Price held up pretty good in the latest fiasco? - page 2.

Vitalik Buterin

sr. member

Activity: 330

Merit: 397

Quote from: ?? on ??

A savvy criminal would release them slowly through a tumbler over a period of months to purposely keep the exchange rate from being effected and reap the maximum reward. A criminal genius would hold them for years and retire on the wealth.

$200k can give you a pretty nice retirement for life in Thailand, India or the like.

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

Quote from: memvola on March 03, 2012, 04:50:01 PM

The fact that services are covering for the stolen coins actually strengthened trust.

And possibly strengthened demand as well. You cannot withdraw bitcoins from a wallet that doesn't have them, so perhaps Bitcoinica has been buying to support withdrawals.

There are multiple traders that are claiming to have gone short on this event. That the price didn't drop further and that the volume was fairly moderate for this type of an event is quite interesting:
- http://bitcoincharts.com/charts/mtgoxUSD#rg5zczsg2012-02-28zeg2012-03-04ztgSzm1g10zm2g25zv

fcmatt

legendary

Activity: 2072

Merit: 1001

Give it time. The price will slowly degrade in my opinion. 50K of BTC needs to be laundered and
sold. Even if the first sale is not on GOX.. those coins, over time, will arrive there and be sold.

As a miner who sells his coins immediately I instantly put in a large short to cover any possible
crash. If the price stays high well that is good. I can sell my mined BTC for a good price. Naturally
I will take a small loss on my short.

If the price crashes below 4, well that is fine for the next 30+ days... I covered that possibility
also. My short will make money to cover what I will now be losing by mining and selling BTC.

But I do admit, I expected the large short to have made some money by now and it is just sitting
at the break even point pretty much. Sometimes in the green, sometimes barely in the red.

memvola

hero member

Activity: 938

Merit: 1002

The fact that services are covering for the stolen coins actually strengthened trust. I would say it even proved a lot of things that were yet unproven, and will be used in future arguments for an unregulated economy. It is a positive in the long run, but also prevented an immediate decline.

Scott J

legendary

Activity: 1792

Merit: 1000

I believe OP was talking about the market reaction to the recent news, rather than the stolen coins being sold themselves.

stick_theman

sr. member

Activity: 372

Merit: 250

We haven't seen any dramatic selling or buying yet... whereas, in previous heists the price would drop like hot potatoes. I'm not "jinxing" anything... just pointing out the fact and to get your thoughts.

Topic: Price held up pretty good in the latest fiasco? - page 2. (Read 3536 times)