Topic: Causes of bitcoins 2013 boom and bust (Read 434 times)
This is just my opinion but I think we are headed to the same direction now. I based my opinion because of the current rise, im sure that there's a point where all will sell their precious bitcoin that they hold dear and because of that there will be a chain of sell until it's price goes way down.
What are the main causes of bitcoins spectacular rise and fall of Bitcoin in 2013-14. ...
A (or the) major reason for the rise was the Mt.Gox Willy bot. The following link explains more:
https://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/
Is the present pride rise more stable or are we headed for a similar crash?
Currently, I think it is more stable than in 2013-2014, but there will be a point where we reach a downturn.
But I do not think there will be a "crash". People will always cash out at some point, but 2013-2014 was really
a correction due to the willy bot inflating the price too much.
Prices are always being manipulated, even in the stock/bonds markets, so there is no doubt there is some manipulation
going on in the Bitcoin sphere as well.
If it happens back than why not this time.
Last time Mt.Gox was the only exchange that was rising and the other exchanges were attempting to keep up.
There were massive price differences between them and many people attempted to do arbitrages at that time.
Eventually the other exchanges would catch up with the Mt.Gox price, but Gox would just keep rising.
In fact, Mt. Gox was leading over all others since it was itself manipulating and raising the btc price.
This time, all exchanges are basically rising together.
Some Chinese exchanges may rise before the Western exchanges, but they are not so wide and crazy as like 2013-2014.
The whole community is rising together this time and makes me believe it is not a single point manipulation like a Mt.Gox.
As stated before, this is my opinion and is speculative.
MtGox was an insolvent exchange long before its collapse. Mark covered this, tryied to recover, made it worse and even pumped bitcoin's price in the process. He might not be directly responsible for the bubble back then, but the state of his exchange certainly helped.
http://uk.reuters.com/article/uk-bitcoin-trading-mtgox-idUKKBN0NB01120150420
http://uk.reuters.com/article/uk-bitcoin-trading-mtgox-idUKKBN0NB01120150420
the first rise at the start of 2013 was the late reaction to the last halving. when the bills started coming in after the winter "holiday period"
the rise in late 2013 was due to ASICs hitting the market in october 2013.
then there was an obsurdly large speculative rise.. that pushed the price too far..
then we had mtgox get hurt in 2014 causing the drop
the rise in late 2013 was due to ASICs hitting the market in october 2013.
then there was an obsurdly large speculative rise.. that pushed the price too far..
then we had mtgox get hurt in 2014 causing the drop
What are the main causes of bitcoins spectacular rise and fall of Bitcoin in 2013-14. ...
A (or the) major reason for the rise was the Mt.Gox Willy bot. The following link explains more:
https://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/
Is the present pride rise more stable or are we headed for a similar crash?
Currently, I think it is more stable than in 2013-2014, but there will be a point where we reach a downturn.
But I do not think there will be a "crash". People will always cash out at some point, but 2013-2014 was really
a correction due to the willy bot inflating the price too much.
Wow eye opening read. Thanks a lot. However what makes you think prices are not being manipulated this time around? If it happens back than why not this time.
What are the main causes of bitcoins spectacular rise and fall of Bitcoin in 2013-14. ...
A (or the) major reason for the rise was the Mt.Gox Willy bot. The following link explains more:
https://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/
Is the present pride rise more stable or are we headed for a similar crash?
Currently, I think it is more stable than in 2013-2014, but there will be a point where we reach a downturn.
But I do not think there will be a "crash". People will always cash out at some point, but 2013-2014 was really
a correction due to the willy bot inflating the price too much.
Gox was having some troubles but nothing really emerged until a few months after the all time high.
The plunge after the high was China, namely the government clamping down on the exchanges because it looked like people were starting to use it as a currency.
I guess after such an insane rise a big fall was inevitable anyway and China was the catalyst for both.
The Chinese government has meddled with their stock markets when they were overheating and they're fundamental to the way the whole country rolls. Why wouldn't they do the same to bitcoin? I think we'd better keep an eye out.
The plunge after the high was China, namely the government clamping down on the exchanges because it looked like people were starting to use it as a currency.
I guess after such an insane rise a big fall was inevitable anyway and China was the catalyst for both.
The Chinese government has meddled with their stock markets when they were overheating and they're fundamental to the way the whole country rolls. Why wouldn't they do the same to bitcoin? I think we'd better keep an eye out.
What are the main causes of bitcoins spectacular rise and fall of Bitcoin in 2013-14. I don't know the reasons of the rise in price but the collapse I think was caused by the collapse of mt Gox, news of China Russia and many countries trying to ban Bitcoin and many famous people claiming it's a Ponzi scheme and bubble.
Is the present pride rise more stable or are we headed for a similar crash?
Is the present pride rise more stable or are we headed for a similar crash?
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