There was talk about OKCoin taking on some major hedge fund trades -- supposedly something like $3 billion. However, it turned out that, although they were using OKCoin's platform, they weren't looking to trade in Bitcoins.
Yeah, JorgeStolfi has confirmed this several times.
Not quite... I just pointed out that the fatal sentence could also be interpreted as "the fund will use our software and/or servers", rather than "the fund will trade bitcoin at our exchange".
However, since there was no further confirmation of the "will trade bitcoin" interpretation, and the price collapsed right away, I think that the alternative interpretation is now quite likely.
Not very scientific of you stolfi. Unless you have actual evidence to suggest that this 3bn hedge fund is not going to use bitcoin on OKCOIN then well done on becoming an out and out FUD'er.
3bn hedge funds decide to borrow software from some random btc site to trade other stuff? makes sense, because multi billion dollar hedge funds couldn't possibly buy their own servers or write their own software without involving a third party if it had nothing to do with bitcoin.
jorgestolfi is one of the stupider trolls in here, but he genuinely believes he's smarter than everyone else, he's staked his reputation and ego on bitcoin being a failure, so now he's desperate for it to fail rather than end up looking the fool.
I worked with high frequency trading firms, who were in the same sort of valuation league as the afore mentioned hedge fund, these are companies that will spend $2000 on their lunch order and hire the best network and programmer guys in the world on salaries of hundreds of thousands of dollars *per month* in order to gain just a millisecond or two advantage on the market, to think they'd just co opt third party software or even borrow a server is absolutely stupid.
The only possible explanation for a hedge fund trading on a bitcoin exchange is that they have something they want, and cannot simply buy for themselves, and the only thing okcoin possibly has that they do not have or cannot buy is access to bitcoin market info, or the liquidity they need to play.
It's not neccessarily a good thing like some of the more myopic believers in here think, they could just plan to HFT the market and suck every penny out of everyone until btc is worthless, if they can. hedgefunds, HFT firms and the like do not *need* the market to increase in value to turn a profit, so the fact a hedgefund is involved doesn't neccessarily mean the price has to spike, as professor stolfi seems convinced should have happened if it were true.
tl;dr
=short and distort if it goes to zero they never have to cover and will just keep the money! muuahhaha
that would be funny 
with "bad kids" bullying you into Bitcoin with "Just try it once, JayJuanGee, not like you gonna get hooked! You chicken? Bawk bawk bawk! Or won't your MOMMY let you?"
that I deal with truly understand crypto. I don't expect the masses ever will. 