Quote from: panju1 on September 12, 2017, 07:46:02 AM

Quote from: lilRoy07 on September 12, 2017, 03:47:09 AM

I've picked up some extra BTC over the last couple of days, in my hometown there was a local seller on LBC - a chinese man. He said he had to dump all his coins within the next couple of days and offered me 45 BTC for $150k. I don't have 150k laying around, but i picked up 3 for 10k

he said his friends had hundreds of BTC if i was interested.

Is a monster dump on the way?

I wonder what is stopping him from dumping immediately at an international exchange. A dump might be on its way, but there is no reason why the price being transacted now should be very different from the market price of Bitcoin. What happens in the future depends on Chinese regulators.

I think the Chinese exchanges have been enforcing stringent KYCs since February (when the Chinese regulators closed them for two months to investigate them).

And I don't think they can sell them on international exchanges because they have no way to open bank accounts outside the country to withdraw the fiat to.

So it's possible that this man is selling in person to avoid any tracking by the authorities. Things are different in China than they are in the west (no fair trials, arbitrary kidnappings and arrests and so on). So a person has an incentive to keep a low profile.