Bitcoin Forum
May 12, 2024, 03:59:19 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Bitcoin Forum > Economy > Trading Discussion > Price dumped on silkroad auction news?
Pages: [1]
« previous topic next topic »
  Print  
Author Topic: Price dumped on silkroad auction news?  (Read 736 times)
binks1 (OP)
Newbie
*
Offline Offline

Activity: 18
Merit: 0


View Profile
June 13, 2014, 04:37:50 AM
 #1

Hi,

Correct me if there's a post on it.

I woke up this morning in Sydney and I see price dumped. Could not figure it out why? But then:

"The U.S. government plans to start selling one of the largest caches of bitcoins, which it seized from the Silk Road marketplace used for buying and selling drugs. The virtual currency’s price fell."

http://www.bloomberg.com/news/2014-06-12/bitcoins-seized-from-silk-road-to-be-auctioned.html

Why would be so?  Huh
1715486359
Hero Member
*
Offline Offline

Posts: 1715486359

View Profile Personal Message (Offline)

Ignore
1715486359
1715486359
Reply with quote  #2
1715486359
Report to moderator
1715486359
Hero Member
*
Offline Offline

Posts: 1715486359

View Profile Personal Message (Offline)

Ignore
1715486359
1715486359
Reply with quote  #2
1715486359
Report to moderator
Bitcoin addresses contain a checksum, so it is very unlikely that mistyping an address will cause you to lose money.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1715486359
Hero Member
*
Offline Offline

Posts: 1715486359

View Profile Personal Message (Offline)

Ignore
1715486359
1715486359
Reply with quote  #2
1715486359
Report to moderator
1715486359
Hero Member
*
Offline Offline

Posts: 1715486359

View Profile Personal Message (Offline)

Ignore
1715486359
1715486359
Reply with quote  #2
1715486359
Report to moderator
1715486359
Hero Member
*
Offline Offline

Posts: 1715486359

View Profile Personal Message (Offline)

Ignore
1715486359
1715486359
Reply with quote  #2
1715486359
Report to moderator
Tron
Full Member
***
Offline Offline

Activity: 588
Merit: 107


View Profile
June 13, 2014, 04:45:54 AM
 #2
The price is recovering nicely.

Depending on the motivations of the auction winners, the buyers may hodl, or they may put their newly acquired coins onto the open market.

The total represents about eight days worth of mined coins, so it shouldn't change things too much.
binks1 (OP)
Newbie
*
Offline Offline

Activity: 18
Merit: 0


View Profile
June 13, 2014, 04:58:16 AM
 #3
Quote from: Tron on June 13, 2014, 04:45:54 AM

The total represents about eight days worth of mined coins, so it shouldn't change things too much.


Could you please elaborate more on that, or send me a related link where I could learn about this conclusion?

Thanks!  Smiley
burnettm
Newbie
*
Offline Offline

Activity: 43
Merit: 0


View Profile
June 13, 2014, 09:57:48 AM
 #4
Quote from: binks1 on June 13, 2014, 04:58:16 AM
Quote from: Tron on June 13, 2014, 04:45:54 AM

The total represents about eight days worth of mined coins, so it shouldn't change things too much.


Could you please elaborate more on that, or send me a related link where I could learn about this conclusion?

Thanks!  Smiley

It takes 10 minutes on average to generate a block and each block rewards 25 BTC, so that works out to approximately 28.8k BTC generated every 8 days.

https://en.bitcoin.it/wiki/Blocks
ajareselde
Legendary
*
Offline Offline

Activity: 1722
Merit: 1000

Satoshi is rolling in his grave. #bitcoin


View Profile
June 13, 2014, 04:13:23 PM
 #5
Its all about supply and demand.
u normaly have a btc block every 10 minutes, so thats 60 blocks/hour, 3600 bitcoin a day.
over the time price adopts to market inflow, and right now u have that SR bitcoin that are about to be dumped, and that makes traders scared.
noone wants to be the buyer on top of the price, and that dump is gonna put the price quite a bit down.
dont worry, market will recover, it allways does
kerafym
Full Member
***
Offline Offline

Activity: 224
Merit: 100


THE GAME OF CHANCE. CHANGED.


View Profile
June 13, 2014, 05:36:58 PM
 #6
The big drop coincide with the news today. So yes.
♠         S P 8 D E        ♠       THE GAME OF CHANCE. CHANGED.       ♠         READ WHITEPAPER        ♠
● ●    TOKENS   ▐▐     A DECENTRALIZED PLATFORM FOR GAMING DAPPS     ▌▌   ROADMAP    ● ●
ANN THREAD       FACEBOOK       TWITTER       TELEGRAM       YOUTUBE       MEDIUM       REDDIT
BITCOINDENMARK
Sr. Member
****
Offline Offline

Activity: 280
Merit: 250



View Profile
June 15, 2014, 03:39:42 PM
 #7
But are they being sold wallet to wallet ?, if so it should not affect the exchange price, or how does this work ?
Pages: [1]
  Print  
Bitcoin Forum > Economy > Trading Discussion > Price dumped on silkroad auction news?
 « previous topic next topic »
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!