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Is anyone else starting to become a bit worried? mod note in first post

Autochange

Bear markets
Fud
Regulation
Wall Street manipulation
The supposed tether ticking time bomb

What are your thoughts? Have you cashed out? Have you been buying the dips?

MOD NOTE:
Its good to see healthy debate and discussion taking place and I am sure every supporter of cryptocurrency and blockchain can agree that the contrarian viewpoint is worthwhile reading, if only to act as an anchor and help prevent investors from getting carried away in an echo chamber of "everything is wonderful, just keep going"

However, there have been a few reported posts recently which I did not action as I wanted to see the thread level out itself rather than start forcing viewpoints and I have been in two minds about that decision.

I'm not going to single any posters out but I'm going to ask that all posters read the forum charter and I want to point out that it was established years ago in the Television forum, that dropping in on a forum to tell the followers of that forums topic (in that case a particular tv show) that it was all crap and only idiots watched it etc etc was the exact definition of being a dick and attempting to troll. I know this because I was the mod of the forum at the time. Now look at the forum charter again.

There is pretty much one rule on this forum : if you cannot discuss in a civil manner, and I mean discuss, not soapbox or attack, then you have absolutely no business posting here and I have no qualms about removing your ability to do so.

This forum is for people that have in interest in cryptocurrencies, blockchain and their application to financial investments. that can be positive or negative but if you really feel the need to start pulling out memes / hiding insults in imaginary hashtags / attacking personalities or just generally being a dick there are other forums you can post in where I will let the local mods determine if it is within the scope of allowable behaviour. Here, it is not.

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tcawley29

JohnnyFlash wrote: »

There was 200k coins originally. Think 32k have been sold so far. Kraken wanted him to use otc to sell, but he is using public exchanges. Also has a corresponding amount of Bitcoin Cash.

Guess we're gonna be in for a bumpy ride :pac:

JohnnyFlash

Funnily enough if I was an owner of bitcoin then I wouldn’t be as worried about this as I would be about the Tether/Bitfinex situation. That’s the real elephant in the room.

kstand

tcawley29 wrote: »

Does anyone have any idea how many coins this lunatic has left?

What I don’t understand is why he can’t go and auction them privately.

tcawley29

kstand wrote: »

What I don’t understand is why he can’t go and auction them privately.

greed possibly?

GarIT

kstand wrote: »

What I don’t understand is why he can’t go and auction them privately.

There is no he. There is a liquidator assigned to recover as much money as possible. There are a few people involved and it's a group decision.

lifeandtimes

JohnnyFlash wrote: »

The largest exchange in South Korea was also raided by the cops in a probe into major financial irregularities.

This I believe is a fishing expedition, there were reports the koreans were hitting smallers exchanges too so dont be surprised if you see other big names being hit 1 by 1 in korea. They are trying to throw st!t at the walls to see what sticks

JohnnyFlash

tcawley29 wrote: »

greed possibly?

He’s just the liquidator. His job is to get the best price he can. That’s the task of any liquidator. Doubt there’s any financial gain on his behalf.

Dohnjoe

unkel wrote: »

Nothing much has happened since the big rise in December and the big fall in January. Since then the trend has been upwards, if anything

Daily fluctuations of 10% up or down happen quite frequently. Mostly without any underlying reasons

Yeah recent trend has been upwards

I typically get worried when it sets off on another mini-bull for over a few days, typically that gets corrected

If we ignore the large spikes and especially Dec/Jan - then there is a nice overall trend - an underlying line that the market seems to adhere to

unkel

+1

I've gotten into a few coins that are worth about one tenth of what they were at their ATH, but the coins seem to be decent and their value (in BTC) has been quite stable over the past few months. For me it's a long term thing, I'm not worried about short bull or bear runs.

Dohnjoe

Basically if someone bought an index (or even spread) of the e.g. top 30 coins this time last year (taking June 1st) they are currently up roughly 300% or more

I know last year was exceptional and the cat is now out of the bag, but not a bad little return. Very curious to see what it's at this time next year

kstand

Another Mt Gox sell off this morning it seems - market red all over and all of this during Consensus. Must try and find out how many are left to be sold - this could be a never ending cycle for the next few months which could and probably will slow any significant institutional money flowing in. One or 2 analysts have already flagged up the next G20 summit as a potential benchmark (Nov 30th - Dec 1st in Argentina). Also the ongoing SEC - Ethereum scrutiny - if for some reason they declare Ethereum a security, then that will have huge implications in the short to medium term. Personally I don’t think they can consider ETH a security, it’s primarily a utility token in perhaps the purest sense - however plenty of tokens that have launched on Ethereum don’t necessarily fall into that bracket - are they going to examine each of them individually?

Dohnjoe

I doubt the recent drop has anything to do with the Gox sell-off. It's the boogeyman that's dragged out every time there is a dip

Traders make money when the market also goes down, in fact they rely on it. Traders often follow patterns, have enough of them and they can set the pace and trajectory themselves

Also significant number of people into crypto are not in this for crypto. They are in it for fiat. If they feel they can make a quick buck and then sell they will.

kstand

Dohnjoe wrote: »

I doubt the recent drop has anything to do with the Gox sell-off. It's the boogeyman that's dragged out every time there is a dip

Traders make money when the market also goes down, in fact they rely on it. Traders often follow patterns, have enough of them and they can set the pace and trajectory themselves

Also significant number of people into crypto are not in this for crypto. They are in it for fiat. If they feel they can make a quick buck and then sell they will.

Tell me then, why would they take a quick buck in the last 36 hours when the market was trading sideways? There were no profits to be taken the last few days - there were a week or so ago when the market cap was up over $410bn.

kstand

Btw I’d love to see your analysis on this one - market trading sideways - nothing to be made yet traders taking profits. At sub $140 LTC and €8300 BTC. You and the 4 lads who thanked you. I’d love to hear the logic. The only thing it can mean is that we are heading back down to circa $7000 BTC and there’s no support on any level on the way down. Let’s have it.

Bob24

kstand wrote: »

Btw I’d love to see your analysis on this one - market trading sideways - nothing to be made yet traders taking profits. At sub $140 LTC and €8300 BTC. You and the 4 lads who thanked you. I’d love to hear the logic. The only thing it can mean is that we are heading back down to circa $7000 BTC and there’s no support on any level on the way down. Let’s have it.

This is a market for a new and yet to be fully understoof asset class, unregulated, and with almost no institutional investors and possibly a majority of investors who who are fairly new to trading.

All this makes the market volatile and actions can't always rationally explained.

kstand

Bob24 wrote: »

This is a market for a new and yet to be fully understoof asset class, unregulated, and with almost no institutional investors and possibly a majority of investors who who are fairly new to trading.

All this makes the market volatile and actions can't always rationally explained.

That may be the case but don’t tell me that people were taking profit at those prices with the market trading sideways.

Dohnjoe

kstand wrote: »

market trading sideways - nothing to be made yet traders taking profits.

The entire US stock market slid 4.6% recently in it's worst day since 2007

In comparison, with crypto, the aggregate of the top 50 coins have, by my count, moved up and down 7 times at approx 2% per move in a recent 24 hour period

It may look "flat" but it certainly isn't. To see it with your own eyes try loading in an index of the top coins in any portfolio app and watch the movements yourself. That's a lot of spreads. Up, down or sideways, traders (and their bots) are making money. The market doesn't need to flow in one direction only for profitability

kstand

Dohnjoe wrote: »

The entire US stock market slid 4.6% recently in it's worst day since 2007

In comparison, with crypto, the aggregate of the top 50 coins have, by my count, moved up and down 7 times at approx 2% per move in a recent 24 hour period

It may look "flat" but it certainly isn't. To see it with your own eyes try loading in an index of the top coins in any portfolio app and watch the movements yourself. That's a lot of spreads. Up, down or sideways, traders (and their bots) are making money. The market doesn't need to flow in one direction only for profitability

That I get, and daily 2/3% swings are par for the course, but generally when you see the overall market cap drop by 5 to 10% then there are other factors involved, such as FUD in the market etc.

Dohnjoe

kstand wrote: »

That I get, and daily 2/3% swings are par for the course, but generally when you see the overall market cap drop by 5 to 10% then there are other factors involved, such as FUD in the market etc.

Yes and no. Bad news can trigger a drop, but that doesn't mean that every drop is caused by bad news

Since no one knows how to value these things correctly (in contrast the average price of a stock can be generally figured out), it means the whole market is on a hair trigger. Excuse the analogy, but it's like a flock of birds suddenly changing direction, sometimes it's a hawk, sometimes it's just a few birds changing and the rest following

Some (many) don't like to acknowledge how random the market is or how quickly confidence can change so they often feel compelled to validate every drop with the usual boogeymen.

Speculator

It would appear that things have not changed so much from the past, I came across this Thread in Conspiracy Theories dated 07-03-2014, 20:27

This should bring our FUD and FOMO into perspective considering how far we have come. The power of hindshight!

Is there a concerted effort to destroy bitcoin and people faith in it?
Several high profile incidents concerning it in the few months. First was the collapse of Silk Road. That wouldn't raise too much eyebrows despite its supposed safety and anonymity, as it was always going to be targeted. Recently though there's been a string of incidents. The second silk road site collapsed, either due to hacking or fraud, although it wouldn't be a stretch to say it could have been set up by agencies with the intent to let it build up a profile before destroying it to reduce the legitimacy of the online market place as a whole, and put a big dent in the illegal online trade. A couple of days before Silk Road 2 collapsed, one of its main rivals, Utopia, was shut down and raided by Dutch police.

But the we had the big one, the collapse of Mt Gox. Mt Gox controlled 70% of the worlds bitcoin transactions, and was apparently hacked, with $450m dollars going missing.
At the same time, last week the owner of First Meta, another bitcoin exchange, was found dead from 'unnatural cause', with suicide been given as the reason. Another service, Flexcoin, said it was closing during the week after it was hacked and all currency it held stolen, ammounting to $600,000. There are also major headlines everytime a country announces it doesn't accept bitcoin as a currency, for example just today the front page of the BBC was about Japan refusing to recognise it as legitimate but saying they would find ways to tax it.

Understandably there's going to be more interest in something as it grows, but there seems to be a big increase in attacks and negative publicity for it since the first silk road went down. A concerted effort by government agencies before it gets too out of hand and they can't control it?

Here is the thread:
https://www.boards.ie/vbulletin/showthread.php?p=89351080

brendanwalsh

Hello darkness my old friend...

I've come to slaughter you again...

banie01

Brendan's back, time to buy this dip!
Brendan, you have been the most reliable indicator of a market bottom I've come across so far.
Your posts have made me profits that would be significantly greater but for my own weak hands.
Thank you....

sexmag

http://www.businessinsider.com/lmax-exchange-launches-cryptocurrency-exchange-for-institutional-investors-2018-5?r=UK&IR=T

There's is potentionally a massive influx of new money coming (which is something johnnyflashconstantly contests about)

I feel the current drop is the whales manipulation of the market to get back in at lower prices before the new money comes in and brings everything up again.

It's been said for the last 6 months that banks and hedge funds etc are coming and it seems sooner rasther than later

ZeroThreat

sexmag wrote: »

http://www.businessinsider.com/lmax-exchange-launches-cryptocurrency-exchange-for-institutional-investors-2018-5?r=UK&IR=T

There's is potentionally a massive influx of new money coming (which is something johnnyflashconstantly contests about)

I feel the current drop is the whales manipulation of the market to get back in at lower prices before the new money comes in and brings everything up again.

It's been said for the last 6 months that banks and hedge funds etc are coming and it seems sooner rasther than later

lol it seems that this 'manipulation of the market to get back in at lower prices' is self-defeating since it seems to be going on an almost permanent basis with no signs of abatement. No point in buying in at constant new lows if the damm market never goes bullish again.

lordlame

Whales, manipulation, this and that ... it’s like witnessing the crash all over again ( albeit from a high horse )

Utter madness the stuff some people are coming out with

Speculator

Ok now we know why the market tanked, market manipulation being investigated.

https://www.bloomberg.com/news/articles/2018-05-24/bitcoin-manipulation-is-said-to-be-focus-of-u-s-criminal-probe

The market should bounce!

Sell the rumour by the news in a Downtrend as opposed to buy the rumour sell the news in an Uptrend.

JohnnyFlash

Speculator wrote: »

Ok now we know why the market tanked, market manipulation being investigated.

https://www.bloomberg.com/news/articles/2018-05-24/bitcoin-manipulation-is-said-to-be-focus-of-u-s-criminal-probe

The market should bounce!

Sell the rumour by the news in a Downtrend as opposed to buy the rumour sell the news in an Uptrend.

The auditors who Tether hired and then fired have also been subpoenaed.

https://www.bloomberg.com/news/articles/2018-05-24/bitfinex-said-to-find-bank-in-puerto-rico-after-wells-fargo-exit

Pintman Paddy Losty

Jesus. Fecking bloodbath out there. Even the famous PPL analysis method didn't predict a massacre as bad as this. Hope everyone is hodling up OK.

banie01

Pintman Paddy Losty wrote: »

Jesus. Fecking bloodbath out there. Even the famous PPL analysis method didn't predict a massacre as bad as this. Hope everyone is hodling up OK.

Paddy I'm not gonna lie, I saw the thread notification and thought here's Paddy with his after time analysis

glad to see I am mistaken.

It is a very sharp dip, likely driven by the moves to counter market manipulation that are currently picking up.
The folks banging the drum about institutional money are in for a rude awakening if they think the S.E.C are going to sit back and allow the market to be so openly manipulated.
The wash trading, the OTC coin dumps, the MT Gox trustee trades and in particular Tether are all going to come into sharp focus over the next few months I'd hazard.

sexmag

It was predicted by this guy in coindesk the other day. He's article makes sense he just couldn't predict which way it would go.

https://www.coindesk.com/which-way-now-low-bitcoin-price-volatility-may-force-breakout/

50 billion dollars gone in the last 24 hours which was nearly 1/7 Of the market