Bitcoin being killed by ethereum dump

[From Above]

Do you even read?

https://blockchain.info/address/36PrZ1KHYMpqSyAQXSG8VwbUiq2EogxLo2

They've split up the transactions into amounts under 1 BTC but they are definitely dumping and I don't mean last week or last month but now.

They've fire sold 2500 BTC in the past days.  That's a dump.

https://blockchain.info/charts/balance?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=36PrZ1KHYMpqSyAQXSG8VwbUiq2EogxLo2

Look at the numbers on the left side of the graph and then pay attention to the right side of the graph.  2500 coins were dumped since August 10.  That's an average of $300K a day.  Granted the volume right now is $30 million but most of that volume is day traders and bots.  Dumping $300K can create a huge amount of volume when all the day traders and bots react to it, never mind the weak hands.

who cares?  did anyone really think they'd just hold dem bitcoins or what? LOL !

~CfA~

[1715095029]

1715095029

[1715095029]

1715095029

[digitalindustry]

A must read for all those getting scammed into ethereum: http://gavintech.blogspot.com/2014/06/bit-thereum.html

And for anyone who honestly believes bitcoin is being "killed" by this non-factor new altcoin, have a look at the big picture reality:




All of this has happened before, all of it will happen again. And again. And again. And again until fiat no longer exists.

just quoting that for history

 - also i like that Gavin called them "Oracles"

[counter]

A must read for all those getting scammed into ethereum: http://gavintech.blogspot.com/2014/06/bit-thereum.html

And for anyone who honestly believes bitcoin is being "killed" by this non-factor new altcoin, have a look at the big picture reality:

It amazes me how many people will come ouf of the woodwork claiming it's the end of Bitcoin.  I tend to believe they are just fishing for cheap coins which I feel is highly immoral.  What really scares me is if they believe it to really be the case.  There is clearly know reason at all for such a thing to happen and it's interesting to see how much fear can dome from fud.

[unpure]

A must read for all those getting scammed into ethereum: http://gavintech.blogspot.com/2014/06/bit-thereum.html

And for anyone who honestly believes bitcoin is being "killed" by this non-factor new altcoin, have a look at the big picture reality:

It amazes me how many people will come ouf of the woodwork claiming it's the end of Bitcoin.  I tend to believe they are just fishing for cheap coins which I feel is highly immoral.  What really scares me is if they believe it to really be the case.  There is clearly know reason at all for such a thing to happen and it's interesting to see how much fear can dome from fud.

Think I saw an interview a few years back when people think bitcoin is a bubble at 3 dollars. You just can't convince everyone this is not bubble.

[Nxtblg]

It amazes me how many people will come ouf of the woodwork claiming it's the end of Bitcoin. 

"The market climbs a wall of worry and slides down a river of hope." - old Wall Street saying...from old Wall Street.

[counter]

It amazes me how many people will come ouf of the woodwork claiming it's the end of Bitcoin. 

"The market climbs a wall of worry and slides down a river of hope." - old Wall Street saying...from old Wall Street.

This is a good one that I'll be sure to keep in mind when I'm finding in myself in a similar situation and facing a tough decision,  You my friend are wise beyond your years. 

[Leina]

Is there evident the price correction is due to Ethereum dumping or pure speculation at this point?

The blockchain address still show they have over 24k BTC, did they say what they are going to do with it?

[johnnyrocket]

A must read for all those getting scammed into ethereum: http://gavintech.blogspot.com/2014/06/bit-thereum.html

And for anyone who honestly believes bitcoin is being "killed" by this non-factor new altcoin, have a look at the big picture reality:




All of this has happened before, all of it will happen again. And again. And again. And again until fiat no longer exists.

just quoting that for history

 - also i like that Gavin called them "Oracles"

That's a nice article by Gavin, and I hadn't seen it yet, so thanks for linking to it. I like how he quotes "complexity is the enemy of security", but there's another angle to approach it from: usability. Complexity is the enemy of real world usage by any significant number of the non-genius-level-technically-inclined part of the human population.

[rugrats]

Is there evident the price correction is due to Ethereum dumping or pure speculation at this point?

The blockchain address still show they have over 24k BTC, did they say what they are going to do with it?

They have moved out about 3,700BTC over the last five days.
However, I think the drop is not caused by this alone. It's a combination of several factors, though I believe the biggest of them all may be the Bitfinex margin calls.
The was a moment of panic when 650BTCs were suddenly sold significantly below market price.
It caused a short chain reaction that was exacerbated by Ethereum's 3,700BTC sell-off on a market already spooked by the proposed BitLicense framework announced by the New York State Department of Financial Services.

[Nxtblg]

It amazes me how many people will come ouf of the woodwork claiming it's the end of Bitcoin. 

"The market climbs a wall of worry and slides down a river of hope." - old Wall Street saying...from old Wall Street.

This is a good one that I'll be sure to keep in mind when I'm finding in myself in a similar situation and facing a tough decision,  You my friend are wise beyond your years. 

You have no idea how beyond.

But I will keep crankin' 'em out when I see an opening. Myself, I prefer not to be clever about the hand-wringing here; I think the people worrying about the end of Bitcoin are just "nervous in the service." 

[StephenJH]

Let me guess - Ether doesn't publicly display their BTC addresses.

You can see the ethereum ipo bitcoin address here.

https://blockchain.info/address/36PrZ1KHYMpqSyAQXSG8VwbUiq2EogxLo2

Look like they are only cashing out 2000 bitcoin.

If 2k bitcoin cash out causing bitcoin to drop 10%. Imagine they cash out even more.

If 2k bitcoin cash out causes such a 'crash' then the bitcoin ecosystem is not as healthy as some say it is.

[xiaoxiaox]

Acturlly i don't think so.Yes,ethereum will dump a huge amounts of bitcoin but when the price of bitcoin is low enough people will panic buy.

[Zer0Sum]

A must read for all those getting scammed into ethereum: http://gavintech.blogspot.com/2014/06/bit-thereum.html

And for anyone who honestly believes bitcoin is being "killed" by this non-factor new altcoin, have a look at the big picture reality:




All of this has happened before, all of it will happen again. And again. And again. And again until fiat no longer exists.

Gavin re:etherium = "complexity is the enemy of security"...
And I might add Ripple proved that complexity is the enemy of usability.

Mainstream crypto and digital assets MUST  BE  DEAD  SIMPLE...
These eggheads with their Gen 2.0 projects have no clue about this.

Bitcoin is a better investment right now than ANY of the Gen 2.0 nightmares.

[gog1]

Anyway bitcoiners can get back at ethereum?!

[TaunSew]

A must read for all those getting scammed into ethereum: http://gavintech.blogspot.com/2014/06/bit-thereum.html

And for anyone who honestly believes bitcoin is being "killed" by this non-factor new altcoin, have a look at the big picture reality:

All of this has happened before, all of it will happen again. And again. And again. And again until fiat no longer exists.

Gavin re:etherium = "complexity is the enemy of security"...
And I might add Ripple proved that complexity is the enemy of usability.

Mainstream crypto and digital assets MUST  BE  DEAD  SIMPLE...
These eggheads with their Gen 2.0 projects have no clue about this.

Bitcoin is a better investment right now than ANY of the Gen 2.0 nightmares.

I'm glad you at least said Gen 2.0 nightmares.  I'm sure that was a stab at Ethereum, Ripple and 1.5 coins like Maidsafe / Mastercoin.

If you invested today...


  Is BTC a better investment than Ethereum?  Probably.   Is BTC a better investment then Ripple?  Probably

 Is 1 BTC in BTC better than NXT?  Debatable - many people are very bullish about NXT just due to its' ecosystem.


Is 1 BTC in BTC better than NEM?  Definitely not.  NEM is only $600 per stake


Is 1 BTC in BTC better than NODE?  Probably not.  NODE may have issues but it's cheap at $300 and I myself have not had a reason to sell it.


Is .1 BTC in BTC better than ORA?  Probably not.  ORA is only what like $40 per stake?  May as well just grab one and just wait and see what happens.

[gog1]

A must read for all those getting scammed into ethereum: http://gavintech.blogspot.com/2014/06/bit-thereum.html

And for anyone who honestly believes bitcoin is being "killed" by this non-factor new altcoin, have a look at the big picture reality:

All of this has happened before, all of it will happen again. And again. And again. And again until fiat no longer exists.

Gavin re:etherium = "complexity is the enemy of security"...
And I might add Ripple proved that complexity is the enemy of usability.

Mainstream crypto and digital assets MUST  BE  DEAD  SIMPLE...
These eggheads with their Gen 2.0 projects have no clue about this.

Bitcoin is a better investment right now than ANY of the Gen 2.0 nightmares.

I'm glad you at least said Gen 2.0 nightmares.  I'm sure that was a stab at Ethereum, Ripple and 1.5 coins like Maidsafe / Mastercoin.

If you invested today...


  Is BTC a better investment than Ethereum?  Probably.   Is BTC a better investment then Ripple?  Probably

 Is 1 BTC in BTC better than NXT?  Debatable - many people are very bullish about NXT just due to its' ecosystem.


Is 1 BTC in BTC better than NEM?  Definitely not.  NEM is $600 per stake and can probably grow a minimum of at least 15 times.  As well if BTC did go up so would all the alternates which are traded in BTC.


Is 1 BTC in BTC better than NODE?  Probably not.  NODE may have issues but it's cheap at $300 and I myself have not had a reason to sell it.


Is .1 BTC in BTC better than ORA?  Probably not.  ORA is only what like $40?  May as well just grab one and just wait and see what happens.

I view all so call gen 2 crypto as scams.

[TaunSew]

A must read for all those getting scammed into ethereum: http://gavintech.blogspot.com/2014/06/bit-thereum.html

And for anyone who honestly believes bitcoin is being "killed" by this non-factor new altcoin, have a look at the big picture reality:

All of this has happened before, all of it will happen again. And again. And again. And again until fiat no longer exists.

Gavin re:etherium = "complexity is the enemy of security"...
And I might add Ripple proved that complexity is the enemy of usability.

Mainstream crypto and digital assets MUST  BE  DEAD  SIMPLE...
These eggheads with their Gen 2.0 projects have no clue about this.

Bitcoin is a better investment right now than ANY of the Gen 2.0 nightmares.

I'm glad you at least said Gen 2.0 nightmares.  I'm sure that was a stab at Ethereum, Ripple and 1.5 coins like Maidsafe / Mastercoin.

If you invested today...


  Is BTC a better investment than Ethereum?  Probably.   Is BTC a better investment then Ripple?  Probably

 Is 1 BTC in BTC better than NXT?  Debatable - many people are very bullish about NXT just due to its' ecosystem.


Is 1 BTC in BTC better than NEM?  Definitely not.  NEM is $600 per stake and can probably grow a minimum of at least 15 times.  As well if BTC did go up so would all the alternates which are traded in BTC.


Is 1 BTC in BTC better than NODE?  Probably not.  NODE may have issues but it's cheap at $300 and I myself have not had a reason to sell it.


Is .1 BTC in BTC better than ORA?  Probably not.  ORA is only what like $40?  May as well just grab one and just wait and see what happens.

I view all so call gen 2 crypto as scams.

That would be an unpopular opinion as you are responding to a thread in the alternate section.

  I haven't been scammed out of any money from an actual generation 2.0 coin but that is because I avoided Ethereum and Maidsafe.  NXT, NEM, ORA, NODE and 1.5 coins like Redd did not steal or scam any money from me - these were coins I bought and I always had the option to sell.

[instacalm]

I view all so call gen 2 crypto as scams.

too generalised, that's like viewing all americans as terrorists or all short people stupid etc., in other words totally inappropriate

[jabo38]

Bitcoin needs to be big enough and strong enough so that it is not affected by these things.  Guys at Ethereum are getting rich, and the bitcoin price is going down.  If bitcoin can be hurt so much, then there is a clear flaw in the bitcoin system. 

[TaunSew]

Bitcoin needs to be big enough and strong enough so that it is not affected by these things.  Guys at Ethereum are getting rich, and the bitcoin price is going down.  If bitcoin can be hurt so much, then there is a clear flaw in the bitcoin system.  

The issue here is more that the volume is mainly fake.

Dumping $500K - $1 million a day (like Ethereum is doing) is enough to send the price crashing, because the bots and scripts will play musical chairs with that dumped BTC (dump $1 million and the bots and scripts will turn it into $20+ million).