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Author Topic: Alright, who's the idiot that think it's funny to dump 25k BTC in a single sale?  (Read 3288 times)
DonnyCMU
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August 07, 2011, 12:40:24 AM
 #1

This is by far the largest single bitcoin dump in the last couple of months since Bitcoin become well-known.
We went from over $7 to little under $6, and bounce back quickly to over $6. Consider the size of the sale, $180,000 all at once, I'm surprise and glad we didn't dive lower.

Either the guy is very stupid to not break it up in small sales, or very smart to see that Bitcoin can't sustain price over $7-$8.
Or... since this guy certainly has the means to manipulate and corner the market. Who know what he's trying to do. I read from other post that there are hedge funds getting into Bitcoin now.
http://nyconvergence.com/2011/08/bitcoin-trading-attracts-wall-street-professionals.html

Well... He ain't getting my coins! I'm holding strong..  GLTA!
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Houdini
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August 07, 2011, 12:44:15 AM
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30k just sold on mtgox.... Good that there are still buyers absorbing so much?
That answer your question ?
anatolikostis
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August 07, 2011, 12:45:19 AM
 #3

This is by far the largest single bitcoin dump in the last couple of months since Bitcoin become well-known.
We went from over $7 to little under $6, and bounce back quickly to over $6. Consider the size of the sale, $180,000 all at once, I'm surprise and glad we didn't dive lower.

Either the guy is very stupid to not break it up in small sales, or very smart to see that Bitcoin can't sustain price over $7-$8.
Or... since this guy certainly has the means to manipulate and corner the market. Who know what he'll do. I read from other post that there are hedge funds getting into Bitcoin now.
http://nyconvergence.com/2011/08/bitcoin-trading-attracts-wall-street-professionals.html
mybitcoin.com
DonnyCMU
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August 07, 2011, 12:48:45 AM
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30k just sold on mtgox.... Good that there are still buyers absorbing so much?
That answer your question ?
I believe It's actually 24k btc in a single sale (or within 1 min.)
and a total of 29k btc sale within 15 minutes.

Oh, and I think he meant he saw the sale as well, but probably not the one actually who sold it?
DonnyCMU
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August 07, 2011, 12:53:59 AM
 #5

This is by far the largest single bitcoin dump in the last couple of months since Bitcoin become well-known.
We went from over $7 to little under $6, and bounce back quickly to over $6. Consider the size of the sale, $180,000 all at once, I'm surprise and glad we didn't dive lower.

Either the guy is very stupid to not break it up in small sales, or very smart to see that Bitcoin can't sustain price over $7-$8.
Or... since this guy certainly has the means to manipulate and corner the market. Who know what he'll do. I read from other post that there are hedge funds getting into Bitcoin now.
http://nyconvergence.com/2011/08/bitcoin-trading-attracts-wall-street-professionals.html
mybitcoin.com
Dunno... May be.. but if all this is his doing, wouldn't he earned more breaking up the sales over a period of a couple of weeks?
Houdini
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August 07, 2011, 12:54:50 AM
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Maybe I got that sentence the wrong way around... Anyway the guy who sold 30k of btc is not an idiot, he's either a genius or very lucky to have amassed so much (I wish I had 30k BTC !). Only he should have sold at 30$, not at 7$.
logansryche
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August 07, 2011, 01:10:08 AM
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Maybe I got that sentence the wrong way around... Anyway the guy who sold 30k of btc is not an idiot, he's either a genius or very lucky to have amassed so much (I wish I had 30k BTC !). Only he should have sold at 30$, not at 7$.

Yeah you're not the only one lol. If I had that much I wouldn't've dumped it all.
Woulda waited for the market to recover or use it to back a loan company or something else other then dumping it. Just my 2 cents.
miscreanity
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August 07, 2011, 01:51:57 AM
 #8

This screams of panic selling. Little different from what's going on in major equity markets around the world right now. It reflects an amateur trading mentality that will sell at the worst price possible.

Bears and bulls make money - pigs and sheep get slaughtered.

I am waiting for these short-sighted panic sellers to drop Bitcoin to USD$0.01 so I can buy several thousand BTC and mine at marginal difficulty.
miscreanity
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August 07, 2011, 08:17:33 AM
 #9

I'm going to laugh my ass off if the price continues to rise after that ~30k sell order...

Buy high, sell low? Maybe with long-dated, far OTM puts Grin
logansryche
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August 07, 2011, 08:26:52 AM
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I'm going to laugh my ass off if the price continues to rise after that ~30k sell order...

Same lol.
Vladimir
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August 07, 2011, 08:34:06 AM
 #11

Yep, dumping one day average volume in one minute is real smart move. Those bitcoins must be really burn holes in somebody's pants.

If I was an agent investigating recent heists, the first thing on my to do list would be to subpoena(or whatever) mtgox on identity of the seller.



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cypherdoc
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August 07, 2011, 04:47:19 PM
 #12

yeah and the price is up what 33%  since he did it?  LOL!
cypherdoc
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August 07, 2011, 04:47:55 PM
 #13

I'm going to laugh my ass off if the price continues to rise after that ~30k sell order...

Buy high, sell low? Maybe with long-dated, far OTM puts Grin


its called CAPITULATION baby!
walidzohair
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August 08, 2011, 07:44:28 PM
 #14

miserable how small is the bitcoin!!! just a 100 million USD in a world of 20+ USD trillion.

funny .. is not it ?


well the more ironic fact is that how much a 100K USD can shake such a market?!?!

I say we are still way behind anything specially being a global currency until some more "series" interest is in the bitcoin. and "series" = means hundred of millions of USD investments or hundred of millions of populations are in.
BTC_Junkie
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August 10, 2011, 12:50:18 AM
 #15

30k just sold on mtgox.... Good that there are still buyers absorbing so much?
That answer your question ?

Haha sorry, I just observed the sale I wasn't the one involved... I wish I had that many.

12jAZVfnCjKmPUXTszwmoji9S4NmY26Qvu
makomk
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August 12, 2011, 06:25:55 PM
 #16

yeah and the price is up what 33%  since he did it?  LOL!
What's the depth like, though - how fast would he have been able to sell that 25k bitcoins if he hadn't sold them in one go? Also, you've got to remember that a lot of the apparent depth on the trading chart is made of orders that will be pulled as soon as the price gets anywhere near them, so the only way to take advantage of it is one big sell-off that pushes the price right down.

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