'll see I'm the one calling out Stampfuck and Kodric as to who the seller was.

some old whale got his btc stolen, and the thief now is dumping

case resolved

except that thiefs dont transfer 30k btc to a legal exchange since there'd be a very slim chance to ever get even small part of that money out of exchange without having to disclose your full identity. and thief would never sell all he's stollen because there is no chance to ever wash that amount clean first, so there will be a public trail forever. and thiefs don't bother with playing the market down first, they just sell. and there are lots of OTC ways to sell without bringing your profit down 30%.

other than that, your theory has value... no, not really :)

thiefs can use other identity, they are thiefs after all lol

who said they can't play with the market before selling..., there are plenty of bizarre people out there

But thief should not cash out, since will get caught,  but put them into some anonymous coins and cash out from there. And all anon coins had low  volume last week.

Its not the coin, is the fact that you are cashing out millions through a bitcoin exchange, government will want to know where that comes from.

how he get caught? he can use a mobile device for all the operations

anyway i'm not is 100% thief, just guessing

Open your eyes to the bigger picture guys... This wasn't a robbery! This insider knows the news that is coming out this week that will make BTC test 200 again soon, he isn't going to watch his account balance go down that big when its already common knowledge

Maybe....

Boy met girl. Girl fell for boy. Girl and boy move in together. Boy introduces girl to btc. ZOMG WE'RE RICH!


Boy gets too full of himself cocky. Cheats on girl. Girl tosses his shit out in the yard, minus his laptop. Controls funds. Switches bank accounts. Sells bitcoin and cashes out. Millionaire. Fuck his loser ass.

Or...

Boy dies. Relatives sell out his bitcoin stash, divide it amongst survivors.

The end.

 8)


The bigger issue you should be concerned about isn't who this person was but the ease in which any holder of thousands of bitcoin might decide, for nefarious purposes, to dump it and crash the whole thing, and what it is about the rest of us that is not actually at the mercy of one single large dump of coin onto the market in the millions...

And if the rest of us - i.e. the market - have any ability to prevent it, why can't the same market get its shit together, drop the price down to 50, 100 bucks long enough for a lot of new people to jump on board, then said market sends the price up to the moon...

Otherwise we're all at the mercy of the inexperienced, the psychopathic, or the douchebag....and seriously??

I love how the general opinion of the nutjobs here isnt that an early adopter cashed out a 400k investment for $10m.

Instead, its that he was

• hacked
• a manipulator wanting to buy back cheap (really?)
• a manipulator buying his own coins to entice a rally
• a manipulator who fell asleep and lost all his coins to buyers
• a manipulator buying off exchange for cheap
• an idiot
• and so much more!!!  ::)

And now you know why bitcoin is losing value.

It surprised me how fast they got sold, and how quickly things returned to normal afterwards. I read posts where people considered the possibility of a dump that size was the end of the world. Now it's happened it turns out it was not so bad after all.

That is still to be determined. It definitely did not go nearly as badly as it could have, though.

Has it been determined by the nerdier bitcoin sorts where the bitcoins ended up or whether whoever it was went with their entire stash or just a portion? Just out of curiosity. I'm always impressed you guys can suddenly track down an address and its routes through the chain in 2 seconds.

I'd still like to know how we as the market can be so easily at the mercy of any single person with a few thousand bitcoins. I absolutely agree it would be most likely an early adopter cashing out *some* - maybe he/she got a hella deal on an island :P Mostly because it makes more sense it'd be someone who bought a gazillion of them for 200 bucks. Is it out of the realm of possibility that  someone jacked coins from one or more sources and went to sell them off?

It doesn't matter much to me who it was or why they did it...I'm more interested in why people are spending so much time speculating on why it went down and when it'll go back up if the real answer at the end of the day boils down to "when the jackass with 50k bitcoins stops dumping them on the market".... :o

There is a whole thread discussing it, but the best anyone came up with seems to be this.

Damn...I bow.

Thanks :)

I would say that it is almost impossible for someone to get caught with stolen bitcoin via the blockchain as it is simply too easy to use mixers/tumblers that make it difficult/impossible to trace the bitcoin.

On that thought it would be possible that someone was trying to essentially mix their coins via bitstamp as they would sell with one account and buy in small amounts with other accounts and then withdraw to multiple addresses

lol, that is fun graph

Yeah because anyone with a small part of a brain still functioning immediately understands that he'd have sold for 40 million back in December instead if that was his end goal. But of course, when you think everyone is as clueless as yourself, that may seem normal.

Gap like that will usually be filled.

Just to clarify, is this all over now?  I'm not a trader so I don't follow the order books but I do keep an eye on bitcoinaverage's price ticker.  I think the lowest I saw was around 200$.

Truth is... I doubt he'd have done it considering the available liquidity back then. Unless he'd get those millions from Willy bot, who cares if they're fake ::)

Grade A nutjob here.

He wouldn't have sold more than a few thousand coins at above $600 if he tried. Price would have tanked the instant he began selling. Also, hindsight is 20/20.

Get a clue plz.

This guy understands.

If he suspected how dodgy Mt Gox was there is no way he would have dumped there. Was there anywhere else he could have offloaded that many bitcoins back then?