Ninjastic
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Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
JayJuanGee
on 07/10/2014, 05:27:45 UTC
Quote from: Torque on October 07, 2014, 03:35:38 AM
Quote from: JayJuanGee on October 07, 2014, 03:33:14 AM
Quote from: ShroomsKit on October 06, 2014, 09:45:23 PM
http://techcrunch.com/2014/10/06/what-is-happening-to-bitcoin-right-now/

Note the quote. Exactly what i was thinking. It makes the most sense of all theories i've heard yet it's the hardest to believe for most here for some reason.

"Seems pretty clear to me. An early adopter decided $300 is their breaking point. They want to cash out their $9m before they miss their chance. They’re not experienced with handling this amount of money because they’ve never been rich before; they just got lucky. They don’t have the connections to sell off-market so they decided to sell the way they know and the way that’s guaranteed to work: a Bitstamp sell order below market. They could maybe get more money with a more sophisticated trading strategy but who cares? They’ll take their $9m and retire on a beach somewhere for the rest of their lives.
That’s what I’d do if I had 30,000 BTC right now and I bet you would too."

The guy was looking at the price going down every hour and basically panic sold. Below 300 was just too much for him. He was losing 10.000's per day.
He moved the coins to Stamp, right away did a 5k dump to secure a good amount of money (his aim was a million) and when he saw there were buyers he put the rest up at 300.
Perfectly reasonable explanation.
He wasn't the bearwhale. He also isn't buying back. Just a guy who wanted out. Yes, that happens.


Pure speculation without any real basis in reality to conclude that was what was going on with that 30k btc selling.

I agree, and even an immature early adopter wouldn't have been so stupid not to sell much earlier in the downturn.  He had 10 solid months to do so.


do we know enough information to even conclude that he had these 30k btc through the bubble.  We are really grasping at straws when we attempt to construct a whole story line around the selling, when we do NOT know much or anything about the coins... except that they had seemed to flash a few times before the 24k btc wall went up and stayed.

I have nothing against speculating or even describing various scenarios that seem more plausible than others... the sell 30k b/c you are fed up scenario seems to be amongst the less convincing scenarios, but it is described in the article (and propagated by Shroomie) as if it is the ONLY or the most plausible scenario... .. which just seems to be a selective vision of attempting to see what one wants to see or something like that.