#bitcoin IRC log: A pirate leads a flock of sheep over a cliff. - page 2.

the joint

legendary

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I'd like to quote myself from July 5...

Quote

I don't think Pirate himself is concerned so much with BTC as he is with USD. By the way, he has a lot of that and his sum is increasing. BTC can't pay his bills or buy him awesome shit, but USD can. Pay some attention to the bid/ask walls in relation to what Pirate said about the danger of the BTC price increasing too quickly. Think about the impact that a rapid price increase would have on the USD he's holding, and think of where he got that USD from, etc. Also consider that Pirate needs USD to purchase BTC for interest payments, and check out the interesting "support" walls after a rally. Like Pirate said, when there's a rally, people panic buy but new buy orders don't immediately rush in, but rather people eat away at the outstanding supply. When there's a crash, people panic sell and buy orders are removed.

The relative stability we've seen is no coincidence. We're riding a cycle.

Shoulda listened to me.

Thanks for the extra money, Pirate!! Yesterday was a blast.

smoothie

legendary

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LEALANA Bitcoin Grim Reaper

Pirate's announcement of interest rates cut for August 1st and beyond tells me that his profit margin is either getting diminished or he wants to up his profit margin to have more "pull" in the market.

Either way these next 6 weeks should be interesting in bitcoin price terms.

I say at the end of August we will have hit $12-$15/bitcoin.

matthewh3

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Quote from: miscreanity on July 17, 2012, 05:07:11 PM

Quote from: matthewh3 on July 17, 2012, 04:47:14 PM

I think he has scared off a lot of new money coming into bitcoin for a few days with his show of price manipulation.

Good! Would you want another grueling six month decline after an unsustainable bubble formed on nothing but vapor? Do you think any business would touch Bitcoin at that point, even those that are enthusiastic about it? Long-term investor exhaustion is much more dangerous than short-term trader tantrums. Lasting wealth comes from the former.

I think I would have rather settled with the new money coming into bitcoin. There was no vapour this time just growth and the market is more mature. I think lots of other larger actors would have started dumping post $10. This was just Pirate trying to protect his HYIP. Yes I would prefer steady growth but not at the cost of market manipulation.

matthewh3

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Quote from: adamstgBit on July 17, 2012, 05:05:28 PM

Weather pirtate is about to get short squeezed

or

Hes trying to keep the price stable, to make bitcoin more attractive to new comers

They're Both Bullish signs Grin

I think doing that publicly will only scare off new investment into btc.

miscreanity

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Quote from: adamstgBit on July 17, 2012, 04:37:35 PM

Meh, when push comes to shove is Pirate (or his heavily invested party ) really going to take money out of their pocket to keep the price "stable"?

In order to maintain the viability of the investment, yes. It's part of the cost of doing business. There is still a long way to go before capital flows into Bitcoin can no longer make that profitable, or the system becomes stable on its own.

Quote from: adamstgBit on July 17, 2012, 04:37:35 PM

jump to 9.50, back down to 7.50, and now 8.50 ya really good job stabilizing the market.

Intraday volatility shakes out the day-trading gamblers. It does nothing for weighted averages. The ending exchange rate was virtually unchanged from the beginning of the rally.

Quote from: matthewh3 on July 17, 2012, 04:44:27 PM

I think this does show Pirate is getting unnerved by this growth in the BTC/$ value. I expect him to decrease interest rates in his HYIP if prices go above $9 again and stay there at the least. In the worse case he disappears with everyone principles and people start telling you "I told you so".

Quote from: matthewh3 on July 17, 2012, 04:47:14 PM

I think he has scared off a lot of new money coming into bitcoin for a few days with his show of price manipulation.

Good! Would you want another grueling six month decline after an unsustainable bubble formed on nothing but vapor? Do you think any business would touch Bitcoin at that point, even those that are enthusiastic about it? Long-term investor exhaustion is much more dangerous than short-term trader tantrums. Lasting wealth comes from the former.

adamstgBit

legendary

Activity: 1904

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Trusted Bitcoiner

Weather pirtate is about to get short squeezed

or

Hes trying to keep the price stable, to make bitcoin more attractive to new comers

They're Both Bullish signs Grin

matthewh3

legendary

Activity: 1372

Merit: 1003

Quote from: CecilNiosaki on July 17, 2012, 04:44:37 PM

Quote from: adamstgBit on July 17, 2012, 04:37:35 PM

Quote from: miscreanity on July 17, 2012, 04:05:13 PM

Quote from: adamstgBit on July 17, 2012, 03:19:19 PM

pirateat40 has taken a stand 9$ is the top, and hes got to convince everyone to fallow him back down bellow 7

Not really. If anyone understands that a growing market can't be manipulated down in perpetuity, it's Pirate. The objective is not to keep forcing prices lower, only to stabilize. The previous weeks were punctuated by an early rise, then leveling off for the duration. That kind of stable growth is critical for businesses to be comfortable with using Bitcoin as a primary financial service.

Quote from: S3052 on July 17, 2012, 03:22:24 PM

The market is already to big for him to control it.

Again, there is no need to control it - only influence. This is a stabilization effort by a heavily invested party attempting to maintain the quality of the investment. What's happening is similar to gold, only gold is viewed as a limiting factor by financial industry participants whereas Bitcoin is viewed as a liberating factor by the equivalents.

JPM is the traditional financial giant, viewing gold as a mere trading instrument that limits its flexibility. Pirate is a Bitcoin financial giant, seeing the system as a vehicle that enhances economic potential.

This requires a perspective shift - the old paradigms do not properly apply here.

Meh, when push comes to shove is Pirate (or his heavily invested party ) really going to take money out of their pocket to keep the price "stable"?

jump to 9.50, back down to 7.50, and now 8.50 ya really good job stabilizing the market.

Ah, but the real question you need to ask is did it stop a larger price increase from happening? Without intervention, whose to say that the price wouldn't have jumped far past $9.5. With the steady climb today, it looks as if it's stable to me. Stable does not mean stagnant always.

I think he has scared off a lot of new money coming into bitcoin for a few days with his show of price manipulation.

CecilNiosaki

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Activity: 210

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Quote from: adamstgBit on July 17, 2012, 04:37:35 PM

Quote from: miscreanity on July 17, 2012, 04:05:13 PM

Quote from: adamstgBit on July 17, 2012, 03:19:19 PM

pirateat40 has taken a stand 9$ is the top, and hes got to convince everyone to fallow him back down bellow 7

Not really. If anyone understands that a growing market can't be manipulated down in perpetuity, it's Pirate. The objective is not to keep forcing prices lower, only to stabilize. The previous weeks were punctuated by an early rise, then leveling off for the duration. That kind of stable growth is critical for businesses to be comfortable with using Bitcoin as a primary financial service.

Quote from: S3052 on July 17, 2012, 03:22:24 PM

The market is already to big for him to control it.

Again, there is no need to control it - only influence. This is a stabilization effort by a heavily invested party attempting to maintain the quality of the investment. What's happening is similar to gold, only gold is viewed as a limiting factor by financial industry participants whereas Bitcoin is viewed as a liberating factor by the equivalents.

JPM is the traditional financial giant, viewing gold as a mere trading instrument that limits its flexibility. Pirate is a Bitcoin financial giant, seeing the system as a vehicle that enhances economic potential.

This requires a perspective shift - the old paradigms do not properly apply here.

Meh, when push comes to shove is Pirate (or his heavily invested party ) really going to take money out of their pocket to keep the price "stable"?

jump to 9.50, back down to 7.50, and now 8.50 ya really good job stabilizing the market.

Ah, but the real question you need to ask is did it stop a larger price increase from happening? Without intervention, whose to say that the price wouldn't have jumped far past $9.5. With the steady climb today, it looks as if it's stable to me. Stable does not mean stagnant always.

matthewh3

legendary

Activity: 1372

Merit: 1003

I think this does show Pirate is getting unnerved by this growth in the BTC/$ value. I expect him to decrease interest rates in his HYIP if prices go above $9 again and stay there at the least. In the worse case he disappears with everyone principles and people start telling you "I told you so".

adamstgBit

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Trusted Bitcoiner

Quote from: miscreanity on July 17, 2012, 04:05:13 PM

Quote from: adamstgBit on July 17, 2012, 03:19:19 PM

pirateat40 has taken a stand 9$ is the top, and hes got to convince everyone to fallow him back down bellow 7

Not really. If anyone understands that a growing market can't be manipulated down in perpetuity, it's Pirate. The objective is not to keep forcing prices lower, only to stabilize. The previous weeks were punctuated by an early rise, then leveling off for the duration. That kind of stable growth is critical for businesses to be comfortable with using Bitcoin as a primary financial service.

Quote from: S3052 on July 17, 2012, 03:22:24 PM

The market is already to big for him to control it.

Again, there is no need to control it - only influence. This is a stabilization effort by a heavily invested party attempting to maintain the quality of the investment. What's happening is similar to gold, only gold is viewed as a limiting factor by financial industry participants whereas Bitcoin is viewed as a liberating factor by the equivalents.

JPM is the traditional financial giant, viewing gold as a mere trading instrument that limits its flexibility. Pirate is a Bitcoin financial giant, seeing the system as a vehicle that enhances economic potential.

This requires a perspective shift - the old paradigms do not properly apply here.

Meh, when push comes to shove is Pirate (or his heavily invested party ) really going to take money out of their pocket to keep the price "stable"?

jump to 9.50, back down to 7.50, and now 8.50 ya really good job stabilizing the market.

sadpandatech

hero member

Activity: 504

Merit: 500

Quote from: ?? on ??

Quote from: adamstgBit on July 17, 2012, 03:19:19 PM

pirateat40 has taken a stand 9$ is the top, and hes got to convince everyone to fallow him back down bellow 7

Are you sure? People thought the sun orbited the earth at one point, until they improved their mental model.

HAHA, I love the way you explain things. ;p Did your sister write that one for you? *looks around* this isn't the insult thread?

Quote from: ?? on ??

As pirate said on irc, it was the very short term price increase ("bubble") forming with the run up to btcusd=9.5 that triggered his correction.

he wishes... The only thing he has proven to have done sucessfully with last nights market so far is convincing everyone that it was him.....

Quote from: ?? on ??

The real question you should ask is, who was the pumper driving the price up, causing the panic buying?

(wasn't me.)

That was him.. then someone got smart on him and sold into him early. Which happens to corelate with him 'stating' it was him several minutes after the fact.

/tinfoil hat

Bro

full member

Activity: 218

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LOL, what a joke
I guarantee this IRC guy is not manipulating the market

miscreanity

legendary

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Quote from: adamstgBit on July 17, 2012, 03:19:19 PM

pirateat40 has taken a stand 9$ is the top, and hes got to convince everyone to fallow him back down bellow 7

Not really. If anyone understands that a growing market can't be manipulated down in perpetuity, it's Pirate. The objective is not to keep forcing prices lower, only to stabilize. The previous weeks were punctuated by an early rise, then leveling off for the duration. That kind of stable growth is critical for businesses to be comfortable with using Bitcoin as a primary financial service.

Quote from: S3052 on July 17, 2012, 03:22:24 PM

The market is already to big for him to control it.

Again, there is no need to control it - only influence. This is a stabilization effort by a heavily invested party attempting to maintain the quality of the investment. What's happening is similar to gold, only gold is viewed as a limiting factor by financial industry participants whereas Bitcoin is viewed as a liberating factor by the equivalents.

JPM is the traditional financial giant, viewing gold as a mere trading instrument that limits its flexibility. Pirate is a Bitcoin financial giant, seeing the system as a vehicle that enhances economic potential.

This requires a perspective shift - the old paradigms do not properly apply here.

adamstgBit

legendary

Activity: 1904

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Trusted Bitcoiner

Quote from: ?? on ??

Quote from: adamstgBit on July 17, 2012, 03:19:19 PM

pirateat40 has taken a stand 9$ is the top, and hes got to convince everyone to fallow him back down bellow 7

Are you sure? People thought the sun orbited the earth at one point, until they improved their mental model.

As pirate said on irc, it was the very short term price increase ("bubble") forming with the run up to btcusd=9.5 that triggered his correction.

The real question you should ask is, who was the pumper driving the price up, causing the panic buying?

(wasn't me.)

it was himself!

he pulled out all his asks, bought it up, only to sell into the new bids. ( I'm just guessing, but post above would seem to agree with me )

The real question is who will you sell your coins too? sell to the bull now and hop onto the pirate ship if you want to.

elux

legendary

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Quote from: ?? on ??

Quote from: adamstgBit on July 17, 2012, 03:19:19 PM

pirateat40 has taken a stand 9$ is the top, and hes got to convince everyone to fallow him back down bellow 7

Are you sure? People thought the sun orbited the earth at one point, until they improved their mental model.

As pirate said on irc, it was the very short term price increase ("bubble") forming with the run up to btcusd=9.5 that triggered his correction.

The real question you should ask is, who was the pumper driving the price up, causing the panic buying?

(wasn't me.)

Same guy. Size of the initial pump and later dump orders that were executed at market value match. Bid wall size matches. Walls taken down, moved around, etc.

It was just one guy. He made literally no effort to hide that.

notme

legendary

Activity: 1904

Merit: 1002

Quote from: ?? on ??

Quote from: adamstgBit on July 17, 2012, 03:19:19 PM

pirateat40 has taken a stand 9$ is the top, and hes got to convince everyone to fallow him back down bellow 7

Are you sure? People thought the sun orbited the earth at one point, until they improved their mental model.

As pirate said on irc, it was the very short term price increase ("bubble") forming with the run up to btcusd=9.5 that triggered his correction.

The real question you should ask is, who was the pumper driving the price up, causing the panic buying?

(wasn't me.)

Why would we ask relevant questions when we can just talk about pirate some more?

elux

legendary

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Quote from: S3052 on July 17, 2012, 03:22:24 PM

Quote from: adamstgBit on July 17, 2012, 02:55:07 PM

Quote from: rebuilder on July 17, 2012, 02:47:54 PM

Here's a graph of the action with some of the pirateat40 comments from the IRC log correlated approximately.

http://i45.tinypic.com/2ngzj47.png

Quote from: ?? on ??

If what pirate was saying is true, he's feeding a stronger bull.

exactly, IMO pirateat40 is stuck in an impossible situation

idk I'm most likely wrong, but what he did yesterday shows us his game plan and we see that its not a good plan

+1

The market is already to big for him to control it.

Were you asleep yesterday?

S3052

legendary

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Quote from: adamstgBit on July 17, 2012, 02:55:07 PM

Quote from: rebuilder on July 17, 2012, 02:47:54 PM

Here's a graph of the action with some of the pirateat40 comments from the IRC log correlated approximately.

http://i45.tinypic.com/2ngzj47.png

Quote from: ?? on ??

If what pirate was saying is true, he's feeding a stronger bull.

exactly, IMO pirateat40 is stuck in an impossible situation

idk I'm most likely wrong, but what he did yesterday shows us his game plan and we see that its not a good plan

+1

The market is already to big for him to control it.

adamstgBit

legendary

Activity: 1904

Merit: 1037

Trusted Bitcoiner

Quote from: ?? on ??

Quote from: adamstgBit on July 17, 2012, 02:55:07 PM

exactly, IMO pirateat40 is stuck in an impossible situation

idk I'm most likely wrong, but what he did yesterday shows us his game plan and we see that its not a good plan

Can you clarify?

pirateat40 has taken a stand 9$ is the top, and hes got to convince everyone to fallow him back down bellow 7

even if he gets it going down (even below 6!), he will need to buy back. He'll be trying to buy back on the cheap along with everyone else, and who's going to sell us all these coins?

maybe hes been trying to keep the price down ever since 6 point crazy....

I hope he is able to push the price down, I would love to buy another few hundred coins below 6 ( I have a few friends that want in if it goes back down Tongue

)

The liquidity on the ask side simply isn't their for him to buy back on the cheep. i might get lucky and be able to grab a few hundred tho Grin

rebuilder

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Quote from: elux on July 17, 2012, 03:02:39 PM

Quote from: rebuilder on July 17, 2012, 02:47:54 PM

Here's a graph of the action with some of the pirateat40 comments from the IRC log correlated approximately.

The timestamps from pastebin are UTC +1 btw. Not sure if you accounted for that.

Elux: That's what I figured as the ticker numbers matched up with the graph with that assumption. Meant to mention that but forgot.

Topic: #bitcoin IRC log: A pirate leads a flock of sheep over a cliff. - page 2. (Read 10286 times)