“We’re the backbone of the entire Bitcoin industry,” says Kodrič, 25, who’s wearing a black t-shirt with “Zero Excuses” in fluorescent green capital letters. “The wallet services, ATM machines, mining companies all rely on us. The price of Bitcoin is the de facto price on Bitstamp. We’re the to-go exchange.”

Oh, the hubris!  Can't wait for solid U.S.-based exchanges to knock 'em down a notch or two.

Good that they're visible though, makes it easier to find them.   

I'll just leave this here:

http://www.bloomberg.com/video/u-s-to-auction-17-4m-worth-of-seized-bitcoin-5ib0r6DrRNGXRQ4RCsty0A.html

The most honest answer, spoken unlike the rest of the posters on this subforum who seem to think that they have it all figured out.  

Quick, someone reach for the pile and pull out some bs TA chart!  Because lines, graphs!  And more lines!

His point was, no one is buying up bitcoins like crazy because of this rumor.  Hell, no one is buying up bitcoins like crazy over any good news right now, and they haven't been for months.  So no, he's not delusional.

Notice that no one has even tried to give answers to your direct questions, except "blah blah blah thinly traded market blah blah blah market forces blah blah blah waiting on auction results blah blah blah."  It's because no one really has a fkn clue what is going on, and they just need some event horizon to point to and say definitively "That there is the reason that this market is confused!  I'm right, and everyone else is wrong!"

Here's a more plausible explanation of the past several weeks:

This silly immature Bitcoin market is still 80-90% dominated by pimply-faced teenagers and know-it-all nerdy 20-somethings, and all the teenagers/20-somethings went on summer break and forgot all about bitcoin.  They stopped buying bitcoins, and only really care about buying more bitcoins when bitcoin is going up. If it's not going up or rallying, they really don't care to have their money locked up in anything.  They also sold their bitcoins because a) bitcoin price is not doing anything right now, b) they can't day trade not enough volatility, and c) because they need their $100 for summer vacation to go party with.  So the few whales left in the summer market are taking full advantage of the lack of buyers, and selling the market down lower.  These whales will use any FUD they can drum up (including this stupid SR auction, the latest stupid FUD) to drive the price lower, and without the teenagers/20-somethings buying more coins during the summer months, the price will fall lower.  Nothing will change until fall, when the teenagers/20-somethings come back from summer break and start buying bitcoins again.

Now do I really believe everything I just wrote?  Maybe. Partially. Not totally.
But is it just as plausible an explanation as any of the other 1000 made up explanations for the market confusion presented on this sub forum?  Without a doubt, yes.

And that there is the whole point: no one has a clue, and everyone is just talking out of their ass.

 

I see fake sell walls everywhere.  Now all we need is some strong buying to blow them away.

Notice how the trolls always put every new thread post in the form of some inane question.

Like "Golly jeez paeple, if x happens, do you think that the price will crash to -$3000?  Whatcha think, da herping derp durr herp?"

Agreed.  Also, people have to remember that up until Nov-Dec 2012, his stash was still only worth ~$3480 in total (given ~$10/btc).  At that moment in time, that's not a life changing amount of money.  And it took 4 years for his stash to be worth up to even that much.  He probably sold hundreds or thousands more in that first 2-3 year time frame.  So no, this is not even surprising.

Couple this with the fact that most low net worth young people have the patience of a gnat (they think in only days/months, not years), and it doesn't surprise me at all that hundreds and thousands of coins were pissed away on trivial crap for years up until bitcoin started to really be worth a lot in 2013.

I worked in Finance and Banking, on transaction systems that ran hundreds of millions of dollars worth of transactions per day.  Bitcoin hasn't even reached transaction throughput parity yet with just ONE of the client systems I worked on.

Straw man much?

You mean that there was bad news that just happens to coincide with other bad news on the exact same day?  That's so strange, but yet so perfectly natural!  Fabricated FUD never follows that pattern. /s

Here's the really stupid thing.  The SR auction is about BITCOINS, and bitcoins only.  Yet altcoins like Litecoin and other alts are being forced down by the whales too, causing people to panic for their beloved alts as well.  Even Dogecoin is being sold off, which has absolutely nothing to do with the SR auction.

This is why I referred to the community as pathetic.  My choice of adjective remains, until I observe otherwise.  I guess I'll be waiting a decade or more.  

So you haven't a clue really.  Got it.

No, it's a good time to panic sell!  PANIC SELL ALL DE COINS NAOW!

Also, notice how the whales managed to 'unlight' the green candle on the 1W MACD on Stamp.  Nope, no manipulation going on here.  Not a bit.

As a former software developer, I "maintained" about 8 software programs and several systems on about 4 hrs work per day.  Some days I didn't touch any of them at all.  

These people have just one application to maintain.

What else you got?

Before you try to swindle anyone else out of their money, please answer the fkn question:

This is the most pitiful attempt at trolling I've seen yet.  Man, the substantial FUD must be getting pretty thin these days.

TROLL HARDER!

Quick, do the 51% attack FUD thing! (it was a week ago, maybe they forgot about it already, hur hur)
Or how about the China bans bitcoin again thing!
No, how about Bitstamp is insolvent thing!  Yeah, that's it!
Wait, how about the SR Coin buyers will dump the next day FUD!  Maybe even same day, if they still have time after the auction closes!


Also, if core bitcoin development really has ground to a halt, then these people continue to get paid because.... ?

And with a supposedly closed door auction, how are you going to even know what the selling price is exactly?

I love how only the bear traders on this forum love to defend panic selling, as if it is the most wonderful thing evar.  Sorry bear traders, not enough price crashes going on for you to make your $100 for the week?

I guess it's too much to ask for bitcoin owners to have some sense, huh?  Maybe 3-5 years from now, we can have the same +/- 20% swings even when the price is at $50K/btc?  Actually I wouldn't doubt we will, as fabricated FUD will work just as well on the market sheep participants then as it does now.  Yeah that'd be so wonderful.  That way it'd scare away pretty much everyone who tries to seriously use it as a stable currency or a store of value, and the grand experiment would at that point be proven to be a complete failure.

Yes, but don't you realize that extending IOUs is exactly how the current, broken fractional reserve banking system works?  And is pretty much why Mt Gox. went bankrupt?

Yep, the day the Expedia news came out, the price was at $630.  Price didn't budge at all.  Then the very next day, wham!  A fkn FUD storm about threats of 51% attack (again, every 4-6 months, for years now... ad nauseum), +Stamp FUD, + China FUD, +Bitfinex FUD, all on the same day.  And then a bunch of panic selling ensues all the way down to $530, for no good reason at all.  And you know what?  No one even remembers that now, or if those stupid fears were even warranted.  Here's a hint:  they weren't.

The bitcoin community is, and will continue to be, pathetic, until it puts on its big boy pants and grows the hell up.  Stop panic selling over nothing.  Otherwise, the bitcoin world hasn't even seen yet what the governments of the world can cook up in regard to media-created FUD, until they feel the need to.