The bearwhale on r/bitcoin, are you guys seeing what I'm seeing?
The bearwhale thread So I made an account on reddit again for this, having been logged off and lurking for a few years now. I was around in 2014 and I was watching the market, subreddits, chats and the market sentiment very closely. The reasons he listed for selling weren't even occurring back then. Theymos wasn't censoring bitcoin , nobody was discussing the block size among the community, the devs discussed it faintly like any other upcoming issue, and did blockstream even exist?
The market agreed with the above, leading to the then-decline in price towards $300
No. Not a single word of this was uttered by traders. If this guy is really the bearwhale, he either knew about things way before everyone else (the community) did and is currently exaggerating and mistaken about a few points, or he's lying. Considering how he's appealing to emotion in such a fitting way and calling UASF, I can't help but wonder if it's a well placed astroturf piece. Considering that his signature is valid for a wallet holding and moving a large sum of bitcoin back then, that could simply mean the bearwhale is taking part of this astroturfing. VC/Institutional investor? And what was going on back then with bitcoin was in fact the buttcoin trolls were allowed and encouraged to run rampant in bitcoin, "it's just criticism" - words spoken by the bitcoin mods each time they answered to protest. I think this is important to remember.
The "BearWhale" recently crashed the price of Bitcoin by cashing out nearly $8 million worth of BTC. But, just as recently as two and a half years ago, all it took to crash the price was a measly $13,000 investment in 10:1 leveraged Bitcoin shorts. Unfortunately for the person who made this bet, though, he (or she) made the mistake of bragging about it, posting a screenshot of the highly-leveraged position on the BitcoinTalk forum. Unlike today, when we wonder who the BearWhale may be, the "BearWhale of 2012" openly identified not only himself, but his financial position as well. This meant that everyone could see the exact point at which his bet on the price of Bitcoin going down would be force-liquidated, and he would lose everything. So that's exactly what happened. The original posts have since been deleted, but another trader (and rather perturbed Bitcoin supporter) saw the post of the leveraged "BearWhale of 2012" bragging about shorting Bitcoin, and decided to buy a large amount of BTC instead, raising the price and forcing a margin call on the position. He then posted saying he had done so, decidedly slaying the "BearWhale of 2012." The result was immediate, and hilarious. Given the somewhat shoddy and unreliable nature of Bitcoin trading platforms at the time, most traders had no idea what had happened. MtGox had a live data feed that was prone to melting down at the most inopportune times. As far as most traders could tell, the price had just inexplicably gone down, and then just as inexplicably gone back up, while in the mean time many leveraged positions had been thrown into disarray. Many were blaming the trading platform, Bitcoinica, for a glitch. But word of the dueling shenanigans spread on the forum, and most quickly realized that the reality of Bitcoin trading was "far more entertaining than some TV drama". In the aftermath, the volume and zeal of Bitcoin speculative trading was dampened considerably by this episode, and the price stabilized for a lengthy period. No doubt many lawyers and accountants were consulted, and probably even some lawmakers contacted, due to money earned and lost. Leveraged Bitcoin trading would eventually disappear for a time. Today, though, it is in the process of returning. The players have mostly all changed, but the game remains much the same.
The whale aggressively shorted $6,800, betting the price of Bitcoin would go down due to low liquidity. Joe007’s Bitcoin short at $6,800 was underwater for a loss of $18.3 million. Source: Bitfinex Since the incident, bitcoin has risen about 25 percent to $375, according to CoinDesk. Bitcoin traders almost immediately named the seller "BearWhale," and the name proliferated quickly throughout Bitcoin is once again battling to keep its head above $9,000. Bitfinex Whale, @Joe007, has since reappeared on Twitter. @Joe007 had disabled his account when Bitcoin broke $10,000 in early May and looked set for a bull run. Famous Bitfinex whale, @Joe007, is once again active on Twitter after leaving the social media platform in early May. whale side symbol quote price amount total; Bitcoin Binance 9 hours ago SELL: BTC USDT $9,121.95 30 $ 273,659: Bitcoin Binance 9 hours ago SELL: BTC USDT $9,121.95 25.61 $ 233,602: Bitcoin Coinbase Pro 8 hours ago BUY: BTC USD $9,110.87 23.27 $ 211,989: Bitcoin Coinbase Pro 14 hours ago SELL: BTC USD $9,152.39 23.01 $ 210,587: Ethereum Binance A bear market is a sustained period of time characterized by noticeable downward movements. A price correction takes place when the price of an overvalued currency, or commodity, corrects itself
Bitcoin Bears Are “Emotionally Broken” as Whales Stack Massive Buy Orders
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