Mt Gox confirms he didn't crash the market, panic sellers did (again) - page 2.

exstasie

legendary

Activity: 1806

Merit: 1521

No surprise here. Bear markets are just supply overtaking demand. People like to blame news or FUD, but these cycles play out time and time again.

Quote from: cryptokwuk on March 17, 2018, 02:03:00 PM

Oh boy, if you thought we'd seen the sell-off.

Once this news hits mainstream media the real sell-off will begin as people realize how fake and fragile Bitcoin Core market really is!

The "Bitcoin Core market?" LOL. I'm assuming that's a not-so-subtle shill for BCH? If you hadn't noticed, when the Bitcoin market crashes, the BCH and altcoin markets crash harder. Be careful what you wish for. Tongue

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: pereira4 on March 17, 2018, 01:41:04 PM

A single tweet could destroy all technical analysis, for instance, Trump making a positive tweet about bitcoin, Jeff Bezos making a positive tweet about Bitcoin, or anyone with influence could pump the price and end the bear market, and technical analysts would say that their TA predicted it...

Bitcoin is too new of an asset, people can't properly value it, it's impossible to call the start or end of bull or bear markets.

Agreed. I don't know how much time this market will need to mature properly, but I think it's safe to say that it has to be done through properly regulating this market, and then mainly the exchanges. At the moment CBOE opened its future markets, they had to halt trading several times because of the fluctuations Bitcoin was experiencing. These market/security measures are what we need, and I seriously expect them to be a must for each exchange within a few years. Bitcoin's free market is a great advantage, but at the same time also its main obstacle. And then we also have the poor liquidity forming an obstacle. It's basically a combination of everything, but we have to deal with it for now. These times are great for traders, but not so great for the newer market participants.

godzillarekt007

full member

Activity: 266

Merit: 106

Floki Robot

Gotta view this as a silver lining moment and I almost had a feeling that day that the trustee wouldn't market sell like that. Also had a weird gut feeling that some are looking for any reason to jump ship and they got it. Well good for them and good for us, now we have some stronger hands holding

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cryptokwuk

jr. member

Activity: 97

Merit: 1

Oh boy, if you thought we'd seen the sell-off.

Once this news hits mainstream media the real sell-off will begin as people realize how fake and fragile Bitcoin Core market really is!

pereira4

legendary

Activity: 1610

Merit: 1183

Quote from: 1Referee on March 17, 2018, 01:27:02 PM

It doesn't really matter anymore. The price was bound to go down anyway, so whether it's the speculation about MtGox dumps, or just the lower overall demand, it's the same in the end. If one thing became clear over the last months, the ranges have only gone lower and lower. People for now need to adjust their expectations to significantly lower levels, because the support of the last weeks wasn't able to maintain $11,000/$10,000/$9000, and perhaps not even the $8000 level. The less you expect from the short term market, the less disappointment you'll face. In other words, don't even dare to speculate about $50,000 this year.

A single tweet could destroy all technical analysis, for instance, Trump making a positive tweet about bitcoin, Jeff Bezos making a positive tweet about Bitcoin, or anyone with influence could pump the price and end the bear market, and technical analysts would say that their TA predicted it...

Bitcoin is too new of an asset, people can't properly value it, it's impossible to call the start or end of bull or bear markets.

1Referee

legendary

Activity: 2170

Merit: 1427

It doesn't really matter anymore. The price was bound to go down anyway, so whether it's the speculation about MtGox dumps, or just the lower overall demand, it's the same in the end. If one thing became clear over the last months, the ranges have only gone lower and lower. People for now need to adjust their expectations to significantly lower levels, because the support of the last weeks wasn't able to maintain $11,000/$10,000/$9000, and perhaps not even the $8000 level. The less you expect from the short term market, the less disappointment you'll face. In other words, don't even dare to speculate about $50,000 this year.

samson

legendary

Activity: 2097

Merit: 1070

Yeah I reckon some MtGox coins started to move and everyone who knew about it rushed to dump their coins resulting in the crash.

It was going to crash anyway but this might have brought it forward a bit.

cryptocrusher

full member

Activity: 420

Merit: 136

People latch on to bad news so much more so than they do positive news so this isn't surprising. It's good news that the coins move to stronger hands but even some of them will be shaken off from events like these or they might not have fiat spare to buy more coins.

pereira4

legendary

Activity: 1610

Merit: 1183

Apparently, he didn't sell the coins the same day he moved the coins, which is when it was speculated that the big selloffs happened. He only moved them, didn't sell them. The pdf was updated today in the mtgox website:

https://www.mtgox.com/img/pdf/20180317_qa.pdf

If this is true, the it just's another demonstration of the schizophrenic people looking for news to dump their coins. We have a bunch of weak handed panic sellers looking for FUD news to dump. Everytime these guys sell and the coins go in the hands of holders is good news.

Topic: Mt Gox confirms he didn't crash the market, panic sellers did (again) - page 2. (Read 407 times)