Watch What Happens When Someone Dumps Tens Of Thousands Of Bitcoin At Below-Market Rates
Jared Sperli stashed this in economics
Stashed in: Bitcoin
Why no reasonable person should buy Bitcoin right now: The market is too manipulable.
Why, then, dump the massive pile at $300? Liquidity and price stability. If the person or persons behind the sale had tried to sell them in chunks at market rates, they could have disturbed the price balance and pushed the value of a bitcoin below the $300 mark if they were aggressive enough.
Instead, they made their own market with what appears to have been limit sale at a discount — the market was willing to bear the sale because they were buying at cheaper-than-normal rates, the sales person or group got to cash out, and presumably everyone walked away happy.
Anyone who bought in the sale made a quick 10 percent or greater profit directly following.
An accounting source of mine, after reviewing the charts and images, called it “blatant market manipulation.” Well then.