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SR2 (Silk Road related market crash, take 2)
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Topic: SR2 (Silk Road related market crash, take 2) (Read 2267 times)
BTCfan1
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Re: SR2 (Silk Road related market crash, take 2)
June 14, 2014, 02:19:00 AM
#21
Quote from: Bitcoin_is_here_to_stay on June 13, 2014, 03:36:20 AM
The whales may not necessarily manipulate the situation - perhaps just preparing to buy cheaper coins at the FBI auction? The condition to participate is to wire $200,000 and it has to arrive by June 20ish, so one has to sell quick on Stamp to have time to withdraw it and wire to FBI's deposit account.
this makes a lot of sense
Mythul
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Re: SR2 (Silk Road related market crash, take 2)
June 14, 2014, 06:39:38 AM
#22
Again uncertain times I guess, I doubt they are dumb enough to crash the entire ecosystem.
Este Nuno
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amarha
Re: SR2 (Silk Road related market crash, take 2)
June 14, 2014, 03:04:39 PM
#23
Quote from: zby on June 13, 2014, 08:49:05 PM
It was just a correction. Not much related to SR bitcoins - just people taking profits. But if the rally was only Expedia insiders buying - than it is possible that it is over now when this is public. And even if not then most probably there will be be another leg of the correction soon.
If Expedia insiders were buying hoping for a bump on the announcement I bet they were pretty disappointed.
BTCtrader71
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Re: SR2 (Silk Road related market crash, take 2)
June 17, 2014, 11:53:12 PM
#24
Quote from: BTCtrader71 on June 13, 2014, 01:27:40 AM
Quote from: Tirapon on June 13, 2014, 01:14:02 AM
Quote from: BTCtrader71 on June 13, 2014, 12:54:24 AM
Preamble: you can't have a good 10-fold rally in bitcoin without first having a good fun panic to get everyone's adrenaline going. Now we've had it and it's over. Let the good times roll!
So, this is my analysis in the immediate aftermath of the 80-point drop from 630 to 550 on stamp (a 12% drop), which at the time of this posting (a few hours after hitting 550) has rebounded to 585.
I am calling this panic selling as an overreaction to news of the Silk Road selloff, announced immediately prior to the crash, here:
http://www.usmarshals.gov/assets/2014/bitcoins/
Here's why I calculate it to be panic selling: According to
http://bitcoinwatch.com/
, the volume of BTC traded over the past 24 hours on all exchanges is somewhere around 150,000 btc. (Someone pls verify I'm reading the chart correctly ... ) Compare that to 30,000 btc that the US Marshals Service is going to selloff. Are they going to dump it on a single exchange over the next 10 seconds? No. They are giving us a 19-day warning (payment is due July 1 - see ). If total trade volume between now and then is (let's say) $2mil btc, an extra 30k just increases the volume over that time period by 1.5% -- a drop in the bucket.
Comments?
I was thinking more or less the same. Lets just see if we rebound strongly from here.
If it follows the pattern of SR1 it will recover within a day or two.
It has taken longer than SR1 to recover but over the past 5 days 'stamp has recovered significantly, from 585 at the time of my OP to 608 right now.
BTC:
14oTcy1DNEXbcYjzPBpRWV11ZafWxNP8EU
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