Something is wrong. We cannot just gloss over the $100 sell - page 4.

bitcoinlitcoinbtcltc

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Quote from: eoJ on February 11, 2014, 04:23:45 AM

Quote from: Bagatell on February 11, 2014, 04:09:43 AM

Quote from: bitcoinlitcoinbtcltc on February 11, 2014, 04:01:42 AM

Bitcoin is going down. Anyone holding bitcoins now is a complete moron.
If yesterday's actions, and news about a major, unfixable bug in Bitcoin Network, didn't change your mind, you DESERVE to lose all your assets, and I wouldn't feel sorry for you if you lost everything & committed suicide.

Sell now people, I am being serious. This ship will sink very soon.

you missed the boat and still want cheap coins. Away with your FUD!

Dude, the world's largest Bitcoin exchange, there since the beginning, likely holding hundreds of thousands of bitcoins (10s of millions of $) just basically told everyone they're shutting down. (But in a way reminiscent of inputs.io) There's no way to pretend yesterday didn't happen. Bitcoin will be dropping.

Exactly, they are all fucking idiots.
Let them hold, I don't care if they lose money lol. They don't realize that the money they hold in bitcoins now is just air. It will vanish just as fast as they gained it. They are delusional morons who think bitcoin will be worth $100,000. Hahahaha, soon they will realize that they could've sold at the AMAZING, INCREDIBLE price of $700 when it drops back to $100, lol.

FBI has yet to sell 144,000 Bitcoins. Yesterday's crash was caused by only 3 to 6 thousand coins.
If they dump 144,000 bitcoins, it will drop back to $20 in no-time.

Ekaros

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Quote from: eoJ on February 11, 2014, 04:23:45 AM

Quote from: Bagatell on February 11, 2014, 04:09:43 AM

Quote from: bitcoinlitcoinbtcltc on February 11, 2014, 04:01:42 AM

Bitcoin is going down. Anyone holding bitcoins now is a complete moron.
If yesterday's actions, and news about a major, unfixable bug in Bitcoin Network, didn't change your mind, you DESERVE to lose all your assets, and I wouldn't feel sorry for you if you lost everything & committed suicide.

Sell now people, I am being serious. This ship will sink very soon.

you missed the boat and still want cheap coins. Away with your FUD!

Dude, the world's largest Bitcoin exchange, there since the beginning, likely holding hundreds of thousands of bitcoins (10s of millions of $) just basically told everyone they're shutting down. (But in a way reminiscent of inputs.io) There's no way to pretend yesterday didn't happen. Bitcoin will be dropping.

And at the minimum they told they aren't up to level of competence they need to be. So there might be doubts about other exchanges. One shouldn't really give away money, especially when it isn't theirs...

eoJ

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Quote from: Bagatell on February 11, 2014, 04:09:43 AM

Quote from: bitcoinlitcoinbtcltc on February 11, 2014, 04:01:42 AM

Bitcoin is going down. Anyone holding bitcoins now is a complete moron.
If yesterday's actions, and news about a major, unfixable bug in Bitcoin Network, didn't change your mind, you DESERVE to lose all your assets, and I wouldn't feel sorry for you if you lost everything & committed suicide.

Sell now people, I am being serious. This ship will sink very soon.

you missed the boat and still want cheap coins. Away with your FUD!

Dude, the world's largest Bitcoin exchange, there since the beginning, likely holding hundreds of thousands of bitcoins (10s of millions of $) just basically told everyone they're shutting down. (But in a way reminiscent of inputs.io) There's no way to pretend yesterday didn't happen. Bitcoin will be dropping.

Bagatell

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Activity: 722

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Quote from: bitcoinlitcoinbtcltc on February 11, 2014, 04:01:42 AM

Bitcoin is going down. Anyone holding bitcoins now is a complete moron.
If yesterday's actions, and news about a major, unfixable bug in Bitcoin Network, didn't change your mind, you DESERVE to lose all your assets, and I wouldn't feel sorry for you if you lost everything & committed suicide.

Sell now people, I am being serious. This ship will sink very soon.

you missed the boat and still want cheap coins. Away with your FUD!

bitcoinlitcoinbtcltc

hero member

Activity: 717

Merit: 501

Bitcoin is going down. Anyone holding bitcoins now is a complete moron.
If yesterday's actions, and news about a major, unfixable bug in Bitcoin Network, didn't change your mind, you DESERVE to lose all your assets, and I wouldn't feel sorry for you if you lost everything & committed suicide.

Sell now people, I am being serious. This ship will sink very soon.

Bagatell

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Activity: 722

Merit: 500

Quote from: Asrael999 on February 11, 2014, 03:30:53 AM

Gox engineering a dump to push the price down so they can buy back the coin they have double transactioned. (not Double Spent - but sent out twice due to the transaction ID alteration), so they can meet any shortfall they may or may not have.

This gets my vote. The timing of the dump and the press release was just to tight for coincidence.

Asrael999

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Gox engineering a dump to push the price down so they can buy back the coin they have double transactioned. (not Double Spent - but sent out twice due to the transaction ID alteration), so they can meet any shortfall they may or may not have.

thelema93

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Does nobody think that it could be the central banksters trying to crash bitcoin price?
That was the first thing i thought of.

chessnut

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Quote from: miketonic on February 11, 2014, 02:35:59 AM

Very good theories from the OP. I find it very difficult to believe that someone was so stupid that just accidentally set a huge sell order without price limit..

yeah, I break out sweating filling out my little orders on BTCe, one should triple check when selling thousands of BTC.
It came at a suspicious and vulnerable time.

Mythul

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Quote from: byronbb on February 11, 2014, 02:28:08 AM

Someone explained it to me rather simply. There were 3k bitcoins on the orderbooks IN TOTAL. For whatever reason an order went through for 3k coins and BOOOOOM down to $100 for a split second. Why someone bombs the orderbook like that is another question, but it probably was some sort of leverage unwind that created a domino effect.

Maybe they where hacked dirty coins ? They were trying to clean them up ?

miketonic

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Very good theories from the OP. I find it very difficult to believe that someone was so stupid that just accidentally set a huge sell order without price limit..

jl2012

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Quote from: TERA on February 11, 2014, 01:58:48 AM

I didn't want to have my account liquidated in the event that bitcoin was actually dying due to irrepairable protocol exploitation or failure.

The so-called bug is known for years. This suggests that you have no idea in what you are investing, and even worse, investing with margin

The most recent incident that might really have killed bitcoin was the hardfork in March 2013: https://github.com/bitcoin/bips/blob/master/bip-0050.mediawiki

byronbb

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HODL OR DIE

Someone explained it to me rather simply. There were 3k bitcoins on the orderbooks IN TOTAL. For whatever reason an order went through for 3k coins and BOOOOOM down to $100 for a split second. Why someone bombs the orderbook like that is another question, but it probably was some sort of leverage unwind that created a domino effect.

stylin

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Quote from: TERA on February 11, 2014, 02:05:25 AM

The majority of the bounce back could be just the same people who sold buying back once they read the issue was a not a big deal or closing their shorts and trades, rather than it being new investors. But if the FBI dumps 25K, NONE of those coins are getting rebought by them.

It could be, but take into account that the orderbooks were just wiped out after that huge sell. It wouldn't take a lot of buying to buy the price back up, just a couple hundred people in fiat in the right place right time should do the trick.

stylin

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Updated the OP with new possibilities. Keep them coming! I believe with crowdsourcing we can figure the most likely possibility.

Elwar

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Viva Ut Vivas

Quote from: TERA on February 11, 2014, 02:05:25 AM

Quote from: Elwar on February 11, 2014, 02:01:32 AM

It appears that someone dumped around 20k bitcoins all at once, probably scared that Bitcoin was broken. Or it could have easily been an early adopter with insider knowledge at MtGox who shorted just as the news came out.

Speaking as someone who has been paranoid about the 25k the FBI is preparing to sell the reaction of the market gives me hope. It dropped on a 20k sell and bounced right back. That is pretty significant. It eases my worries about a 25k sale quite a bit.

Plus I am glad I had a big purchase set up at around 600/BTC.

The majority of the bounce back could be just the same people who sold buying back once they read the issue was a not a big deal or closing their shorts and trades, rather than it being new investors. But if the FBI dumps 25K, NONE of those coins are getting rebought by them.

Perhaps. But I am sure that a lot of people are holding fiat ready for that day.

That was the only reason I was able to buy a bunch when it crashed. I am surprised that one long position I have lent out on BitFinex did not get squeezed out and they still hold my loan.

c0dex

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Quote from: stylin on February 11, 2014, 02:08:50 AM

Quote from: Le Happy Merchant on February 11, 2014, 01:44:12 AM

Even the stock market has flash crashes.

Also, what if the coins were stolen and the owner thought a period of panic would be a good time to dump and avoid suspicion?

On BTC-e though? I hear fiat transfers out don't always work...

But this is good thinking. Actually a very valid scenario, thanks for sharing.

Quote from: TERA on February 11, 2014, 01:45:57 AM

Forced margin liquidations into thin books. What do you think a solution is?

This is a new occurence on btce problably because they just implemented MT4.

This makes sense on the surface but if so, very many people lost a LOT of money liquidating their positions yesterday. A LOT of money. You'd think there would be more stories and people sharing their nightmare experiences.

maybe we know better than to come cry here about our losses expecting sympathy. Wink

seanneko

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Quote from: stylin on February 11, 2014, 01:41:11 AM

In conclusion, I see both of these options as more probable than a dumb whale losing millions of dollars.

I don't. The sale was either a mistake (typo, etc), or it was made by an idiot. Perhaps they didn't check the order book before selling, and hence weren't aware how much the price would fall. Maybe they were drunk at the time and had a lapse in judgement.

If you wanted to manipulate the market and cause panic, selling your entire stash in one sale doesn't seem like the best way to do it - it gives away the fact that it's just one person doing it. You want people to think that everybody is selling all at once, so it'd be much more sensible to make multiple continuous sales of smaller amounts.

The $102 sale doesn't bother me at all. Someone really regrets it now, and that's the end of it as far as I'm concerned.

stylin

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Quote from: Le Happy Merchant on February 11, 2014, 01:44:12 AM

Even the stock market has flash crashes.

Also, what if the coins were stolen and the owner thought a period of panic would be a good time to dump and avoid suspicion?

On BTC-e though? I hear fiat transfers out don't always work...

But this is good thinking. Actually a very valid scenario, thanks for sharing.

Quote from: TERA on February 11, 2014, 01:45:57 AM

Forced margin liquidations into thin books. What do you think a solution is?

This is a new occurence on btce problably because they just implemented MT4.

This makes sense on the surface but if so, very many people lost a LOT of money liquidating their positions yesterday. A LOT of money. You'd think there would be more stories and people sharing their nightmare experiences.

TERA

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Quote from: Elwar on February 11, 2014, 02:01:32 AM

It appears that someone dumped around 20k bitcoins all at once, probably scared that Bitcoin was broken. Or it could have easily been an early adopter with insider knowledge at MtGox who shorted just as the news came out.

Speaking as someone who has been paranoid about the 25k the FBI is preparing to sell the reaction of the market gives me hope. It dropped on a 20k sell and bounced right back. That is pretty significant. It eases my worries about a 25k sale quite a bit.

Plus I am glad I had a big purchase set up at around 600/BTC.

The majority of the bounce back could be just the same people who sold buying back once they read the issue was a not a big deal or closing their shorts and trades, rather than it being new investors. But if the FBI dumps 25K, NONE of those coins are getting rebought by them.

Topic: Something is wrong. We cannot just gloss over the $100 sell - page 4. (Read 7894 times)