why dump 12k+ coins into the market at once?

[annette786]

Buyers all around... why dump at least 12,000 coins at market?  Liquidity test?

[1714547174]

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[1714547174]

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[1714547174]

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[lucif]

Just DONT SLEEP

[Chalkbot]

Try to cause a panic.

[mccorvic]

Try to cause a panic.

Yup.

I just hope that when these dumps happen the BTC gets dispersed among many different buyers, reducing the number and size of these dumps in the future.

[Wintermute]

Economically it does not make sense. In general you want to cut big orders into smaller pieces ("iceberg order").

[inbox]

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[Cluster2k]

Maybe bitcoin's value was becoming too high for someone's liking.  Maybe they had to dump quick and grab the cash rather than spending days selling it.

It does highlight the fragility of any rallies.  The frequent cries of 'rocket!' on this forum must be tempered with the fact that the possibility of price reversal of a dollar or more per bitcoin is always seconds away.

[gmiwenht]

[deleted]

[n8rwJeTt8TrrLKPa55eU]

Buyers all around... why dump at least 12,000 coins at market?  Liquidity test?

I have it from good sources that Satoshi impulsivvely decided to get himself a Maserati Quattroporte

Alas, the price drop is likely to be gone by the time most of us can get funds into a buying position during the next 24hs.

[oakpacific]

December 21 is only two weeks away, someone is trying to liquidate all his assets to get enough money to buy an ark ticket.

[fancy_pants]

sequence of events over the last few days was:

1. Halving day (a week ago)
2. Simultaneous DDOS attacks against a few miners tanked the network hash rate while the btc price versus fiat went up. (last few days)
3. bitcoin-exchange news came out. (Today)
4. within a couple of hours of bitcoin-exchange a single person or group of conspirators sold 12K all at once.  (several hours ago)
5. Price tanked during the big trade but quickly rebounded. (now)

I think there are two stories here:

First, someone probably hooked up a botnet to p2pool and tried to mine (way less than 12K)  bitcoin while they took out their competitors.

Then, I think some lady tried to tank the market so that she could get a bigger chunk of bitcoin before anyone else heard the news of bitcoin-exchange becoming a PSP.

Anyone care to speculate on any of this being related to that?

(respect to making a new bitcoin-qt build available for testing. That would be in the timeline but this is the speculation forum)

[mccorvic]

If who ever dumped was hoping to induce panic they clearly failed.  I wonder if they are going to try and buy back their coins at all. If they are....they better do it now.

[oakpacific]

If who ever dumped was hoping to induce panic they clearly failed.  I wonder if they are going to try and buy back their coins at all. If they are....they better do it now.

Such dump is essential to maintain the mid-term growth trend of the bitcoin, if it just goes all the way up, it will crash like a few months ago when we reached 15.40.

[inbox]

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[mccorvic]

The guy dumping want to keep bitcoin stable at $13.37 USD

Oh? Why that specific number? What's so bad about $13.38?

[inbox]

.

[mccorvic]

its not leet,

/facepalm

I shoulda known.

[Dalkore]

Try to cause a panic.

Yep, but the market was waiting and absorbed it without much issue.    That just adds strength.   I didn't even bat an eyelash when I saw it dropping, just a yawn and went on with my day.  I know where we are going, I have studied story and have a great example to pull from.

[kentrolla]

it was a misclick
he meant to put up a 14k bid wall at 12.80 but accidentally was on the sell screen instead of the buy screen

[GeoRW]

because someone else may do it first? there are people with huge amounts of coins - tens of thousands, who got them cheap in the beginning (for as much as 0.1 USD) or mined them by themselves and who can crash the price easily; maybe some of them just needed cash for X-mas presents