Big news. Definitely explains the drop.
This isn't bearish news lol. The coins will be sold at a premium.
This is just an excuse the market was waiting for.
FYI guys, the coins will be auctioned off in 10 blocks of about 3,000 coins each... that means, at today's prices, it would be $1.8 million per block... but they'll probably get a discount, so let's say 1.5 million.
i don't think there are many investors willing to pay that kind of money. could it be something set up for wallstreeters with big backings to enter the game at a relatively low price?
The coins will go at a PREMIUM as people can buy without exchange fees and all the legalities that implies. These will be bought by corporations or wealthy people wanting simplicity and transparency. An auction will almost guarantee the go higher than current rate.
2014 will be a brutal year for the price.
When these coins get sold, many of the people who buy them will sell as many as they need to get their initial $USD investment back.
During the next rally probably..
There will be a surplus supply and shortage in demand.
This might be one of the worst posts of logic I've ever read in this thread.