Re: Speculation - Mybitcoin owner tried to short sell bitcoins
Nah he straight out dumped a big chunk of them on the market which lowered prices... This also led to some panic sells as people saw them dropping. This all coincided with people losing confidence from the Polish exchange losing 17.5k bitcoins, MTGox issues and of course the MyBitCoin case...
He probably hasn't dumped them all, so expect a climb, then another drop!
I'm ready to buy if they drop low enough
He probably hasn't dumped them all, so expect a climb, then another drop!
I'm ready to buy if they drop low enough
If I'm not mistaken the volume hasn't indicated that this is the case... the drop is (in my very uneducated opinion) simply a reaction to a one-two punch of bad news (bitomat + mybitcoin), not any indication anyone is unloading huge quantities of stolen coins.
How would you short bitcoins? The only way I can think of, would be to get a huge BTC loan, then sell them all off with the plan to buy them back at lower prices to repay the loan...
You don't have to get a loan if you errr... "borrow" them from unsuspecting people.
this speculation is BS...Why go through the complications of short selling when you can just steal them and sell them on the open market?
Because on a downward trend you can make a good amount of profit short-selling and everyone will still use your services so you're not just cashing in the reputation you've built up? It's still a pretty bullshit theory though.