The elevated long leverage mixed with the overhanging ETH locked in 2.0 and the mtgox coins are still keeping this market down. The support at $28K is looking more and more exhausted as it continues to be tested. I think there's a strong likelihood that the price will retest the recent lows in the $26K range. Hopefully that will liquidate some of the long leverage and bring the market into a healthier position to begin building support for the next wave of BTC to crash down onto it.
Yo, big fan of yours here. (Technically not a NastyFan, but a longtime admirer of some stuff you've done.
OK, I am partly saying that just to taunt some of the freaks-with-no-lives who have made petty forum careers out of obsessively trolling you, and who decided to insult me gratuitously for no reason whatsoever; but I'm sure you don't mind that, either!)
Is there any actual information about the Gox coins? I infer not. I have searched high and low myself. Indeed, although I've seen you keep posting about it for months, I can't really seem to find much other recent info at all.
It's tough to discuss, because I don't want to sow discord in the already-tumultuous markets by suggesting any stupid rumors. Let's just say that eddie13 inspired me
to write a dystopian novel, and I am doing research for plausible fictional scenarios.
My Evil Hat is wondering where, in the hypothetical, certain parties could privately borrow >100k BTC at low rates on favorable terms. Just for an off-the-cuff example of what I mean by that: I imagine that the maniacally laughing Blackrock/Citadel supervillains in tuxedos and tophats may wish to pay interest in dollars, not BTC.
BTC is usually protected against extreme short attacks due to its supply limitations. It's not like dollars, which can be made up out of of thin air. To short a huge amount of BTC, you need to borrow coins that actually exist, from people who actually have them. But if you want to borrow 100k BTC in one big chunk, and use it for an extended series of market-trashing short games, then usually, I'd expect that you're creating the conditions to short-squeeze yourself: Pushing up BTC interest rates, pushing up demand. Anyway, that is how I tend to think it would play out—
usually.
I can think of only two potential places to borrow such a big block of BTC from people who really may not mind letting you play with it for a long time: Gox coins, and Bitfinex hack coins. There may be others I have no idea about; that's what comes to mind, and Gox coins seem more likely. Bitfinex themselves would not want to see the BTC market trashed! But bankruptcy trustees and such are essentially beholden to government interests, and probably have those sorts of connections. In my wildly implausible fiction, anyway.
(If anyone takes this seriously enough to start a stupid rumor, then I will add space aliens and serial-killer clowns to make my scenario more obviously hypothetical.)
So... Is there any
actual information about the Gox coins? At least enough to assess the plausibility of this scenario?
Thx.