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Question: Someone dumps 600,000 coins all at once with no regard for $ amount they end up with, how low would we go?
50$ or higher - 22 (29.7%)
20$ - 8 (10.8%)
10$ - 13 (17.6%)
5$ - 5 (6.8%)
2.5$ - 4 (5.4%)
1.25$ - 5 (6.8%)
0.625$ - 0 (0%)
0.3125$ - 1 (1.4%)
0.15625$ - 2 (2.7%)
< 10 cents - 14 (18.9%)
Total Voters: 74

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Author Topic: [poll] Imagine the biggest dump of all time.  (Read 1561 times)
Tzupy
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October 10, 2013, 11:23:52 AM
 #21

For me, the big question is, will the feds sell one 600k wallet, or will they split into let's say 60 x 10k wallets?
I mean, IMO they won't get many buyers (at market price) for a 600k wallet, if market price will be around 1k$ / coin by then.

Sometimes, if it looks too bullish, it's actually bearish
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johnyj
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October 10, 2013, 02:34:41 PM
 #22

If all the gold were dumped on the market, they will also worth less than $10 per ounce, but that would never happen, bitcoin is the same.

suppose that someone sold 600K coin and bought a luxury hotel, the hotel seller later will use those earned money to buy bitcoins to hedge inflation, basically no effect on exchange price

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October 10, 2013, 03:33:47 PM
 #23

I am going to clarify my previous post: if one huge $-whale would buy the whole 600k BTC, then he won't dump all at once.
But if 60 $-whales would buy each 10k BTC, then it will be a race to the bottom, the first ones who dump will get close to the market price.
The last ones, something close to 10$, or whatever the bottom will be. But don't panic yet, there should be plenty of time left.

Sometimes, if it looks too bullish, it's actually bearish
ArticMine
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October 10, 2013, 04:51:59 PM
 #24

A more interesting question is whether the fear of the state dumping 600000 BTC all of a sudden will cause a libertarian panic.

There are some details that have been overlooked.
1) The total amount of seized BTC is under 28000 http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
2) The target of the state's seizure may not have anything close to the 600000 BTC left
3) The state may not be able to seize the BTC because of legal or technical reasons or both.
4) The state's bureaucracy will likely tie up the BTC for years with red tape.

Nevertheless there is a case for the bear here. Fear of the state runs very high in Bitcoin community and the mere thought of the state been able to sell large amounts of BTC could be enough to start a panic. Such panic could be called the libertarian panic.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
pand70
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October 10, 2013, 08:40:55 PM
 #25

Why is this a discussion? We can see the bid depth and we know that most of the major exchanges lock and execute market orders all at once without giving any bids time to fill in. Even on mtgox that is somewhere below $1.

mostly i wanted to post the meme


 Grin Thats why my only comment was on the look of that pic  Cool

rampantparanoia
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October 10, 2013, 08:43:45 PM
 #26

i'm not so worried about how low the value will go.
i'm more concerned with how much air freshener will be required to get the stench to go away.

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