Did fear cause that sharp dump? - page 4.

omonuyak

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Quote from: Stedsm on August 30, 2019, 11:42:34 AM

We all know how Judge ordered Craig Wright to pay $5 billion to Ira Kleiman (where people were fearing of an average of $2 billion dump in BTC if she decides to redeem that USD). Though, CSW is not Satoshi and hence, he's got nothing (at least not what's ordered) to pay Ira Kleiman such a huge amount. I want to ask that whether the fear of being dumped with a lot of BTC helped the trend to move backwards and break down to near $9k?

Source of news: https://modernconsensus.com/cryptocurrencies/bitcoin/exclusive-interview-with-craig-wright-just-after-ordered-to-pay-5-billion-in-bitcoin/

The fear has been created since last two weeks when people began to promote the macd weekly crossing signal. This samething happened in February and bitcoin turned bullish since then. People are afraid that in some months to come Bitcoin May hit around $7850 the 200 ma on a daily chart and hence trigger sell off.

bitbunnny

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What sharp dump? I see latest price fall as a usual correction that comes as a consequence of Bitcoin volatility. Price hasn't fallen that much.
News could cause fear and panic selling but in this particular case I don't see any connection and I.don't think this is the reason for correction.

pooya87

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the timings don't exactly match in my opinion. usually when there is a price drop due to a news that causes panic, the panic occurs right away as the news comes out. in fact there is always a pre-dump before the news comes out from the "insiders" then the panic begins and within that day the sharp drop takes place.

in this case news came out on 27th and after more than 30 hours we saw the sharp drop below $10k. if the news were the reason then price should have reached that low on 27th not the next day.
however, it might have contributed to the panic though a little bit.

boyptc

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CSW's issue is no longer a big deal to the bitcoin community.

I think we just felt a normal dump which usually happens when there's a bigger event that can trigger the price which will happen by Sept.23.

hatshepsut93

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No, because most Bitcoin traders are not dumb and know that CWS is a scammer who doesn't have nowhere near close to the alleged sum, so there's no way a market crash can happen. Selling Bitcoins because of those news would be as stupid as selling because of those end-of-the-world news or some cheap FUD - only really weak hands would do it. This dumb is nothing special, this happens in Bitcoin all the time. I hodled through all bull market of the last cycle, and have seen a lot of crashes and dips without any good reason.

Quote from: Stedsm on August 30, 2019, 11:42:34 AM

(where people were fearing of an average of $2 billion dump in BTC if she decides to redeem that USD).

Ira Kleiman is a he, he's Dave Kleiman's brother.

freedomgo

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$5 billion is not a lot, it could either affect the market but on a temporary basis only, well if it could make BTC go backward but nothing is alarming with that as there's a lot of dump in the past already and here we are now, we can still recovery.

I doubt that dump would be possible though since he doesn't have that amount, but I'm just telling my opinion based on my observation in the past.
Only FUD and people gets affected will be able to dump this market, but then again, since it's not gonna die, price will goes up again like we all witness that happened this year, therefore, no amount of any negative news or FUD that will bring this market down.

Stedsm

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Quote from: fabiorem on August 30, 2019, 05:50:28 PM

Cant Ira sell it OTC?

It's $5 billion worth of BTC we're talking about.
Where the hell are you going to find a buyer for such amounts? Even a whole group cannot carry out a transaction in one full year because the amount is too big.

@everyone here,
Can anyone tell me what do CSW actually possess at the moment? I don't really think his portfolio's worth is even 1/10th of what was proposed to be paid back to Ira Kleiman, except if he's got enough bcash stored with him and he already dumped it and got BTC.

STT

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Thats a very large amount to change ownership and when or if it ever takes place it could have an effect. Court cases take years and if the amounts are billions then the likely legal arguments employed in defence are going to be almost endless to try and put off that payment owed.
A release of a large amount of coins does create excess liquidity short term but its not something I would say should effect price in the long term. We dont revolve around 1 or 2 people in that way, we have millions interested and using Bitcoin and that wider market is far more concern and significance for the price.

Its all theortical still and at best the effect is a short term one if they do try to sell a larger amount, most likely a disposal would never be dumped because the price would be worse then gradually releasing value. Look at the Mt.Gox coins for some relevance on this I think.

dark08

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In my own observation on bitcoin chart history this is not Craig Wright cause theres a lot of possibility why bitcoin make a sharp dumo if you look at the chart the indicators tell its already going down now wecannot know if bitcoin will be bounce or break anytime and take note in cryptoworld fear are always there.

fabiorem

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Cant Ira sell it OTC?

Kemarit

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Quote from: Stedsm on August 30, 2019, 11:42:34 AM

We all know how Judge ordered Craig Wright to pay $5 billion to Ira Kleiman (where people were fearing of an average of $2 billion dump in BTC if she decides to redeem that USD). Though, CSW is not Satoshi and hence, he's got nothing (at least not what's ordered) to pay Ira Kleiman such a huge amount. I want to ask that whether the fear of being dumped with a lot of BTC helped the trend to move backwards and break down to near $9k?

Source of news: https://modernconsensus.com/cryptocurrencies/bitcoin/exclusive-interview-with-craig-wright-just-after-ordered-to-pay-5-billion-in-bitcoin/

Could be, remember the time when there is a hash war between BCH and BSV (Craig Wright)? Bitcoin was a collateral damage that time because CSW created a lot of FUD causing the price to plummet. And I think that he is pulling the same stunt here that's why people are anticipating that he or some entity behind will dump Bitcoin again, they already planted some seed of fear already that causes the market to break the strong support at $10,000.

audaciousbeing

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Quote from: Stedsm on August 30, 2019, 11:42:34 AM

We all know how Judge ordered Craig Wright to pay $5 billion to Ira Kleiman (where people were fearing of an average of $2 billion dump in BTC if she decides to redeem that USD). Though, CSW is not Satoshi and hence, he's got nothing (at least not what's ordered) to pay Ira Kleiman such a huge amount. I want to ask that whether the fear of being dumped with a lot of BTC helped the trend to move backwards and break down to near $9k?

Source of news: https://modernconsensus.com/cryptocurrencies/bitcoin/exclusive-interview-with-craig-wright-just-after-ordered-to-pay-5-billion-in-bitcoin/

Fear can cause anything and even going down memory lane, majority have taken decisions due to fear I have been there before. In this case, it could also be the reason why in addition to other factors that might have contributed to it. But really $5billion damages is no small amount and would even go down in history and one of the largest payout by an individual. Narrowing it down to the impact on the market of bitcoin, its going to shake the market should it be redeemed at once and anyone who thinks otherwise is likely being economical with the truth.

I hope the judgement can be appealed for the review of the judgement or if that is not possible a situation where the enforcement of the judgement is done in such a way that the market won't be affected.

Oceat

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The dump wasn't that big enough to cause a FUD for any issues about Craig Wright thus i think it is just the normal routine of the market. But if the drop was too big that it almost go near to $8K then that would be the cause of it. This dip may be a good time to buyback again of what people sold during the hype or if someone wants to restock their Bitcoin again then this is it. I know a lot of investors wish this kind of dip in the first place especially to those who suffered from a great loss due to lack of patience.

BitHodler

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It's not fear as in being afraid of a certain event to play out, but more so fear of losing money when the price starts to decline. People either are over-invested or have invested with borrowed money. Both common contributors to fear.

As for the CSW case, nah, the smart money moving the markets know there isn't much to sell aside from his personal stack he managed to accumulate through scams and the various pumps and dumps his partner(s) initiated.

I think this question would have more relevance to it during the crash from $14k to $10k and below. That's far more intense than the ~$900 drop we have seen two days ago.

harizen

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This has really nothing to do with Craig, or if by chances I take it as a small percentage.

The recent price dip is just a normal day in bitcoin. Bitcoin experienced several dips prior to that with no such event or any cases. If ever price goes dip more, then no reason at all to blame except that $10,000 wall doesn't really enough foundation "for now". But looking good, since the dip happened, it was having a difficult time breaking the $9,000 wall which means that we don't need to see the next support at $8,000 and can consider this level as buying price range.

Just hope that there's no such thing that will spoil this progress that will result in much "fear".

audaciousbeing

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Quote from: Stedsm on August 30, 2019, 11:42:34 AM

We all know how Judge ordered Craig Wright to pay $5 billion to Ira Kleiman (where people were fearing of an average of $2 billion dump in BTC if she decides to redeem that USD). Though, CSW is not Satoshi and hence, he's got nothing (at least not what's ordered) to pay Ira Kleiman such a huge amount. I want to ask that whether the fear of being dumped with a lot of BTC helped the trend to move backwards and break down to near $9k?

Source of news: https://modernconsensus.com/cryptocurrencies/bitcoin/exclusive-interview-with-craig-wright-just-after-ordered-to-pay-5-billion-in-bitcoin/

Fear can cause anything and even going down memory lane, majority have taken decisions due to fear I have been there before. In this case, it could also be the reason why in addition to other factors that might have contributed to it. But really $5billion damages is no small amount and would even go down in history and one of the largest payout by an individual. Narrowing it down to the impact on the market of bitcoin, its going to shake the market should it be redeemed at once and anyone who thinks otherwise is likely being economical with the truth.

I hope the judgement can be appealed for the review of the judgement or if that is not possible a situation where the enforcement of the judgement is done in such a way that the market won't be affected.

ahmadakbari

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I don't think so.
This news has not received much attention from community and medias. Such decreases in price of bitcoin is completely normal. Bitcoin price increased to 13,000 dollar from 3,000 dollar and I think we are still in correction phase of that price increase. After that price increase, we shouldn't be surprised at such a drop in bitcoin's price. Bitcoin price is always fluctuating due to whales and this price fall was more due to whales manipulations and also fears due to technical analysis that expected a price fall.

DeathAngel

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This is normal, it wasn’t even that much of a dump. We’re still in a baby bull market. The price will increase as we get closer to the halving. $9,5xx will look very cheap in a year or two.

rdluffy

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I don't think this dump was because Craig
There's a lot of possibilities, maybe it was a whale and then some people sold in fear, maybe it's a whale trying to fall the price to buy in the dip because we are all expecting a increase in price in this september

If you are a person who invested for a long term, there's no problem at all, just wait

So, there's no specific reason to this dump in my opinion

dothebeats

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Fear always causes sharp dumps, always, except in times wherein dumps are already planned by a certain group of people to which the initial market reaction is to follow what's happening. We've been pretty stagnant on the lower ebbs of $10k for a while now and there isn't sufficient momentum coming in to push the price up just a little bit. Bakkt comes again with their teasing of a release but even that won't help much. CSW's case against Ira Kleiman, IMO, isn't the cause of the drop. If it was, we would see huge movements on the market due to the impending dump in order to pay Kleiman but yeah, no signs of anything coming in from CSW.

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