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Author Topic: Bitpay just processed its first 1,000,000 USD order, Dump incoming?  (Read 5237 times)
Spekulatius
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October 29, 2013, 04:30:33 PM
 #1

http://www.reddit.com/r/Bitcoin/comments/1pgny0/bitpay_processes_1_million_transaction_for/

Its for BFL btw. How and when will they convert the coins to USD?

Anybody knows?
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notme
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October 29, 2013, 04:32:38 PM
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Seeing as how the transaction was settled before the 3 day old press release, I wouldn't count on a dump.

https://www.bitcoin.org/bitcoin.pdf
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October 29, 2013, 04:33:50 PM
 #3

It's only 5k coins...

(They can sell them to the Bitcoin Trust.)
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October 29, 2013, 05:17:43 PM
 #4

Or they could sell them within the next hour, who knows for sure?

Sometimes, if it looks too bullish, it's actually bearish
rampalija
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October 29, 2013, 05:22:24 PM
 #5

it is a huge amount of coins
mccorvic
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October 29, 2013, 05:22:43 PM
 #6

On Gox a million USD dump would still only go down just under $200.   This would be a normal dump and most likely recovered in an hour or so.

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October 29, 2013, 05:26:52 PM
 #7

I think butterfly labs is responsible enough to not dump this all at the same time. Would be very stupid if they did. Butterfly labs benefits from a high Bitcoin price aswell. Think logic people.
tutkarz
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October 29, 2013, 05:29:06 PM
 #8

like everybody who owns big amounts of bitcoins have to dump them right away on the market instead of just list them on the ask side if they have to sell it.
Not everybody needs fiat money in this very second.

casascius
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October 29, 2013, 05:32:24 PM
 #9

I would bet they want the bitcoin and already have private buyers lined up eager to get legit coins from a reputable vendor in bulk.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
ElectricMucus
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October 29, 2013, 05:34:42 PM
 #10

lol if this the first time somebody actually took some money out related to ASICs.

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October 29, 2013, 05:34:49 PM
 #11

On Gox a million USD dump would still only go down just under $200.   This would be a normal dump and most likely recovered in an hour or so.
5k would have been a normal dump 6 months ago. 5k is a massive dump now and no way would the price recover in one hour, especially if done on one exchange. Panic would probably kick in.

theonewhowaskazu
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October 29, 2013, 05:37:49 PM
 #12

Seeing as how the transaction was settled before the 3 day old press release, I wouldn't count on a dump.

Actually, might this explain the LAST dip (down to $157 on stamp)?

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October 29, 2013, 05:38:08 PM
 #13

On Gox a million USD dump would still only go down just under $200.   This would be a normal dump and most likely recovered in an hour or so.
5k would have been a normal dump 6 months ago. 5k is a massive dump now and no way would the price recover in one hour, especially if done on one exchange. Panic would probably kick in.



there will be no panic. How much money is invested to BTC we can only dream about it
vendetahome
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October 29, 2013, 05:41:11 PM
 #14

I thought Bitpay insta sells the coins on exchage, how would they know the amount of BTC needed for your order otherwise
MAbtc
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October 29, 2013, 05:41:24 PM
 #15

On Gox a million USD dump would still only go down just under $200.   This would be a normal dump and most likely recovered in an hour or so.
5k would have been a normal dump 6 months ago. 5k is a massive dump now and no way would the price recover in one hour, especially if done on one exchange. Panic would probably kick in.

there will be no panic. How much money is invested to BTC we can only dream about it

Oh? What was that that happened October 23rd (6 days ago)? An instant 25% drop in price (Gox), but no panic? Hmmm.

rampalija
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October 29, 2013, 05:45:20 PM
 #16

On Gox a million USD dump would still only go down just under $200.   This would be a normal dump and most likely recovered in an hour or so.
5k would have been a normal dump 6 months ago. 5k is a massive dump now and no way would the price recover in one hour, especially if done on one exchange. Panic would probably kick in.

there will be no panic. How much money is invested to BTC we can only dream about it

Oh? What was that that happened October 23rd (6 days ago)? An instant 25% drop in price (Gox), but no panic? Hmmm.


6 days ago i saw that ,  and than ppl start buying BTC. There will be small dump in price but we will see
MAbtc
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October 29, 2013, 05:50:28 PM
 #17

On Gox a million USD dump would still only go down just under $200.   This would be a normal dump and most likely recovered in an hour or so.
5k would have been a normal dump 6 months ago. 5k is a massive dump now and no way would the price recover in one hour, especially if done on one exchange. Panic would probably kick in.

there will be no panic. How much money is invested to BTC we can only dream about it

Oh? What was that that happened October 23rd (6 days ago)? An instant 25% drop in price (Gox), but no panic? Hmmm.


6 days ago i saw that ,  and than ppl start buying BTC. There will be small dump in price but we will see

Point is, the question is whether or not we will see massive dumps. If we do, there is no doubt we'll see panic selling.

How big were the dumps that marked the reversal at $233 Gox? I don't remember...

ex-trader
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October 29, 2013, 05:51:46 PM
 #18

I'd bet it never really touched BTC at all.

Chances are a new investor wanted to get into mining and had $1m. They wanted to order from BFL but have to pay in BTC. So Bitpay 'sell' the BTC to the customer, pass it to BFL who sell it back into USD via Bitpay (can't pay the real bills with BTC).

Net result, no external trades, no risk and lots of great PR all-round.
SheHadMANHands
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October 29, 2013, 05:54:27 PM
 #19

like everybody who owns big amounts of bitcoins have to dump them right away on the market instead of just list them on the ask side if they have to sell it.
Not everybody needs fiat money in this very second.

lol
 
But everyone likes to shit their pants to much in econ/speculation.  "May happen in next hour!!  zomg!"
SheHadMANHands
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October 29, 2013, 05:55:39 PM
 #20

I'd bet it never really touched BTC at all.

Chances are a new investor wanted to get into mining and had $1m. They wanted to order from BFL but have to pay in BTC. So Bitpay 'sell' the BTC to the customer, pass it to BFL who sell it back into USD via Bitpay (can't pay the real bills with BTC).

Net result, no external trades, no risk and lots of great PR all-round.

I'm not a conspiracy theorist, but I'd put this at 60% likelihood..
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