Josh Rossi from bitfinex on the "manipulation" that resulted in the drop to $451. The failed attempt at a long squeeze. "Some people have questioned the validity of margin, and we want to definitively put those baseless claims to rest. This was not the result of margin calls, stop orders, forced liquidations or any other type of leverage. We had approximately 650 bitcoins sold as the result of margin calls, out of a total amount of sales during this time of around 9000 coins. That is roughly 7%. Hardly, the cause of the drop in price."http://www.reddit.com/r/BitcoinMarkets/comments/2dohjg/im_josh_rossi_from_bitfinex_here_to_talk_about/ |
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So bitfinex dropped to $451 yesterday, but 10K btc in bids have filled in since?  Also, I had a couple positions that should have closed at $460 and did not. Not that I'm complaining lol. Strange. |
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11,000 coins to $450
7500 coins to $1000
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Bitfinex said:
“In this particular instance, we had two extremely large, unforced, market sell orders come in one after another. While there were some forced liquidations, it was not the majority of the trading activity around that time. This community should be not be concerned about this particular event.”
“All systems performed nominally and according to design. We were very pleased to see that our hard efforts in improving our risk management technology and process yielded an orderly result.”This explains why the long squeeze and trying to force cascading margin calls didn't work, and only stopped at 451. This also explains why the bfx bidsum is so high, the whale manipulators trying to catch the long squeeze. Buuut it didn't work, so there's that.
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For every sell there is a buy. If you actually think about it, I win when they sell into my bids. It means I got the price I wanted, not the other way around.
I'm not an idiot. If it drops to $10 you could say the same silly argument. The point is that it's not being MAINTAINED at any of the "cheap" points people keep touting. Whether it's $550, $525, or $500. And it'll keep slipping, because to expect ~$1.5million in new capital every single day is preposterous at such an early stage of BTC's life. Trying to maintain the price is how you get beat in this game. You need to spread out your bids, dollar cost average, and hope that your lowest bid is as far as they dump. We can almost guarantee that at some point in the future the price will be higher, so why do I need to prop the price up now, when I can buy coins for even cheaper? I say let them dump, hell, even move your bids down 100 bucks so they get even less fiat for the coins they so desperately want to sell. |
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Bitfinex margin calls FLASH CRASH to $1 in 3... 2... 1...
They have already implemented features to prevent this... sorry Well the flash crash that we just saw yesterday to $450 was just basically that. Yes that was the implementation working. I have many open longs, 2 of which should have closed around 460 and they did not. Therefore a flash crash of closing longs will not happen. The crash to 451 was sells not cascading margins. |
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So cheap yet no one is buying. Makes sense
For every sell there is a buy. If you actually think about it, I win when they sell into my bids. It means I got the price I wanted, not the other way around. |
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Bitfinex margin calls FLASH CRASH to $1 in 3... 2... 1...
They have already implemented features to prevent this... sorry |
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I don't see us moving sideways at these prices. We're going to move up or down soon in a big way, hopefully straight into my bids. Either way I'm ready.
Whenever somebody says this... sideways happens Oh really? Is that why we dropped nearly $50? |
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I don't see us moving sideways at these prices. We're going to move up or down soon in a big way, hopefully straight into my bids. Either way I'm ready.
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it really all depend on how Bitpay process these transaction and on how you set your Bitpay account, usually most merchants needs cash in order to operate normally so they converts 100% of the transaction to fiat, but there is who set their accounts to keep a percentage of any transaction in Bitcoin, so the owner of this estate could cash a small percent and held the rest in Bitcoin ? I really don't know how Bitpay/coinbase process their transactions, it would be interesting to know about that. I have a bitpay account, and yes you can set the % of what you want to keep in BTC and the rest is converted to fiat. The percent you keep in BTC gets sent to an address you specify, you cannot sell them later through bitpay though. I am not sure if Coinbase is the same but I'm not sure why they wouldn't have this feature. |
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Sorry man, I went to bed shortly after this post. but... Take a look at the mining pool chart, all big miners are pools, that pay out individuals, so they would not be able to buy those coins. The biggest private pool mines less the 20% of the coins. That is the biggest chunk
OTC trades for large amounts of clean/virgin coins would be at an hefty premium I guess. Enough for pool owners to trade their virgin coins for cheaper used coins on an exchange. But it was just a guess. Any other idea on who and why is dumping is welcome. Besides the sellers themselves I doubt anyone around here knows exactly why they do it. Get cheaper coins through panic Coin mixing through exchanges Altcoin preminers taking profit Stolen coins constantly being sold GABI trying to achieve a low base T/A whales trying to paint capitulation to start a new bubble Exchanges selling fees and buying some back cheaper Attempt at a long squeeze Whales giving up and taking profits Wall street trying to fuck over traders Dump once a month to buy OTC cheaper Unless you are the dumper, or the exchange operator and can see who is doing what, we will likely never know. The fundamentals haven't changed, so the only thing I know with a strong chance of being true is that they are doing it to profit, not because "bitcoin is dead" |
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ah, big players, whales and other mythical beings.
well, market does not give a fukk about them.
...until they paint the ticker. What if some big player in accumulation mode is buying directly from pools/OTC, maybe with the 'excuse' that is an ETF/institutional investors who wants just 'clean'/virgin coins. They would use an exchange price as reference so the accumulator would have a big incentive to sell some on the exchanges while buying more OTC to buy as low as possible. +1 This is what I have been saying too.  I've thought about this theory for quite a while now. The only thing I can't figure out is how many coins they are buying from miners. The most they can buy from a large mining group that doesn't pay out its individual pool members is under 800 coins a day. So why dump so much to only get 800 coins for such a small discount? There are 3,600 new coins mined every day..... so a accumulator could have multiple buying contracts... therefore theoretically get up to 3600 per day if they were slick about it and were able to accomplish such. Where do you get 800 (which is only 22% of the total BTC mined per day)? . Sorry man, I went to bed shortly after this post. but... Take a look at the mining pool chart, all big miners are pools, that pay out individuals, so they would not be able to buy those coins. The biggest private pool mines less the 20% of the coins. That is the biggest chunk they can buy from one entity. I am a miner and I hoard my coins, so they aren't buying them off market. This goes for 80% of the coins mined |
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Thanks to whoever sold me their coins in the 520s. Your ignorance is appreciated.
I'll happily buy more in the 490s if you are that dumb.
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Even if I bought 10K coins at $0.50 each, I would still feel like I'm wasting opportunities by selling them right now.
But thanks anyways, I'm buying.
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ah, big players, whales and other mythical beings.
well, market does not give a fukk about them.
...until they paint the ticker. What if some big player in accumulation mode is buying directly from pools/OTC, maybe with the 'excuse' that is an ETF/institutional investors who wants just 'clean'/virgin coins. They would use an exchange price as reference so the accumulator would have a big incentive to sell some on the exchanges while buying more OTC to buy as low as possible. +1 This is what I have been saying too. I've thought about this theory for quite a while now. The only thing I can't figure out is how many coins they are buying from miners. The most they can buy from a large mining group that doesn't pay out its individual pool members is under 800 coins a day. So why dump so much to only get 800 coins for such a small discount? |
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Come on bears! Why leave all those coins stacked up to 600 if we are only going down from here? Go ahead and dump those too you pussies. Weak attempt at panic, weak attempt at long squeeze. Do the right thing and be a weak hand and give us all your cheap coins. I mean you obviously don't need them if we are only going down from here.
Wake me up when we are under 500, this is just some dumb money bear having a temper tantrum!
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Long have increased since we went down lmao
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