what idiot (besides BFL laundering their own mined coins?) would give bfl a million worth of bitcoins. the stupidest smart person?!?!
My guess is that a million bucks buys you a spot at the front of the line.
Topic: Bitpay just processed its first 1,000,000 USD order, Dump incoming? - page 3. (Read 5512 times)
October 29, 2013, 07:01:46 PM
My guess is that a million bucks buys you a spot at the front of the line.
October 29, 2013, 05:47:13 PM
what idiot (besides BFL laundering their own mined coins?) would give bfl a million worth of bitcoins. the stupidest smart person?!?!
It's the collective stupidity of many of their customers.
October 29, 2013, 05:36:40 PM
Well the problem with most "conspiracy theories" is that the conspiracy would be extremely difficult to orchestrate, and the provided explanation is perfectly reasonable. In this case, the given explanation, that someone purchased $1,000,000 worth of miners from BFL.... in bitcoin as well.... is pretty striking, to say the least. And the "conspiracy" would have been very simple to orchestrate.
There is another problem with conspiracies. Many people have been thoroughly trained to apply either/or thinking in all areas of life. Thus some of them find a theory they like, believe 100% every single piece of it and ascribe everything remotely related to the workings of the conspiracy. Others fall prey to what I call the "Great Conspiracy" - the idea that there actually are no conspiracies in this world. They become convinced that every conspiracy theory is 100% false and not worth paying any attention to.
Forming conspiracies (if you're not part of them) or affinity groups (if you are part of them) is "normal mammalian behavior" as Robert Anton Wilson put it. To believe in a single one running world affairs for centuries, or alternatively, believing that no conspiracies exist seems naive to me. The truth, of course, is that at any given moment there are at least 23 major conspiracies trying to claim power over whatever it is
October 29, 2013, 05:30:59 PM
what idiot (besides BFL laundering their own mined coins?) would give bfl a million worth of bitcoins. the stupidest smart person?!?!
October 29, 2013, 05:26:47 PM
I'd bet it never really touched BTC at all.
Chances are a new investor wanted to get into mining and had $1m. They wanted to order from BFL but have to pay in BTC. So Bitpay 'sell' the BTC to the customer, pass it to BFL who sell it back into USD via Bitpay (can't pay the real bills with BTC).
Net result, no external trades, no risk and lots of great PR all-round.
Chances are a new investor wanted to get into mining and had $1m. They wanted to order from BFL but have to pay in BTC. So Bitpay 'sell' the BTC to the customer, pass it to BFL who sell it back into USD via Bitpay (can't pay the real bills with BTC).
Net result, no external trades, no risk and lots of great PR all-round.
I'm not a conspiracy theorist, but I'd put this at 60% likelihood..
I am a conspiracy theorist and I proclaim this scheme to be a rational idea which might very well have been implemented by the involved parties.
Well the problem with most "conspiracy theories" is that the conspiracy would be extremely difficult to orchestrate, and the provided explanation is perfectly reasonable. In this case, the given explanation, that someone purchased $1,000,000 worth of miners from BFL.... in bitcoin as well.... is pretty striking, to say the least. And the "conspiracy" would have been very simple to orchestrate.
October 29, 2013, 05:21:27 PM
I thought Bitpay insta sells the coins on exchage, how would they know the amount of BTC needed for your order otherwise
They take the risk and take loans.
October 29, 2013, 02:16:25 PM
I'd bet it never really touched BTC at all.
Chances are a new investor wanted to get into mining and had $1m. They wanted to order from BFL but have to pay in BTC. So Bitpay 'sell' the BTC to the customer, pass it to BFL who sell it back into USD via Bitpay (can't pay the real bills with BTC).
Net result, no external trades, no risk and lots of great PR all-round.
I don't think someone with $1 million to invest would be stupid enough to buy from a long con company like BFL. I think it's more along these lines:Chances are a new investor wanted to get into mining and had $1m. They wanted to order from BFL but have to pay in BTC. So Bitpay 'sell' the BTC to the customer, pass it to BFL who sell it back into USD via Bitpay (can't pay the real bills with BTC).
Net result, no external trades, no risk and lots of great PR all-round.
Quote from: http://www.reddit.com/r/Bitcoin/comments/1pgny0/bitpay_processes_1_million_transaction_for/cd23v3h
Sounds like bfl just laundered all the coins they mined on everyone's equipment.
October 29, 2013, 02:13:03 PM
I think it gr8 that bitpay did 1million in 1 order
i'd like to see more high volume trading going on, poeple buying house, cars, boats, collectables, thing of that nature, and price will be affected, in a very positive way
i'd like to see more high volume trading going on, poeple buying house, cars, boats, collectables, thing of that nature, and price will be affected, in a very positive way
October 29, 2013, 02:08:00 PM
I'd bet it never really touched BTC at all.
Chances are a new investor wanted to get into mining and had $1m. They wanted to order from BFL but have to pay in BTC. So Bitpay 'sell' the BTC to the customer, pass it to BFL who sell it back into USD via Bitpay (can't pay the real bills with BTC).
Net result, no external trades, no risk and lots of great PR all-round.
Chances are a new investor wanted to get into mining and had $1m. They wanted to order from BFL but have to pay in BTC. So Bitpay 'sell' the BTC to the customer, pass it to BFL who sell it back into USD via Bitpay (can't pay the real bills with BTC).
Net result, no external trades, no risk and lots of great PR all-round.
I'm not a conspiracy theorist, but I'd put this at 60% likelihood..
I am a conspiracy theorist and I proclaim this scheme to be a rational idea which might very well have been implemented by the involved parties.
agree with you but maybe there will be some changes
October 29, 2013, 02:06:46 PM
I'd bet it never really touched BTC at all.
Chances are a new investor wanted to get into mining and had $1m. They wanted to order from BFL but have to pay in BTC. So Bitpay 'sell' the BTC to the customer, pass it to BFL who sell it back into USD via Bitpay (can't pay the real bills with BTC).
Net result, no external trades, no risk and lots of great PR all-round.
Chances are a new investor wanted to get into mining and had $1m. They wanted to order from BFL but have to pay in BTC. So Bitpay 'sell' the BTC to the customer, pass it to BFL who sell it back into USD via Bitpay (can't pay the real bills with BTC).
Net result, no external trades, no risk and lots of great PR all-round.
I'm not a conspiracy theorist, but I'd put this at 60% likelihood..
I am a conspiracy theorist and I proclaim this scheme to be a rational idea which might very well have been implemented by the involved parties.
October 29, 2013, 01:56:16 PM
Bitstamp just had a 5k buy and price rose by $2
Count by the number of monarch, that is about 128T hash power, about 3% of today's network hash power, but might drop dramaticallywhen it if delivered
Count by the number of monarch, that is about 128T hash power, about 3% of today's network hash power, but might drop dramatically
Joking aside, this is one order that BFL will deliver, at the expense of people earlier in the queue no doubt
October 29, 2013, 01:02:58 PM
Seeing as how the transaction was settled before the 3 day old press release, I wouldn't count on a dump.
China will devour those coins before tea time, then be ready for more.
October 29, 2013, 12:56:24 PM
Bitstamp just had a 5k buy and price rose by $2
Count by the number of monarch, that is about 128T hash power, about 3% of today's network hash power, but might drop dramatically when it delivered
Count by the number of monarch, that is about 128T hash power, about 3% of today's network hash power, but might drop dramatically when it delivered
October 29, 2013, 12:55:39 PM
I'd bet it never really touched BTC at all.
Chances are a new investor wanted to get into mining and had $1m. They wanted to order from BFL but have to pay in BTC. So Bitpay 'sell' the BTC to the customer, pass it to BFL who sell it back into USD via Bitpay (can't pay the real bills with BTC).
Net result, no external trades, no risk and lots of great PR all-round.
Chances are a new investor wanted to get into mining and had $1m. They wanted to order from BFL but have to pay in BTC. So Bitpay 'sell' the BTC to the customer, pass it to BFL who sell it back into USD via Bitpay (can't pay the real bills with BTC).
Net result, no external trades, no risk and lots of great PR all-round.
I'm not a conspiracy theorist, but I'd put this at 60% likelihood..
October 29, 2013, 12:54:27 PM
like everybody who owns big amounts of bitcoins have to dump them right away on the market instead of just list them on the ask side if they have to sell it.
Not everybody needs fiat money in this very second.
Not everybody needs fiat money in this very second.
lol
But everyone likes to shit their pants to much in econ/speculation. "May happen in next hour!! zomg!"
October 29, 2013, 12:51:46 PM
I'd bet it never really touched BTC at all.
Chances are a new investor wanted to get into mining and had $1m. They wanted to order from BFL but have to pay in BTC. So Bitpay 'sell' the BTC to the customer, pass it to BFL who sell it back into USD via Bitpay (can't pay the real bills with BTC).
Net result, no external trades, no risk and lots of great PR all-round.
Chances are a new investor wanted to get into mining and had $1m. They wanted to order from BFL but have to pay in BTC. So Bitpay 'sell' the BTC to the customer, pass it to BFL who sell it back into USD via Bitpay (can't pay the real bills with BTC).
Net result, no external trades, no risk and lots of great PR all-round.
October 29, 2013, 12:50:28 PM
On Gox a million USD dump would still only go down just under $200. This would be a normal dump and most likely recovered in an hour or so.
5k would have been a normal dump 6 months ago. 5k is a massive dump now and no way would the price recover in one hour, especially if done on one exchange. Panic would probably kick in.there will be no panic. How much money is invested to BTC we can only dream about it
Oh? What was that that happened October 23rd (6 days ago)? An instant 25% drop in price (Gox), but no panic? Hmmm.
6 days ago i saw that , and than ppl start buying BTC. There will be small dump in price but we will see
Point is, the question is whether or not we will see massive dumps. If we do, there is no doubt we'll see panic selling.
How big were the dumps that marked the reversal at $233 Gox? I don't remember...
October 29, 2013, 12:45:20 PM
On Gox a million USD dump would still only go down just under $200. This would be a normal dump and most likely recovered in an hour or so.
5k would have been a normal dump 6 months ago. 5k is a massive dump now and no way would the price recover in one hour, especially if done on one exchange. Panic would probably kick in.there will be no panic. How much money is invested to BTC we can only dream about it
Oh? What was that that happened October 23rd (6 days ago)? An instant 25% drop in price (Gox), but no panic? Hmmm.
6 days ago i saw that , and than ppl start buying BTC. There will be small dump in price but we will see
October 29, 2013, 12:41:24 PM
On Gox a million USD dump would still only go down just under $200. This would be a normal dump and most likely recovered in an hour or so.
5k would have been a normal dump 6 months ago. 5k is a massive dump now and no way would the price recover in one hour, especially if done on one exchange. Panic would probably kick in.there will be no panic. How much money is invested to BTC we can only dream about it
Oh? What was that that happened October 23rd (6 days ago)? An instant 25% drop in price (Gox), but no panic? Hmmm.
October 29, 2013, 12:41:11 PM
I thought Bitpay insta sells the coins on exchage, how would they know the amount of BTC needed for your order otherwise
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