Yesterday the Bitcoin world stopped for a moment when suddenly a 30,000 BTC buy wall appeared on Bitstamp causing the crypto community to hold their breath. This person or group will go down in Bitcoin history from many different perspectives and has been dubbed by the crytpo community as the notorious ‘whalebear’ on the vibrant /r/bitcoin. I wanted to post all of the relative information as well as some of the funny fan art in one place so people now hearing of this did not have to dig everywhere:
What I took from the overall tone of the crypto community ranged from some people thanking this mysterious person for the cheap distribution of coins to the masses, others opposed the whalebear as a wall street type trying to force the price down into panic mode. So they could scoop up a ton cheap coins after the sell off (Once the support fell into the $200-225 range)
What we missed as a community is that the most blatant market manipulation was just slammed at us at the lowest price point BTC has seen in quite a long time, we didn’t buckle and panic. Quite a lot of strong hands stepped up to the plate and one at a time ranging from Sunrise in China to Sunset in Europe we chewed through that wall, like a fat kid eating bacon for the first time in years. Since the wall has been chewed up an adverse effect has actually happened. We saw a spike back to the mid 320-340 range and a level off around this area.
angry_whale_colored_by_fluffybunnies231-d50aw95Let us all celebrate as whalebear shall be etched into the history books of BTC as either the Robin Hood who wanted to create a support wall of epic proportion at (While causing a mini crash) OR the bad actors who wanted to crash BTC into oblivion and failed. Many people rightly stated that a purchase of this magnitude could easily have taken place off public view and market position i.e. Second market etc, instead they publicly chose to slam 30,000 BTC right in the public’s eye under the market value.
Though this is true, It can also be said that whalebear could have REALLY caused a mega crash if they continued to spiral down the wall price but he/she/they did not. So in some ways I am leaning towards the Robin Hood theory, maybe an early adopter who cashed out some coins and distributed it to the masses.
Perhaps a hacktivist group who got some Gox coins back and sold them off at bargain prices, in a conversation yesterday I told someone that BTC is now offering 2 for 1 happy hour specials for the next few days. Regardless of the reason one thing is certain, manwhalebear brought forth a BTC iron plate shield but the crypto community had the guns of Navarone.