billyjoeallen
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April 29, 2014, 12:48:16 AM |
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To clear any confusion, the "bounce" today was due to k8.com (Hyflux entertainment) buying about 40,000 BTC using international exchange
source? ditto. source? |
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JorgeStolfi
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April 29, 2014, 12:57:35 AM |
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I think SecondMarket is buying... will be interesting to check their holdings tomorow  Or someone else, who is going long. AFAIK, SecondMarket's BIT (and other similar funds, like Pantera's PBP) do not trade bitcoin. When some person buys N "shares" from them, they buy N/10 bitcoins for that person, officially at market price, and keep them safe. When that person liquidates the shares (which they cannot do for some period, e.g 6 month), they sell the bitcoins, officially at market price, and give the money to him. So, in principle, the SMBIT managers only buy bitcoins if someone else thinks that buying bitcoins through them now and being forced to hold for six months is a good idea. If SecondMarket's managers or owners trade coins independently of investments and liquidations, it is separately from their official business, and they won't tell the public about that. If they can buy below market when someone buys their shares, or sell above market when that person liquidates, the diffrence is added to their profit, and is not passed on to that person. There is a thread that monitors SMBIT's buying and selling. |
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ChartBuddy
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April 29, 2014, 01:00:58 AM |
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adamstgBit
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April 29, 2014, 01:11:38 AM |
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windjc
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April 29, 2014, 01:12:32 AM |
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Why is a gaming company buying 40k BTC? |
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billyjoeallen
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April 29, 2014, 01:20:15 AM |
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Why is a gaming company buying 40k BTC? If it was me, it would be to have BTC prizes, so I could lure in BTC gamblers. |
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ShroomsKit
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April 29, 2014, 01:26:32 AM |
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cheap coins?
This will be so true at the end of 2016 it will be funny to read. +1 As for right now, we definitely need to see another significant spike down before we see a spike up IMHO. No we don't. People keep saying this over and over. At every price point possible. It's based on nothing. |
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billyjoeallen
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April 29, 2014, 01:31:16 AM |
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cheap coins?
This will be so true at the end of 2016 it will be funny to read. +1 As for right now, we definitely need to see another significant spike down before we see a spike up IMHO. No we don't. People keep saying this over and over. At every price point possible. It's based on nothing. It's based on Austrian Business Cycle Theory. http://en.wikipedia.org/wiki/Austrian_business_cycle_theory Bitcoins need to flow from the people who use them less productively to the people who use them more productively. You can't have sustainable growth when incompetents control all the capital. |
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aminorex
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April 29, 2014, 01:42:13 AM |
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It's based on Austrian Business Cycle Theory. http://en.wikipedia.org/wiki/Austrian_business_cycle_theory Bitcoins need to flow from the people who use them less productively to the people who use them more productively. You can't have sustainable growth when incompetents control all the capital. Okay, now that's one of the most absurd misapplications of business cycle theory that I've ever seen. |
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aminorex
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April 29, 2014, 01:44:35 AM |
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Interesting how Huobi runs out of cash on bids every night, then fills up in the wee morning hours, BJT.
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RUEHL
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April 29, 2014, 01:45:02 AM |
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by the way, does anyone know the price that the Winklebros bought in at?
In this CNBC video, they confirm they they started accumulating in the single digits. In some other interview, I remember them saying "high single digits." |
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jl2012
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April 29, 2014, 01:46:06 AM |
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Why is a gaming company buying 40k BTC? If it was me, it would be to have BTC prizes, so I could lure in BTC gamblers. It's typical Chinese scam |
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bitcoinsrus
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April 29, 2014, 01:51:21 AM |
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"However, perhaps most interesting about the story is that the government has already sold more than $3m in the proceeds from Slomps’ crimes, Assistant US Attorney Randall Samborn told CoinDesk, though he declined to offer any further specifics about the sale." I read the article to. Its too short and mainly discusses the silk road scandal. Even the comments show more interest in the selling. I think they sold a portion of the coins (3 million worth). I don't know if it was all, a fraction etc (most likely retail or close to retail since not much else is disclosed and (I base somewhat on the quote I added) |
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chessnut
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April 29, 2014, 01:59:13 AM |
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if they sold 380,000 btc for 3m, that would be $12 each. - must be a portion, or Im missing out on some seriously 'cheap coins' |
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ChartBuddy
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April 29, 2014, 02:00:57 AM |
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billyjoeallen
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April 29, 2014, 02:00:58 AM |
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It's based on Austrian Business Cycle Theory. http://en.wikipedia.org/wiki/Austrian_business_cycle_theory Bitcoins need to flow from the people who use them less productively to the people who use them more productively. You can't have sustainable growth when incompetents control all the capital. Okay, now that's one of the most absurd misapplications of business cycle theory that I've ever seen. Is it? Who owns the most Bitcoins right now? Capitalists with experience in wealth creation outside of Bitcoin? No. It's largely people like me who bought them by maxing out credit cards. So how do capitalists acquire capital? Do they enrich reckless speculators or wait until the speculators are forced to partially or completely liquidate? I'm not saying I know that a sufficient number of coins hasn't already changed hands. That's possible, but what's certain is that selling pressure continues until all the people with the need to sell have sold. The people with the need to sell are people with negative cash flow outside of Bitcoin appreciation. Is your capital structured is such a way that time is your friend or your enemy? If you are positioned well, you shouldn't care if the market goes up down or sideways. |
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y3804
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April 29, 2014, 02:03:26 AM |
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if they sold 380,000 btc for 3m, that would be $12 each. - must be a portion, or Im missing out on some seriously 'cheap coins' Well it's unlikely that they will sell 380,000BTC for the full $173M they are worth. Someone will get cheap coins |
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