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Author Topic: Wow! 8083BTC Bid at $10.70USD on MtGox!  (Read 1637 times)
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June 12, 2011, 05:05:37 PM

You know, that could very well be the guy who just unloaded the massive amount that caused all the panic. That is exactly what i would do if i held enough coin to influence the market so much. sell tons high, drive prices low, people panic which drives prices lower, then you buy back in at the new low rates with massive profit. Granted, this would not work if people had bought into the system because they love the ideology of bitcoin rather than buying in because they love the idea of themselves getting rich fast, because then they would not have sold out of fear as it dipped.

If what you're saying were true, that person would have to be either really dumb (to sell high and buy low, hoping the market would climb back high enough and stay there long enough for him to recoup his losses AND make a profit on top of that), or really confident that he could manipulate it into going back up to take his profit.

I'd lean towards the former.

Um.. I think you got it backwards. sell high, buy low = profit   sell low, buy high = loss

think about it this way, if you have 1 btc and you sell it at 30 usd, then you buy 1 btc at 10 usd you still have a btc plus 20 dollars profit, get it?

Ah, right. I don't know what I was thinking. I was sleep deprived when I posted that.
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June 06, 2013, 07:15:42 PM

SpaceLord, that´s good. lol
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June 06, 2013, 08:00:19 PM

You realize this thread is like two years old?
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May the coin be with you..

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June 06, 2013, 08:04:23 PM

Necrobump!  Grin
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June 06, 2013, 08:33:39 PM

I actually didn't notice the dates and was reading this with a wut look at my face... ah that's what you get when you're tired.

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