25k btc's are about to be dumped on just bitstamp

[Amph]

some old whale got his btc stolen, and the thief now is dumping

case resolved

But thief should not cash out, since will get caught,  but put them into some anonymous coins and cash out from there. And all anon coins had low  volume last week.

how he get caught? he can use a mobile device for all the operations

anyway i'm not is 100% thief, just guessing

[fewcoins]

Open your eyes to the bigger picture guys... This wasn't a robbery! This insider knows the news that is coming out this week that will make BTC test 200 again soon, he isn't going to watch his account balance go down that big when its already common knowledge

[serenitys]

Maybe....

Boy met girl. Girl fell for boy. Girl and boy move in together. Boy introduces girl to btc. ZOMG WE'RE RICH!


Boy gets too full of himself cocky. Cheats on girl. Girl tosses his shit out in the yard, minus his laptop. Controls funds. Switches bank accounts. Sells bitcoin and cashes out. Millionaire. Fuck his loser ass.

Or...

Boy dies. Relatives sell out his bitcoin stash, divide it amongst survivors.

The end.

 


The bigger issue you should be concerned about isn't who this person was but the ease in which any holder of thousands of bitcoin might decide, for nefarious purposes, to dump it and crash the whole thing, and what it is about the rest of us that is not actually at the mercy of one single large dump of coin onto the market in the millions...

And if the rest of us - i.e. the market - have any ability to prevent it, why can't the same market get its shit together, drop the price down to 50, 100 bucks long enough for a lot of new people to jump on board, then said market sends the price up to the moon...

Otherwise we're all at the mercy of the inexperienced, the psychopathic, or the douchebag....and seriously??

[derpinheimer]

I love how the general opinion of the nutjobs here isnt that an early adopter cashed out a 400k investment for $10m.

Instead, its that he was

• hacked
• a manipulator wanting to buy back cheap (really?)
• a manipulator buying his own coins to entice a rally
• a manipulator who fell asleep and lost all his coins to buyers
• a manipulator buying off exchange for cheap
• an idiot
• and so much more!!! 

And now you know why bitcoin is losing value.

[otto93]

It surprised me how fast they got sold, and how quickly things returned to normal afterwards. I read posts where people considered the possibility of a dump that size was the end of the world. Now it's happened it turns out it was not so bad after all.

[derpinheimer]

It surprised me how fast they got sold, and how quickly things returned to normal afterwards. I read posts where people considered the possibility of a dump that size was the end of the world. Now it's happened it turns out it was not so bad after all.

That is still to be determined. It definitely did not go nearly as badly as it could have, though.

[serenitys]

Has it been determined by the nerdier bitcoin sorts where the bitcoins ended up or whether whoever it was went with their entire stash or just a portion? Just out of curiosity. I'm always impressed you guys can suddenly track down an address and its routes through the chain in 2 seconds.

I'd still like to know how we as the market can be so easily at the mercy of any single person with a few thousand bitcoins. I absolutely agree it would be most likely an early adopter cashing out *some* - maybe he/she got a hella deal on an island Mostly because it makes more sense it'd be someone who bought a gazillion of them for 200 bucks. Is it out of the realm of possibility that  someone jacked coins from one or more sources and went to sell them off?

It doesn't matter much to me who it was or why they did it...I'm more interested in why people are spending so much time speculating on why it went down and when it'll go back up if the real answer at the end of the day boils down to "when the jackass with 50k bitcoins stops dumping them on the market"....

[otto93]

Has it been determined by the nerdier bitcoin sorts where the bitcoins ended up or whether whoever it was went with their entire stash or just a portion? Just out of curiosity. I'm always impressed you guys can suddenly track down an address and its routes through the chain in 2 seconds.

There is a whole thread discussing it, but the best anyone came up with seems to be this.

I followed 38,094 btc upstream, which were moved yesterday evening

Maybe this is the "genius" :
https://blockchain.info/address/159SCycgn8weAy2XGUEhD6V1RTFni7E3iq?filter=1

Might be, or might not be related ...:

38,094 btc https://blockchain.info/de/address/1JX5hS3HyVT3VwnEgvoPLVu6ujPFH7BvrY
<-- 40,304 btc https://blockchain.info/de/address/159SCycgn8weAy2XGUEhD6V1RTFni7E3iq
<-- -- 35,327 btc https://blockchain.info/de/address/19Gt9VKmmyMpMHEv6dkf8ddwmwddoSoJ8w

And that last address 19Gt9VKmmyMpMHEv6dkf8ddwmwddoSoJ8w has been accumulating 900-2000 btc portions between August and October 2012.

Anyone can interprete those quite regular, and similiarly sized transactions (from always 4-6 source addresses) ?

BTW, back then, the price was ~25 times lower than his 300$
http://bitcoincharts.com/charts/mtgoxUSD#rg2zig2-hourzczsg2012-08-21zeg2012-10-07ztgOzm1g10zm2g25

[serenitys]

Damn...I bow.

Thanks

[money420weed]

some old whale got his btc stolen, and the thief now is dumping

case resolved

But thief should not cash out, since will get caught,  but put them into some anonymous coins and cash out from there. And all anon coins had low  volume last week.

how he get caught? he can use a mobile device for all the operations

anyway i'm not is 100% thief, just guessing

I would say that it is almost impossible for someone to get caught with stolen bitcoin via the blockchain as it is simply too easy to use mixers/tumblers that make it difficult/impossible to trace the bitcoin.

On that thought it would be possible that someone was trying to essentially mix their coins via bitstamp as they would sell with one account and buy in small amounts with other accounts and then withdraw to multiple addresses

[Business]

https://i.imgur.com/Y7PFaOp.png

The fact that it even exists, the other exchanges are starting to drop.  How low could 1 trade drop BTC?

lol, that is fun graph

[piramida]

I love how the general opinion of the nutjobs here isnt that an early adopter cashed out a 400k investment for $10m.

Yeah because anyone with a small part of a brain still functioning immediately understands that he'd have sold for 40 million back in December instead if that was his end goal. But of course, when you think everyone is as clueless as yourself, that may seem normal.

[tinof]

The fact that it even exists, the other exchanges are starting to drop.  How low could 1 trade drop BTC?

lol, that is fun graph

Gap like that will usually be filled.

[sed]

Just to clarify, is this all over now?  I'm not a trader so I don't follow the order books but I do keep an eye on bitcoinaverage's price ticker.  I think the lowest I saw was around 200$.

[RoadTrain]

I love how the general opinion of the nutjobs here isnt that an early adopter cashed out a 400k investment for $10m.

Yeah because anyone with a small part of a brain still functioning immediately understands that he'd have sold for 40 million back in December instead if that was his end goal. But of course, when you think everyone is as clueless as yourself, that may seem normal.

Truth is... I doubt he'd have done it considering the available liquidity back then. Unless he'd get those millions from Willy bot, who cares if they're fake

[derpinheimer]

I love how the general opinion of the nutjobs here isnt that an early adopter cashed out a 400k investment for $10m.

Yeah because anyone with a small part of a brain still functioning immediately understands that he'd have sold for 40 million back in December instead if that was his end goal. But of course, when you think everyone is as clueless as yourself, that may seem normal.

Grade A nutjob here.

He wouldn't have sold more than a few thousand coins at above $600 if he tried. Price would have tanked the instant he began selling. Also, hindsight is 20/20.

Get a clue plz.

[derpinheimer]

I love how the general opinion of the nutjobs here isnt that an early adopter cashed out a 400k investment for $10m.

Yeah because anyone with a small part of a brain still functioning immediately understands that he'd have sold for 40 million back in December instead if that was his end goal. But of course, when you think everyone is as clueless as yourself, that may seem normal.

Truth is... I doubt he'd have done it considering the available liquidity back then. Unless he'd get those millions from Willy bot, who cares if they're fake

This guy understands.

[otto93]

If he suspected how dodgy Mt Gox was there is no way he would have dumped there. Was there anywhere else he could have offloaded that many bitcoins back then?