Now We Know Who Sold The Bottom At $6k And Tried To Crash Bitcoin

[Herbert2020]

this is the classic example of an FUD which is being spread ever since price started going down from $11k and it was a successful one because it was a well crafted FUD not just random nonsense.
and it is not about whether or not they sold these coins, that part of the FUD may very well be true and that's what makes a good FUD, having some traces of the truth.
the real question is whether it affected the market and looking at the daily volumes and also knowing the fact that people who want to cash out for money and not manipulate the market will never do it in a way that causes a crash.

[1715286386]

1715286386

[cryptocrusher]

The market is the market.   Anyone can buy or sell.   There are no good guys or bad guys, just people trying to make a profit.   It's no different than Zuckerberg, Bezos, or Tim Cooke selling some of their stock on the market.   You wouldn't say they were trying to bring down Facebook, Amazon, or Apple stock.   

That's because they're their own companies and it's in their best interest not to do so. It makes zero difference to this guy if bitcoin crashes or not. He's earning his millions for facilitating these transactions and has no ties to bitcoin after it whatsoever.

It would've been nice if part of the deal was that he had to be paid his commission in bitcoin at the end of the selling process, then he'd have a bit more incentive to sell in a sensible way.

Sensible for whom?   It's not a team effort.   The bitcoin market is not some hippy commune.    If the news is accurate anyway, he sold in the most sensible way to himself and his own interests.   That's the free market economy at work.   

I did not say that it is. But by crashing the price he is indirectly making it so that he gets a worse price for the coins that he's selling, that's pretty clear. Selling at a low of 6k is not sensible, it may be in HIS best interests but it's not in the best interests of the people who he is acting on behalf of.

[daarul50]

And it was this guy – Tokyo whale and Mt.Gox bankrutpcy trustee who sold almost $400 million worth of BTC, some of it at the very bottom on Feb 6th. He crashed the market by 75% by selling the bitcoins in couple of rounds.

3.



The MT Gox trustee has sold half a billion worth of bitcoin and bitcoin cash between December 2017 and February 2018 it was revealed today.

He sold the first batch of 6k bitcoin on December 22nd, sending price from nearly $16,000 to a brief low of $10,800. Then he waited for market to recover and sold another batch of 8k bitcoins on January 17th. Which again produced the same effect – crashed the bitcoin price.

But he is not done yet – he does another sell on January 31st, this time it was around 6k bitcoins. But vast majority of bitcoins was sold on February 6th which implies that he actually tried to crash the market by selling at the bottom.

And guess what – the market absorbed it and jumped back up to $10k.

But what is worrisome is that this same guy has another 180k BTC up his sleeves, that he is looking to sell in the upcoming period and repay the creditors and users who lost their bitcoin in Mt.Gox hack.

....

I wonder why he did that? But I am one of those people who took advantage of the downturn from what he did so that I could buy some bitcoins to make a profit at a later time because of the large amounts he sells bitcoin remains viable and stable at $ 9,000- $ 10,000 and that signifies that bitcoin this year will experience a price rebound and hit new highs.

[oginiimaoyani]

This act will make some persons who have invested millionaires  in the future, the only thing to do now is to hold and be patient for a while.

[Ix]

There's a total of 16.9 millions of Bitcoins in Market Cap. 400$ millions worth of BTC, which was between 7-9k USD in February, that's ~50k Bitcoins, which is only ~0,29% of all Market Cap, how could it cause 75% crash?

Because the market cap is just current price * number of bitcoins. It says nothing about how deep the market actually is. And since there are billions and billions of dollars worth of bitcoin out there mined for pennies, it probably isn't that deep.

[Arwinkim]

As a forex trader, we all do agree about this kind of thing totally common. It's the nature of any asset done by market movers to manipulate the price in order to gain a ton of profit. However, say you haven't bagged any bitcoin then this could open wide opportuniy for us to buy back at lowest price.

[jpespa]

We cannot blame the guy though. He has all his right over what he hold and if he chose to sell that many bitcoins then we cannot do anything about it. But thinking about what he did, it really made devastating effect in the market since that large volume of bitcoin being dumped while it was at its highest price. Surely he gained unimaginable amount of converted bitcoins all we need to do now is just hope that it won't happen again because it may become harder for bitcoin to recover because of chains of dumps. Lucky for that person to have sold large quantity of bitcoin at highest price.

[hakatu]

The whole Mt.Gox story has been tied deeply with Bitcoin exchange history. In my opinion, the guy is actually making BTC more decentralized, spreading it cheap to buyers. When the bull run started a while ago from 9k to 19k$  I just wish someone would crash below 10k so I could buy more. And there it goes, he helped me. 
There's no point blaming price drop or even price blow on news. I, technically speaking, believe the news follows the price and the price? It follows the chart.

[muraqaba]

so one guy crashed the markets, awesome!

[SaShiRaJaVu]

As a forex trader, we all do agree about this kind of thing totally common. It's the nature of any asset done by market movers to manipulate the price in order to gain a ton of profit. However, say you haven't bagged any bitcoin then this could open wide opportuniy for us to buy back at lowest price.

It is true that they sold millions worth of coins and they are crashing the market every now and then,the only thing i did not like about that is they are holding the funds from the many users they had in the past and the profit will be taken by the scam as they will be settling the real owners with pennies other than that they have the full right to do what ever they want with their coin. If you consider this as an opportunity to buy the coins at a lower price,so be it.

[djibril cisse]

We cannot blame the guy though. He has all his right over what he hold and if he chose to sell that many bitcoins then we cannot do anything about it. But thinking about what he did, it really made devastating effect in the market since that large volume of bitcoin being dumped while it was at its highest price. Surely he gained unimaginable amount of converted bitcoins all we need to do now is just hope that it won't happen again because it may become harder for bitcoin to recover because of chains of dumps. Lucky for that person to have sold large quantity of bitcoin at highest price.

but it also needs to happen at some point , if more people hold bitcoin it is much better for everyone . if 1 person holds it for a very long time maybe he can have a much bigger effect in the future.

[Leyss]

I read in other sources for this Gox. It's unclear just why he does it. Besides, why sell to him all the other 180,000 bitcoins? Is it due to personal circumstances, or is it deliberate to crash the crypto currency market? This is similar to deliberate actions to reduce the rate of bitcoin.