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MNDan
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October 06, 2014, 04:48:16 AM |
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A viable proposal from another thread -
"I've wondered whether the Oct 15 deadline for US income tax might be playing a role. Someone who needed to sell bitcoin to pay 2013 income taxes may have taken the 6-month extension, thinking / hoping that the next bubble would have at least started by now. "
This would really make sense. The whale spent the last few days trying to get the best price possible, and now is left with setting up a wall that will get eaten hopefully in a day or two. Once eaten, it takes a few days to get the cash off of the exchange and off to the IRS.
Seems VERY bullish to me.
How is that bullish? He means that perhaps this is all just a mistake by a megabullwhale with more bitcoins than sense and that it has nothing to do with the Bitcoin ecosphere. Kinda - I more mean that someone needs a lot of cash quick - for taxes or whatever - but the market is strong and eating the wall without a huge backlash. Once the wall is gone we'll be back into the 400's with the demand we are seeing. Not sure about the loan idea - maybe that would be smarter? He's selling at a bunch of losses to cover his gains to make an even balance sheet. Report the losses. Rebuy coins. Profit. |
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No Gods or Kings. Only Bitcoin
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derpinheimer
Legendary
 Offline
Activity: 896
Merit: 1000
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October 06, 2014, 04:48:32 AM |
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1k market order (buy) lol
Bulls are dumber than expected.
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adamstgBit
Legendary
Offline
Activity: 1904
Merit: 1037
Trusted Bitcoiner
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October 06, 2014, 04:48:49 AM |
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spooderman
Legendary
Offline
Activity: 1638
Merit: 1022
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October 06, 2014, 04:49:00 AM |
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Thank you whoever that was  |
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JimboToronto
Legendary
Offline
Activity: 4004
Merit: 4465
You're never too old to think young.
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October 06, 2014, 04:49:06 AM |
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I just hope my fiat will arrive in time to catch this price
Another 8 hours and my local BTC ATM will open. I intended to buy 3 coins yesterday but only bought 2, feeling that the price might dip further. They're closed on Sundays. Unless the price increases significantly in the next 8 hours, I'll buy at least another 3 coins tomorrow morning. |
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derpinheimer
Legendary
Offline
Activity: 896
Merit: 1000
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October 06, 2014, 04:49:42 AM |
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WHy must I need sleep? Expecting >$300 by then... a short lasting $350 or so.
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spooderman
Legendary
Offline
Activity: 1638
Merit: 1022
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October 06, 2014, 04:50:26 AM |
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adamstgBit
Legendary
Offline
Activity: 1904
Merit: 1037
Trusted Bitcoiner
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October 06, 2014, 04:50:31 AM |
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it was touch and go there for a second, the BAM! EVERYTHING IS AWESOME!!
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lyth0s
Legendary
Offline
Activity: 1260
Merit: 1000
World Class Cryptonaire
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October 06, 2014, 04:51:17 AM |
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Ask wall just grew by 2.5k Well I guess he can buy back some of his coins cheaper now >.<
Um, what? You know, sell at $300 per coin. Get others to panic sell and pick the coins a bit cheaper from other dumpers, removal wall and allow price to rise. Buy in the $290's or lower and sell at or above $300. |
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buddhamangler
Member
Offline
Activity: 74
Merit: 10
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October 06, 2014, 04:51:52 AM |
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A viable proposal from another thread -
"I've wondered whether the Oct 15 deadline for US income tax might be playing a role. Someone who needed to sell bitcoin to pay 2013 income taxes may have taken the 6-month extension, thinking / hoping that the next bubble would have at least started by now. "
This would really make sense. The whale spent the last few days trying to get the best price possible, and now is left with setting up a wall that will get eaten hopefully in a day or two. Once eaten, it takes a few days to get the cash off of the exchange and off to the IRS.
Seems VERY bullish to me.
How is that bullish? He means that perhaps this is all just a mistake by a megabullwhale with more bitcoins than sense and that it has nothing to do with the Bitcoin ecosphere. Kinda - I more mean that someone needs a lot of cash quick - for taxes or whatever - but the market is strong and eating the wall without a huge backlash. Once the wall is gone we'll be back into the 400's with the demand we are seeing. Not sure about the loan idea - maybe that would be smarter? He's selling at a bunch of losses to cover his gains to make an even balance sheet. Report the losses. Rebuy coins. Profit. This is called a wash sale and is not allowed under tax code. He has to wait 60 days. |
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spooderman
Legendary
Offline
Activity: 1638
Merit: 1022
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October 06, 2014, 04:52:13 AM |
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There's other, lesser whales there now. Confusing the issues.
It was all so black and white before. Lovely clarity to have.
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explorer
Legendary
Offline
Activity: 2016
Merit: 1259
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October 06, 2014, 04:52:15 AM |
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WHy must I need sleep? Expecting >$300 by then... a short lasting $350 or so.
Just a wus, I guess. The rest of us are going to tough it out |
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Raystonn
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October 06, 2014, 04:52:31 AM |
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At these prices I had to add more to my portfolio. I haven't ever been able to pull off a market buy of that size with such little slippage. Thank you to Mr. Wall.  |
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nanobrain
Legendary
Offline
Activity: 1008
Merit: 1000
Dumb broad
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October 06, 2014, 04:53:46 AM |
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WHy must I need sleep? Expecting >$300 by then... a short lasting $350 or so.
You mean $250, no? Perhaps some sleep is a good idea |
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TeeBone
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October 06, 2014, 04:53:54 AM |
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Coinbase charging 312, milking it !
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lyth0s
Legendary
Offline
Activity: 1260
Merit: 1000
World Class Cryptonaire
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October 06, 2014, 04:53:56 AM |
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If this wall actually gets eaten and a bunch of fiat arrives on Monday, I'm hoping for a rally |
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MNDan
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October 06, 2014, 04:54:05 AM |
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Ask wall just grew by 2.5k Well I guess he can buy back some of his coins cheaper now >.<
Um, what? You know, sell at $300 per coin. Get others to panic sell and pick the coins a bit cheaper from other dumpers, removal wall and allow price to rise. Buy in the $290's or lower and sell at or above $300. If he wanted to induce a panic sell he wouldn't have set up this wall - just sell outright and let chaos reign. He needs some cash NOW and is trying to get what he can for his coins. |
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nanobrain
Legendary
Offline
Activity: 1008
Merit: 1000
Dumb broad
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October 06, 2014, 04:57:07 AM |
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So, in the last 4 hours Mr Whale has netted about 4.5MUSD from sales of the wall. His account page must look quite astonishing.
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lyth0s
Legendary
Offline
Activity: 1260
Merit: 1000
World Class Cryptonaire
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October 06, 2014, 04:57:10 AM |
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Ask wall just grew by 2.5k Well I guess he can buy back some of his coins cheaper now >.<
Um, what? You know, sell at $300 per coin. Get others to panic sell and pick the coins a bit cheaper from other dumpers, removal wall and allow price to rise. Buy in the $290's or lower and sell at or above $300. If he wanted to induce a panic sell he wouldn't have set up this wall - just sell outright and let chaos reign. He needs some cash NOW and is trying to get what he can for his coins. Uh, putting a huge wall like that instills some fear in people to sell lower (as we have seen). Selling to all open market orders would be a VERY expensive price for a market scare and he may not have enough time to buy any coins cheaper. I'm honestly still thinking that he may be buying through his own wall here to invoke a bullish sentiment so that he can start the next rally. |
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