Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[derpinheimer]

http://www.forbes.com/sites/kashmirhill/2014/06/12/silk-road-bitcoin-on-the-move-as-government-prepares-to-auction-off-18-million-worth/

Big news. Definitely explains the drop.

No, it doesn't

Your right. It totally doesnt explain the lack of buyers AT ALL. Because all of these guys with the money to move the market had no idea this was coming.

Totally serious. Care to explain?

So you're quite serious to think that (insider) trading whales wouldn't possibly have (insider) advanced knowledge that the Silk Road coins were to hit an FBI auction the end of this month?  That they might have been tipped off days ago that the news article was going to hit the web?

Ohh, haha, no, that bolded part WAS in fact sarcastic. I just thought it was so obvious that you were referring to something else. Sorry (And I'm serious)

[molecular]

http://www.forbes.com/sites/kashmirhill/2014/06/12/silk-road-bitcoin-on-the-move-as-government-prepares-to-auction-off-18-million-worth/

Big news. Definitely explains the drop.

No, it doesn't

Your right. It totally doesnt explain the lack of buyers AT ALL. Because all of these guys with the money to move the market had no idea this was coming.

Billionaires are getting a chance to buy a large portion of a mindblowing technology for a great price. You seriously think people will sell their fucking coins just so some rich fuck, that they don't even know, can get em even more cheaper??

People mainly sell coins because others sell coins (panic) or because they are forced (margin call they can't meet).

[Bhosted]

What happened to Innocent until proven guilty? How can the government sell personal property until the case is adjudicated ? This is still America?  

[NewWorldBitOrder]

FYI guys, the coins will be auctioned off in 10 blocks of about 3,000 coins each... that means, at today's prices, it would be $1.8 million per block... but they'll probably get a discount, so let's say 1.5 million.

i don't think there are many investors willing to pay that kind of money. could it be something set up for wallstreeters with big backings to enter the game at a relatively low price?

The coins will go at a PREMIUM as people can buy without exchange fees and all the legalities that implies. These will be bought by corporations or wealthy people wanting simplicity and transparency. An auction will almost guarantee the go higher than current rate.

[bananaControl]

What happened to Innocent until proven guilty? How can the government sell personal property until the case is adjudicated ? This is still America?  

That, exactly.

[magicmexican]

will 533 hold?

[hyphymikey]

All this dumping and the amount of longs on Bitfinex have increased! Just as I thought they would.

Are we supposed to take that as a good sign?

Well some people here were saying that we wouldn't move up with all these longs attached. That some whale would probably try to squeeze out all the longs by dumping, and buy the cheap coins that would be squeezed. Well it hasn't worked so far, so will the whale keep dumping or give up?

Personally I don't think this is what's going on here.

I have a hunch that someone is in the process of buying the seized coins that are on the move and they are trying to keep the price down on exchanges since they will be buying off market at some price percentage of market value. This person may have only had an account at bitstamp, or maybe bitstamp is the price they are going to use. The people who do arbitrage have done their part to make money on this gap. If this person was dumping for other reasons, say to cause panic or to cash out, they would have done it on multiple exchanges to save a shit ton of money.

Its either that or a bear trap lol.
But who knows? Now, we just wait and see!

Called it!

This selling could be to raise the money I buy the coins, as they will be cheaper than market value.

[jl2012]

FYI guys, the coins will be auctioned off in 10 blocks of about 3,000 coins each... that means, at today's prices, it would be $1.8 million per block... but they'll probably get a discount, so let's say 1.5 million.

i don't think there are many investors willing to pay that kind of money. could it be something set up for wallstreeters with big backings to enter the game at a relatively low price?

Are you serious? 1.5M is just pocket change for many people.

[nrd525]

People are selling the rumor and the news (Silk Road coins).

[oda.krell]

will 533 hold?

Don't think we'll go that far tonight.

And, yes, I think, if we get there, we'll at least close above, even if we break through it for a moment.

[Krabby]

Red with blood.

[Tzupy]

What happened to Innocent until proven guilty? How can the government sell personal property until the case is adjudicated ? This is still America?  

These coins are the SR stash and forfeited. DPR's personal stash (much larger) won't be sold soon AFAIK.

[jl2012]

What happened to Innocent until proven guilty? How can the government sell personal property until the case is adjudicated ? This is still America?  

Those coins are Silkroad's, not DPR's. Since no one claims they are the owner of Silkroad, the US gov could sell the coins. (Claiming SR's coins is just a plea of guilty)

[Erdogan]

FYI guys, the coins will be auctioned off in 10 blocks of about 3,000 coins each... that means, at today's prices, it would be $1.8 million per block... but they'll probably get a discount, so let's say 1.5 million.

i don't think there are many investors willing to pay that kind of money. could it be something set up for wallstreeters with big backings to enter the game at a relatively low price?

Yep.

[Erdogan]

What happened to Innocent until proven guilty? How can the government sell personal property until the case is adjudicated ? This is still America?  

America, as we know it, is no more.

[BTCfan1]

Huobi holding steady at 610...for now

[ChartBuddy]

Explanation

[nrd525]

Bitfinex premium spiked to $22, back down to $18.

[mmitech]

insider trading, some people knew about the auction so they dumped few thousands of BTC to bring the price a bit down and now the auction is announced people will panic and dump even more... the winner of the auction will be really happy...

[Patel]

2014 will be a brutal year for the price.

When these coins get sold, many of the people who buy them will sell as many as they need to get their initial $USD investment back.

During the next rally probably..

There will be a surplus supply and shortage in demand.