bitcoin bear chart

[GeniuSxBoY]

relax, whoever had 400k coins in 2011, surely knows better than to dump them all on exchange he sat tight when it was at 1200, and no fundamentals has changed for him to suddenly need to cash out millions usd through an exchange where he would pay taxes when withdrawing and kill bitcoin in the process could be either a simple reorg or an off-books sale, these are not coming to gox.

Keyword:Could. You don't know. I don't know.

I'm playing it safe. I like the amount of money I've made so far, I'd like to keep it.

I can't keep what I made secure with that big of a raincloud looming over my head.

[Piper67]

Is it not possible that he or she just wanted to move coins from one address he or she controls to another? If I had 400K BTC all in one address, I'd get a bit nervous myself... I'd want some in Armory, some in paper wallets, some who knows where... but they'd still be mine.

[keewee]

Maybe they were having a cleanup and found the bit of paper they wrote the password on... 

[MaxwellsDemon]

Is it not possible that he or she just wanted to move coins from one address he or she controls to another? If I had 400K BTC all in one address, I'd get a bit nervous myself... I'd want some in Armory, some in paper wallets, some who knows where... but they'd still be mine.

Possible, but not likely. There were 120k coins in 28 addresses. Each was moved to a new address. So now there are still 120k coins in 28 addresses, just different addresses. No reorganisation, just a transfer.

Plus, if you thought your coins were safe where they sat since March 2nd, 2011, why change your mind now?

[Thursday]

It's the Winklevii getting out.  They just found out there BIT trust is not going to be approved.  Funs over.

[GeniuSxBoY]

Is it not possible that he or she just wanted to move coins from one address he or she controls to another? If I had 400K BTC all in one address, I'd get a bit nervous myself... I'd want some in Armory, some in paper wallets, some who knows where... but they'd still be mine.

Possible, but not likely. There were 120k coins in 28 addresses. Each was moved to a new address. So now there are still 120k coins in 28 addresses, just different addresses. No reorganisation, just a transfer.

Plus, if you thought your coins were safe where they sat since March 2nd, 2011, why change your mind now?

Volcanoes may lay dormant for thousands of years. However, If I see and feel it tremble, I get the fuck out of dodge for a while.

[knightcoin]

All this movements reminds me ... that

I am such Hodler ... and noting going to change it LoL .. But for some reason ... came to my my mind others hodlers in stock market like:

goog =>  334.09M Shares @ 367.70B Mkt cap
msft =>  8.35B      Shares @ 307.21B Mkt cap

Gates actually made a plan to split his shares til get complete retired and take care about his charity foundation, now he got 5%

But for while I think I just like this google shareholder sharehodler here ( such funny guy http://youtu.be/nTVUagiqmPs?t=1h18m25s ) lol     

[Kj1]

ok i added some 100$ and 200$ buys after reading this

Not for the last spike, but the previous ones in bitcoin days destroyed: isn't it a lot of people moving coins from cold storage to cash out just after a big value loss?  

[SuperHakka]

answer this question honestly, drop the bullcrap for 10 seconds:

Q: if you were given the option of (A) having $200m with probablty 100% or (B) having $1bn with probabilty 20%. Which wuld you choose?

[piramida]

answer this question honestly, drop the bullcrap for 10 seconds:

Q: if you were given the option of (A) having $200m with probablty 100% or (B) having $1bn with probabilty 20%. Which wuld you choose?

You will never be given either of this options. If you had such an option, you'd blew it when it was (C) 1$. So not applicable, it is not some scared kid moving these coins.

He'd sell 28k coins for 20mil, good for just about anything in this world, if he would suddenly feel so itchy. Not much reason to move all, and definitely no reason to sell all. You don't amass significant portion of BTC economy by being stupid. There's something else going on.

[SuperHakka]

answer this question honestly, drop the bullcrap for 10 seconds:

Q: if you were given the option of (A) having $200m with probablty 100% or (B) having $1bn with probabilty 20%. Which wuld you choose?

You will never be given either of this options. If you had such an option, you'd blew it when it was (C) 1$. So not applicable, it is not some scared kid moving these coins.

does not compute.. goto line 10

[spiderbrain]

answer this question honestly, drop the bullcrap for 10 seconds:

Q: if you were given the option of (A) having $200m with probablty 100% or (B) having $1bn with probabilty 20%. Which wuld you choose?

Yeah, I think you're right, I suspect that this is a big private sale. Someone wants to lock in some profilt on a scale the exchanges can't handle. I'm sure they'll still have most of their coins, and they'll have a private island too!

[MatTheCat]

Snipped for brevity.

Excellent post and excellent thread.

Good detective work! Seeing stuff like this sends a chill up my spine.

This is one cornered motherfucker of a market!

[MaxwellsDemon]

Not for the last spike, but the previous ones in bitcoin days destroyed: isn't it a lot of people moving coins from cold storage to cash out just after a big value loss?  

Probably. In fact, whenever the transaction volume goes up, bitcoin days destroyed is bound to go up too...
So the OP chart isn't much use on its own. The interesting metric is the ratio of bitcoin days destroyed / total output volume. That actually makes yesterday much more interesting: all the previous spikes in days destroyed were correlated to high output volume. Yesterday wasn't just the highest spike in days destroyed ever, it also happened on a day with below-average output volume.

[Piper67]

Is it not possible that he or she just wanted to move coins from one address he or she controls to another? If I had 400K BTC all in one address, I'd get a bit nervous myself... I'd want some in Armory, some in paper wallets, some who knows where... but they'd still be mine.

Possible, but not likely. There were 120k coins in 28 addresses. Each was moved to a new address. So now there are still 120k coins in 28 addresses, just different addresses. No reorganisation, just a transfer.

Plus, if you thought your coins were safe where they sat since March 2nd, 2011, why change your mind now?

Hmmmm, because you misplaced the slip of paper on which you wrote the password? In other words, because something makes you suspect your coins are no longer safe.

[o3u]

anyone on bitcoinbubble at that time?

edit: i meant http://www.bitlisten.com/

mod edit: changed webite to non-malware infested version

[piramida]

because something makes you suspect your coins are no longer safe.

Also makes sense, maybe these just moved to a new, safer tech for cold storage. In fact that is the most plausible explanation yet, why they moved like they did.

Probably owner built a bunker in iceland just for storing those He is already a wealthy man afterall, it is a certainty. Somebody who does not cash out millions for two years must have other means to survive.

[Piper67]

because something makes you suspect your coins are no longer safe.

Also makes sense, maybe these just moved to a new, safer tech for cold storage. In fact that is the most plausible explanation yet, why they moved like they did.

Yeah, If those are really old coins, they were in an unencrypted wallet... would make sense to move them to Armory or a paper wallet.

[MaxwellsDemon]

because something makes you suspect your coins are no longer safe.

Also makes sense, maybe these just moved to a new, safer tech for cold storage. In fact that is the most plausible explanation yet, why they moved like they did.

Yeah, If those are really old coins, they were in an unencrypted wallet... would make sense to move them to Armory or a paper wallet.

A bigshot miner from 2010 leaves 120k coins unencrypted for almost 3 years?
I guess anything's possible...
Anyway, it's pretty clear they weren't moved to an exchange. Either they weren't sold, or they were sold off the market.
Either way, I don't expect this to affect market prices.

[Xiaoxiao]

"You guys are all FUCKED"