Topic: Why would someone use an exchange to shift $1.2 Billion worth of bitcoins? (Read 252 times)
September 27, 2019, 11:47:37 AM
Obviously he has his reasons or arrangements
September 27, 2019, 03:32:55 AM
The story could be false, but that's not saying it cannot be true, but whichever it is, the truth is that the bitcoin price has been falling for some days now, and its peculiar with enthusiasts to bring up possible reasons for that, even when they are not true.
We'll have to wait a couple of days to ascertain the veracity of this news, to be sure it's not just someone there trying to out the blame on bitcoin whales, even if the news be a rumour it could also be negative towards the bitcoin, especially for the new enthusiasts in the system through the introduction of Bakkt.
I believe I read an article which stated that a whale had moved about a billion worth of Bitcoins and we all know that when things like this happens, it tends to bring chaos, I am sure that a lot of investors saw it and hurriedly started selling their cryptos which has contributed to the recent fall in prices, I believe this to be very deliberate. We'll have to wait a couple of days to ascertain the veracity of this news, to be sure it's not just someone there trying to out the blame on bitcoin whales, even if the news be a rumour it could also be negative towards the bitcoin, especially for the new enthusiasts in the system through the introduction of Bakkt.
September 27, 2019, 01:55:18 AM
I cannot validate or verify the data that was published or posted on Reddit.com, because I had no alternative source for the information. So pardon me if I posted something that cannot be verified, because I hope the discussion would lead to some more investigation from other people to get to the root of this dump. 
We will have false reporting and we will have people spreading false information, but we should still continue following up on all the leads to see if we can find out what triggered this dump.
It is not natural for a dump to occur, if there are zero bad news that triggered this event.
We will have false reporting and we will have people spreading false information, but we should still continue following up on all the leads to see if we can find out what triggered this dump.
It is not natural for a dump to occur, if there are zero bad news that triggered this event.
September 26, 2019, 11:43:16 PM
The story could be false, but that's not saying it cannot be true, but whichever it is, the truth is that the bitcoin price has been falling for some days now, and its peculiar with enthusiasts to bring up possible reasons for that, even when they are not true.
We'll have to wait a couple of days to ascertain the veracity of this news, to be sure it's not just someone there trying to out the blame on bitcoin whales, even if the news be a rumour it could also be negative towards the bitcoin, especially for the new enthusiasts in the system through the introduction of Bakkt.
We'll have to wait a couple of days to ascertain the veracity of this news, to be sure it's not just someone there trying to out the blame on bitcoin whales, even if the news be a rumour it could also be negative towards the bitcoin, especially for the new enthusiasts in the system through the introduction of Bakkt.
September 26, 2019, 11:20:05 PM
If some whale found that you could trigger a "panic sale" of fools by doing a mere transfer to an exchange, i guess good for him/her. The market is full of immature traders, and this could be one way to weed them out, by making them lose and quit. Natural selection i guess...
This is a chance for many people to buy cheap, enjoy while you can.
This is a chance for many people to buy cheap, enjoy while you can.
I agree with you. Bitcoin plummeted from $10K to $8K in three days, so people can now buy cheap BTC coins. But to be honest, I'm not sure if this is a local bottom. In my opinion, the mentioned news about the probable transfer $1.2 billion worth of BTC does not look reliable.
I often watch the cryptocurrency market and noticed that whales slowly buy Bitcoin and altcoins, and at one moment they suddenly sell all their coins and tokens on many cryptocurrency exchanges simultaneously. I guess that some financial groups want to lower the Bitcoin price in order to liquidate some deals on the marginal trading exchanges and thus make a profit.
September 26, 2019, 11:18:32 PM
No offense, but Reddit does not seem like a trustworthy source of information. There's an image that looks like a screenshot, but it's not clear where was this mage even taken from. The name of the image led me to a possible source, a Russian news portal on cryptocurrencies called Prometheus: https://prometheus.ru/odnoj-iz-prichin-obvala-kursa-bitkoina-mozhet-sluzhit-krupnaya-tranzaktsiya-v-5-3-mlrd/gpy3i6aptoo31/. Looking at the website's design, it could be a screenshot from their data even, but I cannot find anything like it anywhere but on the screenshot. We have no exchange, no transaction ID, no major websites talking about it. Taking all that into consideration, I'd assume it's either a fake or a bug.
That's probably the case here. I've done my simple research but I can't seem to find a good source. The media is not talking about it and this is the first time I've noticed this. In the upcoming days, I know media would talk about this and we will see if this is fake or not.
I can already read the headline "Fake reddit post cause an uproar". lol
September 26, 2019, 10:29:13 PM
The OP clarified their post, saying the $1.2B transaction was within a one-hour period, not a single transaction:
As for the source of the screenshot, it's their website:
https://bytetree.com/bitcoin
They claim that the coins were transferred from several wallets and sold to exchanges. There's obviously no way to verify this, but it just seems like people are seeing reasons for the price drop everywhere that it almost seems orchestrated.
Quote from: https://www.reddit.com/r/Bitcoin/comments/d8znbv/12_billion_transferred_at_3pm_bst_yesterday/f1eestf/
This was within a one hour period, rather than a single transaction. Hope that helps
As for the source of the screenshot, it's their website:
https://bytetree.com/bitcoin
They claim that the coins were transferred from several wallets and sold to exchanges. There's obviously no way to verify this, but it just seems like people are seeing reasons for the price drop everywhere that it almost seems orchestrated.
September 26, 2019, 09:21:19 PM
Nothing seemed to be conspicuous in the whole of blockchain for the past 3 days, and if there really is some movement of that big, whale alerts and other services would have detected it so easily. Charts on the blockchain would easily record it too, but there doesn’t seem to be anything out of the ordinary that happened. What we do know is that Bakkt performed poorly against the hype it generated, and that the drop has triggered a chain of events that resulted to an even deeper drop.
September 26, 2019, 08:04:25 PM
By the time the transaction was made there is no change in the marketcap, volume and other parameters. This way we cannot connect the transaction to be the reason for the drop in the price of bitcoin. Also, this might be a way to manipulate the market which happens often. Only think, it has been made during the time of Bakkt launch to destroy the trust it was to get.
September 26, 2019, 05:44:33 PM
This is contributed to the recent downtrend in the price of bitcoin and could of been planned to be done in during the time frame of bakkt being released and from the time of cme futures being expired during the weekend.
This cant be a coincidence for they must of very well known this would cause the dump in price of over 25% as of now.
This cant be a coincidence for they must of very well known this would cause the dump in price of over 25% as of now.
September 26, 2019, 05:34:20 PM
Do you think it is a coincidence that someone would transfer $1.2 Billion worth of bitcoin on a exchange for everyone to see? Normally such large transactions are done on OTC platforms, because people know what these kinds of dumps are doing to the price.
The end result was a total of $5.3 Billion transacted in 24 hours
Source : https://www.reddit.com/r/Bitcoin/comments/d8znbv/12_billion_transferred_at_3pm_bst_yesterday/
My observation was that this was done on purpose to trigger a drop in the price and it was done to discourage traders on Bakkt to buy Bitcoin futures contracts on the much publicized Bakkt platform. Whoever did this, knew exactly how institutional traders would react and they timed it perfectly with the launch of this platform.
Are we seeing yet another attack from the Fiat masters to extinguish the Bitcoin wildfire
You raise an excellent question, now let's be thankful the real financial whales of the world don't come pouring into our little crypto economy, the damage of having the 1% investing in crypto would be devestating.The end result was a total of $5.3 Billion transacted in 24 hours
Source : https://www.reddit.com/r/Bitcoin/comments/d8znbv/12_billion_transferred_at_3pm_bst_yesterday/
My observation was that this was done on purpose to trigger a drop in the price and it was done to discourage traders on Bakkt to buy Bitcoin futures contracts on the much publicized Bakkt platform. Whoever did this, knew exactly how institutional traders would react and they timed it perfectly with the launch of this platform.
Are we seeing yet another attack from the Fiat masters to extinguish the Bitcoin wildfire
Imagine when they dump their coins, the market would really fall flat on its face.
Just think if Badass Billy Gates decided to let his nuts hangout and go balls deep into investing in crypto, you don't think he would dump if the volatility of the market negatively impacts his investment?
The manipulation of the markets is the reason why the ETF's wont pass.
We're really at the mercy of the whales. They can make or break this entire sector, of course, they won't because it will stifle the innovation. I believe in my heart, crypto will be front and center stage in the world to come.
September 26, 2019, 05:15:23 PM
My observation was that this was done on purpose to trigger a drop in the price and it was done to discourage traders on Bakkt to buy Bitcoin futures contracts on the much publicized Bakkt platform. Whoever did this, knew exactly how institutional traders would react and they timed it perfectly with the launch of this platform.
Futures isn't just an instrument for buying Bitcoin, it's also a method of shorting Bitcoin, so it doesn't make sense to try to scare investors away from using Bakkt. I don't think that all what happened was a coincidence, but I doubt that one person or a group is behind all of it - most likely someone just timed their big selling around the time of difficulty change and Bakkt launch, just to make the market think that it's all connected, thus triggering a chain reaction of panic.
Are we seeing yet another attack from the Fiat masters to extinguish the Bitcoin wildfire
If "fiat masters" wanted to extinguish Bitcoin, they'd simply ban it. But they don't, because they don't care.
September 26, 2019, 04:47:37 PM
The current price fall seems to be a well planned attack on the bitcoin price. Maybe they want it to be on the bad news or to get weak hands to sell off while they come back and buy cheap.
We all actually that, there are enemies of bitcoin who never wanted it to be heard among other currency, especially some government and some institutions who seem to be oppressed by the existence of Bitcoin. Although, we are entitled to our opinions, attacks on bitcoin have been known before now but, basically because of the bakkt launch was this attack carried out by some powerful whales. Those manipulation will not stay longer because bitcoin is gradually becoming a global digital currency through social medias, government of nations have nursed some ideas of creating their own cryptocurrency, control by the government. Because nobody can control bitcoin, that's why they tend to manipulate the whole market issues to disallow potential investors.The bitcoin price in fiat does not affect Bitcoin, therefore you cannot consider it an attack. An actual attack would be, for example spamming the network with garbage zero blocks like they tried early 2018. Or the infamous 51% attack.
Attempting to manipulate the price in the market, is just some people wanting to make profit with their trading. That doesn't affect Bitcoin which remains working as intended.
Bitcoin does not oppress anyone, because its use is optional, not mandated by the State. If some entities feel they will start losing power, there is nothing they can't do about it. Again, manipulating the price does not affect Bitcoin at all.
If some whale found that you could trigger a "panic sale" of fools by doing a mere transfer to an exchange, i guess good for him/her. The market is full of immature traders, and this could be one way to weed them out, by making them lose and quit. Natural selection i guess...
This is a chance for many people to buy cheap, enjoy while you can.
September 26, 2019, 04:10:33 PM
Do you think it is a coincidence that someone would transfer $1.2 Billion worth of bitcoin on a exchange for everyone to see?
Source? Txs?
Other than a Reddit post with a screenshot!
yeah it's really odd---why is r/bitcoin taking this post as proof? it seems like no one is questioning whether it actually happened. i mean, what are the transaction hashes? which exchanges were the coins sent to?
September 26, 2019, 04:09:16 PM
you can move any sum of money from and to any exchange once you have it and can pay for the fee required with necessary requirement by the exchange , less i forget that the crypto is for decentralisation .
You did get what the OP means, Op figures out that this big-time withdraw that may cause of the drastically drop of bitcoin price at this moment and probably that big transaction was made by the whales. Just like they are trying to manipulate the market. Or some of the reason he was trying to move his bitcoin for the BAKKT purposes. No one really knows regarding that huge transaction, but one thing that I can suggest. Hold as long as you can and wait this dipshit will end.
September 26, 2019, 03:48:20 PM
you can move any sum of money from and to any exchange once you have it and can pay for the fee required with necessary requirement by the exchange , less i forget that the crypto is for decentralisation .
September 26, 2019, 03:41:42 PM
The current price fall seems to be a well planned attack on the bitcoin price. Maybe they want it to be on the bad news or to get weak hands to sell off while they come back and buy cheap.
We all actually that, there are enemies of bitcoin who never wanted it to be heard among other currency, especially some government and some institutions who seem to be oppressed by the existence of Bitcoin. Although, we are entitled to our opinions, attacks on bitcoin have been known before now but, basically because of the bakkt launch was this attack carried out by some powerful whales. Those manipulation will not stay longer because bitcoin is gradually becoming a global digital currency through social medias, government of nations have nursed some ideas of creating their own cryptocurrency, control by the government. Because nobody can control bitcoin, that's why they tend to manipulate the whole market issues to disallow potential investors. September 26, 2019, 03:19:39 PM
The current price fall seems to be a well planned attack on the bitcoin price. Maybe they want it to be on the bad news or to get weak hands to sell off while they come back and buy cheap.
September 26, 2019, 01:06:45 PM
No offense, but Reddit does not seem like a trustworthy source of information. There's an image that looks like a screenshot, but it's not clear where was this mage even taken from. The name of the image led me to a possible source, a Russian news portal on cryptocurrencies called Prometheus: https://prometheus.ru/odnoj-iz-prichin-obvala-kursa-bitkoina-mozhet-sluzhit-krupnaya-tranzaktsiya-v-5-3-mlrd/gpy3i6aptoo31/. Looking at the website's design, it could be a screenshot from their data even, but I cannot find anything like it anywhere but on the screenshot. We have no exchange, no transaction ID, no major websites talking about it. Taking all that into consideration, I'd assume it's either a fake or a bug.
September 26, 2019, 09:31:44 AM
We’re never going to know what games whales are up to & for what reasons. All we can assume is that they only do things which result in them making more money often to the detriment of others.
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