Who is the dumper on mtgox ?

[Tzupy]

efarah, your post is a good contrarian indicator.
Just 2 weeks ago there were over 30 million $ on the bid sum. Now it's below 5 million, but not much has left MtGox.
After the panic subsides, most of that fiat will be back, buying cheap bitcoins.

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[N12]

efarah, your post is a good contrarian indicator.
Just 2 weeks ago there were over 30 million $ on the bid sum. Now it's below 5 million, but not much has left MtGox.
After the panic subsides, most of that fiat will be back, buying cheap bitcoins.

Indeed. Remember that USD cannot flee the exchange …  Gee, I wonder what will happen should BTC withdrawals come back.

[gambitx]

HELP!

[molecular]

HELP!

what can we do for you?

[Solarstorm75]

Dump selling on Gox has stopped now. Expecting a spectacular rise.

[johnyj]

It might because the large chinese rally last year was caused by some shadow banking actors moving their CNY reserve to USD through bitcoin, and now it is the time they convert their coins back to USD at MTGOX. They caused price to rise when they bought large amount of coins and now they cause the price to fall

[Peter R]

It might because the large chinese rally last year was caused by some shadow banking actors moving their CNY reserve to USD through bitcoin, and now it is the time they convert their coins back to USD at MTGOX. They caused price to rise when they bought large amount of coins and now they cause the price to fall

Interesting theory.  But a couple things don't fit for me: these actors would know ahead of time that this incessant selling would drive down the price on the exchange.  So, you'd expect that they would have transferred coins to all major exchanges so that they could get a better price, no?  And would they have waited until now to start dumping?

[Solarstorm75]

mission accomplished 

[derpinheimer]

I voted manipulator. Before the dumps there was a spike from 380$ to 540$, probably
the manipulator bought his own coins, and then sold them to create downward momentum.
MtGox should have stopped the trading after seeing this unnatural market movement,
and then resume trading only after withdrawals would resume.

lolwut.
Im sure all of the asks and independent buys up to 540 were the same guy, and all his coins.

If he wanted downward momentum, he would have just sold them.

[Beta-coiner1]

I think it is all about relevance at this point of Gox to BTC.A more relevant exchange needs to take over.

[wbaw]

Another possible option is somebody had a huge bet based on the goxbtc price at some derivative market & gained more from shorting than they lost tanking the price.

Shrewd thinking. But who would be dumb enough to take the opposite end of such a contract when such an unfavourable outcome could be so easily manipulated by the right/wrong sort of people?

Most people expected the Gox price to go up without realising how easily manipulated it was. Nobody could get new fiat in to buy over the weekend & most people were probably all in on goxbtc so couldn't buy any more on the exchange.

I still think mad robots though, otherwise why the big buy at the start? Maybe the shorter set the robots off too?

Maybe it was pure accident with quite a lot of badly programmed robots that reacted badly to the big buy & caused some feedback loop with nobody able to buy & stop it.

[wbaw]

efarah, your post is a good contrarian indicator.
Just 2 weeks ago there were over 30 million $ on the bid sum. Now it's below 5 million, but not much has left MtGox.
After the panic subsides, most of that fiat will be back, buying cheap bitcoins.

Indeed. Remember that USD cannot flee the exchange …  Gee, I wonder what will happen should BTC withdrawals come back.

It can go out as EUR or JPY.

[stylin]

The only explanation that makes sense: the Gox sellers are accounts which were used to fraudulently withdraw BTC using malleability attacks, and they know those balances will be invalid once Gox gets its shit together. So may as well maximize the panic to potentially buy cheap coins on other exchanges

[N12]

efarah, your post is a good contrarian indicator.
Just 2 weeks ago there were over 30 million $ on the bid sum. Now it's below 5 million, but not much has left MtGox.
After the panic subsides, most of that fiat will be back, buying cheap bitcoins.

Indeed. Remember that USD cannot flee the exchange …  Gee, I wonder what will happen should BTC withdrawals come back.

It can go out as EUR or JPY.

Both are delayed by 4-5 weeks and have extreme constraints in daily output for the whole exchange. For SEPA, it is 100k EUR. For JPY it is 100 million yen, but according to Mark Karpeles, there is an additional bottleneck because JPY have to be converted. Otherwise there likely wouldn't be this JPY delay in the first place.

You will never empty the exchange with the current state of withdrawal methods in less than say a year.

[Peter R]

The only explanation that makes sense: the Gox sellers are accounts which were used to fraudulently withdraw BTC using malleability attacks, and they know those balances will be invalid once Gox gets its shit together. So may as well maximize the panic to potentially buy cheap coins on other exchanges

Hmm, I never thought about this possibility, but it makes sense.  Nice work!

[derpinheimer]

You guys are so full of it. Why is it a conspiracy? Its simply people panicking. If it were manipulated, guess what would happen to all of those Gox asks? They'd be gone. All the way to $500.

[wbaw]

Not many people are panicking though, it's not really fallen that much on other exchanges, surely a widespread panic would be more widespread? Goxbtc are trading higher on bitcoinbuilder than on gox.

It is looking very suspicious now though, we've had Monday in Japan, some money should have gone in, out of control bots should have run out of funds or been stopped, I can't think of many excuses why it hasn't recovered on gox. Will have to see what they say & do.

[derpinheimer]

Not many people are panicking though, it's not really fallen that much on other exchanges, surely a widespread panic would be more widespread? Goxbtc are trading higher on bitcoinbuilder than on gox.

It is looking very suspicious now though, we've had Monday in Japan, some money should have gone in, out of control bots should have run out of funds or been stopped, I can't think of many excuses why it hasn't recovered on gox. Will have to see what they say & do.

Why on earth would you expect a Gox-only problem to cause panic elsewhere...? A disconnect of this scale is clearly impossible without one exchange having major issues, being (mostly) ignored by the others.


It hasnt recovered because... wait for it...





NO ONE IS BUYING.


 

Whu'dha thunk it?


These mythical bots and manipulators have stopped dumping. And the price hasnt recovered. Its almost like its the agreed upon price @ gox.

Haha, who am I kidding. Its clearly an extremely wealthy manipulator selling all his BTC well below market value. He's gon' get so rich doing that.

[wbaw]

Not many people are panicking though, it's not really fallen that much on other exchanges, surely a widespread panic would be more widespread? Goxbtc are trading higher on bitcoinbuilder than on gox.

It is looking very suspicious now though, we've had Monday in Japan, some money should have gone in, out of control bots should have run out of funds or been stopped, I can't think of many excuses why it hasn't recovered on gox. Will have to see what they say & do.

Why on earth would you expect a Gox-only problem to cause panic elsewhere...? A disconnect of this scale is clearly impossible without one exchange having major issues, being (mostly) ignored by the others.


It hasnt recovered because... wait for it...





NO ONE IS BUYING.


 

Whu'dha thunk it?


These mythical bots and manipulators have stopped dumping. And the price hasnt recovered. Its almost like its the agreed upon price @ gox.

Haha, who am I kidding. Its clearly an extremely wealthy manipulator selling all his BTC well below market value. He's gon' get so rich doing that.

People are buying goxbtc off exchange & they're paying more than on gox. It's been all day Monday in Japan, have they let any deposits in yet? Where's the press release?

[derpinheimer]

I dont follow. What is a  "Goxbtc"?

And if withdrawals dont work, how could anyone buy them?

And what deposits? Deposits to gox work. Withdrawals dont.

The press release wont come or it will say they are delaying withdrawals, 99% chance of that at least.