Props to the guy that made $15MN in 2 hours. I honestly don't understand why BTC is allowed to trade on the CME. We don't know who created it, 90% of all the trades originate in China, and most of the trades are conducted by 20 something year old virgins that live in rural areas of China, thinking that they are doing something noble by Mining BTC. Most of the transactions are either done for speculation, or money laundering by drug traffickers and others. If someone wants to speculate with BTC, fine. But they should not be surprised if someone pumps and dumps it. The Comex and NYSE have strict rules about trading. There are few rules for cryptos relative to traditional exchanges. At least when Beanie Babies and paintings by the' Painter of Lights-Thomas Kincaide' went bust you still had something to show for it.
Here is what I don't get: If this works so well, why not do it every day? Or at least once a week, since probably some futures shorting is also involved?
People never learn. They always put stop loss orders in that can be seen in the order book. Also if this is so profitable we should seen it at least once a month, yet sometimes the price is stale for months... Anyway, in the discussion on Reddit there is even doubt it was such dump. The way I would do it is also using a futures account. Short BTC futures first, start the dump. Once run out of coins, cover the futures and start to buy back the coins. The futures should make a decent profit, and in the BTC account at least he would have a bunch of cheaper coins.
It's pretty common with shit coins. I reckon some other whale could ruin the guy's day if vigilant (buying the dumped coins, ala Herbalife).
%% $1.00 Silver certs are not fake; simply overpriced LOL. BUT a big difference is railroad top is an actual patterN based on an actual rail road. [MY comments do not include Amtrack or fake CA speedrail; or Amtrack TRAINwrecks],============================================================================
Perhaps it has to be done intermittently so he does not draw attention to himself? Or, maybe he decided to just take the $15MN and run with it.
What if he just needed a little cash and still believes in BTC for the long run? Then it would make sense to play this game only once a year or so... Only problem is that there are at least a few dozen whales if not way more, so if one sees how easy it is to move the market and make some extra dough, we should still see this type of actions more often. Not to mention brokerages. Even if just for the commissions, a market moving is preferred to a stale market. They could also use consumers' founds to do this. All in all, we should either see this more often or the OP was wrong and this was just a one of a kind, getting out action.
I bet this guy was one of the whales ... until a bigger whale came along. Suicide must have been the least violent choice. Sad story, but good to keep in mind when you read about all the crypto billionaire traders. https://www.ccn.com/bitcoin-margin-100x-leverage-trader-suicide