Topic: Bitcoin: The Scamming (Read 3369 times)

As they say, 'the wish was the father of the thought.'

I would suggest that the vast majority of Bitcoins sitting in trading accounts or in people's wallets, were bought for considerably less than $74. This means that the majority of coins out there, can be sold and still bring the owners of these coins considerable profit margins. The panic sellers have probably sold by now, but the steadier, greedier, or more ambitious hands, who are holding their coins in the belief/hope that the market will somehow go shooting up again, will slowly realise that the market psychology has changed and will start trying to lock in the gains that are still available for them, thus increasing supply of Bitcoins and driving the price down further. To fresh capital, i.e. those with no previous emotional involvement in recent events to cloud their judgement. Bitcoin is an absolute shit covered stick at the moment so even if those who have manipulated this boom bust into existence wanted to attempt to drive the prices back up tomorrow, they wouldn't succeed and would only lose money by increasing price and allowing late entrants to minimise their losses, because only a fool would put any significant amount of fresh capital into Bitcoin at the moment.

There will not be the fuel for another obscene price hike like we have seen for some time to come, which I imagine has destroyed many people conducting real economic transactions and exchanging real goods and services using Bitcoin, who have fallen prey to the parasitic bubble.

Bitcoin price to trend down over time to a level which none profit crazed speculators and real economic transactions can support, before any meaningful upward trend will reoccur.

support at $74/coin.  Why?  because that's about where the price was when a whole bunch of people bought their Avalon Asic batch 3 , and they will be damned if they will pay less than their calculated ROI price per BTC.

so there it is, the price should be roughly $90 now , due to deflation.  =)  But folks are scared, still.  For good reason.  Lots of people won't be able to cash out on a whim at the same time, and that is scary.  =)

If the story were to repeat every year  why would people have faith in the system to put alot of money into it. If peope not buying then the price wont be going up.

Sure it looks like a scam or at least like a snowball system.... But! If this story here repeats every year, then it is not too bad. I think I will grab some cheap bitcoins at 1 or 4 USD per bitcoin next days.... wait a year for a similar event and profit! If not, then I maybe lose 10 dollars lol. But I won´t mind about 10 dollars.  

actually, im holding, not buying, untill i can guess who is who, ... for the time being i dont want to speculate short term, i should keep my mouth shut now.  =)

Oh really!?

I can tell by the way that you speak that you are an expert in market psychology so I wouldn't dare to doubt this little nugget of wisdom.

Obviously, you too will be chomping at the bit to pick up some Bitcoins at 'fire sale' prices, so you go ahead with that and we will see where we are at the end of the week.

If you don't mind though, I will sit this one out. Always been more of a spectator than a participator, me.

Terribly nice of you to point out what a big bunch of fools everyone is though.

The advantage with Bitcoin is you can eroded there strong hold by saving.
In the current model you are a slave as they just print more money.

Another feature of Bitcoin is, if someone gains control of all Bitcoins, because it is OSS you can start afresh.

When people own 1% of a currency, you're damn right this can happen.

Yep, and you assume nobody else out there is smarter or more nimble than you are, because when you buck a market trend, someone else out there is going to bet against you.  And if you're unlucky, maybe you get no profits at all and instead lose your shirt.

You should read that economics 101 book again a few times, there are a lot of flaws in your reasoning.
Step 2 seems unneccesary, you could have all coins in 1 account on mtgox and achieve the same.
The big flaw is of course step 3. Selling would depress the price, price only rises when people want to buy more coins than the sellers want to sell at that price, the sellers sell out at say $131 and the price goes up to $132 where there are more sellers.
Step 4, why would you need that ? You'd be more profitable selling it all on the uptrend, when it went from $200 to $250 than waiting for a crash.
Step 5, if you want the price to go up while you sell, you want to avoid controlling the market, not control it. And how do 10K coins turn into 10 million without the price reaching $1000 ?

Your whole plan is based on the price booming into the sky caused by the actions of others, something which you cannot predict. In fact this is what almost all stock investers are trying, buy low, sell higher, and since nobody knows the future, a lot fail.

the only scam here is the perceived volume of transactions required at the time which dropped the price.  See, everybody assumes that there is an unlimited stream of smart buyers aroudn the corner, but in reality... once a seller saturates the market and takes all the buyers out of the way, the smart money moves out of the way and leaves just the manipulator, and since only a few people are seriously buying coins in large amounts at any given moment, this is simply a timing attack.... they picked a time where people were sleeping, it was all poor quality bots, they wrote some code to perform the timing sell-down, and they're loving every minute of any coin that is priced below $174.25, you morons.

go ahead, give these bankers your coins for less than $174.25, and then scratch your head when you can't buy back in for less than $200 each.... in two days.

 

Whilst I am sure their are entities or individuals who have made obscene profits from Bitcoin, I suspect that the overriding motivation of those with the power to shift this market in any direction they want like it was their bitch, is too discredit Bitcoin, give it a bad reputation in the mainstream, and even make it seem very unappealing amongst much of the fringe groups who actually use it (other than merely speculate in it). Possibly, the losses they may suffer in doing this, if indeed any at all, are utterly inconsequential to such an entity.

Bang on, Bitcoin is by design deflationary, deflation by its design encourages saving, you just need to follow human nature.

By contrast the biggest scam ever undertaken is fractional reserve banking and the resulting inflation, arguably just the central bank controlling interest rates.  With inflation you cannot beat the system because as you save the value is lost from your savings account. You have to become increasingly more productive just to survive.

You only lose with Bitcoin if you sell out for less, it's all up to you.

Selling BTC at progressively higher rates doesn't change the value of BTC.  If you have 1000 BTC which you bought at $10 and you sell them at progressively higher rates (say one at a time).   You can only sell at a higher rate if there's someone who is willing to buy at a higher rate.  If nobody is willing to buy your order just sits there until someone does.

1) Don't invest in Bitcoin until you believe in the economic principals it enables.
2) Don't sell or exist Bitcoin for less than you have put in.

Follow the golden rule and you will beet that system.

With bitcoins being divisible by 8 dec and there is going to be 21 million in existence with million yet to be created and other multiple millions in trade/stored you will never be able to get enough of them to do this unless your name is Max Kieser.

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I love you

You'll have better luck trying to manipulate the market by spreading misinformation ala Nathan Rothschild after the Battle of Waterloo.

LOL, I love time travel investing schemes.  Might as well buy lottery tickets if you are going to time travel, though.  You'll get a better return, even after taxes.