Re: [2018-05-11] 8,200 BTC Moved From Mt. Gox Wallet, Possible Sell-Off Affects BTC
This damn idiot could care less about Bitcoin. He is just tasked to do a job and he just dump coins on the market, without any thought to
how this would affect the price. If he used OTC methods, then the price would not have been influenced and he would get more for those
coins.
All our hand work just goes up in flames and he always time this dump, when the price is in a correction phase. This is f$%^& sabotage.
how this would affect the price. If he used OTC methods, then the price would not have been influenced and he would get more for those
coins.
All our hand work just goes up in flames and he always time this dump, when the price is in a correction phase. This is f$%^& sabotage.
I can feel you, I think he knows what he is doing, I vividly remember that we have reach around $11,7000 about 2 months ago and enjoying another break out ran, but suddenly the market plummets and then someone discovered that the guy is actually offloading the coins. And similar incidents happen again, we are almost at $10,000 then this a**hole, dumps again, causing the market to react once more. Yeah, we really work hard from the last bottom of 6500 and everything went into thin air again. Back to square one and its gonna be another uphill climb once more.
I am not a fan of how you are presenting the issue. There is no "work" happening by anyone to influence the value of Bitcoin directly. Such a thing is impossible. The value of Bitcoin comes from the perceived value of the potential users of it. Somebody selling off their Bitcoin holdings, whatever the source of these might be, is a completely fair move when it comes to Bitcoin economics. The Mt. Gox trustee here just decided to sell those 8,000, and that is a completely valid action. It is accurately describing the balance of supply and demand of Bitcoin. With your logic, you might as well blame those people who have the stop-loss orders in place which are simply contributing towards the domino effect described in the article.
Additionally, as others mention, this is speculation. There is no confirmation that the coins were actually sold and also no confirmation that the downward trend of the past 24 hours was caused by this even if they were sold in the first place.