Bitcoin Forum

If you've been watching Bitstamp, you will notice the sale very periodic. Since its quite consistent, i suspect one of the farms.


Whats your opinion?

It seems that someone is trying to disturb the BTC economy. I have seen such transactions on blockchain too.

Sounds weird indeed.

U.S Gumberment ?  From the seized SR coins?

I thought those 30k coins were already auctioned off to Tim Draper?

The 30k has already been sold, and it definitely wouldn't be dumped on an exchange. The other wallet is one of the largest, everyone will notice if those coins moved.

probably gawminers and their hashlets preparing payouts ::)

does it matter? if you could look at other peoples bank ledgers would you? is there really any reason to be looking at these things and trying to glean value from them?

it might be fun to look at it but there shouldn't be any serious discussion about someone selling 500 bitcoins everyday. so what, thats low amounts of btc compared to daily trades.

It may be from one of those big guys like DELL or Expedia. As these guys need to pay their vendors in USD, they'll dump regularly in bulk and this trend is gonna increase with more mainstream acceptance.

Wasn't me :) But seriously, I guess it's some miners that need to cover the costs of their mining operation. They can't wait for the price to go up again and risk not being able to pay their running expenses. So they dump at least as much coins as they need to pay for the mining operation!

probably Mark Karpeles.

They use a 3th part processor for the Bitcoin payments. They don't keep or directly deal with Bitcoins.

But the dumps might very well come due to Dell's or Expedia's salles. But we will never know for sure.

hahahahahahah


but really sorry to anyone who lost coins to his incompetence

Very likely it is industrial mining.

There about 3600 new  bitcoins created daily by miners. Industrial miners must pay for electricity and constant upgrades. The electric utilities do not accept bitcoin yet, and I would guess same applies for parts required by mining equipment manufacturers who are often industrial miners too. Chinese miners most likely dump bitcoins on a domestic exchange for Yuan. That narrows the field to a European or USA based industrial mine.

I will be briefly speaking on a panel discussion about mining algorithms at the Hashers United Conference in Las Vegas (http://hashersunited.com/) this October. The audience will be miners and those wanting to learn more about cryptocurrency mining. A good question for the folks I meet there is "What percent of your mined coins are sold to pay expenses?".

The best guestimate would be big mining farms. They have to convert BTC to fiat in order to pay for the bills such as electricity, rent, employees etc. And the low price is not working in their favour, that is why they are forced to sell immediately.

This is correct. There are farms that have to hit their bottom line and may have hoarded in the beginning thinking there was going to be a rally. It never came so they are covering their behinds. I know of at least one mining operation that was forced to sell ~8.5k coin around the April 15th date to cover unexpected taxes after the IRS tax clarification came out. Suffice to say, they don't operate in the US anymore.

There are probably many mining companies now that are more worried the price could fall lower and that the market can remain irrational longer than they can remain solvent fiat-wise. It's in these companies best interest to sell now.

That said, there may eventually come a time within the next year when enthusiasts will be the primary miners, and when that happens, we may start to see the rally that some of these later adopters keep hoping is coming. My guess is it'll happen very slowly at first. I've yet to call the bottom, but I'm relatively certain it'll be soon if it wasn't this last dip.

Coinbase or BitPay?

It could be btc gaming websites taking some profits off the table

Combination of bleeding miners and Chinese punters
Guessing wildly here but who knows I might not be too far off

Both. And all corporate mega mining farms, coin IPO (Ethereum and etc etc), bitcoin business IPO.

The selling pressure will continue to build up when more merchants decided to accept bitcoin for payment.

They still are essentially selling the bitcoin they receive as payment. Technically coinbase is selling the bitcoin on their behalf when they receive a payment, but the effect is still the same. I believe that the coinbase price is linked to bitstamp so it could well be a lot of coinbase customers receiving payments from bitcoin paying customers, although this would be speculation.  

Probably some scammer websites selling run-away bitcoin.

i was not joking.