Cara Navarre (OP)
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Activity: 14
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August 19, 2012, 05:41:56 AM |
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Once he has sold it down to his preferred price to pay off himself and his investors, he will buy it back up.
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Even in the event that an attacker gains more than 50% of the network's
computational power, only transactions sent by the attacker could be
reversed or double-spent. The network would not be destroyed.
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ruski
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August 19, 2012, 05:44:44 AM |
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Welp, someone just bought a big chunk.
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ruski
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August 19, 2012, 06:11:33 AM |
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Anyway, I disagree. I'd say the price is going down because everyone's head is still spinning from the $15 peak, and as it's the weekend, 50% haven't got deposits and 49% want to wait until monday to see if there is still interest in BTC. It's just been small ordinary sales since the crash, but buy orders have evaporated. We're below two of my large buy-in points now. I'm kicking myself that I missed the peak - I WAS ASLEEP! LET THAT BE A LESSON TO YOU!  - but I'm not stressed yet. Worried yes. Stressed no.  |
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blazing
Jr. Member
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Activity: 46
Merit: 1
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August 19, 2012, 07:15:15 AM |
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So does pirate currently have enough coins to pay everyone back...I don't think so.
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bitcon
Legendary
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Activity: 2212
Merit: 1008
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August 19, 2012, 11:42:48 AM |
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someone got a bunch of free coins.......
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420
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August 19, 2012, 01:51:00 PM |
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do we keep breaking mtgox volume records?
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Donations: 1JVhKjUKSjBd7fPXQJsBs5P3Yphk38AqPr - TIPS
the hacks, the hacks, secure your bits!
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anu
Legendary
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Activity: 1218
Merit: 1001
RepuX - Enterprise Blockchain Protocol
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August 19, 2012, 02:56:21 PM |
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So does pirate currently have enough coins to pay everyone back...I don't think so.
Paying back would miss the point, wouldn't it? |
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evoorhees
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Activity: 1008
Merit: 1021
Democracy is the original 51% attack
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August 19, 2012, 04:11:30 PM |
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Pirate owes people in BTC, not USD, so why would he be selling BTC to pay them back?
If he's selling BTC, then he likely doesn't plan to pay them back... but we have no evidence that these sales are from him (though almost certainly they are caused by speculation surrounding what he's doing).
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Piper67
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August 19, 2012, 04:17:04 PM
Last edit: August 20, 2012, 04:44:32 AM by Maged |
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Pirate owes people in BTC, not USD, so why would he be selling BTC to pay them back?
If he's selling BTC, then he likely doesn't plan to pay them back... but we have no evidence that these sales are from him (though almost certainly they are caused by speculation surrounding what he's doing).
It *COULD* be (though highly unlikely) that he is driving the price of BTC down by an extreme sell, so he can buy back at bottom (thus, buying MANY more Bitcoins that he currently owns) so he can pay what he owes. Crude example: sell 200k coins in the 15-9 range, and with that money buy 300-400k coins in the 6 to 13 range. But that only works if he's also the one buying back. What if I buy them all? Then he's screwed. |
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niko
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August 19, 2012, 04:17:50 PM |
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Pirate owes people in BTC, not USD, so why would he be selling BTC to pay them back?
If he's selling BTC, then he likely doesn't plan to pay them back... but we have no evidence that these sales are from him (though almost certainly they are caused by speculation surrounding what he's doing).
It *COULD* be (though highly unlikely) that he is driving the price of BTC down by an extreme sell, so he can buy back at bottom (thus, buying MANY more Bitcoins that he currently owns) so he can pay what he owes. Crude example: sell 200k coins in the 15-9 range, and with that money buy 300-400k coins in the 6 to 13 range. I thought this was obvious. |
They're there, in their room.
Your mining rig is on fire, yet you're very calm.
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sadpandatech
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August 19, 2012, 04:20:58 PM |
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Pirate owes people in BTC, not USD, so why would he be selling BTC to pay them back?
If he's selling BTC, then he likely doesn't plan to pay them back... but we have no evidence that these sales are from him (though almost certainly they are caused by speculation surrounding what he's doing).
It *COULD* be (though highly unlikely) that he is driving the price of BTC down by an extreme sell, so he can buy back at bottom (thus, buying MANY more Bitcoins that he currently owns) so he can pay what he owes. Crude example: sell 200k coins in the 15-9 range, and with that money buy 300-400k coins in the 6 to 13 range. You know as well as anyone that this plan would fail, and fail hard. I'd give this example person about 50k worth of buyback coins before the market caught the upwind and spiked to where this person would end up with fewer coins than they sold for the $.... |
If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system.
- GA
It is being worked on by smart people. -DamienBlack
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mobodick
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August 19, 2012, 04:32:41 PM |
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Crude example: sell 200k coins in the 15-9 range, and with that money buy 300-400k coins in the 6 to 13 range.
But what guarantees that after he broughtthe price down to 9 the price will magically go down even further to 6 and that buying back @ six will end at 13 (and not 18 or so)? This technique would require inducing a panic as well as preventing a rally. Seems way way off the chart to me. |
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anu
Legendary
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Activity: 1218
Merit: 1001
RepuX - Enterprise Blockchain Protocol
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August 19, 2012, 04:34:59 PM |
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It *COULD* be (though highly unlikely) that he is driving the price of BTC down by an extreme sell, so he can buy back at bottom (thus, buying MANY more Bitcoins that he currently owns) so he can pay what he owes.
Crude example: sell 200k coins in the 15-9 range, and with that money buy 300-400k coins in the 6 to 13 range.
That then failed. Look at the liquidity on the ask side. Buying BTC10,000 will drive the price to almost $11. |
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damnek
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August 19, 2012, 04:39:26 PM |
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My take is that he was dampening the price with his ask walls while it was going up from $5-15. He's a big player so he can pretty much control the whole ask side and he can see how many remaining asks there are. He then timed his announcement perfectly before the weekend which ignited a big sell-off. He's just catching the knife now and buys back bitcoins at a huge discount. He can repeat this trick after he pays back the coins on monday, again catching all the dumps that people will make.
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