Gox coins dumpage - what the screeching hell?

[figmentofmyass]

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I hate to say it, but sentiment now truly is like 2014. If we're entering a bear market, everyone seems to be in denial about it.

My feeling is that it's like June 2013.

i think you're too early here even though i'm not in the $2000-4000 bear camp. everything takes 3-4 times longer now than in 2013. if you expect june 2013 to play out, it should be after a significant bull trap and another leg down---not to new lows, mind you---but yeah. the bull trap is necessary to establish the soul-crushing sentiment that we had at the june bottom.

in the short term, sentiment is crazy bearish (like june 2013) because we probably made a bottom and are now squeezing the late bears. but that's just short term local action. i think he was talking on a longer time scale.

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[exstasie]

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I hate to say it, but sentiment now truly is like 2014. If we're entering a bear market, everyone seems to be in denial about it.

My feeling is that it's like June 2013.

Why? Any reasoning or just a gut read?

Emphasis of my comment was on entering a bear market, meaning time is important. If this is 2014, we might just be halfway into the bull trap to $1,000 in January 2014.

Anyway, let's compare:


In April 2013, we had a sharp initial leg down. Then we had a major bull trap near the 61.8% fib. Then we had a much longer, drawn out correction to a higher low. Here, we have a lengthy (2 month) initial leg down, a weak retracement just past the 38.2% fib, and literally we are less than one week into the second leg down.

What makes you think enough bulls have been squeezed to establish the dismal sentiment of June 2013? We need bottom sellers! I follow Crypto Twitter and this forum pretty closely, and bears were virtually nonexistent before this week (aside from the aforementioned permabears). And like I said, for any significant reversal in sentiment to occur, time needs to pass, relative to both the rally and the bull trap.

This, exactly:

if you expect june 2013 to play out, it should be after a significant bull trap and another leg down---not to new lows, mind you---but yeah. the bull trap is necessary to establish the soul-crushing sentiment that we had at the june bottom.

[Tzupy]

After comparing the April - July 2013 (bottom was on the 6th July) corrections with the current one, I believe the market is only about 2 times slower than in 2013.
And in 2013 the April crash was excessive and messed up the Elliot waves, IMO there is no point to closely compare and draw misleading conclusions.
Back in June 2013 there were complaints on the forum that the Silk Road drug dealers were cashing out too much, these days that Kobayashi crashed the market.
But yeah, we didn't have much despair yet, so maybe we'll have a final bottom if the triangle (wait for the market to build it) will break down.

[exstasie]

After comparing the April - July 2013 (bottom was on the 6th July) corrections with the current one, I believe the market is only about 2 times slower than in 2013.

What's your data based on? Our best frame of reference is the length of the 2016-2017 rally vs. all previous rallies in history. A quick glance suggests the difference is definitely larger than 2x. But even at 2x, the post-April 2013 correction took ~3 months. Just doesn't seem sufficient to shake out the current market.

For comparison (based on range break that resulted in new ATH):

• 2012: ~11 week rally, ~10 week correction, final bottom October 2012.
• Early 2013: ~14 week rally, ~13 week correction, final bottom July 2013.
• Late 2013: ~10 week rally, ~21 month correction, final bottom August 2015.
• 2016-2017: ~15 month rally (longer depending how you define trend), final bottom ??

Now, I'm not saying we need a 1-2 year correction. After all, markets rarely play out exactly as before. But price consistently closing below the weekly 20MA for the first time in 2.5 years should prompt us to consider that we entered the corrective phase of a very long rally.

I think Masterluc and Tim West are both sensible to expect a long term sideways consolidation.

Back in June 2013 there were complaints on the forum that the Silk Road drug dealers were cashing out too much, now that Kobayashi crashed the market.

It's always this way. Did you see Masterluc's latest comments comparing the trustee to Pirateat40?

Latest Lucif:

To me, this representative of the gax with billions of coins for sale - reminds the character with the nickname pirateat40.

I already conducted an analogy of the current market situation with August 2012. Then there was a similar wave and a similar triangle in correction. So, it was then that pirateat40 came out, honestly admitted that his bitcoin trust was a pyramid and threatened to pour a trillion of coins into the market.

Traders bucked and had a good correction. Yes, bitcoin then cost $ 10.

It's amazing how everything moves in a spiral ...

The forecasts have not changed. Kammenty closed.

[Idrisu]

The little fellow in charge of this type of thing has now written to everyone with relish about how he gaily took a dump all over the exchanges.

My mind has been stretched to infinity by this.

https://www.cryptoninjas.net/2017/06/08/cumberland-mining-offers-convert-bitcoin-held-mt-gox-cash/

Back in the day Cumberland Mining, one of the biggest OTC traders, offered to sell the entire amount.

Jesse Thingy the CEO of Kraken and involved as a trustee in the process told the guy he should auction it and was ignored.

https://www.reddit.com/r/Bitcoin/comments/82unmb/why_is_the_mt_gox_guy_selling_on_exchanges/dvd465i/

I can't believe the person in charge of this would be so stupid when OTC buyers would be biting his arm off.

What do you think is up?

I believe this dump has come to an end and the reality is that this has put big amount of bitcoin into the hands of some people. Bitcoin sale off  has help new investors coming into the market and that will kick the greed investors out of the whole game. People like gox should have not been allow to hold any bitcoin from the beginning because this action has affected cryptocurrencies and the holder in the most gravious ways.

[pereira4]

The little fellow in charge of this type of thing has now written to everyone with relish about how he gaily took a dump all over the exchanges.

My mind has been stretched to infinity by this.

https://www.cryptoninjas.net/2017/06/08/cumberland-mining-offers-convert-bitcoin-held-mt-gox-cash/

Back in the day Cumberland Mining, one of the biggest OTC traders, offered to sell the entire amount.

Jesse Thingy the CEO of Kraken and involved as a trustee in the process told the guy he should auction it and was ignored.

https://www.reddit.com/r/Bitcoin/comments/82unmb/why_is_the_mt_gox_guy_selling_on_exchanges/dvd465i/

I can't believe the person in charge of this would be so stupid when OTC buyers would be biting his arm off.

What do you think is up?

I believe this dump has come to an end and the reality is that this has put big amount of bitcoin into the hands of some people. Bitcoin sale off  has help new investors coming into the market and that will kick the greed investors out of the whole game. People like gox should have not been allow to hold any bitcoin from the beginning because this action has affected cryptocurrencies and the holder in the most gravious ways.

Well, we fell from $9485 to $8689... I just hope this guy isn't still dumping the MtGox coins in an exchange. Kraken shouldn't even allow him to keep doing this. The guy was told to go OTC and he ignored the advice as I've read on the pdf linked by gentlemend. If this doesn't prove that the guy is an amateur or a governmental agent attacking bitcoin... then I don't know what will.

And the greatest irony of this is that the creditors are losing more money than if they didn't get paid their money back, mostly because most people involved in MtGox are holding Bitcoin and their investment went down big time because of the dumps. I wonder if he could get a class action lawsuit for this bullshit.

[Thirdspace]

is this the reason why we seeing bitcoin price up and down between $8k-$11k?
did they just do it in the last couple months, since early february?
or are they also responsible for the price dip from the $19k level in december?
which address he holds all 166k BTC, can someone tell me or direct me to another thread?

[figmentofmyass]

is this the reason why we seeing bitcoin price up and down between $8k-$11k?

no, the last time the trustee moved coins was february 5th.

did they just do it in the last couple months, since early february?

between december and february.

or are they also responsible for the price dip from the $19k level in december?

it's really impossible to know how much of an effect these sales had. i wouldn't say they are "responsible" for the dip. maybe they added to it.

which address he holds all 166k BTC, can someone tell me or direct me to another thread?

an incomplete list of remaining cold storage is listed here: https://www.reddit.com/r/mtgoxinsolvency/comments/82m0dl/mtgox_trustee_has_sold_some_btc_and_bch/dvd2vre/

ITT the transaction IDs for the sold BTC are also listed.

[TERA2]

Yes every drop in bitcoin price must be due to a government conspiracy.

[pereira4]

Yes every drop in bitcoin price must be due to a government conspiracy.

Not every drop, but this one is obvious, just look at the graphs and look at the amount of coins sold, the sales order coincide with the drops perfectly, it's a match:



These sharp drops are too much of a coincidence to be casual, when they happened the same day that the big sales of the coins happened. Remember that Bitcoin is still young and a lot of people holding it are panic selling idiots. So all it takes is some big whale to start a domino effect and people do the rest.

[Thirdspace]

did they just do it in the last couple months, since early february?

between december and february.

or are they also responsible for the price dip from the $19k level in december?

it's really impossible to know how much of an effect these sales had. i wouldn't say they are "responsible" for the dip. maybe they added to it.

thanks for responding to my questions and for the reddit link
so if they did sell off the bitcoin between dec-feb then they contributed to the last biq price dip or crash
I said crash because 50% drop in value is a quite big number in trading world, not the worst but still
I'm going to check those addresses when there's sudden drop in price see if there is any relations

[raven7886]

[im g]https://i.imgur.com/6nCNKEl.png[/img]

The little fellow in charge of this type of thing has now written to everyone with relish about how he gaily took a dump all over the exchanges.

My mind has been stretched to infinity by this.

https://www.cryptoninjas.net/2017/06/08/cumberland-mining-offers-convert-bitcoin-held-mt-gox-cash/

Back in the day Cumberland Mining, one of the biggest OTC traders, offered to sell the entire amount.

Jesse Thingy the CEO of Kraken and involved as a trustee in the process told the guy he should auction it and was ignored.

https://www.reddit.com/r/Bitcoin/comments/82unmb/why_is_the_mt_gox_guy_selling_on_exchanges/dvd465i/

I can't believe the person in charge of this would be so stupid when OTC buyers would be biting his arm off.

What do you think is up?

What would one expect from an asshole that ended up getting a lot of users to lose their fund? People with the likelihood of always doing shady things will never stop and since all the avenues to not dump the in exchanges fell on deaf ears, it obviously shows how stupid he is. The funniest part is the inexperience management of the dumps, who does that? Then he gave the crap of making efforts to sell at high prices, seriously my dead grandpa have sense than this guy even in his grave.

[anntlevel]

This pic was very revealing to me:



I can't believe this dumbass logged in to some exchange and sold an insane amount of bitcoin in batches instead of going OTC like he should. There must be some sort of insider trading going on. This guy has to be an agent hired to crash the bitcoin price because governments were getting scared at the bull run. If it wasn't for this, we would be at 30k by now.

I don't believe in coincidences when it comes to big money flows. Someone has made a lot of money out of this. Insider trading has happened im sure. This is insane.

Dumbass indeed. It is really insane and appalling hearing things like this and if this guy was not really stupid, he would have agreed to the auctioning rather than going to the exchanges to offload and affect the value drastically. I just have the feelings there is more to this than what the eye can see and some shady stuffs that apparently planned. Like they always say, once a thief, forever a thief.

[Speedie]

Has anyone checked the timing of the dumps against futures volumes? It seems more than co-incidental to me that they started right around the time that BTC futures markets became available on CME. If you want to ask "why would he dump like this?" then maybe "because he's directly or indirectly simultaneously shorting the futures" is the answer.

[Jacques_Bittard]

Bitcoiners are hard to please. They're always saying how happy they are that the price drops and they are able to obtain more cheap coins. Now, when the mtgox trustee just wants to apologize in behalf of mtgox, by offering a lot of cheap coins... then, bitcoiners again not happy.

[Tzupy]

Bitcoiners are hard to please. They're always saying how happy they are that the price drops and they are able to obtain more cheap coins. Now, when the mtgox trustee just wants to apologize in behalf of mtgox, by offering a lot of cheap coins... then, bitcoiners again not happy.

Yeah... well, I would have liked to know in advance about the Trustee's "apologies". His shorting buddies surely knew.

[fabiorem]

Has anyone checked the timing of the dumps against futures volumes?

Do we need to check?

Its assumed by default.

[ciciteng]

I heard that Jessy from Kraken already advised this crazy and stupid Mt. Gox trustee not to sell it on the exchange. Instead do in auction and he will facilitate it.
But this stupid Gox trustee seems have another stupid guy to listened to.

[Daimon88]

And he have more than 100k coins to dump still.

The bears are probably loving this.

I am sure the bears are really smiling and waiting for what the outcome is going to be like, but his actions totally affects the general market perception and if he is in his right sense, I wonder why that would be done in the first place and then coming to give us the cock and bull story of trying to sell at a high price with some bullshit guy saying the market was not strong and if it was, it would not be affected. I feel like sniping someone right now.

[tbterryboy]

There aren't really many possibilities on why he went that route. It's either he has a vendetta against Bitcoin and did it out of spite, or he has more to gain in the long run by moving the market than selling a bit higher. My money is on the latter, but who knows?

At least it seems to be over now, for the most part. Crazy how one guy can have so much of an impact. It just makes you realize how long we have to go.

Yeah, and I really agree with you. It totally shows we have a long way to go, and I imagine what would happen if all the whales stupidly dumps just as he did. Well, shit happens, but in the real sense, he should not have done that or he should have possibly used his sense to sell over the counter like he was told rather than letting it affect the global market price. The market is still young and we cannot expect traders not to react to drops in prices. Now I can explain why my TA and FA just seem not to be working for a while now. This guy is really a punk ass.