Dump overnight because of a false article about a double spend

[thecodebear]

Looks like a $4000+ dump occurred overnight because of a false article about a double spend. Dump started right after the article was published last night.

https://cointelegraph.com/news/bitcoin-double-spend-spotted-in-the-wild


Of course this is just a normal temporary fork in the chain that resulted from a transaction getting used twice with different fees and included in two different blocks around the same time, and naturally one of the chains succeeded in being the longest chain which resulted in the other transaction getting stuck in orphaned blocks. But obviously the market panic sold at this news haha. Perfect time to buy cheap bitcoin as this should correct upwards quickly as people realize this news was fake haha (a rare instance of actual fake news!). And the cointelegraph quoted a BSV scammer to play up the "double spend" smh

[teosanru]

I don't think the dump is because of this article or something. Thisis just usual BTC volatility. It went 12% down that day too. If BTC can be pumped by 10-15% in a day then be prepared to face a downfall of such magnitude too. Talking about this double spend this isn't really anything big and someone who has money to influence markets will definitely know that this isn't even a double spend. Such things no more create FUDs for BTC any more.

[thecodebear]

I don't think the dump is because of this article or something. Thisis just usual BTC volatility. It went 12% down that day too. If BTC can be pumped by 10-15% in a day then be prepared to face a downfall of such magnitude too. Talking about this double spend this isn't really anything big and someone who has money to influence markets will definitely know that this isn't even a double spend. Such things no more create FUDs for BTC any more.

It's definitely because of the article. The dump literally started just after the article was published on a popular crypto news site. There was no reason for Bitcoin to dump below the $33k-$35k bottom it was forming, then this article hit and the price dumped like $4000-$5000. This is not normal bitcoin volatility, sure such a price drop can happen just due to market volatility but this clearly isn't the case this time, it was precisely due to the FUD around this fake news article. And obviously it's the retail market that dumped over night. Retail market are precisely the people who panic sell due to FUD like this.

It's very clear the retail market dumped because of this fake news double spend article. Poor suckers.

[BrewMaster]

I don't think the dump is because of this article or something. Thisis just usual BTC volatility. It went 12% down that day too. If BTC can be pumped by 10-15% in a day then be prepared to face a downfall of such magnitude too. Talking about this double spend this isn't really anything big and someone who has money to influence markets will definitely know that this isn't even a double spend. Such things no more create FUDs for BTC any more.

the problem is not the size that makes this drop be because of the FUD machine that is super active today. the problem is with price going below a strong support that could not have been broken normally with any amount of efforts.
it also can not be a coincidence that price started dropping more and more the minute the FUD started to fill the internet.

in a couple of days we can see whose wallets got fatter though

[wxa7115]

Looks like a $4000+ dump occurred overnight because of a false article about a double spend. Dump started right after the article was published last night.

https://cointelegraph.com/news/bitcoin-double-spend-spotted-in-the-wild


Of course this is just a normal temporary fork in the chain that resulted from a transaction getting used twice with different fees and included in two different blocks around the same time, and naturally one of the chains succeeded in being the longest chain which resulted in the other transaction getting stuck in orphaned blocks. But obviously the market panic sold at this news haha. Perfect time to buy cheap bitcoin as this should correct upwards quickly as people realize this news was fake haha (a rare instance of actual fake news!). And the cointelegraph quoted a BSV scammer to play up the "double spend" smh

So this is why it happened, I was in fact wondering why the price went down so quickly and at the beginning I just assumed that this was the volatility of bitcoin playing with people's minds once again, but this makes sense, the price was doing well and then suddenly this article comes out and people begin to sell, but this is also worrying, this is the kind of move that you can do only when the majority of the action within the market comes from retail investors.

If the whales were behind the latest movements in the market something like this will never be effective against them, which means that the positive movement that we were seeing was simply unsustainable anyway.

[Fatunad]

What does it matter even if the dump is as a result of the article, btc has face worst fud than this and worst dump than this and still recover with full force, I believe this dump presents an opportunity to accumulate those who understand that buying the dip is not a idea.

True, when it comes to fuds and other scenario then this isnt really that too serious nor a thing to be bothered. Why people do really connect out situations without
even thinking back that this had been a typical situation that do happen in the market? Small percentage price correction or dip doesnt signify that there are
things that do happen.

Double spend? This isnt something to be shocked on. Also the price hadnt able to break its strong support. We are still playing around 32k as of this writing.
Dead cat bounce? I dont think so.

[yhiaali3]

Regardless if the bitcoin dump happened because of this article or something else, but this is good for me because I took advantage of this decrease in the bitcoin price and increased the amount of bitcoin I have and I will wait for it to go up after that until I enjoy my profits.
This could be a practical example of the way the news works to influence the bitcoin market, perhaps some large corporations or whales are using this method to steal bitcoin from the faint of heart at cheap prices.

[teosanru]

I don't think the dump is because of this article or something. Thisis just usual BTC volatility. It went 12% down that day too. If BTC can be pumped by 10-15% in a day then be prepared to face a downfall of such magnitude too. Talking about this double spend this isn't really anything big and someone who has money to influence markets will definitely know that this isn't even a double spend. Such things no more create FUDs for BTC any more.

the problem is not the size that makes this drop be because of the FUD machine that is super active today. the problem is with price going below a strong support that could not have been broken normally with any amount of efforts.
it also can not be a coincidence that price started dropping more and more the minute the FUD started to fill the internet.

in a couple of days we can see whose wallets got fatter though

Yeah maybe it's a coincidence but I was expecting price to go down from 2 days anyways. We are already down broken down our 20Day EMA and if we close below this support chances are we are going down to 26-27k. I think these small things are now just mere sparks. You would see tons of good as well as bad news floating around each day. It's just us who mark every pump and dump to such news. There would have been some good news regarding btc too but as there was a dump we very easily cherry pick a news and try to make sense of it with today's dump. This is just human psychology.

[Baofeng]

Andreas A. has debunked this so called double spend, but it has impacted the market already so be it. Just some minor dump, we are still way above $30k so I would say that we just need to keep calm and not be affected by this so called double spend because there is none. It's almost the end of the month already, so I'm still optimistic that this is just a period of consolidation, next month might be different. I'm expecting a bounce back to at least $40k.

[passwordnow]

Yeah this is the reason why we've seen a dump. I just noticed it when Cointelegraph also published this news on their Facebook Page. I was like 'tf' is with this. Haha.
People still buying the FUD that are being published and keeps on panic selling. Good for the boys who have been waiting for this dip, it's now all your turn before it gets back on track again.

[exstasie]

It's definitely because of the article. The dump literally started just after the article was published on a popular crypto news site.

I disagree.

It started looking dumpy a couple days ago. And I've been saying for a week now that sentiment is too bullish, very "Wave B" like (before a brutal Wave C to new lows).

If anything, this was just a catalyst for the technicals that were already unfolding. It didn't cause anything. People were looking for any excuse to sell off, and it likely would have happened whether or not any FUD emerged to support the narrative.

There was no reason for Bitcoin to dump below the $33k-$35k bottom it was forming, then this article hit and the price dumped like $4000-$5000.

Pumping to $42K was reason enough. This is just a typical bull market correction. It just went a bit lower than some bulls are comfortable with.

[Twinkledoe]

Regardless if the bitcoin dump happened because of this article or something else, but this is good for me because I took advantage of this decrease in the bitcoin price and increased the amount of bitcoin I have and I will wait for it to go up after that until I enjoy my profits.
This could be a practical example of the way the news works to influence the bitcoin market, perhaps some large corporations or whales are using this method to steal bitcoin from the faint of heart at cheap prices.

We don't know for sure what made this sudden large drop. We can't attribute it to one particular situation only. As this market is the combination of various factors, one situation will not give a massive sell-off in the market. Just my opinion on this matter. But this decline is already expected. We can't go up forever.

[Sithara007]

I don't think the dump is because of this article or something. Thisis just usual BTC volatility. It went 12% down that day too. If BTC can be pumped by 10-15% in a day then be prepared to face a downfall of such magnitude too. Talking about this double spend this isn't really anything big and someone who has money to influence markets will definitely know that this isn't even a double spend. Such things no more create FUDs for BTC any more.

Checked CoinDesk and a few other crypto news sources and they are saying that this news triggered the sell-off. Bitcoin has lost almost one-fourth of its value since the new ATH was recorded on 8th January ($41,800 per coin). Anyway, I am not very concerned about it, since there is no plan to sell any of my coins in the immediate term. Most of us were expecting a correction before the next rally, and I am glad that it happened without much delay.

[Hippocrypto]

Regardless if the bitcoin dump happened because of this article or something else, but this is good for me because I took advantage of this decrease in the bitcoin price and increased the amount of bitcoin I have and I will wait for it to go up after that until I enjoy my profits.
This could be a practical example of the way the news works to influence the bitcoin market, perhaps some large corporations or whales are using this method to steal bitcoin from the faint of heart at cheap prices.

We don't know for sure what made this sudden large drop. We can't attribute it to one particular situation only. As this market is the combination of various factors, one situation will not give a massive sell-off in the market. Just my opinion on this matter. But this decline is already expected. We can't go up forever.

Maybe there's another possible waves more that what's happening lately, let's observe the recent market. Though it's not certain to always move higher, but learning how to ride with the trend would definitely makes us lucky in the future. People always tend to be affected with the daily news updates, so it's basically one of the huge factor specially when getting emotional.

[Oasisman]

Regardless if the bitcoin dump happened because of this article or something else, but this is good for me because I took advantage of this decrease in the bitcoin price and increased the amount of bitcoin I have and I will wait for it to go up after that until I enjoy my profits.
This could be a practical example of the way the news works to influence the bitcoin market, perhaps some large corporations or whales are using this method to steal bitcoin from the faint of heart at cheap prices.

We don't know for sure what made this sudden large drop. We can't attribute it to one particular situation only. As this market is the combination of various factors, one situation will not give a massive sell-off in the market. Just my opinion on this matter. But this decline is already expected. We can't go up forever.

Well, for sure creating a FUD like that would be one of the few main reasons to trigger a dump as some people would easily believe to the news that has been published in the main stream cryptocurrency news websites.
Nevertheless, this could also mean a huge market correction after the Bitcoin bullrun, which kinda normal.
But which ever way Bitcoin headed, I guess we're all fine even If Btc falls below $20,000 because that simply means more accumulation to garner more profit in the future.

[Kittygalore]

I don't think the dump is because of this article or something. Thisis just usual BTC volatility. It went 12% down that day too. If BTC can be pumped by 10-15% in a day then be prepared to face a downfall of such magnitude too. Talking about this double spend this isn't really anything big and someone who has money to influence markets will definitely know that this isn't even a double spend. Such things no more create FUDs for BTC any more.

There is also a large volume of sold bitcoins around US because of the looming talks on regulating bitcoin and cryptocurrencies in their country. Maybe this is a combination of both FUD, innate volatility of the market and market matters that some of us might not fully understand. Hodling is still the best course of action as this sudden dump could result in a sudden pump too.

[Don Pedro Dinero]

Perfect time to buy cheap bitcoin as this should correct upwards quickly as people realize this news was fake haha (a rare instance of actual fake news!).

This is the key here. We, long-term holders, should't worry about these short-term swings. Just keep holding or buy more. Only the weak hands will sell and lose money due to these news.

[NeuroticFish]

Looks like a $4000+ dump occurred overnight because of a false article about a double spend. Dump started right after the article was published last night.

1. Since you know that it's a false article, please don't back-link to it. For now you are doing the opposite of what Andreas Antonopoulos wrote:

I hope more people doing honest work in Bitcoin and other blockchains boycott @Cointelegraph

2. The dump/correction has started long ago. This latest 4k is most probably not that much related to this news. I mean that if people would have dumped because of this, the price would have gone down by 10-20k (!). Of course, that means that it would have been a problem for real there.

[ethereumhunter]

Without thinking about the negative news, I only think that this dump is about the downtrend that always happens to bitcoin. And that is what happens in the crypto. It will be many more reasons why the price is a dump and we are not sure about that, and we can only guess what the reason is. We do not have to think too much about the cause because we will miss the chance to buy bitcoin at a low price if we still think like that.

[pooya87]

This has been the story of bitcoin market from the very early days. False articles, lies on social media, obituaries by famous people, ... have always been used as a tool to crash the price in order to buy more bitcoins.
I'm not surprised that the bitcoincore.org drama with the white paper and the known scammer also came out yesterday causing the panic to grow more.

From now on we can only expect FUD to grow more serious with the price and as people react to FUD effectively, they get more bold and spread more of it in any future drops.