Mt Gox confirms he didn't crash the market, panic sellers did (again)

[timerland]

Apparently, he didn't sell the coins the same day he moved the coins, which is when it was speculated that the big selloffs happened. He only moved them, didn't sell them. The pdf was updated today in the mtgox website:

https://www.mtgox.com/img/pdf/20180317_qa.pdf

If this is true, the it just's another demonstration of the schizophrenic people looking for news to dump their coins. We have a bunch of weak handed panic sellers looking for FUD news to dump. Everytime these guys sell and the coins go in the hands of holders is good news.

No idea if this is legit or not, but it wouldn't be surprising if it was.

Honestly, you never act on anything regarding bitcoin until you:

- Understand what is actually going on
- Understand whether or not it'll actually effect bitcoin's ability to serve as a currency/asset
- Understand that most likely, people are going to panic dump because of this and it's most likely going to rebound/reverse soon after you sell/buy.

This dump is nothing other than a panic dump. $8k floor didn't hold up which means more panic. It's all psychological people. Once they break out of this loop, the price will recover to $10k.

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[Pursuer]

This dump is nothing other than a panic dump. $8k floor didn't hold up which means more panic. It's all psychological people. Once they break out of this loop, the price will recover to $10k.

I agree. but also I think at this point the drop is persisting because the trend has changed from all bull to all bear and with it the strategy of all traders has changed into bear mode. so with everyone expecting more drops and acting on it, the price continues dropping more without that much buy support.

and this will continue until the trend changes to bull mode again.

[pereira4]

Interesting, OP.

So he got OTC then.

We can conclude it was the weak hands who drove the price down.

Now, who will drive it up? There are good news around, but this market is weak.

Fact is that most people want to have their money controlled by banks and governments. They buy bitcoin only for a quick profit. If the profit dont come in just some days, they sell at the first bad news they find. They dont want to hold for years, or to spend their btc to buy stuff. In other words, they dont want to wait.

I want to make clear this: Im not sure if they are saying the truth or not, and I have no idea if they went OTC already. It's just what the official statement says, and if we are to believe that the official statement is the truth, then yes, people panic sold only because they read it on a couple websites. What we know for a fact is that the coins moved, what we don't know is if they were sold at these dates or not. It seems people panic sell whenever a big address moves coins, so if satoshi ever MOVES, only MOVES coins, it would be the same, people would panic sell because they would assume he is selling, while if I was satoshi, I would never sell, but I would definitely move the coins elsewhere so people stop controlling my wealth. But at this point im sure he is smart enough to do nothing.

[audaciousbeing]

Apparently, he didn't sell the coins the same day he moved the coins, which is when it was speculated that the big selloffs happened. He only moved them, didn't sell them. The pdf was updated today in the mtgox website:

https://www.mtgox.com/img/pdf/20180317_qa.pdf

If this is true, the it just's another demonstration of the schizophrenic people looking for news to dump their coins. We have a bunch of weak handed panic sellers looking for FUD news to dump. Everytime these guys sell and the coins go in the hands of holders is good news.

What I see here is people trying to give themselves reasons as to why they are taking their decision and most times a lot of people are only following the trend and not about Mt Gox, the moment they see price nose dived, they start dumping only they come around and blame the whales for their decision in case price is recovering and they are at the losing end.

The earlier we move away from the believe that Mt Gox can potentially crash the market the better because he cannot keep the coins forever, if he chose to do that, then the whole of the exercise is in futility or he discharge those coins in a gradual way either way he will still sell and if we continue to give him that preference then we should all brace up for an impending crash.

[RejectedBanana]

Wowee, a whole thread with nothing but Legendaries and Heroes actually talking sense.

Bravo gents, I'd merit you all for the actual reputable discussion, but you guys already live on status mountain.

+1 to OP for attempting to squash FUD.

[lumeire]

I believe no one is to blame. But I would still like to see the official sell orders of the trustee, the dates and the amounts. That information should be made public, right?

Plus Bitcoin was already in "bubble territory" at any rate, the price will always go back to the mean sooner or later.

Once it's out there in the market I suppose they'll hand down that list.

The question now is at what level that mean is, and gut-feel tells me it's ~$2k-$3k. Any ideas?

[Coffee135]

Look what is happening now on the stock exchange. On my stock exchange, the difference between selling price and buying bitcoin is $ 10. I've never seen anything like it. Whales have stopped selling coins. This means that in the next few days the price will go up. I think that they already know that soon will not be a mass sell-off of coins. Preparing for a rise in price.

[Harlot]

This is another proof that bad news has more effect on Bitcoin's price rather than good news on its price. Even news clarifying fake news seems to have no effect on Bitcoin's price positively. Look at what is happening people are believing on bad news or even fake news which they will start to panic sell or even be the cause of it. I am not complaining but they are the ones burying themselves in a hole. There is really no solution for this one as we cannot control all the people who are participating in the market.

[Kingofbitcoin12345]

Doesn’t matter now,, it’s a little to late to stop all bad news that spread faster than any clarification by mtgox.. Within a seconds this propaganda made the downfall of bitcoin market price because all of the sudden their is a simultaneous thread creations by dozens of users from newbies to even a higher rank.. Bad news to panic and end up,, Bitcoin Price Crash..