Ross Ulbricht 140k bitcoins potential auction and market crash in future.

[windjc]

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.

Finally, you said something that had a modicum of reality in it. 1) this hasn't finished playing out yet.

What if we are at $700ish two weeks from now?

[falllling]

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!

crackers and governments and shit having 1224k coins, mtgox 200k, fbi 174k, crackers 850k -> no one can buy them, not at 15% off
simple enough for you?

[lay785]

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!

He was probably exaggerating. However he is correct when he says that anyone who dares post that the price might go down for whatever reason is probably going to get flamed by many members of this forum. Theres some sort of unspoken rule about never predicting that bitcoin might go lower, even temporarily...

[JimboToronto]

He was probably exaggerating. However he is correct when he says that anyone who dares post that the price might go down for whatever reason is probably going to get flamed by many members of this forum. Theres some sort of unspoken rule about never predicting that bitcoin might go lower, even temporarily...

Exaggeration is the key word. He doesn't just predict a dip, he calls for a big crash and then rejoices and celebrates every minor dip as if it were a newly discovered cure for cancer or an end to poverty. Every small setback to Bitcoin is treated as a wonderful positive thing. It's as if he hates Bitcoin. No wonder he's almost universally considered to be a troll.

Even many so-called "permabulls" routinely predict temporary price decreases when they are called for. It's a matter of degree.

[molecular]

"If SR gets busted, don't you think bitcoin will crash to ZEROOOO!?!?!"

[falllling]

He was probably exaggerating. However he is correct when he says that anyone who dares post that the price might go down for whatever reason is probably going to get flamed by many members of this forum. Theres some sort of unspoken rule about never predicting that bitcoin might go lower, even temporarily...

Exaggeration is the key word. He doesn't just predict a dip, he calls for a big crash and then rejoices and celebrates every minor dip as if it were a newly discovered cure for cancer or an end to poverty. Every small setback to Bitcoin is treated as a wonderful positive thing. It's as if he hates Bitcoin. No wonder he's almost universally considered to be a troll.

Even many so-called "permabulls" routinely predict temporary price decreases when they are called for. It's a matter of degree.

no, there will be no more up trend but only dead cat bounces, $1200 to $xxx to $600, $600 to $xxx to $400, $400 to $xxx to $180, $180 to $xx to $20 etc..
i know he has lost some money so far and will lose more but this is what's going to happen,
he only wants to hear some lies about "to da moon" "get on the train" "we are just temporarily going down but soon the bull trap will start", otherwise he asks opponents to leave the forum

he only allows people to celebrate/talk about it/point it out/ at every raise but certainly not at dip,
so if he "likes" bitcoin, then bitcoin must raise forever, it can't be "get rich quick bubble" "keep staying at low price/die/be replaced at some day" "be used for high frequency trading/speculators"

so you see JimboToronto's selectively blind logic, he is denying but just telling you the same "don't say the price might go down or bitcoin is not going to the moon for whatever reason, or you will get flamed. the price is going down? no, i don't see it, don't show me, ... ok i see it but it's not true, it can't be, just some stupid weakers dumping cheap coins ... oh no!! the market is crashing but i believe it will raise again!!!! don't agree with me? then gtfo!"

[JimboToronto]

incoherent rant

LOLOLOL

Take your meds Faiiiling.

You're too hilarious to put on ignore.

[Febo]

If auction will be successfully, government's will start massive ban BTC in their countries and seize them and trade.

We can only pray, no one will buy those cheap BTC. And all world decide to BAN FBI.

[madken7777]

"If SR gets busted, don't you think bitcoin will crash to ZEROOOO!?!?!"

Bitcoin price did crashed 30% once the news of busted become public information. The price recovered an hour later.

[isov]

I like threads like this. Fudders and all other naysayers just don't seem to have the output they used to... Sad that quality of trolling is so low nowadays, I even predict it's going to crash even lower  Stop trolling now, get out and save what you can!!!! I think in around one month we can come back here and see how it went down.

[gentlemand]

Of course no one's going to buy 140,000 coins just to destroy the market. Of course the price is going to plummet because BTC market types don't have much spine or reasoning so they'll sell en masse.

[EricTyle]

If auction will be successfully, government's will start massive ban BTC in their countries and seize them and trade.

We can only pray, no one will buy those cheap BTC. And all world decide to BAN FBI.

This guy is on the money. Or something else. One of the two.

[Benjig]

Better to spare the whole coins into the US population for free than auctioning it and let some billionaire to buy them all.

[Raystonn]

Better to spare the whole coins into the US population for free than auctioning it and let some billionaire to buy them all.

Why?

[molecular]

Better to spare the whole coins into the US population for free than auctioning it and let some billionaire to buy them all.

Why?

Why the US population and not the world population? They were stolen from the world population after all.

[Febo]

If auction will be successfully, government's will start massive ban BTC in their countries and seize them and trade.

We can only pray, no one will buy those cheap BTC. And all world decide to BAN FBI.

This guy is on the money. Or something else. One of the two.

What are you talking about? You think is fair, they just stole BitCoins?

[yayayo]

I can hardly see a crash... maybe market is manipulated a bit downward to get cheaper coins in the auction. But we have seen worse.

Btw: Is it even clear that the prosecutors have access to the SR coins?

Even if those were auctioned it would just mean a temporary correction - nothing epic.

ya.ya.yo!

[buzzlight]

The 140k coins simply cannot be sold, unless the general market volume has significantly grown before such an auction.

Anyone wanting to purchase such volume cannot realistically call a price. The market will crash hard if the auction is carried through and the volume cannot support it. It may crash below any possible price the buyer sets. There is no way to predict how low the market will go in this magnitude of a flash crash.

Bearing this in mind and then again, the market will probably not crash having realised the rationale above (noone will buy the full number of coins if trading volume isnt high). They may pull off sales of a small amount of the coins though. Which again will not affect prices.

Another thing: maybe if US Marshalls change the rules of the auction: "small" lot sizes as we see on this auction round + any one bidder cannot buy more than x number of lots. The last part will also reduce potential market damage, and increase the chance of a successful sale.

[maker88]

Better to spare the whole coins into the US population for free than auctioning it and let some billionaire to buy them all.

Why?

Why the US population and not the world population? They were stolen from the world population after all.

they were stolen from ONE american citizen, not the us population or the world population.

[maker88]

so you see JimboToronto's selectively blind logic, he is denying but just telling you the same "don't say the price might go down or bitcoin is not going to the moon for whatever reason, or you will get flamed. the price is going down? no, i don't see it, don't show me, ... ok i see it but it's not true, it can't be, just some stupid weakers dumping cheap coins ... oh no!! the market is crashing but i believe it will raise again!!!! don't agree with me? then gtfo!"

you're the one who makes absurd claims that never come near reality, not him, not anyone else. you.