20,000 BTC Selloff on MTGox -- hacked bitcoins?

[phungus]

Apparently a lot of coins were dumped on MtGox just awhile ago.


http://bitcoinity.org/markets?exchange=mtgox


Is it related to this? https://forum.bitcoin.org/index.php?topic=16457.0


It's just speculation of course, but the timing of it after allinvain's hack, the number of coins involved, and the reckless way they were dropped on MTGox leads one to think... :-)

[1714121586]

1714121586

[RogerR]

The alleged theft happened more than a month ago. I don't see any direct connection here at this time.

[phungus]

No direct connection yet, but it seems unusual for such an amount to be sold at once, instead of in regular intervals. Everyone knows how the bitcoin markets are subject to wide price fluctuations. Someone who's been sitting on 20,000 coins for awhile (read: long time miner or pool op) will be withdrawing steadily, but not in huge numbers.

It reeks of illicit cash grab to me, just like what happened with MTgox a few weeks ago, but maybe this time it's laundered?


5K could have gone out in the wash to make those coins "clean". Who has the analytic skills to follow Allinvain's coins anyway?

[RogerR]

Well, if you intend to sell 20k (btw - according to bitcoincharts it only were around 10k) without slowly driving the price down, there's nothing wrong per se to drop it into the market like that. The alternative would have been to place a 7.5k offer at $14.5 (10k - 2.5k of existing bids above $14.5), but that would have inevitably scared away other investors just as likely - possibly driving prices even below $14.

I think I would have done the same as this guy/gal. Besides - such drop-offs are better for the general market confidence than slow sell-offs. Nothing more annoying than a meandering bear market. At least when you have several 10k bids below to cushion the fall.

[RogerR]

Like this motherf*cker right there. 8.5k BTC at $14.20 with hardly anything the next $1.30.

Smells like bear trap, but surely gonna drop the market like a dead rabbit for a while.

[proudhon]

Like this motherf*cker right there. 8.5k BTC at $14.20 with hardly anything the next $1.30.

Smells like bear trap, but surely gonna drop the market like a dead rabbit for a while.

Wait, you mean no rally?

[skyhigh]

Someone dumped 20k and you come up with a thread saying it was possible hacked bitcoins. Where were you last time price dropped to $11.50  from $15.00 ? Was that another hacker or maybe same one. In the last 30 days since the alleged incident, we had 19 out of 30 days  volumes above 20k and somehow you think, hacker would dump it all today, causing a massive selloff from $15 to $14. Its not like we get this swings almost every single day. I understand this is a public forum and people can post whatever, but use some common sense.

Conclusion .. yes it must have been the hacker selling allinvain coins.

[qwk]

Conclusion .. yes it must have been the hacker selling allinvain coins.

Yeah, and he teamed with that crook from Hong Kong who hacked MtGox!

[FlyingFlapjack]

It reeks of illicit cash grab to me, just like what happened with MTgox a few weeks ago, but maybe this time it's laundered?

Sure maybe, who knows, but I really don't think so.

There are plenty of miners who got in before Bitcoin was at even $5.

Somebody had a large ~10,000 coin 'buy wall' up at ~$15 yesterday.

The point of a 'buy wall' is not to buy 10,000 coins at $15, it's to force people who want to buy coins to pay more than $15 and help drive up the price.

However, it fails if somebody says 'wow, I can sell 10,000 coins for $15, that's $150,000...I can't leave that money on the table, I just have to do it!.' Then the guy with the 10,000 coin 'buy wall' now has bought 10,000 coins for $15 each.

Maybe it was one somebody who was an early adopter and has way more coins still. For that kind of guy, taking the cash when the opportunity presented itself while still having a lot of bitcoins is a great idea. Or maybe a speculator was able to get completely out. Who knows.

I don't know, either way it doesn't seem all that...unexpected, wild, crazy, suspicious or whatever to me.

[Bitcoin Swami]

Apparently a lot of coins were dumped on MtGox just awhile ago.


http://bitcoinity.org/markets?exchange=mtgox


Is it related to this? https://forum.bitcoin.org/index.php?topic=16457.0


It's just speculation of course, but the timing of it after allinvain's hack, the number of coins involved, and the reckless way they were dropped on MTGox leads one to think... :-)

Where do you get 20k from?  

[Oldminer]

Smells like bear trap,

Yea I was thinking the same

[qikaifu]

We just need another crash from 15$ to 9.5$ to wipe out the doubting Thomas.

[Bitcoin Swami]

I'm expecting a big bounceback any time now this seems to happen every day. lol

[GeniuSxBoY]

let me guess... gox is sleeping right now

[MagicalTux]

let me guess... gox is sleeping right now

Not sleeping right now, and not hacked coins.

[GeniuSxBoY]

yay! 

[skyhigh]

MagicalTux, I would like to ask you something. If an early adopter who holds large number of coins, wants to sell approx 50-100k BTC, could he arrange it with you personally, that he/she would fly over to where ever you guys are and sell his/her coins on your exchange while being physically present at your office while the selling is in progress. They would show all the papers needed so everything is legit, passport, ID, whatever papers you need, bank accounts to where you would transfer the money.

Questions I have are..

1. Can they come to the office, hand you hdd with 100k coin on it and sell it on your exchange?

2. If you could then transfer the cash immediately from your exchange account to their bank account?


Thank you

[GeniuSxBoY]

I hope that person knows he's not getting $14 for his bitcoins anymore and that might as well bring the price down to $13.

[MagicalTux]

MagicalTux, I would like to ask you something. If an early adopter who holds large number of coins, wants to sell approx 50-100k BTC, could he arrange it with you personally, that he/she would fly over to where ever you guys are and sell his/her coins on your exchange while being physically present at your office while the selling is in progress. They would show all the papers needed so everything is legit, passport, ID, whatever papers you need, bank accounts to where you would transfer the money.

Questions I have are..

1. Can they come to the office, hand you hdd with 100k coin on it and sell it on your exchange?

2. If you could then transfer the cash immediately from your exchange account to their bank account?


Thank you

Most of this is possible without problem, just contact me (admin@mtgox.com) for details.

[RogerR]

MagicalTux, I would like to ask you something. If an early adopter who holds large number of coins, wants to sell approx 50-100k BTC, could he arrange it with you personally, that he/she would fly over to where ever you guys are and sell his/her coins on your exchange while being physically present at your office while the selling is in progress. They would show all the papers needed so everything is legit, passport, ID, whatever papers you need, bank accounts to where you would transfer the money.

Questions I have are..

1. Can they come to the office, hand you hdd with 100k coin on it and sell it on your exchange?

2. If you could then transfer the cash immediately from your exchange account to their bank account?


Thank you

I seriously doubt you're planing to dump 50-100k into the market! Smart move though to announce something like that aforehand. Driving down the price for you to buy, buy, buy, eh?