More than 608k BTC was moved from dormant wallets!

Renaldi blackspadeteam

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Quote from: o_e_l_e_o on December 23, 2018, 10:45:04 AM

Quote from: Renaldi blackspadeteam on December 23, 2018, 03:57:24 AM

I say thank you very much for conveying useful information and this news has scared me to trade other bitcoin and crypto, the big whale can reduce the price of bitcoin at any time, preferably I must still be vigilant.

Except it wasn't a whale at all, the coins won't be sold, and the price won't be affected.

All these funds belong to Coinbase, who have recently upgraded their cold storage infrastructure and were moving all their coins from their old cold storage to their new system. These movements were announced a few weeks ago prior to them happening, and they have now announced the movement has finished:

https://blokt.com/news/coinbase-talks-about-the-largest-crypto-transfer-on-record

Thank you very much, if you don't tell me this, I might stop trading bitcoin and other crypto ...,
I think the big whale is preparing to reduce the price of bitcoin at the right time, but I like to hear from you because 608K bitcoin it's not for sale

o_e_l_e_o

legendary

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Quote from: Renaldi blackspadeteam on December 23, 2018, 03:57:24 AM

I say thank you very much for conveying useful information and this news has scared me to trade other bitcoin and crypto, the big whale can reduce the price of bitcoin at any time, preferably I must still be vigilant.

Except it wasn't a whale at all, the coins won't be sold, and the price won't be affected.

All these funds belong to Coinbase, who have recently upgraded their cold storage infrastructure and were moving all their coins from their old cold storage to their new system. These movements were announced a few weeks ago prior to them happening, and they have now announced the movement has finished:

https://blokt.com/news/coinbase-talks-about-the-largest-crypto-transfer-on-record

BitHodler

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Quote from: gabmen on December 23, 2018, 09:25:40 AM

Not being a pessimist here but this year's been fooling us with false expectations so it won't hurt to keep neutral about it.

I don't think the market has fooled anyone. In fact, I'm sure that people fooled themselves with their unrealistic expectations from a market that's trying to bottom out after one of the wildest bull runs ever.

I cringed every time people back when the price was hovering between $6000-$7000 said that it was very low and we couldn't fall below it due to miners needing $6000 at the very minimum.

The only thing that surprised me is how fast it went down from $6000 to $3000 without any strong rebound attempt. Maybe people were so in panic, that they sold like there was no tomorrow. Brutal sell off it was.

davinchi

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I doubt it was moved to be sold, no one in their right mind would sell that much amount of bitcoin at once. They wouldn't even sell it all in a month or even a year. Even a 30 thousand bitcoin sell off created a trickle that eventually turned into bitcoin losing almost 50% value, if you decide to sell 600k bitcoins all at once than you would lose almost 90% of your portfolio and money.

If you ever wish to sell that much coin you have 2 options, either sell small amounts constantly which would create a pressure on the price and hope that some bull run would happen meanwhile and you can sell on different exchanges all together. Better option would be selling OTC to some rich person on wall street for cheaper than what it is right now for example selling all 608k for 3k each right now and you would be rich but that person could benefit from it in the long run.

gabmen

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Quote from: Findingnemo on December 20, 2018, 09:18:59 AM

Quote from: proTECH77 on December 20, 2018, 09:01:57 AM

These days no entity has the power to read bitcoin price nor to speculate it price surge but only time and research now does. Movement of such funds are more dangerous to the bear market now but the reverse is the case, as the movement in the market never slack movement since last couple of days back. Those funds might be from the Exchange which are held by the owners of such exchange for the purpose of renovation or upgrade of systems.

Maybe,it is from exchange but if it is inactive for too long then chances of whale's wallet is more.Which brought the prices increase happening for the last 24 hours?

Just be patient and let's wait for the more bull to wake up.

Well that's a good point though i hope you're right lol. Not being a pessimist here but this year's been fooling us with false expectations so it won't hurt to keep neutral about it.

Renaldi blackspadeteam

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I say thank you very much for conveying useful information and this news has scared me to trade other bitcoin and crypto, the big whale can reduce the price of bitcoin at any time, preferably I must still be vigilant.

Ziskinberg

hero member

Activity: 2926

Merit: 636

It's a good decision that this big amount were not traded in an exchange.
I think that with this amount, you cannot trust exchange on it and it will certainly affect the price that might lessen the value of your expectation.
Those who bought that amount is a whales and maybe one of the reason on the current bullish run now, I hope this is not a trap though.

Findingnemo

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Bitcoin = Financial freedom

Quote from: proTECH77 on December 20, 2018, 09:01:57 AM

These days no entity has the power to read bitcoin price nor to speculate it price surge but only time and research now does. Movement of such funds are more dangerous to the bear market now but the reverse is the case, as the movement in the market never slack movement since last couple of days back. Those funds might be from the Exchange which are held by the owners of such exchange for the purpose of renovation or upgrade of systems.

Maybe,it is from exchange but if it is inactive for too long then chances of whale's wallet is more.Which brought the prices increase happening for the last 24 hours?

Just be patient and let's wait for the more bull to wake up.

proTECH77

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These days no entity has the power to read bitcoin price nor to speculate it price surge but only time and research now does. Movement of such funds are more dangerous to the bear market now but the reverse is the case, as the movement in the market never slack movement since last couple of days back. Those funds might be from the Exchange which are held by the owners of such exchange for the purpose of renovation or upgrade of systems.

duyduc256

sr. member

Activity: 700

Merit: 250

Quote from: Reid on December 18, 2018, 09:38:27 PM

608k of bitcoins is a large amount.
I am hoping what I read is untrue. If this is seen by small hodlers then a big wave may come again producing a large panic that even .1btc holders might make a difference to this value by now.

I still dont get it. Is this really the enough value for them to suddenly withdraw their bitcoins which is the future of currencies and also a part of the new world technology.

I just also hope they dont regret it. Those movements could really cause a lot before the end of the year, for many are still hoping that history will repeat itself.

Everyone is hopeful that all altcoin will recover and it will be very difficult because everyone's belief in this market has dropped a lot in the past time. If we want to repeat the calendar, we need more investors and more news will make investors feel more secure in this market.

Greed Dev

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Some people have bought BTC since it was just opened and now they have lost their private-key.
Our forum has a lot of topics talk about regret when it loses private-key. So we need to be cautious about keeping private keys to avoid future regrets.

Marshall14

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Activity: 112

Merit: 20

Quote from: adaseb on December 20, 2018, 03:12:28 AM

Basically exactly what the above poster has said. It was coinbase upgrading their cold storage from Generation 3 to Generation 4.

And it has already been interpreted by a lot,including the OP, as a bitcoin potential crash,whales this and that,i think the major issue we have here isn't even the bear market,but panic and uncertainties
Since the market or rather the system gives us no grip hold, we seen to establish ours and most times negative,which leaves us in potential losses

adaseb

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This was in the news today: https://www.cryptoglobe.com/latest/2018/12/how-coinbase-carried-out-largest-crypto-migration-ever-5-of-all-btc-and-8-of-all-eth/

Basically exactly what the above poster has said. It was coinbase upgrading their cold storage from Generation 3 to Generation 4.

Generation 1 was basically a simple USB stick and paper wallet stored at a safety deposit box at the bank. Generation 4 is much more complex and secure.

Reid

hero member

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608k of bitcoins is a large amount.
I am hoping what I read is untrue. If this is seen by small hodlers then a big wave may come again producing a large panic that even .1btc holders might make a difference to this value by now.

I still dont get it. Is this really the enough value for them to suddenly withdraw their bitcoins which is the future of currencies and also a part of the new world technology.

I just also hope they dont regret it. Those movements could really cause a lot before the end of the year, for many are still hoping that history will repeat itself.

1Referee

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Quote from: Stedsm on December 18, 2018, 02:01:31 PM

Bitmex and Bitfinex are also two of the biggest exchanges holding the highest amount of BTC and everyone knows the fact that Bitmex manipulates the market price of all the listed crypto over there.

I'm not sure how Bitmex manipulates the market aside from trying to stirr up traders to become more active, or to perform 'maintenance' during odd time frames. Bitmex fetches its prices from Bitstamp, Coinbase Pro and Kraken. In other words, price discovery happens at these exchanges and not Bitmex itself.

Quote from: Stedsm on December 18, 2018, 02:01:31 PM

Exchanges like Coinbase may not be called whales alone, but centrally controlled whales who, with just one steer of their boss, may drive the markets towards the side their boss has chosen.

That could happen, but considering the oversight on Coinbase, and their intentions to remain the most trusted and compliant exchange, I don't see them personally attempt to command traders what to do with their funds. I'm 100x more worried about a hack or an insider job from a rogue employee, or the government itself ordering to freeze funds of certain entities using Coinbase.

Having over 600,000BTC makes you wonder if anyone would ever notice if 10,000-20,000BTC are missing if Coinbase decides to not report a hack or theft, especially with how it's highly unlikley that everyone will withdraw their coins all at once.

MULTIK888

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The movement of this batch of bitcoins began on November 26.if you did not know, these movements served as a further drawdown after the first decline on November 14, 2018.
If you watch the movement of money in some way it is possible to predict the direction of the price in the near future and it is also one of the strategies of trade in this market.
Those who saw these movements in advance sold their bitcoins and were in a good plus. Follow the news, read more and you will also be aware of the main events.

o_e_l_e_o

legendary

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Quote from: Stedsm on December 18, 2018, 02:01:31 PM

Exchanges like Coinbase may not be called whales alone, but centrally controlled whales who, with just one steer of their boss, may drive the markets towards the side their boss has chosen.

There's a difference between dumping 608,000 bitcoins and market manipulation, which I agree Coinbase are certainly guilty of (not to mention insider trading). The 608,000 bitcoins they are moving around, for a large part, aren't theirs. The BTC belong to Coinbase's customers who are currently actively trading, or (stupidly) storing their coins on the exchange. They could theoretically move all these coins to another exchange, sell them, make billions and dump the market, but they would all quickly end up in prison.

arpon11

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I believe there are moving the coins to exchange to dump. We should expect another dump in future and I was thinking that bitcoin needs to be preserved by some trustees which are ready to hold large quantities in some wallets in other to make it very difficult for the price to go down the way it is currently. I did see bitcoin in the hand of many people and companies that did not like it grow and development and that is why they keep dumping it as will.

Stedsm

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Quote from: mk4 on December 18, 2018, 10:46:22 AM

Instead of actually panicking like "ooo nooo mr whale dump the bitcoin price", why not be amazed instead on how someone managed to move HUGE amounts of value, with very minimal fees, and without an intermediary? Now that's remarkable! Like geez. Let's not focus on prices for at least a day.

Not to mention that we don't even know if the bitcoins are actually on the way to an exchange wallet or not.

I really appreciate the fact that they chose SegWit to keep the fees to least and used it to move their money in bech32 addresses, it's not just the price alone but about the confidence of an average investor. I'm not so influenced that I'd panic and start shouting the way you mentioned, but instead, I've just shared what I came to know.

Quote from: 1Referee on December 18, 2018, 11:03:47 AM

It's not a whale, but solely Coinbase performing maintenance that will result in a better (i.e. more secure) distribution of coins, and probably also to claim the fork coins.

https://blog.coinbase.com/notice-of-blockchain-movements-b09cb1ec46dd

I'm quite shocked that they hold that many coins. It's crazy if you think about it, because this just shows how much 'faith' people have in Coinbase, a centralized entity. I get it, it's one of the most compliant exchanges, but that doesn't mean it won't ever mess up one way or another.

I do however like how they used Segwit to save up on fees, which perfectly demonstrates how they acknowledge its usefulness.

Even if it's Coinbase, why can't these be called whales themselves as they hold such drastically huge amounts which already gave them too much power to make/break the markets according to their Government's orders (as you mentioned that they're too much centralized as an organization for cryptocurrencies). Bitmex and Bitfinex are also two of the biggest exchanges holding the highest amount of BTC and everyone knows the fact that Bitmex manipulates the market price of all the listed crypto over there. Exchanges like Coinbase may not be called whales alone, but centrally controlled whales who, with just one steer of their boss, may drive the markets towards the side their boss has chosen.

gentlemand

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Welt Am Draht

Quote from: Stedsm on December 18, 2018, 10:29:23 AM

nobody would've thought ever that the bearish times (Futures and shorting opportunities) would kill the value to under $3250 levels.

Then they were bleedin' dimwits.

You don't get a bubble where a one page website and a non existent token is 'worth' 'billions' without having your balls kicked until they're flattened in the aftermath.

A 6 grand ish bottom way less than a year after the emptiest and longest pump imaginable seemed like dreamland to me. No one gets off that easy. If this has been the bottom then there could've been much worse outcomes.

As for this wallet stuff, I pray for the day when a straightforward movement does not attract 'OMIGODWEALLGONNADIE' threads.

Topic: More than 608k BTC was moved from dormant wallets! (Read 403 times)