Mike creating a buy chance for himself...

[spazzdla]

Crypt claims bankruptcy and he goes on about how BTC is dead.. a little to coincidental for my liking.   Seems to me like he was waiting for some bad news to announce the "failure" of BTC so he could attempt to buy today and sell in a week..

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[Amph]

it make sense, weak hands are so easily manipulated it's not even funny, i'm sure he is already buying again more than what he had before

roughly the same amount of money are being dumped right now as it was with the bitstamp hack, so i'm expecting the same amount of tiem for a recover

[AliceWonderMiscreations]

Crypt claims bankruptcy and he goes on about how BTC is dead.. a little to coincidental for my liking.   Seems to me like he was waiting for some bad news to announce the "failure" of BTC so he could attempt to buy today and sell in a week..

I don't think he waited for bad news. I think he just has sour grapes because his idea isn't the solution to the problem that the rest of bitcoin developers are adopting.

As far as an attempt to intentionally cause a drop in price so he can buy more, I doubt it. Not impossible, but I doubt that was his motive. I think he is arrogant, but I don't think he is a crook.

[RodeoX]

It's worth mentioning that all Mike did is talk. It is speculators who decide the price.  

[target]

seem like a real good plan. they'll probably wait more than a week hoping the price may go way below before buying.
He already laid the 3 options on their blog and bankruptcy wins! Congrats Cryptsy for a job well done.

[Denker]

I give that idea a 50:50 chance.
It could be the case that he really just waited for an opportunity to give his statement in the right moment, therefore using the uncertainty in the market as an opportunity to get even more coins.
But on the other hand he also often acts so emotinal that I would also believe that he could be dumb enough to really sell all his coins because he is done with Bitcoin.In the end we will never know and to be honest I don't really care.

[quadriple7]

Crypt claims bankruptcy and he goes on about how BTC is dead.. a little to coincidental for my liking.   Seems to me like he was waiting for some bad news to announce the "failure" of BTC so he could attempt to buy today and sell in a week..

of course he told all that dumb things just to make price of bitcoin smaller, so he could buy bitcoins himself for tiny price

and he just killed his reputation now only, people won't trust him anymore now, i think that he will regret this now

[7Priest7]

It's worth mentioning that all Mike did is talk. It is speculators who decide the price. 

but they decided price according to mike's speech, and we all know what he said, so price fell very low and very fast

and of course he created perfect chance for him, he lost his reputation but he won some more money for him for sure

[JavaLove]

Well he was a trusted, excuse me very very very highly regarded, Bitcoin community member. He was saying, just about six months ago, how Bitcoin is going "to the moon" and the economy is strong.

That statement was true. But then he decided, as he had so much power, to attempt and lower the price. He knows that there is nothing that he could say, nothing anyone could ever say that would permanently damage the currency.

What he did know was that while Bitcoin has a lot of intelligent users, there are also a lot of naive, younger users who aren't sure about investing and think a small loss is a reason to sell.

It's because Bitcoin isn't exactly like the stock market -- or a stock on the market. While you get a share of the currency when you buy, it's much more volatile, less rigged and is easily accessible compared to say a stock.

Not to say it's hard to buy any stocks, however, most 20 - 30 year old, enthusiastic people will find it easier to just log onto an exchange one day and be able to buy so quickly.

So Mike knew that if he was a strong highly regarded person he could spew utter nonsense and get all these younger holders to sell, thus causing a slight fall in the price. I am sure he was hoping for a much larger drop, but also I am sure he bought a lot.

Think, we dropped about $100 to 310. Now, we're at about 410, a 100 profit on each btc bought.

So if he had bought ten btcs, for 3100, then he'd make a quick $1000 profit. Of course, we know he bought more than that. He's probably waiting for halving and will then sell.

Of course, no reason to be mad at him. He's just doing what is easiest to make money. We all think he's an ass, sure. But the price will recover and when he sells it will just encourage the community to grow. When you have a currency like Bitcoin, all volatile, shit happens. Most important thing to remember is: even if you bought at $1000 (which would be stupid, of course) you never sell unless those funds are needed now and no other way to get money. Otherwise, just wait.

[maokoto]

The price in fact lowered a lot, which was at the same time of cryptsy fall more or less. And then went up too. Probably Mike bought some as you say...

But many of us also did it (buying) when it was low right?

[JavaLove]

The price in fact lowered a lot, which was at the same time of cryptsy fall more or less. And then went up too. Probably Mike bought some as you say...

But many of us also did it (buying) when it was low right?

A lot of people, myself included, are kind of thankful for Mike Hearn.

We knew all along he was lying and knew that the Bitcoin economy is stronger than ever, especially with halving coming along.

He created an opportunity for smart investors to put some money into it to get a nice return.

Of course he's still an ass, but thanks to him I've already earned a fairly large profit.

[pooya87]

nah i don't think he did this to buy more bitcoin. besides the price didn't go that low to make super profit.

on the other hand the timing was around the same time ETH was starting up to get pumped and a lot of people used bitcoin dead FUD as a clue to buy ETH which helped the pump a lot, that looks like a dirty plan to me.

[Denker]

nah i don't think he did this to buy more bitcoin. besides the price didn't go that low to make super profit.

on the other hand the timing was around the same time ETH was starting up to get pumped and a lot of people used bitcoin dead FUD as a clue to buy ETH which helped the pump a lot, that looks like a dirty plan to me.

Well Hearn's rage quit and NYT article took place 14th of january and other mainstream medias picked that story the following days.
Eth started to move up indeed around the same time with a first small increase from 0,0026 to 0,0069 the next 2 weeks.
After that we know how crazy it got pumped until today.
So yeah there could be some connection.Furthermore don't forget all the FUD during that time from the inside as well.
Could indeed all be a very well coordinated attack. But we don't know for sure and can not prove.But it smells fishy this true.

[blunderer]

> guy says Bitcoin is a failure.
> Price tanks.

Antifragile!

[richardsNY]

It's all about making profit. Money moves mountains. If people as Mike Hearn think they can earn a lot money with Bitcoin by slandering it heavily, then they will surely do so.