3/09 ANDY HOFFMAN (CryptoGoldCentral.com): The Mt Gox Trustee Story is HUGE – and Bitcoin BULLISH
The more I consider this story, the more I believe the Mt Gox’ Trustees’ unfathomably reckless, borderline unethical Bitcoin sales were perpetrated with nefarious motives - far removed from the stated task of generating funds to pay creditors.
NEVER in history has a major block of Bitcoin been dumped on the market - as opposed to the auction process, which anyone with half a brain; let alone, a fiduciary duty; would utilize. I mean, this is the biggest Bitcoin block ever sold for non-fundamental reasons…which the Trustee had to have known would crash the market.
Frankly, it’s unfathomable he was even allowed to do so – particularly in the later stages, when massive amounts were sold at the bottom. Throw in the “convenient” fact that as this story was made public yesterday, the Japanese government simultaneously revealed plans to crack down on cryptocurrency exchange regulations…which just happens to have occurred simultaneously with the SEC’s own crackdown press release.
Lastly, there’s the incredibly fishy price crash Monday night – when “out of the blue,” the price plunged from $11,600 to $11,000 on heavy volume; followed by relentless selling Tuesday, and “coincident” sell-offs at 11:00 AM EST Wednesday (as the SEC press release was published), Thursday, and Friday.
This stuff simply does not happen in freely-traded markets – and given what we now know about the Mt Gox Trustee story, there is not a question in my mind that his sale was part of a bigger, more nefarious operation. Even more incredible, is the brazenness of carrying it out – knowing full well it will likely yield a new round of Mt Gox lawsuits, for gross negligence and breach of fiduciary duty.
That said, the key takeaway is that the Bitcoin price has been artificially suppressed - and it won’t be long before the entire global investment community is onto it. Thus, while some believe prices will remain depressed by the fear of further “Bear Whale” sales, I would say that knowing prices are below their equilibrium level due to a non-fundamental factor, will only embolden “bull whales” to take larger, less price-sensitive positions.
of course, btc remains bullish imho, long term solid reliable and useful
Excuse me for acting and I do not want to advertise, I want to know what do you think about this article? I think Steem will go down,should we sell now??
Tin foil hat country.
The target of the central systems and lobbies is to crush people down. But this is a revolution that's very powerful because it disclose the possibility to create a lot of abundance for everybody. Stay strong, stay united, don't trust central powers, stay focused, hold until the end and be aware that you are not alone. Continue spreading positivity through your posts.
Well written. Thank you. I think the bear is here and will be until $4000. Market is market. It has its own inertia that needs time to reduce the speed to 0. You cannot just pump the price and hope for the moon after such a huge burst of the bubble we had. Those things need to wind down so that everybody is sure it's the time to invest. I think we still need from 2 to 3 months.
https://cryptohyperlink.github.io
Andy you're absolutely right. The main component of this price attack is the Mt. Gox whale and the other issues regarding the SEC and the Japanese announcement just added a tiny amount of fuel. Maybe 95% Mt. Gox trustee and 5% SEC-Japanese FUD. The great news is that FUD is having less and less impact on the price and the only way an attack on the BTC price can happen is a seller has to sell a massive amount of real bitcoins into the market. Big deal! Eventually the supply of the remaining Mt. Gox trustee's stash will be used up and that will be that. The BTC price will then spring back up. This is only delaying the inevitable. The moral of the story is: Buy on the dip, never sell and HODL!!