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Author Topic: Is The Dumping of Stolen Coins Causing BTC Price to Fall?  (Read 2909 times)
leannemckim46
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September 21, 2014, 03:27:29 AM
 #21

According to bitcoinity over the last 30 days the volume of coins traded on the exchanges has been about 4 million. Even if the number of stolen coins was 1 million they would have had plenty of time and volume to sell all those coins long time now.
I agree, plus people generally do not consider stolen bitcoin to be an "investment" instead they consider it a way to make money so if they are going to sell the bitcoin they will do so right away.

I would doubt that most bitcoin thieves would wait to sell their bitcoin as they can simply use a mixer like bitcoinfog and/or bitmixer.io to hide where the stolen coins went.

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panju1
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September 21, 2014, 03:37:58 AM
 #22

According to bitcoinity over the last 30 days the volume of coins traded on the exchanges has been about 4 million. Even if the number of stolen coins was 1 million they would have had plenty of time and volume to sell all those coins long time now.
I agree, plus people generally do not consider stolen bitcoin to be an "investment" instead they consider it a way to make money so if they are going to sell the bitcoin they will do so right away.

I would doubt that most bitcoin thieves would wait to sell their bitcoin as they can simply use a mixer like bitcoinfog and/or bitmixer.io to hide where the stolen coins went.

In fact, when scammers/thieves sell bitcoins, there is always a chance that it might be bought by a newbie who can again be scammed. Cheesy
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September 21, 2014, 07:47:53 AM
 #23

Well you still have 3600 coins mined every single day. Maybe half of those are sold. If there's no demand for 1800 or so daily, meaning ~$1m new buys per day, the price must come down.
You could easily say the opposite as well. There is demand for bitcoin by a number of people, mainly by people who are wanting to start using it. I would argue that the price declines are merely the result of "normal" price cycles of a maturing currency
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September 21, 2014, 11:00:03 AM
 #24



The Ethereum team plans to exchange their BTC holdings into fiat over a period of time.
So that should have already been factored in.



I notice they withdrew 1,024.7595 BTC on 2014-09-18

https://blockchain.info/address/36PrZ1KHYMpqSyAQXSG8VwbUiq2EogxLo2

Another 1,202.416 BTC withdrawal shows up in the IPO address on 2014-09-11.
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September 21, 2014, 11:11:42 AM
 #25


This is an immutable, self-evident, mathematical truth. Two technologies fulfilling the same purpose usually do not coexist for very long, in historical terms. The old way dies, naturally, as the new grows to take it's place.

Bitcoin is on the right side of the chart. The surviving side. Fiat money is not. That's the big picture, folks.

if this were true then we would all need to escape Bitcoin and fall over to Litecoin as Litecoin is the newer of crypto compared to Bitcoin?

LTC doesn't provide any significant new technology above BTC.
It's just something like a Chinese copy of bitcoin. Just like there are hundreds of fiat currencies. But bitcoin is significant other than fiat currencies.

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