Topic: BTCST market manipulation (Read 2202 times)
kinda interesting that this conversation happened 30 days ago! check the timestamp
I don't see how that's possible. Miners wouldn't sell below cost, and there is a minimum demand because of Silk Road.
Miners wouldn't mine and SR is through-put not input. Yeah I do think $1.00 is a bit extreme but not a steady $7.00 
But if you want to buy BTC to use on Silk Road then you would have to purchase through the Ask side of the order book, which we expect to be thin. Thus raising the price. So low prices like $1 would be inherently unstable and quickly correct (unless Bitcoin's true value was $1, which I doubt).
Then the dealer would have to sell those coins to live the life of Riley. So increasing the sell side of the order book.
I also don't know bitcoins true value tho it has been bubbling up very fast recently. This is just a slight correction by Pirates manipulation and he has manipulated the market before to lower the price recently. Maybe he has enough funds to do his own business now and is just lowering the market to buy back in to pay his depositors. Although one thing is for sure Pirate doesn't like the price continually rising fast.
I don't see how that's possible. Miners wouldn't sell below cost, and there is a minimum demand because of Silk Road.
Miners wouldn't mine and SR is through-put not input. Yeah I do think $1.00 is a bit extreme but not a steady $7.00 But if you want to buy BTC to use on Silk Road then you would have to purchase through the Ask side of the order book, which we expect to be thin. Thus raising the price. So low prices like $1 would be inherently unstable and quickly correct (unless Bitcoin's true value was $1, which I doubt).
their is nothing stop SR users to place bids and wait a little ...
i would speculate that most people that use SR also do some minimal speculation
Care to elaborate?
MTG volume is not high enough to rebuy the amount of coins required, at any price. Beyond that, not really. Read up for yourself.
We're not sure how insolvent BTCST is at this point so that's not a certainty, and the point of the bear raid is to get some volume from panic sellers.
I don't see how that's possible. Miners wouldn't sell below cost, and there is a minimum demand because of Silk Road.
Miners wouldn't mine and SR is through-put not input. Yeah I do think $1.00 is a bit extreme but not a steady $7.00 But if you want to buy BTC to use on Silk Road then you would have to purchase through the Ask side of the order book, which we expect to be thin. Thus raising the price. So low prices like $1 would be inherently unstable and quickly correct (unless Bitcoin's true value was $1, which I doubt).
Just so nobody gets confused, that irc log is a month old and not referring to today's events.
right alot has happened since then... 15$!
it should also be noted that this was RIGHT after he dumped the coins, and b4 it was quickly bought back up.
how many times to have has to say this, pirate40 is out, hes made deals people which will allow him to close up shop quickly.
please start Speculating as to what the deal is.
I don't see how that's possible. Miners wouldn't sell below cost, and there is a minimum demand because of Silk Road.
Some miners do not pay for electricity. Like me. Then you wouldn't sell below $0. But since your costs are zero you wouldn't sell down at $2 anyway.
MTG volume is not high enough to rebuy the amount of coins required, at any price. Beyond that, not really. Read up for yourself.
Just so nobody gets confused, that irc log is a month old and not referring to today's events.
Thanks, added some clarification there.
Just so nobody gets confused, that irc log is a month old and not referring to today's events.
it could still really collapse to sub $1.00 levels very easily for a long time.
I don't see how that's possible. Miners wouldn't sell below cost, and there is a minimum demand because of Silk Road.
Miners wouldn't mine and SR is through-put not input. Yeah I do think $1.00 is a bit extreme but not a steady $7.00
Doing it over the weekend would be optimal for such an operation as it would keep big buyers from wiring cash to the exchanges.
bitinstant
it could still really collapse to sub $1.00 levels very easily for a long time.
I don't see how that's possible. Miners wouldn't sell below cost, and there is a minimum demand because of Silk Road.
Some miners do not pay for electricity. Like me.
it could still really collapse to sub $1.00 levels very easily for a long time.
I don't see how that's possible. Miners wouldn't sell below cost, and there is a minimum demand because of Silk Road.
The list goes on and on, plenty of evidence that he's willing and capable of manipulating the market for his needs.
Well isn't it about time he was banned from the major exchanges. This market manipulation bullsh*t is only possibly because bitcoins market capitalisation is so small. For we all love bitcoin and >$10.00 coins sound expensive but with a market capitalisation of under $125,000,000 we should all admit we are all geeks, this is a hobby, love it too much and that it could still really collapse to sub $1.00 levels very easily for a long time. Tho I'll still be a bitcoiner
Doing it over the weekend would be optimal for such an operation as it would keep big buyers from wiring cash to the exchanges.
Hadn't factored that in, nice way to prevent the bulls from cutting you off.
Seems like that is a good guess based on the log of #bitcon irc chat
To anyone curious, this is the log he's referring to: http://pastebin.com/PthgrzDS
*Edit* The log is from last month when pirateat40 was moving the market over the course of a few hours. I consider this a precursor to the actions of today.
Relevant quotes:
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[2012-07-17 04:31:21] so, just to be clear; it was pirateat40 that caused the crash correct?
[2012-07-17 04:31:36] Probably
[2012-07-17 04:31:45] anyone here sold at 9.49?
[2012-07-17 04:31:49] t3a, i take full responsibility.
[2012-07-17 04:31:36]
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[2012-07-17 04:33:50] pirateat40 why this move? Need more capital?
[2012-07-17 04:33:51] and the price is around 6.50
[2012-07-17 04:33:55] t3a: lol
[2012-07-17 04:34:23] Blitzboom, my predictions are 1/1 tonight, I'm kindof on a streak
[2012-07-17 04:34:30] let's try it again
[2012-07-17 04:34:36] bitcointalk.org down?
[2012-07-17 04:34:37] Lepton: thats what the machine learning said. ::shrugs:: I dunno. I don't trade, I think it's silly. But I figured it would be fun to try being the daily high. Didn't quite make it. 
[2012-07-17 04:34:37] https://glbse.com/asset/view/USD
[2012-07-17 04:34:46] ErebusBat, this was kind of like a training simulation.
[2012-07-17 04:35:05] ErebusBat, it will all make sense soon enough.
[2012-07-17 04:33:51]
[2012-07-17 04:33:55]
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[2012-07-17 04:35:05]
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[2012-07-17 04:55:08] pirateat40, could you stop another "rally" if one were to ignite right now and buy up above $10?
[2012-07-17 04:55:30] EmanuelDeOrtego, very nice
[2012-07-17 04:55:55] btw
[2012-07-17 04:56:03] the $8.0 wall is down to 690btc
[2012-07-17 04:56:05] proudhon, i could take use to 1.80 if i needed to.
[2012-07-17 04:55:30]
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[2012-07-17 04:58:48] There is no point in the last 7 months that I've not been in control of the market.
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[2012-07-17 05:00:13] Pirateat40 is really our creation - that is, the creation of everyone who gave him bitcoins.
[2012-07-17 05:00:13] gmaxwell: 900
[2012-07-17 05:00:28] !ticker
[2012-07-17 05:00:30] well you're doing a great job inspiring confidence.. small time
[2012-07-17 05:00:44] Error: Failure to retrieve ticker. Try again later.
[2012-07-17 05:00:45] proudhon, exactly, I couldn't do this without my lenders.
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The list goes on and on, plenty of evidence that he's willing and capable of manipulating the market for his needs.
Doing it over the weekend would be optimal for such an operation as it would keep big buyers from wiring cash to the exchanges.
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