Bitcoin Forum

Looks like whoever is in control of MtGox's coins (is it still Karpeles? anyway) is selling, most likely creditors will get their money back finally and the MtGox saga will finally come to an end, which means all these coins will be in the hands of different people.

There is also the coincidence of the Binance hack which coupled with the Gox sale, has made a lot of noobs panic sell.

The sale has been happening since December and we still managed to go 20k, which means that after we get this weight out ouf shoulders we will be at 20k+ easily because the bull pressure is too big.

Hold and buy every dip as possible.

Karpeles has no control over the coins, and the Trustee sold months ago. Please read this thread:
https://www.reddit.com/r/mtgoxinsolvency/comments/82m0dl/mtgox_trustee_has_sold_some_btc_and_bch/

Now I take it we can conclude that the weight is gone and that we should be heading towards 20k right about now? I have been watching Bitcoin slowly take over market share the last couple of weeks and it is akin to what happened prior to 2017 was up. Don't know if Bitcoin and alts will make a run, but it sure does look this way right now.

Binance wasn't hacked, that's just FUD going around on social media. Trading Bots on Binance went rogue and altcoins were sold for BTC, then the BTC were sold for VIA, the only users compromised were the ones with API keys so most likely their bots were compromised.

still an extremely concerning event underlining security vulnerabilities on Binance yet again.

Binance is the most popular crypto exchange in the world now and under regular attack by hackers. This is the 2nd time within a month their defenses have proven insufficient...

They need to improve big time, and compensate the customers.

Not sure about the Binance hack (or rumored hack?). But it seems the SEC announcement that exchanges must register with it is the catalyst behind the sudden 10% crash today. Hopefully the panic sellers are done (as bitcoin has remained stable around $9600 - $9800 after that initial panic sell a few hours ago). Not sure if this will depress the price on a longer term scale or if things will head back up 10% in the next day or two. Still seems like slow rocky recovery is on its way since the bottom of the market a month ago, this is just another bump along the way.

I'm sure it'll probably be a few months though until BTC returns back to ATH and another boom is initiated. Maybe summer bull run?

The market looks way more stable now than in December-January after such a big dump.
I think that there's enough confidence and the amounts will get absorbed easily.


Are you certain that this is Gox money? Since I have a feeling that from time to time somebody really big (a central bank???!!) is playing too with the market. And it's playing dirty.

Edit: I've read from more sources and it looks that's indeed the Gox money. I was expecting from those to know how to finetune the dumps to not cause such holes :)

I wanna know why these exchanges can't keep from getting hacked all the time. You'd think with all the money coming in from trading fees they could easily hire top notch security people and implement a strong security strategy. I mean security should be THE NUMBER ONE concern for any exchange. I know anything is essentially hackable but the quantity of hacks on crypto exchanges just smacks of poor planning on the part of the exchange operators industry-wide.

and this is how you easily make money, while others go on with panic selling smart investors should be thinking of buying the cheap btc and buy tokens from good ICOs and once the recovery process starts, profit should be realized almost immediately without waiting for prices to hit the exchange with a ten times growth.

The SEC has no authority over exchanges outside the US and it was known for months that they want their local exchanges to report to them and will push further to obtain the identities of traders. Didn't you read anything about the whole Coinbase lawsuit? People who were dealing with US exchanges that report to SEC were aware of the fact that their data can be released at some point, it's nothing new!

According to Coindesk (https://www.coindesk.com › Asia-Pacific), those coins were sold over "the past few months." Maybe the market was looking for an excuse to sell off, but it's a weird catalyst since those coins aren't really new supply. They were already sold.


Yeah, that selloff when the Binance news broke was classic panic selling action. It's not too often that we see sustained selling like that in such a short period of time. That was a $1,300 2-hour candle. Impressive.


Most exchanges have similarly insecure API token mechanisms that should be improved, but this absolutely isn't just Binance.

Bot trading accounts should never be used to store life-changing funds (especially because occasional bot fuck-ups can wipe you out anyway). And nobody should be allowing API access to third party sites like Coinigy. It's just insecure.

Don't expect compensation. This is why most sites post warnings when you go to generate API keys.

I think it's based on luck, sometimes panic selling is good when the price keep going down like last a couple month ago.

How do you reason that a lot of todays dump is mt. gox coins? I think that they are probably just binance coins from the large amount of bitcoin that was received from selling/buying via at a largely inflated rate.

well to Binance's credit at least they are reversing the erroneous trades that caused the incredible pump on VIA, so that's definitely an impressive step in the right direction.

If when the exchange is even partially responsible they can take the higher ground of compensating the customer in a fair way, I can almost guarantee that crypto exchanges will eventually overtake fiat exchanges, so such measures will be in the spirit of further protecting the individual against institutions.

What I like about Binance and their CEO is they have been honorable enough to confirm their prior measures were not wholly effective, and they are taking the steps to further improve their systems.

i love this kind of panic selling because it usually causes a "too far too fast" snap-back, like a rubber band. basically, bears blow their wad trying to push new lows. high volume ensues (sellers meet buyers).

40K btc dumped on finex and no new lows? that means lots of new shorts to squeeze. the range is still tight enough that this could provide the fuel we need to re-test late december price levels---$13K to $17K. fingers crossed for a nice wick on the daily!!

Apparently no funds have actually been lost on Binance, or at least that's what they claim.

There is absoultely no point in selling below $10k just because these events happened because these things do happen periodically and you just don't act irrationally just because some Mt Gox or Binance news.

Whatever is causing this current dump, at the end of the day it's mostly panic I think.

All I see here is a dip below $10k signalling a buy with a return to norm as soon as this wave of bad media coverage passes, with price recovering to $12k+.

to be honest I don't think we can call this a "panic sell" anymore because price is still between the same two price levels that it has been all this time after the massive initial real "panic sell" to the bottom. and the lowest that price went was $9400ish which has been the bottom for the past (nearly) 1 month.

if price dropped to $8k range then you could have called it a panic sell. so far I call this the same as before and the reason is because price couldn't break $12k resistance so everyone cashed out to get ready for it again.

Well this certainly wasn't a crash. I don't think of panic selling as equivalent to crashing or capitulation. Panic selling can occur on any time frame. Price moving 12% in less than 2 hours?  I'd say that qualifies:


But yeah, we are still ranging, thankfully. Here are my thoughts on how this might actually be a bullish consolidation (https://bitcointalk.org/index.php?topic=2853704.msg31832501#msg31832501).

One thing about triangles is that the pivots tend to be very sharp reactions. Bulls really need to take control here intraday to make that happen.

I think it wasn't that good as its basically loss of trust just hit the markets, furthermore it only fills the pockets of greedy people which makes markets more unstable. I am not that optimistic about it.

The trustee has been selling in batches, not "months ago":

https://cdn.pbrd.co/images/HaXpG8j.jpg

As you see, the last sale was very recently, and it was the biggest one at 6k.

Apparently he has to sell to pay the creditors, THEN the remaining coins will go back to Karpeles, or that is my understanding, which is pretty shocking, since we will be at the mercy of this fat ass selling or not. I hope he isn't dumb enough to crash the market.

Nope - he still has another 160,000 coins to sell. He's only sold a fraction so far. If he keeps dumping them on exchanges, the price might go to $1000.

He can't dump the coins in the bin. Someone's buying them. So there is a stable demand. The price of course will fall but it is quickly restored after the reset. I like that the coins will be distributed to different users. This will make the price more stable and predictable. Whales is always trouble for the users of cryptocurrencies.

If the whales arent buying it.

The first sale was in December, the last sale was over a month ago, so "months ago" applies. The MtGox sales had nothing to do with yesterday's dumps.
And I strongly complained about the last sale, I believe he panic sold like a n00b, close to the bottom.
On the 5th February I posted in this forum that a bottom is close, and I bought on the 6th at 6,277$, while the Trustee made a 50 million $ mistake.
The remaining coins might go back to Karpeles, whose recent posts on reddit are bearish, but only if Civil Rehabilitation will be rejected by the Court.

If there's a stable demand then the price will fall. The only way the price won't fall is if there is a surplus of demand at that price over supply.

It's not been that quickly restored and these have only been a fraction of the coins, let's hope that the rest don't get sold or there's some sense seen and they're auctioned privately.

Whales are no more trouble than many individuals if they act rationally. 100 people dumping 100 bitcoin each is the same as 1 guy dumping 10k bitcoins.

So right now there's no demand on bitcoin so the price gradually drop and the people who panic sell their bitcoin helps the price go down and that's the problem. I think it will still continue for more months so expect the unexpected. But I'm still hoping for bitcoin to rise again, surpass these problems and go back to its normal system.

Exactly, we all should buy more and hold. Whatever issues or ups and downs that we might be passing through now in cryptocurrency is actually a phase that we all will pass through and its just a matter of time. It may not even be the demand flow that is causing the instability in the price of bitcoin probably an internal manipulation that is yet on unknown. Even if Karpeles continue to sell off, bitcoin price will pump soon.

Everyone have his own idea and the way of work some people they are fast in selling and some of them they want to wait for a long time to get extra profit as far as I know about bitcoin if we wait for a small time or for a long time but still its price is high but if someone want to get extra money then he have to wait for some time.

I didn’t realize that the Mt. Gox coins are now going back into the market. Anytime a bunch of coins flood the market to increase supply, demand obviously drops temporarily.

I hope that Satoshi doesn’t sell his stash of coins because that will crash the price much worse than this. The only thing good out of the current sale is that buyers can get cheaper coins at least for a little while.

Many people are doing panic selling because it is the quickest way to solve any matter when having no choice. Especially those people who have short term patience when ithey think the price is satisfying. It is good somehow because through panic selling you can easily have your money and you are worry free. At the same time when you eventually get a higher selling price then possibly you can get higher profit too. That's why it is good.

It seems clear that even with the recent dick move made by this noob agent, we still have the power to absorb all the heavy selling pressure from just a single noob. This could have been prevented if the said person have listened to the advice of the Kraken CEO: auction the coins or never sell at all. They need to pay the creditors, that's understandable, but if you're given options to liquidate without crashing something, why wouldn't go that route? Anyway, what pisses me of is that there's a possibility that this fat otaku Karpeles would likely benefit in the end of all this, and given his current posts,he might continue to just sell the coins in an exchange anyway.

There's never 'no demand' there's just a surplus of people willing to sell over people willing to buy and for that reason the price falls.

The point that I was making is that if there's a huge influx of supply (from him selling the coin) there needs to be an equal increase in demand at that price for the value to remain unchanged. If there's a perfect equilibrium and then supply increases the price will go down.

Even the binance official Twitter handle have also claimed the same that the situation was not a hack and it was just due to the compromise of the accounts and the accounts that were compromised were used to buy VIA and were unable to withdraw from the exchange, so there isn't any problem of a hack on the exchange and everything's fine.
Let the weak hands sell in the fud and we must keep our hands strong and don't short out bitcoins from portfolio, instead we can buy a few more bitcoins in this situation as they are coming cheap.

And i didn't think the issue with binance had a lot to do with the dump nope. Binance is still well trusted and was prompt to release statements about what happened which eventually, as you've stated, wasn't really.a hack. A massive btc selloff more likely initiated a panic attack for weakies when they saw the price drop. It's good for seasoned traders since its always a good time to buy during btc sale.