Bitcoin Forum

We have seen the price crash abruptly after the SEC rejected the Winklevoss ETF. But within a day after the announcement the price rebounded strongly to almost where it had been before. Now for the second day in a row Bitcoin is making lower lows but it is still very resilient and rebounds powerfully. So it looks like someone is pouring plenty of bitcoins into the market in a (likely) desperate attempt to ignite a severe panic sell-off (say, down to 700 dollars per coin). Could that be the twins themselves? They should feel pretty frustrated now and thus may decide to revenge blindly

And strike back by dumping their coins while the iron is hot

The cause probably of the price deflation was not the Winklevoss twins. They will not dump their huge amount of bitcoins just because of that rather they maybe are thinking of other ways to get back to the game. But we cannot deny the fact that the news on ETF has attracted many individuals to invest in bitcoins and thus a huge rise was seen on the market but after the disapproval of the SEC those who bought bitcoin due to ETF reason only had probably panicked and sell their bitcoins.

If you are one of them why would you even dump it in the first place? Be it success or failure, there are many more ways and countries to achieve what they want, even more mainstream investors for cryptos in general. If they really dump btcs because of one small rejection, it would rather proof that the rejection is a good thing as they merely want to make a quick flip and are not serious about what they say.

Bitcoin prices have never been stabled until recently, there are many factors attributing to the small decrease in pricing these two days which may continue for a week or two, however, the winklevoss etf rejection is pretty much a non factor imo

They might not be selling all their bitcoins since they remain businessmen in the first place, no matter what. But now when there are no more delusions about further decisions regarding Bitcoin funds and similar attempts, they might just take an opportunity to book some profits while the price is still high enough (that would be a rational choice, anyway). On the other hand, I don't agree that the expectations of this ETF approval had attracted folks to Bitcoin (at least, in any significant numbers) since it was pretty evident to any sane person that the chances of approval were pretty dim

If it is not them, then who is massively selling off?

The price decrease is not caused by the ETF rejection or the Winklevoss twins.
It is caused by this new BTU project,i quess.
People are in panic by "bitcoin unlimited" and that`s why they are selling btc right now.

There is a general plan by the exchanges to consider bitcoin unlimited as a alternate currency so i think there should not be any panic and investors will have a general problem understanding the real issue here and so is the reason they are selling .
The winklevoss twins just got rejected by the SEC and that does not make them want to sell off their coins and show that it can be manipulated by a single entity and that is one of the issues SEC will be looking at if they have to approve this it has to be fool proof and manipulation should be shelved and termed illegal.

Why should they in panic about that?

Maybe they are in panic about the growth of fees, but not for either "Bitcoin Unlimited" or "SegWit" - they are both (short term) solutions for the congestion of the network, both with pros and negs. But I don't think the negs of either of them would panic anybody. The time to reach a solution (either or both of them) is more likely to be a thing to panic for.

no,  i think bitcoin down price not about Winklevoss selling bitcoin balance
i think Winklevoss someday can create proposal again to ETF and SEC
about SEC rejected not new issue
bitcoin down much reason and much speculation, i think the big news about bitcoin unlimited issue

I don't think any large entity is doing anything bad in an attempt to lower the Bitcoin price, so neither option is valid.

A lot of people put their stakes pretty high on the ETF getting approved and hugely rose the price expecting it to get improved, so I was very surprised how small the drop actually was directly after it.  It really didn't matter, and it matters even less now.

What matters now is the predicted/potential hard fork which would lower the price quite a lot in the short term.

I think no, they must be selling bitcoin long time ago, basiccally they are long time investors in bitcoin,
also they are part of comunity bitcoin, they try making bitcoin become more famous and better,
bitcoin's price going down doesn't mean they sell bitcoin but bitcoin is just fluctuation.

But we witness exactly that right now

I mean the practical proofs that Bitcoin is likely manipulated by a single entity and that seems to be the primary reason behind the ETF rejection. I don't say that this single entity are the twins themselves, but in this situation it doesn't really make any difference to them already. Their ETF application has been rejected by now, and they have basically nothing to lose if they take an opportunity to fix profits and sell off massively. If not them, then someone else will and exactly that he does straight away. So it is all six of one and half a dozen of the other to them, anyway you look at it

I can't still made up my mind as to who is really dumping bitcoin for now. Because if the twins is doing it, why not just now? Why not after a day or two after the ETF has been rejected? It's seems that other entity or entities, besides the Winklevoss twins are trying to manipulate it? I initially thought that the price will be stable after the ETF and its a non-factor for the price of bitcoin. But currently, this is not the case. Whether entity or entities behind is doing it or other factors like the BU issue is causing a lot of investors to dump bitcoin right now.

i can't choose neither of your poll options!
- Winkelvoss twins surely aren't going to sell their coins just because their ETF was rejected. because (for the millionth time) bitcoin is still bitcoin and it is rising and it is still a good investment.
besides they are not idiots to "dump" their coins, if we assume they want to sell they will do it without letting you and i know. the same way they bought it when price was low and you and i didn't find out about it.

- there is nothing nasty going on. it is the usual shit :)
FUD about fork and all that drama caused a panic and led to the drop: shaking out weak hands.

Apart from the Winklevoss themselves, the current price correction has apparently nothing to do with the ETF rejection

Nevertheless, if the current price drop is somehow linked to the twins (read they are behind the drop), the choice of time doesn't seem to be very important as such. Maybe, initially, when they first learned about the rejection of their application, they just couldn't accept their failure (though this is unlikely) or just have been waiting to see where the price goes after the SEC announcement as well as letting some time pass before starting sell-offs (so that the price wouldn't crash too quickly too early)


So you are basically claiming that the FUD doesn't count as something nasty. Did I get you correct?

nah, its normal or maybe i am used to it ;)

and if you can figure out that it was in fact FUD then you can easily take advantage of it to make profit.

We can't say who exactly is selling bitcoins. It would make sense for the Winklevoss twins to book some partial profits and also for the traders and even investors because bitcoin has rallied well from $700 to about $1300 levels. With ETF being rejected and news of bitcoin unlimited, what better time can someone get for booking profits?

I believe this is more likely because of small players getting scared and selling of some of their coins. I don't even understand the forking and it worries me, much more other people who have been into bitcoin far longer and have more to lose. Either that or whales, so much players in the game. True, it is possible that the twins sold of some of their coins to make a profit but I don't believe they have that much to cause a huge change in price even if they sell all of it.

the twins were long terms dudes, they are not selling because bitcoin was just being dumped, they made a huge investment at these level too, they would lose money by selling, and they know bitcoin will recover quickly like it did many times, and last i check they are not pro BU so why they should care about it? what is happening now i think is weak hands panicking and buying altcoin

Why would they want to hold their bitcoins?

What does it give them in terms of profits? With the ETF approved, they could slowly but surely sell their coins to dumb investors without affecting price much (actually, on its way up). The coins which they hold now don't bring them profits (unless they sell them now and then), the brothers have basically frozen their capital in Bitcoin. Now that the ETF option seems to be gone for good, it makes no particular sense to keep these coins, especially when the prices are (were) so lucrative and sexy

http://s56.radikal.ru/i154/1703/24/f4f035f9582f.jpg

What if they know something which we don't?

That could be the very reason why the drop in price of nearly $150 in just the last 7 hours of bitcoin exchanges.
That is an insane amount if you think about it and it can only be a heavy vetted whale who can do that all in one shot.
I think they vented out their frustration of one week ago when their attempt at a ETF hedge fund got denied so they are acting like the spoiled brats that they are in selling off alot of their holdings in bitcoin.
Just to spite us all for their failures in claiming facebook for their own and now in bitcoin. ::)

This assumption is not only faulty but wrong in its enitirety in my opinion, because there is no evidence to show that the twins are dumping their coins as this is not the first time that the price of bitcoin will drop and the twins didn't drop as at the time so I don't think its now ok to trace the fall to them and how do we even know if they have enough to cause a change in the direction of the price of bitcoin.

The absence of proof is not proof of absence

Indeed, it is not the first time when the price crashed. It is not even the most severe crash that we have seen as of lately (at least, so far). Say, earlier this year the price had crashed to 750 dollars per coin, and we have another 200 dollars to go yet (though we started not so high back then). But this time is not that time. Should I tell you that this drop happened a week after the Winklevoss ETF had been rejected? You will have to reconcile this fact somehow with your claim if you don't want to sound like a criticaster (note that I don't tell you that you are, for the benefit of doubt). As to me, they have more than enough reason to dump their coins right now (at least, some part of their stash). As I said above (and repeat again), Bitcoin is now no more than a boat anchor to them

I highly doubt it. Their clients are relying on them to have bitcoins in the future so they couldn't just sell everything off. That and I think you're overestimating how many bitcoins they really have lol.

Meh.  Could be, but how are we ever going to know such a thing?  And they always seemed way too enthusiastic about bitcoin to dump their holdings--but I could be wrong.

Whatever it is, we definitely got pooped on hard in the past couple of days.  And man, if I had dough, I'd be buying.

What is your evidence?

I mean that they have "clients" which are somehow relying on the twins. Basically, there are two aspects which you may want to specify and clarify. First, you should provide evidence that they do actually have these clients and that the latter are involved in Bitcoin (i.e. not just some abstract folks whose money the Winklevoss might be theoretically managing). And then comes the most important aspect, i.e. you have to somehow substantiate your implicit assumption that they can't really sell bitcoins (their own or those of their clients). The latter point seems to be most doubtful

There is a chance that they may be doing profit booking now. If I am not wrong about it, they purchased the coins in mid-2013, when the exchange rate was around $100 per coin. But even if that is the case, I don't think that they will sell more than 20% to 25% of their holdings.

I do not think it was Winklevoss brothers. They are so many people earning a living on bitcoin/altcoin trading. With the potential positive news turned soured, I guess many of them were just trying to cash out to secure the earning built before the announcement of the ETF.