Why this panic selling is good

[pereira4]

Looks like whoever is in control of MtGox's coins (is it still Karpeles? anyway) is selling, most likely creditors will get their money back finally and the MtGox saga will finally come to an end, which means all these coins will be in the hands of different people.

There is also the coincidence of the Binance hack which coupled with the Gox sale, has made a lot of noobs panic sell.

The sale has been happening since December and we still managed to go 20k, which means that after we get this weight out ouf shoulders we will be at 20k+ easily because the bull pressure is too big.

Hold and buy every dip as possible.

[1713903025]

1713903025

[Tzupy]

Karpeles has no control over the coins, and the Trustee sold months ago. Please read this thread:
https://www.reddit.com/r/mtgoxinsolvency/comments/82m0dl/mtgox_trustee_has_sold_some_btc_and_bch/

[mrtryonebiggums]

Karpeles has no control over the coins, and the Trustee sold months ago. Please read this thread:
https://www.reddit.com/r/mtgoxinsolvency/comments/82m0dl/mtgox_trustee_has_sold_some_btc_and_bch/

Now I take it we can conclude that the weight is gone and that we should be heading towards 20k right about now? I have been watching Bitcoin slowly take over market share the last couple of weeks and it is akin to what happened prior to 2017 was up. Don't know if Bitcoin and alts will make a run, but it sure does look this way right now.

[tomahawk9]

There is also the coincidence of the Binance hack

Binance wasn't hacked, that's just FUD going around on social media. Trading Bots on Binance went rogue and altcoins were sold for BTC, then the BTC were sold for VIA, the only users compromised were the ones with API keys so most likely their bots were compromised.

[Vispilio]

There is also the coincidence of the Binance hack

Binance wasn't hacked, that's just FUD going around on social media. Trading Bots on Binance went rogue and altcoins were sold for BTC, then the BTC were sold for VIA, the only users compromised were the ones with API keys so most likely their bots were compromised.

still an extremely concerning event underlining security vulnerabilities on Binance yet again.

Binance is the most popular crypto exchange in the world now and under regular attack by hackers. This is the 2nd time within a month their defenses have proven insufficient...

They need to improve big time, and compensate the customers.

[thecodebear]

Not sure about the Binance hack (or rumored hack?). But it seems the SEC announcement that exchanges must register with it is the catalyst behind the sudden 10% crash today. Hopefully the panic sellers are done (as bitcoin has remained stable around $9600 - $9800 after that initial panic sell a few hours ago). Not sure if this will depress the price on a longer term scale or if things will head back up 10% in the next day or two. Still seems like slow rocky recovery is on its way since the bottom of the market a month ago, this is just another bump along the way.

I'm sure it'll probably be a few months though until BTC returns back to ATH and another boom is initiated. Maybe summer bull run?

[NeuroticFish]

The sale has been happening since December and we still managed to go 20k, which means that after we get this weight out ouf shoulders we will be at 20k+ easily because the bull pressure is too big.

The market looks way more stable now than in December-January after such a big dump.
I think that there's enough confidence and the amounts will get absorbed easily.


Are you certain that this is Gox money? Since I have a feeling that from time to time somebody really big (a central bank???!!) is playing too with the market. And it's playing dirty.

Edit: I've read from more sources and it looks that's indeed the Gox money. I was expecting from those to know how to finetune the dumps to not cause such holes

[thecodebear]

There is also the coincidence of the Binance hack

Binance wasn't hacked, that's just FUD going around on social media. Trading Bots on Binance went rogue and altcoins were sold for BTC, then the BTC were sold for VIA, the only users compromised were the ones with API keys so most likely their bots were compromised.

still an extremely concerning event underlining security vulnerabilities on Binance yet again.

Binance is the most popular crypto exchange in the world now and under regular attack by hackers. This is the 2nd time within a month their defenses have proven insufficient...

They need to improve big time, and compensate the customers.

I wanna know why these exchanges can't keep from getting hacked all the time. You'd think with all the money coming in from trading fees they could easily hire top notch security people and implement a strong security strategy. I mean security should be THE NUMBER ONE concern for any exchange. I know anything is essentially hackable but the quantity of hacks on crypto exchanges just smacks of poor planning on the part of the exchange operators industry-wide.

[Zicadis]

and this is how you easily make money, while others go on with panic selling smart investors should be thinking of buying the cheap btc and buy tokens from good ICOs and once the recovery process starts, profit should be realized almost immediately without waiting for prices to hit the exchange with a ten times growth.

[darkangel11]

Not sure about the Binance hack (or rumored hack?). But it seems the SEC announcement that exchanges must register with it is the catalyst behind the sudden 10% crash today.

The SEC has no authority over exchanges outside the US and it was known for months that they want their local exchanges to report to them and will push further to obtain the identities of traders. Didn't you read anything about the whole Coinbase lawsuit? People who were dealing with US exchanges that report to SEC were aware of the fact that their data can be released at some point, it's nothing new!

[exstasie]

Looks like whoever is in control of MtGox's coins (is it still Karpeles? anyway) is selling, most likely creditors will get their money back finally and the MtGox saga will finally come to an end, which means all these coins will be in the hands of different people.

According to Coindesk, those coins were sold over "the past few months." Maybe the market was looking for an excuse to sell off, but it's a weird catalyst since those coins aren't really new supply. They were already sold.

There is also the coincidence of the Binance hack which coupled with the Gox sale, has made a lot of noobs panic sell.

Yeah, that selloff when the Binance news broke was classic panic selling action. It's not too often that we see sustained selling like that in such a short period of time. That was a $1,300 2-hour candle. Impressive.

still an extremely concerning event underlining security vulnerabilities on Binance yet again.

Binance is the most popular crypto exchange in the world now and under regular attack by hackers. This is the 2nd time within a month their defenses have proven insufficient...

They need to improve big time, and compensate the customers.

Most exchanges have similarly insecure API token mechanisms that should be improved, but this absolutely isn't just Binance.

Bot trading accounts should never be used to store life-changing funds (especially because occasional bot fuck-ups can wipe you out anyway). And nobody should be allowing API access to third party sites like Coinigy. It's just insecure.

Don't expect compensation. This is why most sites post warnings when you go to generate API keys.

[bitcoinstress]

I think it's based on luck, sometimes panic selling is good when the price keep going down like last a couple month ago.

[jimbo2000]

How do you reason that a lot of todays dump is mt. gox coins? I think that they are probably just binance coins from the large amount of bitcoin that was received from selling/buying via at a largely inflated rate.

[Vispilio]

still an extremely concerning event underlining security vulnerabilities on Binance yet again.

Binance is the most popular crypto exchange in the world now and under regular attack by hackers. This is the 2nd time within a month their defenses have proven insufficient...

They need to improve big time, and compensate the customers.

Most exchanges have similarly insecure API token mechanisms that should be improved, but this absolutely isn't just Binance.

Bot trading accounts should never be used to store life-changing funds (especially because occasional bot fuck-ups can wipe you out anyway). And nobody should be allowing API access to third party sites like Coinigy. It's just insecure.

Don't expect compensation. This is why most sites post warnings when you go to generate API keys.

well to Binance's credit at least they are reversing the erroneous trades that caused the incredible pump on VIA, so that's definitely an impressive step in the right direction.

If when the exchange is even partially responsible they can take the higher ground of compensating the customer in a fair way, I can almost guarantee that crypto exchanges will eventually overtake fiat exchanges, so such measures will be in the spirit of further protecting the individual against institutions.

What I like about Binance and their CEO is they have been honorable enough to confirm their prior measures were not wholly effective, and they are taking the steps to further improve their systems.

[figmentofmyass]

i love this kind of panic selling because it usually causes a "too far too fast" snap-back, like a rubber band. basically, bears blow their wad trying to push new lows. high volume ensues (sellers meet buyers).

40K btc dumped on finex and no new lows? that means lots of new shorts to squeeze. the range is still tight enough that this could provide the fuel we need to re-test late december price levels---$13K to $17K. fingers crossed for a nice wick on the daily!!

[magneto]

Looks like whoever is in control of MtGox's coins (is it still Karpeles? anyway) is selling, most likely creditors will get their money back finally and the MtGox saga will finally come to an end, which means all these coins will be in the hands of different people.

There is also the coincidence of the Binance hack which coupled with the Gox sale, has made a lot of noobs panic sell.

The sale has been happening since December and we still managed to go 20k, which means that after we get this weight out ouf shoulders we will be at 20k+ easily because the bull pressure is too big.

Hold and buy every dip as possible.

Apparently no funds have actually been lost on Binance, or at least that's what they claim.

There is absoultely no point in selling below $10k just because these events happened because these things do happen periodically and you just don't act irrationally just because some Mt Gox or Binance news.

Whatever is causing this current dump, at the end of the day it's mostly panic I think.

All I see here is a dip below $10k signalling a buy with a return to norm as soon as this wave of bad media coverage passes, with price recovering to $12k+.

[Pursuer]

to be honest I don't think we can call this a "panic sell" anymore because price is still between the same two price levels that it has been all this time after the massive initial real "panic sell" to the bottom. and the lowest that price went was $9400ish which has been the bottom for the past (nearly) 1 month.

if price dropped to $8k range then you could have called it a panic sell. so far I call this the same as before and the reason is because price couldn't break $12k resistance so everyone cashed out to get ready for it again.

[exstasie]

to be honest I don't think we can call this a "panic sell" anymore because price is still between the same two price levels that it has been all this time after the massive initial real "panic sell" to the bottom. and the lowest that price went was $9400ish which has been the bottom for the past (nearly) 1 month.

Well this certainly wasn't a crash. I don't think of panic selling as equivalent to crashing or capitulation. Panic selling can occur on any time frame. Price moving 12% in less than 2 hours?  I'd say that qualifies:

It's not too often that we see sustained selling like that in such a short period of time. That was a $1,300 2-hour candle. Impressive.

But yeah, we are still ranging, thankfully. Here are my thoughts on how this might actually be a bullish consolidation.

One thing about triangles is that the pivots tend to be very sharp reactions. Bulls really need to take control here intraday to make that happen.

[followmenot]

I think it wasn't that good as its basically loss of trust just hit the markets, furthermore it only fills the pockets of greedy people which makes markets more unstable. I am not that optimistic about it.

[pereira4]

Karpeles has no control over the coins, and the Trustee sold months ago. Please read this thread:
https://www.reddit.com/r/mtgoxinsolvency/comments/82m0dl/mtgox_trustee_has_sold_some_btc_and_bch/

The trustee has been selling in batches, not "months ago":



As you see, the last sale was very recently, and it was the biggest one at 6k.

Apparently he has to sell to pay the creditors, THEN the remaining coins will go back to Karpeles, or that is my understanding, which is pretty shocking, since we will be at the mercy of this fat ass selling or not. I hope he isn't dumb enough to crash the market.