Re: Mt. Gox Postpones Sell-off of 166,000 Bitcoin Until September
Nowadays bitcoin market cap is 155Bln, and was more a few weeks ago
400Mln represents 0.26% of it
It didn't has much impact on the price
That is simple and effective mathematic logic...
400Mln represents 0.26% of it
It didn't has much impact on the price
That is simple and effective mathematic logic...
not that simple. A sudden influx of 400mln causes many weak hands to fold, which increases the amount. This effect keeps on perpetuating itself, dragging the price down.
bitcoin is know for is high volatility, it is usual for it to do +/- 5% moves in less than one hour. We see this several times in a day
let's say bitcoin is at 9500$ and drop 0.26%, this represent 25$
now bitcoin would be at 9475$
this has almost no effect on the price
Quote
If spoofy has this kind of amount who knows what he could do with the price of bitcoin.
bitcoin market cap is more than the double of PayPal (155Bln VS 70Bln)
spoofy never manipulated "the price of bitcoin", he was simply doing wash trades on bitfinex that was affecting the spread for a few minutes/seconds
bitcoin is simply extremely hard to manipulate. It is an excuse of the past, a buzzword, a word to blame another instead of assuming your own bad trading strategy