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RE: 300 BTC open market purchase of STEEM, spikes price to .00324

in #steemit • 8 years ago

but why the insane rush, we are talking an instant loss of $25,000 or so as he could have easily picked up the same amount for 50 btc less. maybe it was a fat finger on the volume, but that doesnt explain the price being so high. I think we need that whale to come here and explain himself!

8 years ago in #steemit by
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     8 years ago 

    Like that'll even happen ;)

    It could be a hybrid of my first reason and plain old bullishness: buy with a fat finger, sell some after it shot up and hold onto the rest. If so, then that whale was either unusually shrewd or lucky. Manipulation is much harder than it looks.

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       8 years ago 

      Hey James:

      Look at this post. I think it explains why the whale got bullish.

      https://steemit.com/steem-power/@me-tarzan/steem-daily-data-8-16-2016

      There's been some worry about more STEEM not being used to power up. @smooth explained why in a comment that @me-tarzan included in the above post:

      " The main reason for the increase in STEEM not powered up was a huge power down (687K STEEM) by the steemit account (see activity history below).
      These are coins which Steemit (the company) has indicated are to be used to fund new accounts (currently 3 STEEM per account is being given away by Steemit) and sold to fund development. "

      That comment might have gotten the whale - and others - motivated to make the big buy(s).

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