Topic: [2018-05-11] 8,200 BTC Moved From Mt. Gox Wallet, Possible Sell-Off Affects BTC (Read 173 times)
May 13, 2018, 11:59:20 PM
I hope to see the end of this massive dumping of btc by Mt.Gox the trend of dumping whenever the price had made a significant bullish rally is quite worrisome it is quite unfortunate that these guys dictates the price at will and there is no means to cushion the effect of the dumping which is attributed to non regulatory feature of bitcoin.
May 12, 2018, 06:44:06 AM
Be happy people.
The sooner that wallet runs out of coins, the stronger the market becomes with how we got rid of one entity being in control of such a large number of coins. Think logically, that wallet will run out of funds at some point, so the market won't have to deal with this nonsense endlessly. If the market is affected by the recent coin movement (which I personally believe isn't the case), see it as a cheaper entry point for yourself. In other words, use a 'negative' event in your advantage to make it a positive event.
If I didn't stock up coins at sub $7000 levels I would have bought for sure, but I'm fine for now.
The sooner that wallet runs out of coins, the stronger the market becomes with how we got rid of one entity being in control of such a large number of coins. Think logically, that wallet will run out of funds at some point, so the market won't have to deal with this nonsense endlessly. If the market is affected by the recent coin movement (which I personally believe isn't the case), see it as a cheaper entry point for yourself. In other words, use a 'negative' event in your advantage to make it a positive event.
If I didn't stock up coins at sub $7000 levels I would have bought for sure, but I'm fine for now.
May 11, 2018, 11:18:48 PM
This damn idiot could care less about Bitcoin. He is just tasked to do a job and he just dump coins on the market, without any thought to
how this would affect the price. If he used OTC methods, then the price would not have been influenced and he would get more for those
coins. All our hand work just goes up in flames and he always time this dump, when the price is in a correction phase. This is f$%^& sabotage.
how this would affect the price. If he used OTC methods, then the price would not have been influenced and he would get more for those
coins. All our hand work just goes up in flames and he always time this dump, when the price is in a correction phase. This is f$%^& sabotage.
Well, they are as greedy as hell to convert their stashed Bitcoin into cash as soon as the situation permits. I am then wondering when can this whole thing be ending? This is one big factor why Bitcoin can never go beyond the $10K because when the value is nearing that point that's when Mt.Gox people will enter the scene and sell their holdings. I am hoping that maybe these people can be talked into and try to negotiate with them as to how much only they can move so that the market will not be retreating fast.
May 11, 2018, 06:44:19 PM
This damn idiot could care less about Bitcoin. He is just tasked to do a job and he just dump coins on the market, without any thought to
how this would affect the price. If he used OTC methods, then the price would not have been influenced and he would get more for those
coins.
All our hand work just goes up in flames and he always time this dump, when the price is in a correction phase. This is f$%^& sabotage.
how this would affect the price. If he used OTC methods, then the price would not have been influenced and he would get more for those
coins.
All our hand work just goes up in flames and he always time this dump, when the price is in a correction phase. This is f$%^& sabotage.
I can feel you, I think he knows what he is doing, I vividly remember that we have reach around $11,7000 about 2 months ago and enjoying another break out ran, but suddenly the market plummets and then someone discovered that the guy is actually offloading the coins. And similar incidents happen again, we are almost at $10,000 then this a**hole, dumps again, causing the market to react once more. Yeah, we really work hard from the last bottom of 6500 and everything went into thin air again. Back to square one and its gonna be another uphill climb once more.
I am not a fan of how you are presenting the issue. There is no "work" happening by anyone to influence the value of Bitcoin directly. Such a thing is impossible. The value of Bitcoin comes from the perceived value of the potential users of it. Somebody selling off their Bitcoin holdings, whatever the source of these might be, is a completely fair move when it comes to Bitcoin economics. The Mt. Gox trustee here just decided to sell those 8,000, and that is a completely valid action. It is accurately describing the balance of supply and demand of Bitcoin. With your logic, you might as well blame those people who have the stop-loss orders in place which are simply contributing towards the domino effect described in the article.
Additionally, as others mention, this is speculation. There is no confirmation that the coins were actually sold and also no confirmation that the downward trend of the past 24 hours was caused by this even if they were sold in the first place.
May 11, 2018, 06:40:47 PM
Movement of the coins doesn't not mean a sale has occurred.
While it is possible that the movement of the coins spooked the market, it is not known whether or not the coins have been sold. Furthermore, nobody even knows who controls the addresses the coins were moved to.
While it is possible that the movement of the coins spooked the market, it is not known whether or not the coins have been sold. Furthermore, nobody even knows who controls the addresses the coins were moved to.
May 11, 2018, 05:41:37 PM
I doubt the market has been going down because of this. Sure, it's a decent sum of coins, but the reaction of the market has been too extreme to be related to just over 8000 coins.
I absolutely dislike the way the shitty news sources try to cause panic in the market while they have no idea what happened with the coins. Some times I do feel bad for newbies who freshly joined the market.
They have somewhat of an authorative position in this market as news source, but have no problems misleading people with click-bait articles containing nothing useful. It's only their revenue they care about, and it shows.
I absolutely dislike the way the shitty news sources try to cause panic in the market while they have no idea what happened with the coins. Some times I do feel bad for newbies who freshly joined the market.
They have somewhat of an authorative position in this market as news source, but have no problems misleading people with click-bait articles containing nothing useful. It's only their revenue they care about, and it shows.
May 11, 2018, 03:45:57 PM
This damn idiot could care less about Bitcoin. He is just tasked to do a job and he just dump coins on the market, without any thought to
how this would affect the price. If he used OTC methods, then the price would not have been influenced and he would get more for those
coins.
All our hand work just goes up in flames and he always time this dump, when the price is in a correction phase. This is f$%^& sabotage.
how this would affect the price. If he used OTC methods, then the price would not have been influenced and he would get more for those
coins.
All our hand work just goes up in flames and he always time this dump, when the price is in a correction phase. This is f$%^& sabotage.
Calm down. No one can dump coins on the market just out of free will. If a sale of coins is needed to fill up certain financial gaps (whatever they may be), they first have to gain approval in order to actually proceed with the sales. On top of that, we don't actually know if there have been any coins sold. It's just that coins have moved, but that doesn't mean anything. It could also mean that authorities are securing their backups by properly distributing everything. Or they are just preparing different blocks to sell them through private auctions or whatever -- there is no point in speculating about this until they come up with a statement confirming or debunking all the dump stories.
May 11, 2018, 12:24:08 PM
If this continues, then bitcoin will not be able to grow significantly in price. As soon as bitcoin starts to recover in price, a new lot of bitcoins will be dropped into the market for six to eight thousand pieces and bitcoin will fall again. If there are other people who want to sell large batches of their bitcoins and they were expecting an opportunity, now they can work on the lead. The situation may turn out to be unpredictable if bitcoins are dumped ahead of time for their competitors. Then bitcoin can fall in price even lower.
May 11, 2018, 09:31:35 AM
This damn idiot could care less about Bitcoin. He is just tasked to do a job and he just dump coins on the market, without any thought to
how this would affect the price. If he used OTC methods, then the price would not have been influenced and he would get more for those
coins.
All our hand work just goes up in flames and he always time this dump, when the price is in a correction phase. This is f$%^& sabotage.
how this would affect the price. If he used OTC methods, then the price would not have been influenced and he would get more for those
coins.
All our hand work just goes up in flames and he always time this dump, when the price is in a correction phase. This is f$%^& sabotage.
I can feel you, I think he knows what he is doing, I vividly remember that we have reach around $11,7000 about 2 months ago and enjoying another break out ran, but suddenly the market plummets and then someone discovered that the guy is actually offloading the coins. And similar incidents happen again, we are almost at $10,000 then this a**hole, dumps again, causing the market to react once more. Yeah, we really work hard from the last bottom of 6500 and everything went into thin air again. Back to square one and its gonna be another uphill climb once more.
May 11, 2018, 08:47:22 AM
This damn idiot could care less about Bitcoin. He is just tasked to do a job and he just dump coins on the market, without any thought to
how this would affect the price. If he used OTC methods, then the price would not have been influenced and he would get more for those
coins.
All our hand work just goes up in flames and he always time this dump, when the price is in a correction phase. This is f$%^& sabotage.
how this would affect the price. If he used OTC methods, then the price would not have been influenced and he would get more for those
coins.
All our hand work just goes up in flames and he always time this dump, when the price is in a correction phase. This is f$%^& sabotage.
May 11, 2018, 08:09:22 AM
The Mt. Gox trustee, who was tasked to sell about 200,000 bitcoin after the bankruptcy of the now-defunct cryptocurrency exchange Mt. Gox, is suspected to have dumped another 8,000 bitcoin on the cryptocurrency market.
Domino Effect
As CCN reported yesterday, CNBC’s Fast Money contributor and BKCM founder Brian Kelly stated that the entrance of major financial institutions and banks into the cryptocurrency market could allow the cryptocurrency market to surge in value and cryptocurrencies to be considered as an emerging asset class.
Currently, Kelly stated that cryptocurrencies are bearer instruments and it is difficult for institutional money to flow into the market.
“I’m actually a bit shocked that the market did not pick up on this. Dominic Chu of CNBC said that investors will get physical delivery of bitcoin. That doesn’t sound that interesting except for the fact that it means ICE Exchange has a custody solution. That has been the big hurdle. How do you hold onto these assets. These are generally bearer instruments, just like gold bearer bonds. That’s the big deal. They have come up with a custody solution for institutional holders,” said Kelly.
Following the logic of Kelly, the cryptocurrency market is very volatile and its daily trading volume is relatively low compared to other traditional assets and markets like the NASDAQ and gold. As such, the movement of funds of less than a billion dollars could drastically impact the market and the rates of cryptocurrencies, especially if large amounts of bitcoin are sold on public cryptocurrency exchanges.
Over the past few months, despite of the criticism from the cryptocurrency market, the Mt. Gox trustee has continued to sell massive chunks of bitcoin on cryptocurrency exchanges, even after acknowledging that the sell off of tens of thousands of bitcoins can easily move the market that is already highly volatile.
Today, on May 11, various reports have suggested that the recent price dip of bitcoin and other cryptocurrencies was triggered by the sell off of Mt. Gox coins. Four wallets of the Mt. Gox trustee moved around 2,000 bitcoins each, sending over 8,000 bitcoins in total over the past 24 hours. Considering that the Mt. Gox trustee was asked to sell over 200,000 bitcoins and convert it to Japanese yen by local financial authorities, it is evident that any external movement of the Mt. Gox trustee’s funds likely means that they are being sold on cryptocurrency exchanges.
Over-The-Counter (OTC) Market
Similar to how most institutional traders and retail investors purchase and sell large batches of cryptocurrencies, the Mt. Gox trustee could use the over-the-counter (OTC) market and directly deal with large-scale investors that are willing to purchase thousands of bitcoins.
Instead, the Mt. Gox trustee has opted to sell its funds on cryptocurrency exchanges, creating a domino effect across all major exchanges and leading the cryptocurrency market to drop by large margins.
https://www.ccn.com/8200-btc-moved-from-mt-gox-wallet-possible-sell-off-affects-bitcoin-price/
Domino Effect
As CCN reported yesterday, CNBC’s Fast Money contributor and BKCM founder Brian Kelly stated that the entrance of major financial institutions and banks into the cryptocurrency market could allow the cryptocurrency market to surge in value and cryptocurrencies to be considered as an emerging asset class.
Currently, Kelly stated that cryptocurrencies are bearer instruments and it is difficult for institutional money to flow into the market.
“I’m actually a bit shocked that the market did not pick up on this. Dominic Chu of CNBC said that investors will get physical delivery of bitcoin. That doesn’t sound that interesting except for the fact that it means ICE Exchange has a custody solution. That has been the big hurdle. How do you hold onto these assets. These are generally bearer instruments, just like gold bearer bonds. That’s the big deal. They have come up with a custody solution for institutional holders,” said Kelly.
Following the logic of Kelly, the cryptocurrency market is very volatile and its daily trading volume is relatively low compared to other traditional assets and markets like the NASDAQ and gold. As such, the movement of funds of less than a billion dollars could drastically impact the market and the rates of cryptocurrencies, especially if large amounts of bitcoin are sold on public cryptocurrency exchanges.
Over the past few months, despite of the criticism from the cryptocurrency market, the Mt. Gox trustee has continued to sell massive chunks of bitcoin on cryptocurrency exchanges, even after acknowledging that the sell off of tens of thousands of bitcoins can easily move the market that is already highly volatile.
Today, on May 11, various reports have suggested that the recent price dip of bitcoin and other cryptocurrencies was triggered by the sell off of Mt. Gox coins. Four wallets of the Mt. Gox trustee moved around 2,000 bitcoins each, sending over 8,000 bitcoins in total over the past 24 hours. Considering that the Mt. Gox trustee was asked to sell over 200,000 bitcoins and convert it to Japanese yen by local financial authorities, it is evident that any external movement of the Mt. Gox trustee’s funds likely means that they are being sold on cryptocurrency exchanges.
Over-The-Counter (OTC) Market
Similar to how most institutional traders and retail investors purchase and sell large batches of cryptocurrencies, the Mt. Gox trustee could use the over-the-counter (OTC) market and directly deal with large-scale investors that are willing to purchase thousands of bitcoins.
Instead, the Mt. Gox trustee has opted to sell its funds on cryptocurrency exchanges, creating a domino effect across all major exchanges and leading the cryptocurrency market to drop by large margins.
https://www.ccn.com/8200-btc-moved-from-mt-gox-wallet-possible-sell-off-affects-bitcoin-price/
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