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Author Topic: Selloff!  (Read 8686 times)
swusc2
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June 08, 2011, 09:52:22 PM
 #81

The "wealthiest" account on Bitcoin holds 297,000 bitcoins... At a $30 valuation it is worth $8.9 million! Is it safe to assume that it belongs to the creator of Bitcoin? Quite a smart guy I must say. His/her wealth may even be spread across many accounts... It's quite disturbing that one person holds at least 5% of Bitcoins wealth.

Could a small sell-off from such a wealthy individual cause this much volatility?

Instantaneous sell off cant occur since MtGox has a exchange limit of $1000 USD. But yes if he were to transfer in $1000 worth of Bitcoins a day until all of it was in MtGox and he sold off of them it would affect the market but I doubt at that rate not substantial enough to cause a huge crash but definitely loss of value for a little while. It's not very disturbing that 1 person owns 5% of all Bitcoins wealth. In the US the top 10% own 80% of US wealth and the balanced in developing countries like China are even more lopsided. It's just capitalism at work.

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June 08, 2011, 09:59:34 PM
 #82

The "wealthiest" account on Bitcoin holds 297,000 bitcoins... At a $30 valuation it is worth $8.9 million! Is it safe to assume that it belongs to the creator of Bitcoin? Quite a smart guy I must say. His/her wealth may even be spread across many accounts... It's quite disturbing that one person holds at least 5% of Bitcoins wealth.

Could a small sell-off from such a wealthy individual cause this much volatility?

Instantaneous sell off cant occur since MtGox has a exchange limit of $1000 USD. But yes if he were to transfer in $1000 worth of Bitcoins a day until all of it was in MtGox and he sold off of them it would affect the market but I doubt at that rate not substantial enough to cause a huge crash but definitely loss of value for a little while. It's not very disturbing that 1 person owns 5% of all Bitcoins wealth. In the US the top 10% own 80% of US wealth and the balanced in developing countries like China are even more lopsided. It's just capitalism at work.

Good point. It would nevertheless be interesting to know who this person is... Although the whole concept of Bitcoin goes against that Smiley

It is my understanding that the MtGox exchange limit of $1000 is due to US restrictions - why aren't there alternative markets maintained outside the US that could lift this limit? If none exist today I'm guessing this will supported very soon.
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June 08, 2011, 10:06:42 PM
 #83

Last I heard Satoshi was rumored to have 1.5M bitcoins, not 300k. 
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June 08, 2011, 10:07:54 PM
 #84

That 297k is just a single address.  It's not a wallet or an account.  A wallet or account holds many many of these addresses, so what you see on that list is hardly indicative of how many bitcoins the person(s) with the most coins actually own.
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June 08, 2011, 10:16:16 PM
 #85

Have you guys seen the spread over at http://www.tradehill.com  ?

$20 to $28 right now. Lots of room to be a market maker there.

They are just getting started, but from a features and fees standpoint, they will give MtGox a run for their money.

You can get a 10% discount on all fees forever if you sign up using this code: TH-R1168

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June 08, 2011, 10:25:23 PM
 #86

Have you guys seen the spread over at http://www.tradehill.com  ?

$20 to $28 right now. Lots of room to be a market maker there.

They are just getting started, but from a features and fees standpoint, they will give MtGox a run for their money.

You can get a 10% discount on all fees forever if you sign up using this code: TH-R1168
Or, if you like me better, use this code:  TH-R1283

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June 08, 2011, 10:38:27 PM
 #87

Can someone explain me why the major trading sites have absolutely crappy deposit options? No Moneybookers, Neteller, Visa, Mastercard, usually not even Paypal?

That's something they really need to improve on in my opinion.

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June 08, 2011, 10:42:51 PM
 #88

paypal, visa & mastercard are all much too easy to charge back
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June 08, 2011, 10:51:41 PM
 #89

Can someone explain me why the major trading sites have absolutely crappy deposit options? No Moneybookers, Neteller, Visa, Mastercard, usually not even Paypal?

That's something they really need to improve on in my opinion.

They are easily reversible by the buyer, which is no good. Too much fraud

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June 08, 2011, 10:56:36 PM
 #90

The "wealthiest" account on Bitcoin holds 297,000 bitcoins... At a $30 valuation it is worth $8.9 million! Is it safe to assume that it belongs to the creator of Bitcoin? Quite a smart guy I must say. His/her wealth may even be spread across many accounts... It's quite disturbing that one person holds at least 5% of Bitcoins wealth.

Could a small sell-off from such a wealthy individual cause this much volatility?

Instantaneous sell off cant occur since MtGox has a exchange limit of $1000 USD. But yes if he were to transfer in $1000 worth of Bitcoins a day until all of it was in MtGox and he sold off of them it would affect the market but I doubt at that rate not substantial enough to cause a huge crash but definitely loss of value for a little while. It's not very disturbing that 1 person owns 5% of all Bitcoins wealth. In the US the top 10% own 80% of US wealth and the balanced in developing countries like China are even more lopsided. It's just capitalism at work.

Good point. It would nevertheless be interesting to know who this person is... Although the whole concept of Bitcoin goes against that Smiley

It is my understanding that the MtGox exchange limit of $1000 is due to US restrictions - why aren't there alternative markets maintained outside the US that could lift this limit? If none exist today I'm guessing this will supported very soon.

Wasn't there a thread about KnightMB and his 361K BTC? Was that figure from a single address?

In any event, the true Early Adopters would have been foolish to hold on to all of them at $30. We may be seeing the effects of a limited scope cash-out by a few dozen large account holders. Ultimately, its very very good for the future stability of BTC for the EAs to sell off a significant percentage of their holdings, anyway, and once again, a cool-off would convince a large bloc of investors like, *ahem*, ME, to get some capital into the market.

Also, IIRC, you can circumvent the $1k daily limit at mtgox by furnishing ID for verification, although why people wouldn't simply set up x checking accounts to link to x Dwolla accounts to link to x MtGox accts.....

And with BTC showing a period low of 20.19 and currently at 25.70  - I'd say my initial claim was right, this is a clear Selloff/correctional phase. If I could short BTC-USD on my 4X acct, I'd have made an absolute killing today. Dirty math on the pips of today's drop is insane.

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June 08, 2011, 11:41:25 PM
 #91

The "wealthiest" account on Bitcoin holds 297,000 bitcoins... At a $30 valuation it is worth $8.9 million! Is it safe to assume that it belongs to the creator of Bitcoin? Quite a smart guy I must say. His/her wealth may even be spread across many accounts... It's quite disturbing that one person holds at least 5% of Bitcoins wealth.

Could a small sell-off from such a wealthy individual cause this much volatility?

Instantaneous sell off cant occur since MtGox has a exchange limit of $1000 USD. But yes if he were to transfer in $1000 worth of Bitcoins a day until all of it was in MtGox and he sold off of them it would affect the market but I doubt at that rate not substantial enough to cause a huge crash but definitely loss of value for a little while. It's not very disturbing that 1 person owns 5% of all Bitcoins wealth. In the US the top 10% own 80% of US wealth and the balanced in developing countries like China are even more lopsided. It's just capitalism at work.

Good point. It would nevertheless be interesting to know who this person is... Although the whole concept of Bitcoin goes against that Smiley

It is my understanding that the MtGox exchange limit of $1000 is due to US restrictions - why aren't there alternative markets maintained outside the US that could lift this limit? If none exist today I'm guessing this will supported very soon.

Wasn't there a thread about KnightMB and his 361K BTC? Was that figure from a single address?

In any event, the true Early Adopters would have been foolish to hold on to all of them at $30. We may be seeing the effects of a limited scope cash-out by a few dozen large account holders. Ultimately, its very very good for the future stability of BTC for the EAs to sell off a significant percentage of their holdings, anyway, and once again, a cool-off would convince a large bloc of investors like, *ahem*, ME, to get some capital into the market.

Also, IIRC, you can circumvent the $1k daily limit at mtgox by furnishing ID for verification, although why people wouldn't simply set up x checking accounts to link to x Dwolla accounts to link to x MtGox accts.....

And with BTC showing a period low of 20.19 and currently at 25.70  - I'd say my initial claim was right, this is a clear Selloff/correctional phase. If I could short BTC-USD on my 4X acct, I'd have made an absolute killing today. Dirty math on the pips of today's drop is insane.


Nope it's back up to almost 30. The Dwolla funds are coming in I think.
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June 08, 2011, 11:46:55 PM
 #92

Yeah, there was a bit of a selloff today, but that is clearly over.. Whatever excess inventory was being dumped at 30+ this morning (PST) has impacted price and demand has already recovered... Damn I need my Dwolla account to hurry up and link already.. I hope for my own selfish sake that $30 doesn't look like a steal in 5 business days.
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June 08, 2011, 11:59:18 PM
 #93

...
Could a small sell-off from such a wealthy individual cause this much volatility?

Maybe, more likely has to do with the fact it went from  about $1.50 to $31.90 in a little over 1 month.

15DYJpWJe9H1YofsNQbP9JEWWNn7XPZgbS
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June 09, 2011, 12:02:06 AM
 #94

...
Could a small sell-off from such a wealthy individual cause this much volatility?

Maybe, more likely has to do with the fact it went from  about $1.50 to $31.90 in a little over 1 month.
Lol, this.
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June 09, 2011, 12:55:09 AM
 #95

...
Could a small sell-off from such a wealthy individual cause this much volatility?

Maybe, more likely has to do with the fact it went from  about $1.50 to $31.90 in a little over 1 month.
Lol, this.

Sometimes the truth is funny  Smiley

15DYJpWJe9H1YofsNQbP9JEWWNn7XPZgbS
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