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Author Topic: Ross Ulbricht 140k bitcoins potential auction and market crash in future.  (Read 7224 times)
lay785
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June 26, 2014, 03:44:32 AM
 #1

So if 30k bitcoins from the current FBI auction of silk road coins has contributed to the bitcoin price crashing hard going down in value - if the FBI win their case and get to sell Ross Ulbricht's 140k bitcoin stash will the bitcoin price literally crash?

Thoughts people?

Anyone have any updates about Ross Ulbricht's case?

What are his prospects of success?

If his chances of success are slim then smart bitcoin traders should be aware that the market could potentially flash crash at any moment depending on the outcome/announcement by law enforcement. We now have a precedent that American law enforcement are eager to sell seized bitcoins and rake in the cash.
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windjc
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June 26, 2014, 03:45:43 AM
 #2



So if 30k bitcoins from the current FBI auction of silk road coins has contributed to the bitcoin price crashing hard - if the FBI win their case and get to sell Ross Ulbricht's 140k bitcoin stash will the bitcoin price literally crash?

Thoughts people?

Anyone have any updates about Ross Ulbricht's case?

What are his prospects of success?

If his chances of success are slim then smart bitcoin traders should be aware that the market could potentially flash crash at any moment depending on the outcome/announcement by law enforcement. We now have a precedent that American law enforcement are eager to sell seized bitcoins and rake in the cash.

Blah blah blah blah blah blah blah blah.

Oh, sorry, are we having a serious discussion?

If you haven't heard about what is happening with GAME, check it out.  It's revolutionizing gaming. https://bitcointalk.org/index.php?topic=1266597.0
onlyu
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June 26, 2014, 03:47:13 AM
 #3

Most likely crashes even harder as the market depth can not support close to 80M usd worth of bitcoin.
lay785
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June 26, 2014, 03:47:54 AM
 #4



So if 30k bitcoins from the current FBI auction of silk road coins has contributed to the bitcoin price crashing hard - if the FBI win their case and get to sell Ross Ulbricht's 140k bitcoin stash will the bitcoin price literally crash?

Thoughts people?

Anyone have any updates about Ross Ulbricht's case?

What are his prospects of success?

If his chances of success are slim then smart bitcoin traders should be aware that the market could potentially flash crash at any moment depending on the outcome/announcement by law enforcement. We now have a precedent that American law enforcement are eager to sell seized bitcoins and rake in the cash.

Blah blah blah blah blah blah blah blah.

Oh, sorry, are we having a serious discussion?
Sorry to mention the elephant in the room. Or have I broken the cult rule of the hodlers?
onlyu
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June 26, 2014, 03:48:41 AM
 #5

Sorry to mention the elephant in the room. Or have I broken the cult rule of the hodlers?

Don't feed the troll.
windjc
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June 26, 2014, 03:54:16 AM
 #6



So if 30k bitcoins from the current FBI auction of silk road coins has contributed to the bitcoin price crashing hard - if the FBI win their case and get to sell Ross Ulbricht's 140k bitcoin stash will the bitcoin price literally crash?

Thoughts people?

Anyone have any updates about Ross Ulbricht's case?

What are his prospects of success?

If his chances of success are slim then smart bitcoin traders should be aware that the market could potentially flash crash at any moment depending on the outcome/announcement by law enforcement. We now have a precedent that American law enforcement are eager to sell seized bitcoins and rake in the cash.

Blah blah blah blah blah blah blah blah.

Oh, sorry, are we having a serious discussion?
Sorry to mention the elephant in the room. Or have I broken the cult rule of the hodlers?

That's right. Everyone here is a cult member. Branded and the works.

We are blind to the reality that 140k bitcoins are going to be bought for a price and then dumped the market down to single digits. Here is how your theory works.

IE. Current spot price is $550. Government auctions off 140k bitcoins. They sell for 15% below spot (why? because there was an article IN FEBRUARY on the internet about a company willing to buy them for 15% below spot, so they must be sold for that). So that company gets 140k for around $467 a piece.

Then they sell those 140k bitcoins on the market. But since the market only has about 10k bitcoins in depth down to $467, they dump 10k bitcoins for a 1%-15% profit and then dump the other 130k bitcoins for a loss.

So they lose millions of dollars and the price of bitcoin is now <$5.

YES, THIS IS A BRILLIANT CONCLUSION.

Because I responded with BLAH BLAH BLAH I MUST be a CULTIST!

Why, god are people on this forum so stupid?

If you haven't heard about what is happening with GAME, check it out.  It's revolutionizing gaming. https://bitcointalk.org/index.php?topic=1266597.0
Torque
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June 26, 2014, 03:57:10 AM
 #7

Notice how the trolls always put every new thread post in the form of some inane question.

Like "Golly jeez paeple, if x happens, do you think that the price will crash to -$3000?  Whatcha think, da herping derp durr herp?"
lay785
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June 26, 2014, 04:10:39 AM
 #8



So if 30k bitcoins from the current FBI auction of silk road coins has contributed to the bitcoin price crashing hard - if the FBI win their case and get to sell Ross Ulbricht's 140k bitcoin stash will the bitcoin price literally crash?

Thoughts people?

Anyone have any updates about Ross Ulbricht's case?

What are his prospects of success?

If his chances of success are slim then smart bitcoin traders should be aware that the market could potentially flash crash at any moment depending on the outcome/announcement by law enforcement. We now have a precedent that American law enforcement are eager to sell seized bitcoins and rake in the cash.

Blah blah blah blah blah blah blah blah.

Oh, sorry, are we having a serious discussion?
Sorry to mention the elephant in the room. Or have I broken the cult rule of the hodlers?

That's right. Everyone here is a cult member. Branded and the works.

We are blind to the reality that 140k bitcoins are going to be bought for a price and then dumped the market down to single digits. Here is how your theory works.

IE. Current spot price is $550. Government auctions off 140k bitcoins. They sell for 15% below spot (why? because there was an article IN FEBRUARY on the internet about a company willing to buy them for 15% below spot, so they must be sold for that). So that company gets 140k for around $467 a piece.

Then they sell those 140k bitcoins on the market. But since the market only has about 10k bitcoins in depth down to $467, they dump 10k bitcoins for a 1%-15% profit and then dump the other 130k bitcoins for a loss.

So they lose millions of dollars and the price of bitcoin is now <$5.

YES, THIS IS A BRILLIANT CONCLUSION.

Because I responded with BLAH BLAH BLAH I MUST be a CULTIST!

Why, god are people on this forum so stupid?


 no one will buy all 140k at 15% off, since they know that the market cannot support such a large quantity and will surely crash for much more than just 15%... How about you reread your own argument backwards and realise that it may lead to a different conclusion.

One scenario may be:
1) market cannot support such large amount
2) buyers are aware of this and will not offer to pay 15% below market for 140k coins... they arent stupid after all. ...

Your whole argument is based on there being a definite buyer for 15% below market yet you agree that there is no market to support this quantity.

So either there is no buyer or the buyer is really stupid because 140k will crash the markets for much more than just 15% enabling them to purchase the coins for way cheaper.

Edit: this guy is just plain ignorant. There was a group who offered to buy 27k silk road coins for 15% off in february. (price was $550 at the time). It was an offer for 27k coins  not 5 times that amount (140k). For such a large quantity for all you know they may have offered 30-60% off..  http://www.businessinsider.com.au/falcon-global-capital-offers-to-buy-the-fbis-bitcoins-2014-2
lay785
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June 26, 2014, 04:18:21 AM
 #9

Notice how the trolls always put every new thread post in the form of some inane question.

Like "Golly jeez paeple, if x happens, do you think that the price will crash to -$3000?  Whatcha think, da herping derp durr herp?"
welcome to the "speculation" forum. why dont you ban anyone who dares speculate about future events that may affect bitcoins.
Stevenrm87
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June 26, 2014, 04:24:34 AM
 #10


So if 30k bitcoins from the current FBI auction of silk road coins has contributed to the bitcoin price crashing hard - if the FBI win their case and get to sell Ross Ulbricht's 140k bitcoin stash will the bitcoin price literally crash?

Thoughts people?

Anyone have any updates about Ross Ulbricht's case?

What are his prospects of success?

If his chances of success are slim then smart bitcoin traders should be aware that the market could potentially flash crash at any moment depending on the outcome/announcement by law enforcement. We now have a precedent that American law enforcement are eager to sell seized bitcoins and rake in the cash.


Confirmed Troll

Selling fully funded Titan BTC Physical Bitcoins, Gold and SIlver - BTC Physical Bitcoins BTC PM if interested.
windjc
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June 26, 2014, 04:30:17 AM
 #11



So if 30k bitcoins from the current FBI auction of silk road coins has contributed to the bitcoin price crashing hard - if the FBI win their case and get to sell Ross Ulbricht's 140k bitcoin stash will the bitcoin price literally crash?

Thoughts people?

Anyone have any updates about Ross Ulbricht's case?

What are his prospects of success?

If his chances of success are slim then smart bitcoin traders should be aware that the market could potentially flash crash at any moment depending on the outcome/announcement by law enforcement. We now have a precedent that American law enforcement are eager to sell seized bitcoins and rake in the cash.

Blah blah blah blah blah blah blah blah.

Oh, sorry, are we having a serious discussion?
Sorry to mention the elephant in the room. Or have I broken the cult rule of the hodlers?

That's right. Everyone here is a cult member. Branded and the works.

We are blind to the reality that 140k bitcoins are going to be bought for a price and then dumped the market down to single digits. Here is how your theory works.

IE. Current spot price is $550. Government auctions off 140k bitcoins. They sell for 15% below spot (why? because there was an article IN FEBRUARY on the internet about a company willing to buy them for 15% below spot, so they must be sold for that). So that company gets 140k for around $467 a piece.

Then they sell those 140k bitcoins on the market. But since the market only has about 10k bitcoins in depth down to $467, they dump 10k bitcoins for a 1%-15% profit and then dump the other 130k bitcoins for a loss.

So they lose millions of dollars and the price of bitcoin is now <$5.

YES, THIS IS A BRILLIANT CONCLUSION.

Because I responded with BLAH BLAH BLAH I MUST be a CULTIST!

Why, god are people on this forum so stupid?


 no one will buy all 140k at 15% off, since they know that the market cannot support such a large quantity and will surely crash for much more than just 15%... How about you reread your own argument backwards and realise that it may lead to a different conclusion.

One scenario may be:
1) market cannot support such large amount
2) buyers are aware of this and will not offer to pay 15% below market for 140k coins... they arent stupid after all. ...

Your whole argument is based on there being a definite buyer for 15% below market yet you agree that there is no market to support this quantity.

So either there is no buyer or the buyer is really stupid because 140k will crash the markets for much more than just 15% enabling them to purchase the coins for way cheaper.

If this is what you truly believe then you should leave this forum and never invest in bitcoin. There is literally no reason for you to be here. You aren't here to "save" anyone. So just save yourself.

If you haven't heard about what is happening with GAME, check it out.  It's revolutionizing gaming. https://bitcointalk.org/index.php?topic=1266597.0
Swordsoffreedom
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June 26, 2014, 04:41:37 AM
 #12

This all assumes that Ross loses his case
Second that they have his Private Key and that ross did not use a brainwallet
lay785
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June 26, 2014, 04:54:14 AM
 #13



So if 30k bitcoins from the current FBI auction of silk road coins has contributed to the bitcoin price crashing hard - if the FBI win their case and get to sell Ross Ulbricht's 140k bitcoin stash will the bitcoin price literally crash?

Thoughts people?

Anyone have any updates about Ross Ulbricht's case?

What are his prospects of success?

If his chances of success are slim then smart bitcoin traders should be aware that the market could potentially flash crash at any moment depending on the outcome/announcement by law enforcement. We now have a precedent that American law enforcement are eager to sell seized bitcoins and rake in the cash.

Blah blah blah blah blah blah blah blah.

Oh, sorry, are we having a serious discussion?
Sorry to mention the elephant in the room. Or have I broken the cult rule of the hodlers?

That's right. Everyone here is a cult member. Branded and the works.

We are blind to the reality that 140k bitcoins are going to be bought for a price and then dumped the market down to single digits. Here is how your theory works.

IE. Current spot price is $550. Government auctions off 140k bitcoins. They sell for 15% below spot (why? because there was an article IN FEBRUARY on the internet about a company willing to buy them for 15% below spot, so they must be sold for that). So that company gets 140k for around $467 a piece.

Then they sell those 140k bitcoins on the market. But since the market only has about 10k bitcoins in depth down to $467, they dump 10k bitcoins for a 1%-15% profit and then dump the other 130k bitcoins for a loss.

So they lose millions of dollars and the price of bitcoin is now <$5.

YES, THIS IS A BRILLIANT CONCLUSION.

Because I responded with BLAH BLAH BLAH I MUST be a CULTIST!

Why, god are people on this forum so stupid?


 no one will buy all 140k at 15% off, since they know that the market cannot support such a large quantity and will surely crash for much more than just 15%... How about you reread your own argument backwards and realise that it may lead to a different conclusion.

One scenario may be:
1) market cannot support such large amount
2) buyers are aware of this and will not offer to pay 15% below market for 140k coins... they arent stupid after all. ...

Your whole argument is based on there being a definite buyer for 15% below market yet you agree that there is no market to support this quantity.

So either there is no buyer or the buyer is really stupid because 140k will crash the markets for much more than just 15% enabling them to purchase the coins for way cheaper.

If this is what you truly believe then you should leave this forum and never invest in bitcoin. There is literally no reason for you to be here. You aren't here to "save" anyone. So just save yourself.
Ok you keep hodling.

This is all a bad dream, this thread never happened, its not real....
windjc
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June 26, 2014, 04:57:17 AM
 #14



So if 30k bitcoins from the current FBI auction of silk road coins has contributed to the bitcoin price crashing hard - if the FBI win their case and get to sell Ross Ulbricht's 140k bitcoin stash will the bitcoin price literally crash?

Thoughts people?

Anyone have any updates about Ross Ulbricht's case?

What are his prospects of success?

If his chances of success are slim then smart bitcoin traders should be aware that the market could potentially flash crash at any moment depending on the outcome/announcement by law enforcement. We now have a precedent that American law enforcement are eager to sell seized bitcoins and rake in the cash.

Blah blah blah blah blah blah blah blah.

Oh, sorry, are we having a serious discussion?
Sorry to mention the elephant in the room. Or have I broken the cult rule of the hodlers?

That's right. Everyone here is a cult member. Branded and the works.

We are blind to the reality that 140k bitcoins are going to be bought for a price and then dumped the market down to single digits. Here is how your theory works.

IE. Current spot price is $550. Government auctions off 140k bitcoins. They sell for 15% below spot (why? because there was an article IN FEBRUARY on the internet about a company willing to buy them for 15% below spot, so they must be sold for that). So that company gets 140k for around $467 a piece.

Then they sell those 140k bitcoins on the market. But since the market only has about 10k bitcoins in depth down to $467, they dump 10k bitcoins for a 1%-15% profit and then dump the other 130k bitcoins for a loss.

So they lose millions of dollars and the price of bitcoin is now <$5.

YES, THIS IS A BRILLIANT CONCLUSION.

Because I responded with BLAH BLAH BLAH I MUST be a CULTIST!

Why, god are people on this forum so stupid?


 no one will buy all 140k at 15% off, since they know that the market cannot support such a large quantity and will surely crash for much more than just 15%... How about you reread your own argument backwards and realise that it may lead to a different conclusion.

One scenario may be:
1) market cannot support such large amount
2) buyers are aware of this and will not offer to pay 15% below market for 140k coins... they arent stupid after all. ...

Your whole argument is based on there being a definite buyer for 15% below market yet you agree that there is no market to support this quantity.

So either there is no buyer or the buyer is really stupid because 140k will crash the markets for much more than just 15% enabling them to purchase the coins for way cheaper.

If this is what you truly believe then you should leave this forum and never invest in bitcoin. There is literally no reason for you to be here. You aren't here to "save" anyone. So just save yourself.
Ok you keep hodling.

This is all a bad dream, this thread never happened, its not real....

Oh, so you are here to "save" people like me.

I make more trading in a day than you do at your job in a year. Go find a smaller sandbox, we don't need people like you here.

If you haven't heard about what is happening with GAME, check it out.  It's revolutionizing gaming. https://bitcointalk.org/index.php?topic=1266597.0
hyphymikey
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June 26, 2014, 04:58:45 AM
 #15



So if 30k bitcoins from the current FBI auction of silk road coins has contributed to the bitcoin price crashing hard - if the FBI win their case and get to sell Ross Ulbricht's 140k bitcoin stash will the bitcoin price literally crash?

Thoughts people?

Anyone have any updates about Ross Ulbricht's case?

What are his prospects of success?

If his chances of success are slim then smart bitcoin traders should be aware that the market could potentially flash crash at any moment depending on the outcome/announcement by law enforcement. We now have a precedent that American law enforcement are eager to sell seized bitcoins and rake in the cash.

Blah blah blah blah blah blah blah blah.

Oh, sorry, are we having a serious discussion?
Sorry to mention the elephant in the room. Or have I broken the cult rule of the hodlers?

That's right. Everyone here is a cult member. Branded and the works.

We are blind to the reality that 140k bitcoins are going to be bought for a price and then dumped the market down to single digits. Here is how your theory works.

IE. Current spot price is $550. Government auctions off 140k bitcoins. They sell for 15% below spot (why? because there was an article IN FEBRUARY on the internet about a company willing to buy them for 15% below spot, so they must be sold for that). So that company gets 140k for around $467 a piece.

Then they sell those 140k bitcoins on the market. But since the market only has about 10k bitcoins in depth down to $467, they dump 10k bitcoins for a 1%-15% profit and then dump the other 130k bitcoins for a loss.

So they lose millions of dollars and the price of bitcoin is now <$5.

YES, THIS IS A BRILLIANT CONCLUSION.

Because I responded with BLAH BLAH BLAH I MUST be a CULTIST!

Why, god are people on this forum so stupid?


 no one will buy all 140k at 15% off, since they know that the market cannot support such a large quantity and will surely crash for much more than just 15%... How about you reread your own argument backwards and realise that it may lead to a different conclusion.

One scenario may be:
1) market cannot support such large amount
2) buyers are aware of this and will not offer to pay 15% below market for 140k coins... they arent stupid after all. ...

Your whole argument is based on there being a definite buyer for 15% below market yet you agree that there is no market to support this quantity.

So either there is no buyer or the buyer is really stupid because 140k will crash the markets for much more than just 15% enabling them to purchase the coins for way cheaper.

Edit: this guy is just plain ignorant. There was a group who offered to buy 27k silk road coins for 15% off in february. (price was $550 at the time). It was an offer for 27k coins  not 5 times that amount (140k). For such a large quantity for all you know they may have offered 30-60% off..  http://www.businessinsider.com.au/falcon-global-capital-offers-to-buy-the-fbis-bitcoins-2014-2


You don't get it do you troll?

There are plenty of buyers ready to scoop up any coins the government is willing to auction off. This 15% guy is just one of them. Windjc said there is not enough bids ON EXCHANGES to be able to buy all these coins if they are dumped, not enough of a market to buy the 140K coins that MIGHT be auction off. I agree with everything Windjc said, and nothing of what you said so far.

Also, only american buyers are allowed to bid. They will be subject taxes if they sell within one year, so not only will they lose if they dump on the market, they will have to pay taxes. EVEN IF THEY PAYED 200 PER COIN THEY WOULD NOT PROFIT! SO WHY THE FUCK WOULD SOMEONE WITH THAT MUCH MONEY DUMP THOSE COINS AND LOSE TENS OF MILLIONS?

But wait, theres more! First, they have to find him guilty and prove that every single coin he owned was made off SR. That is going to be very hard for them to do. Last I heard, it was looking like he was going to get off on most of these charges, with only the charges for selling fake IDs to some guy in Canada sticking. The government got what they wanted, which was to shut down SR, confiscate a ton of info on buyers and sellers, and profit (the 29K coins).

Now stop trolling. Don't hate because you got here late! Tongue
ABitNut
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June 26, 2014, 04:59:23 AM
 #16



So if 30k bitcoins from the current FBI auction of silk road coins has contributed to the bitcoin price crashing hard - if the FBI win their case and get to sell Ross Ulbricht's 140k bitcoin stash will the bitcoin price literally crash?

Thoughts people?

Anyone have any updates about Ross Ulbricht's case?

What are his prospects of success?

If his chances of success are slim then smart bitcoin traders should be aware that the market could potentially flash crash at any moment depending on the outcome/announcement by law enforcement. We now have a precedent that American law enforcement are eager to sell seized bitcoins and rake in the cash.

Did I miss something again? When did bitcoin crash hard?


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falllling
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June 26, 2014, 05:03:52 AM
 #17



So if 30k bitcoins from the current FBI auction of silk road coins has contributed to the bitcoin price crashing hard - if the FBI win their case and get to sell Ross Ulbricht's 140k bitcoin stash will the bitcoin price literally crash?

Thoughts people?

Anyone have any updates about Ross Ulbricht's case?

What are his prospects of success?

If his chances of success are slim then smart bitcoin traders should be aware that the market could potentially flash crash at any moment depending on the outcome/announcement by law enforcement. We now have a precedent that American law enforcement are eager to sell seized bitcoins and rake in the cash.

Blah blah blah blah blah blah blah blah.

Oh, sorry, are we having a serious discussion?
Sorry to mention the elephant in the room. Or have I broken the cult rule of the hodlers?

That's right. Everyone here is a cult member. Branded and the works.

We are blind to the reality that 140k bitcoins are going to be bought for a price and then dumped the market down to single digits. Here is how your theory works.

IE. Current spot price is $550. Government auctions off 140k bitcoins. They sell for 15% below spot (why? because there was an article IN FEBRUARY on the internet about a company willing to buy them for 15% below spot, so they must be sold for that). So that company gets 140k for around $467 a piece.

Then they sell those 140k bitcoins on the market. But since the market only has about 10k bitcoins in depth down to $467, they dump 10k bitcoins for a 1%-15% profit and then dump the other 130k bitcoins for a loss.

So they lose millions of dollars and the price of bitcoin is now <$5.

YES, THIS IS A BRILLIANT CONCLUSION.

Because I responded with BLAH BLAH BLAH I MUST be a CULTIST!

Why, god are people on this forum so stupid?


 no one will buy all 140k at 15% off, since they know that the market cannot support such a large quantity and will surely crash for much more than just 15%... How about you reread your own argument backwards and realise that it may lead to a different conclusion.

One scenario may be:
1) market cannot support such large amount
2) buyers are aware of this and will not offer to pay 15% below market for 140k coins... they arent stupid after all. ...

Your whole argument is based on there being a definite buyer for 15% below market yet you agree that there is no market to support this quantity.

So either there is no buyer or the buyer is really stupid because 140k will crash the markets for much more than just 15% enabling them to purchase the coins for way cheaper.

If this is what you truly believe then you should leave this forum and never invest in bitcoin. There is literally no reason for you to be here. You aren't here to "save" anyone. So just save yourself.
Ok you keep hodling.

This is all a bad dream, this thread never happened, its not real....

yes, bitcoin market is going to crash, very hard, anyone can come to this conclusion with simple mathematical calculations,
however the holders in this forum will still trying to fool you, if they found out you are in the right sense, they will ask you to leave the forum so they can continue lying to themselves and others,
they are either so afraid of their dreams are dead or trying to fool more people to join them,
how pathetic they are?
hyphymikey
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June 26, 2014, 05:11:24 AM
 #18



yes, bitcoin market is going to crash, very hard, anyone can come to this conclusion with simple mathematical calculations,
however the holders in this forum will still trying to fool you, if they found out you are in the right sense, they will ask you to leave the forum so they can continue lying to themselves and others,
they are either so afraid of their dreams are dead or trying to fool more people to join them,
how pathetic they are?

I hate to quote and feed the biggest troll of bitcointalk.org but...

Unless we go to $12, my dreams are still alive.

Also, I am willing to give you 10 of my bitcoins if you can provide this simple mathematical calculation that proves the market is going to crash. You can sell them now an profit 5 grand before this so called crash!

I will leave you unignored for a day to provide enough time. Your move!
JimboToronto
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June 26, 2014, 05:11:32 AM
 #19

30k bitcoins from the current FBI auction of silk road coins has contributed to the bitcoin price crashing hard

I'm not sure if you're trolling or just confused but I'll give you the benefit of the doubt and assume the latter.
_______

Even if there was a distinct connection between the auction and the recent dip, it could hardly be called "crashing hard".

From the peak of 615 almost a week and a half ago to the absolute bottom of 555 yesterday, the dip represented less than 9%.

The little dip on the day of the Silk Road bust represented more than 15% and all that led to was dispelling the importance of the bust, reinforcing the strength of Bitcoin and spurring the autumn rally.

When the price dipped by 50% last November, it was just a bump in the road to a new ATH three times as high as the bottom of that November dip.

"Crashing hard" is what it did in June 2011 when it went from 32 down to 2, a drop of over 93%, or in April 2013 when it went from 266 down to 50, a drop of over 81%.

9% is peanuts in the world of Bitcoin where increases are measured in 1000s of %.
_______

If anything, this little dip should serve to dispel the importance of government auctions and lead to a much smaller market reaction to a much larger auction.

I hope that helped clarify things for you. You'd be wise to pay more attention to experienced Bitcoin people and less to noob trolls and johnny-come-lately daytraders.
lay785
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June 26, 2014, 05:26:42 AM
 #20

30k bitcoins from the current FBI auction of silk road coins has contributed to the bitcoin price crashing hard

I'm not sure if you're trolling or just confused but I'll give you the benefit of the doubt and assume the latter.
_______

Even if there was a distinct connection between the auction and the recent dip, it could hardly be called "crashing hard".

From the peak of 615 almost a week and a half ago to the absolute bottom of 555 yesterday, the dip represented less than 9%.

The little dip on the day of the Silk Road bust represented more than 15% and all that led to was dispelling the importance of the bust, reinforcing the strength of Bitcoin and spurring the autumn rally.

When the price dipped by 50% last November, it was just a bump in the road to a new ATH three times as high as the bottom of that November dip.

"Crashing hard" is what it did in June 2011 when it went from 32 down to 2, a drop of over 93%, or in April 2013 when it went from 266 down to 50, a drop of over 81%.

9% is peanuts in the world of Bitcoin where increases are measured in 1000s of %.
_______

If anything, this little dip should serve to dispel the importance of government auctions and lead to a much smaller market reaction to a much larger auction.

I hope that helped clarify things for you. You'd be wise to pay more attention to experienced Bitcoin people and less to noob trolls and johnny-come-lately daytraders.


Ok thanks for that.

I guess I used the wrong term. I meant that it seemed that the auction was a key factor that contributed to the market going down from what looked like $670 to $550. It might still go lower we will only know after the auction.

We cant conclude what this auction will mean for future auctions because:
1) this one hasnt finished playing out yet.
2) a future auction with 5 times the amount of this one might have a completely different effect on the market.
3) other factors eg. who the bidders are etc.
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