bitcoin price increase in 2013, from $150 -> $1000 was fake

Enjel

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Quote from: sjefdeklerk on January 16, 2018, 07:00:39 PM

Quote from: Herbert2020 on January 16, 2018, 02:11:34 AM

your title should be bitcoin price increase from $150 to $1200 was fake back in 2013

Agreed, I've edited it.

Quote

if you want to understand what that article is talking about, compare it with a small altcoin today which is only listed on poloniex for example and 90% of its volume comes from there. it is very easy to manipulate that inside poloniex. this is the same thing we had in bitcoin back in 2012-2013.

but now that has changed.

The way I understand it they actually hacked the market placed so they could make it look trades were going off on the ask, higher and higher, driving the whole market up.

This is absolutely true, and it's why Mt. Gox takes the record for the biggest crypto scandal in crypto history - basically bots were doing everything. Even BCC can't quite compete.

NWJBL

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Fascinating, that's some clever stuff. I don't suppose anything like that could be at work today, though some believe the Futures contracts have incited particular manipulation. Hard to know, really.

sjefdeklerk

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Quote from: Herbert2020 on January 16, 2018, 02:11:34 AM

your title should be bitcoin price increase from $150 to $1200 was fake back in 2013

Agreed, I've edited it.

Quote

if you want to understand what that article is talking about, compare it with a small altcoin today which is only listed on poloniex for example and 90% of its volume comes from there. it is very easy to manipulate that inside poloniex. this is the same thing we had in bitcoin back in 2012-2013.

but now that has changed.

The way I understand it they actually hacked the market placed so they could make it look trades were going off on the ask, higher and higher, driving the whole market up.

BitMaxz

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This is old article mt.gox is one of the large trading site before i'm one of the victim but since i invest small amount i'm still lucky that i didn't invest a lot there.. This year is different and i think its impossible to heard again the same what happen to mt.gox there are lots of investors honestly are investing and trading right now since the trading site are always online everything can be possible to be happen..
This thread is obvious to encourage other people to sell their bitcoin to push the value of bitcoin down because you posted it here in speculation..

Anti-Cen

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High fees = low BTC price

All i know is most trades on exchanges are being carried out by web-bots and
we are moving to a stage where AI is being used and as good as I am at cutting
code I am not sure I could compete with these bots even if I understood markets
which i don't

groundcontrol67

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Quote from: sjefdeklerk on January 15, 2018, 09:12:35 PM

It turns out that the guys who hacked Mt. Gox could enter fake trades on the ticker tape, making it look like people were actually buying bitcoin, driving the whole market up. Interesting story: https://techcrunch.com/2018/01/15/researchers-finds-that-one-person-likely-drove-bitcoin-from-150-to-1000/

The markets were so new back then with very little regulation and a lot of very inexperienced traders. It would have been so easy for someone with the right funds and skills to do something like this. We see the same thing with altcoins that are pumped by whales. They put in big buy walls that they never intend to have filled, purely to push the price up.

Typex

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Quote from: NeuroticFish on January 16, 2018, 03:18:05 PM

This is an astonishing news.. for the year 2014.
The Mt Gox bots became well known after that crash. The fact they weren't the only ones is not unexpected.

And it should not be unexpected such "news" are recycled these days, since FUD drives the markets nowadays. Mr Kim or Mr Vladimir want some cheap coins to avoid embargo once more? Cheesy

Shame @ OP for the unnecessary FUD.

The OP is a paid shill. Just look at his join date and all his posts. Karma is a bitch, he/she will find out the hard way.

NeuroticFish

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This is an astonishing news.. for the year 2014.
The Mt Gox bots became well known after that crash. The fact they weren't the only ones is not unexpected.

And it should not be unexpected such "news" are recycled these days, since FUD drives the markets nowadays. Mr Kim or Mr Vladimir want some cheap coins to avoid embargo once more? Cheesy

Shame @ OP for the unnecessary FUD.

European Central Bank

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Quote from: dothebeats on January 16, 2018, 12:30:13 PM

AFAIK in some countries, there are laws regarding market manipulation. Idk if it applies to bitcoin but any exchanges regulated by the SEC here in our country are subject to that kind of law, so yeah, market manipulation, pump and dumps are illegal activities.

there are no laws relating to actual crypto trading anywhere. all the laws are about money laundering and compliance, nothing about trading.

gdax have laid out ground rules, but they're their own rules. there are no laws yet.

there are plenty of laws about stock market trading. this ain't no stock market. the closest thing it is to is forex.

dothebeats

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A very misleading title, and everyone knows that the increase back in 2013 was entirely faked by bots and FOMO only kicked in when the price was hovering at @$700-$800. Today, the prices are driven mostly by supply and demand and we cannot blame it to the bots anymore, knowing that there are more investors and traders now compared to 2013.

Quote from: European Central Bank on January 16, 2018, 12:04:29 PM

there are no laws about manipulating price so you can bet anyone else who has the ability is doing it to the max also.

AFAIK in some countries, there are laws regarding market manipulation. Idk if it applies to bitcoin but any exchanges regulated by the SEC here in our country are subject to that kind of law, so yeah, market manipulation, pump and dumps are illegal activities.

European Central Bank

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uh, what about all of china, america, europe and the rest of the world? they were handing over real money too. that often has an effect on the price.

there are no laws about manipulating price so you can bet anyone else who has the ability is doing it to the max also.

DrGuns4Hands

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Yeah the title of this post must be change. And exactly the news last 2012-2013 that the bitcoin price increas was fake. Do not focus on its past, everything now has change. It will not help if you stay on past. Look forward. A lot of oppurtunities are waiting.

Enjel

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Quote from: owengtam09 on January 16, 2018, 06:57:55 AM

Just also like what happen last December, they say that there would be a lot of big investors will coming and will invest in bitcoin on Dec 10, 2017 so I expect that bitcoin price will increase on that day but probably not. It increase and make another ATH's last year but it also bump hard. Now, bitcoin price slowly dropping, maybe because a lot of investors are more interested in Altcoins now.

I agree. Bitcoin needs to get its transaction fees under control (and time, although most newbies don't care about time, since they're used to banking).

People won't use Bitcoin anymore when they have to pay like $20 to send a few hundred.

owengtam09

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Just also like what happen last December, they say that there would be a lot of big investors will coming and will invest in bitcoin on Dec 10, 2017 so I expect that bitcoin price will increase on that day but probably not. It increase and make another ATH's last year but it also bump hard. Now, bitcoin price slowly dropping, maybe because a lot of investors are more interested in Altcoins now.

Enjel

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Quote from: sjefdeklerk on January 15, 2018, 09:12:35 PM

It turns out that the guys who hacked Mt. Gox could enter fake trades on the ticker tape, making it look like people were actually buying bitcoin, driving the whole market up. Interesting story: https://techcrunch.com/2018/01/15/researchers-finds-that-one-person-likely-drove-bitcoin-from-150-to-1000/

Wow, good job posting right when the price dropped (and now is rebounding).

You're so predictive.

nl247

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Quote from: sjefdeklerk on January 15, 2018, 09:12:35 PM

It turns out that the guys who hacked Mt. Gox could enter fake trades on the ticker tape, making it look like people were actually buying bitcoin, driving the whole market up. Interesting story: https://techcrunch.com/2018/01/15/researchers-finds-that-one-person-likely-drove-bitcoin-from-150-to-1000/

Firstly, what happened back then cannot be compared to what happened right now. If you want to know how manipulations can easily be done, then the market cap is what is going to really give you that and from bitcoin's market cap right now, I am sure that gives you a fact that whatever you are seeing now is totally different. Rather than call it fake, I would say we just had some greedy people on board.

SheepSuit

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Quote from: CryptoBry on January 16, 2018, 02:28:27 AM

Well, it is good to have some history lessons from time to time. It is always interesting to review the many stories that made up the roller-coaster ride of Bitcoin. Back in those days things can easily get manipulated because the market was still insignificant unlike what it is today. Compared many years ago, we can definitely say that the whole cryptocurrency market has had improved tremendously. There will always be manipulations but the impact may not be the same as before. Thanks for this interesting throwback.

With many unrelegated exchanges around, and pump-and-dump groups, manipulation is an ongoing story in crypto.

CryptoBry

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Well, it is good to have some history lessons from time to time. It is always interesting to review the many stories that made up the roller-coaster ride of Bitcoin. Back in those days things can easily get manipulated because the market was still insignificant unlike what it is today. Compared many years ago, we can definitely say that the whole cryptocurrency market has had improved tremendously. There will always be manipulations but the impact may not be the same as before. Thanks for this interesting throwback.

player514

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Quote from: Herbert2020 on January 16, 2018, 02:11:34 AM

your title should be bitcoin price increase from $150 to $1200 was fake back in 2013

yeah well when it is 2012-2013 and market is so tiny and also it is controlled 100% by one exchange controlling more than 85% of the volume, it becomes super easy to manipulate it.

if you want to understand what that article is talking about, compare it with a small altcoin today which is only listed on poloniex for example and 90% of its volume comes from there. it is very easy to manipulate that inside poloniex. this is the same thing we had in bitcoin back in 2012-2013.

but now that has changed.

Yeah, the title of this post right now is pretty click-baity. The article was focusing on a major price increase way back when Bitcoin was practically unheard of. This makes an extreme difference because it's comprable now to someone who can pump altcoins because he has a million dollars. If he puts all that money in, he can shift the prices like crazy if the coin has a low enough market cap. Bitcoins market cap back then was significantly less than it is now. I like how this quoted user phrased his comments as well.

Herbert2020

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your title should be bitcoin price increase from $150 to $1200 was fake back in 2013

yeah well when it is 2012-2013 and market is so tiny and also it is controlled 100% by one exchange controlling more than 85% of the volume, it becomes super easy to manipulate it.

if you want to understand what that article is talking about, compare it with a small altcoin today which is only listed on poloniex for example and 90% of its volume comes from there. it is very easy to manipulate that inside poloniex. this is the same thing we had in bitcoin back in 2012-2013.

but now that has changed.

Topic: bitcoin price increase in 2013, from $150 -> $1000 was fake (Read 336 times)