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Author Topic: Bitpay just processed its first 1,000,000 USD order, Dump incoming?  (Read 5241 times)
johnyj
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October 29, 2013, 05:56:24 PM
 #21

Bitstamp just had a 5k buy and price rose by $2

Count by the number of monarch, that is about 128T hash power, about 3% of today's network hash power, but might drop dramatically when it delivered

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iCEBREAKER
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October 29, 2013, 06:02:58 PM
 #22

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

China will devour those coins before tea time, then be ready for more.   Cool


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uhoh
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October 29, 2013, 06:56:16 PM
 #23

Bitstamp just had a 5k buy and price rose by $2

Count by the number of monarch, that is about 128T hash power, about 3% of today's network hash power, but might drop dramatically when it if delivered

Joking aside, this is one order that BFL will deliver, at the expense of people earlier in the queue no doubt
ErisDiscordia
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October 29, 2013, 07:06:46 PM
 #24

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..

I am a conspiracy theorist and I proclaim this scheme to be a rational idea which might very well have been implemented by the involved parties.

It's all bullshit. But bullshit makes the flowers grow and that's beautiful.
rampalija
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October 29, 2013, 07:08:00 PM
 #25

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..

I am a conspiracy theorist and I proclaim this scheme to be a rational idea which might very well have been implemented by the involved parties.

agree with you but maybe there will be some changes

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adamstgBit
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October 29, 2013, 07:13:03 PM
 #26

I think it gr8 that bitpay did 1million in 1 order

i'd like to see  more high volume trading going on, poeple buying house, cars, boats, collectables,  thing of that nature, and price will be affected, in a very positive way

somestranger
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October 29, 2013, 07:16:25 PM
 #27

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 don't think someone with $1 million to invest would be stupid enough to buy from a long con company like BFL. I think it's more along these lines:

Sounds like bfl just laundered all the coins they mined on everyone's equipment. <takes off tin foil hat>
ElectricMucus
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October 29, 2013, 10:21:27 PM
 #28

I thought Bitpay insta sells the coins on exchage, how would they know the amount of BTC needed for your order otherwise

They take the risk and take loans.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
SheHadMANHands
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October 29, 2013, 10:26:47 PM
 #29

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..

I am a conspiracy theorist and I proclaim this scheme to be a rational idea which might very well have been implemented by the involved parties.

Well the problem with most "conspiracy theories" is that the conspiracy would be extremely difficult to orchestrate, and the provided explanation is perfectly reasonable.  In this case, the given explanation, that someone purchased $1,000,000 worth of miners from BFL.... in bitcoin as well.... is pretty striking, to say the least.  And the "conspiracy" would have been very simple to orchestrate.
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October 29, 2013, 10:30:59 PM
 #30

what idiot (besides BFL laundering their own mined coins?) would give bfl a million worth of bitcoins. the stupidest smart person?!?!

ok
ErisDiscordia
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October 29, 2013, 10:36:40 PM
 #31

Well the problem with most "conspiracy theories" is that the conspiracy would be extremely difficult to orchestrate, and the provided explanation is perfectly reasonable.  In this case, the given explanation, that someone purchased $1,000,000 worth of miners from BFL.... in bitcoin as well.... is pretty striking, to say the least.  And the "conspiracy" would have been very simple to orchestrate.

There is another problem with conspiracies. Many people have been thoroughly trained to apply either/or thinking in all areas of life. Thus some of them find a theory they like, believe 100% every single piece of it and ascribe everything remotely related to the workings of the conspiracy. Others fall prey to what I call the "Great Conspiracy" - the idea that there actually are no conspiracies in this world. They become convinced that every conspiracy theory is 100% false and not worth paying any attention to.

Forming conspiracies (if you're not part of them) or affinity groups (if you are part of them) is "normal mammalian behavior" as Robert Anton Wilson put it. To believe in a single one running world affairs for centuries, or alternatively, believing that no conspiracies exist seems naive to me. The truth, of course, is that at any given moment there are at least 23 major conspiracies trying to claim power over whatever it is  Grin

It's all bullshit. But bullshit makes the flowers grow and that's beautiful.
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October 29, 2013, 10:47:13 PM
 #32

what idiot (besides BFL laundering their own mined coins?) would give bfl a million worth of bitcoins. the stupidest smart person?!?!

It's the collective stupidity of many of their customers.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
bassclef
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October 30, 2013, 12:01:46 AM
 #33

what idiot (besides BFL laundering their own mined coins?) would give bfl a million worth of bitcoins. the stupidest smart person?!?!

My guess is that a million bucks buys you a spot at the front of the line.
superduh
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October 30, 2013, 12:13:58 AM
 #34

what idiot (besides BFL laundering their own mined coins?) would give bfl a million worth of bitcoins. the stupidest smart person?!?!

My guess is that a million bucks buys you a spot at the front of the line.

in two weeks.........................

ok
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October 30, 2013, 12:15:54 AM
 #35

what idiot (besides BFL laundering their own mined coins?) would give bfl a million worth of bitcoins. the stupidest smart person?!?!

My guess is that a million bucks buys you a spot at the front of the line.

in two weeks.........................

LOL touché Cheesy
johnyj
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October 30, 2013, 12:28:21 AM
 #36

I thought Bitpay insta sells the coins on exchage, how would they know the amount of BTC needed for your order otherwise

They take the risk and take loans.

This is a very aggressive move as long as they can get the loan from the banks (Banks have tons of cash currently hoarded at their reserve account). If they absorb all the coins then the market will run out of coins and the price will rise quickly, and then they could release the coins slowly at a later time. One year's return on coin's appreciation will bypass their operating margin for several magnitudes


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October 30, 2013, 12:37:05 AM
 #37

I'm sure future customers looking to use bitcoin and bitpay would be very pleased that as soon as they start transacting moderate amounts of money they'll be outed on web sites.  You wouldn't see a bank behaving like that.

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SheHadMANHands
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October 30, 2013, 01:09:13 AM
 #38

I'm sure future customers looking to use bitcoin and bitpay would be very pleased that as soon as they start transacting moderate amounts of money they'll be outed on web sites.  You wouldn't see a bank behaving like that.

?

LOL if you think this wasn't a coordinated partnership thing between Bitpay and BFL.  I thought this was common sense.
BitcoinHeroes
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October 30, 2013, 01:36:19 AM
 #39

Might dump in few transaction over the few weeks, so if you think this has big impact then sell first and buy later Smiley
n8rwJeTt8TrrLKPa55eU
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October 30, 2013, 02:36:50 AM
 #40

Might dump in few transaction over the few weeks, so if you think this has big impact then sell first and buy later Smiley

This interview today with Galllipi confirms that the BTC has already been absorbed via a combination of private sales and exchange transactions.

http://www.youtube.com/watch?v=UdV48a-Ay2k

Those hoping for a decline based on this news, will be waiting a long time.
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