Do the Banks manipulate Bitcoin? | Bitcointalksearch.org

zkay

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Quote from: yokosan on March 16, 2013, 09:05:58 AM

This is true. As long as money is to be made it will always be true. It is going to get worse and there is nothing we can do about it.

The advent of Coinlab spells doom for the current incarnation of Bitcoin.

All you can do to protect yourself is get ready to pull out before it is too late.

Remember gentlemen, don't put more money in than you can afford to lose. The next 2 weeks are going to be the bumpiest ride in Bitcoins history.

I can tell you this: When it happens it will be fast. Most will only learn of it after the fact. Those lucky few online when mtgoxlive goes berserk will be able to make a tidy profit before the inevitable collapse below $5.

Mark my words. Soon the 2011 crash will look like a walk in the park.

Can you clarify or expand on that? Are you holding anything on the exchange currently, either USD or BTC?

CurbsideProphet

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Quote from: justusranvier on March 14, 2013, 05:20:55 PM

Quote from: Odalv on March 14, 2013, 05:12:52 PM

Bank can go short when have Bitcoin, If you have no Bitcoin then you cannot selll Bitcoin under market price.

Not quite true. For example, all Mt Gox trades take place within their internal database. It is theoretically possible for them to allow a customer to sell bitcoins they don't actually have. The scam could be covered up for a long time unless their customers regularly withdraw their entire Bitcoin balance. If everybody demanded their Bitcoins at the same time it would quickly become apparent if they had sold more bitcoins than they actually had, and the scheme would unravel very quickly.

Note that if you have a large BTC balance at Mt Gox you aren't allowed to withdraw it all at once, which is a very good reason to keep your bitcoins in your own wallet instead of theirs.

This is a very good and concerning point. I wonder if MtGox has ever had their Bitcoin balance subject to audit or have a clause in their TOS that they will keep a 100% reserve. I doubt it. I think I will bring this up in the Coinlab thread.

niko

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There is more to Bitcoin than bitcoins.

Quote from: peepee on March 16, 2013, 10:07:03 AM

http://knowyourmeme.com/memes/navy-seal-copypasta

Shit. I'm getting old, and I'm deleting my post.

peepee

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Quote from: ?? on ??

Quote from: peepee on March 16, 2013, 09:47:29 AM

Quote from: peepee on March 16, 2013, 09:43:07 AM

Quote from: ?? on ??

Quote from: peepee on March 16, 2013, 09:39:25 AM

Quote from: yokosan on March 16, 2013, 09:05:58 AM

Mark my words. Soon the 2011 crash will look like a walk in the park.

No.

Who are you again?

I’ll have you know I graduated top of my class in the Navy Seals, and I’ve been involved in numerous secret raids on Al-Quaeda, and I have over 300 confirmed kills.

I am trained in gorilla warfare and I’m the top sniper in the entire US armed forces. You are nothing to me but just another target. I will wipe you the fuck out with precision the likes of which has never been seen before on this Earth, mark my fucking words. You think you can get away with saying that shit to me over the Internet? Think again, fucker.

As we speak I am contacting my secret network of spies across the USA and your IP is being traced right now so you better prepare for the storm, maggot. The storm that wipes out the pathetic little thing you call your life. You’re fucking dead, kid.

I can be anywhere, anytime, and I can kill you in over seven hundred ways, and that’s just with my bare hands. Not only am I extensively trained in unarmed combat, but I have access to the entire arsenal of the United States Marine Corps and I will use it to its full extent to wipe your miserable ass off the face of the continent, you little shit.

If only you could have known what unholy retribution your little “clever” comment was about to bring down upon you, maybe you would have held your fucking tongue. But you couldn’t, you didn’t, and now you’re paying the price, you goddamn idiot. I will shit fury all over you and you will drown in it. You’re fucking dead, kiddo.

Old meme is old.

Next.

Good job deleting your dumbass post. Roll Eyes

Good job preserving it!
@Yokosan, would you please elaborate? Your post is quite impressive.

http://knowyourmeme.com/memes/navy-seal-copypasta

peepee

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Quote from: peepee on March 16, 2013, 09:43:07 AM

Quote from: ?? on ??

Quote from: peepee on March 16, 2013, 09:39:25 AM

Quote from: yokosan on March 16, 2013, 09:05:58 AM

Mark my words. Soon the 2011 crash will look like a walk in the park.

No.

Who are you again?

I’ll have you know I graduated top of my class in the Navy Seals, and I’ve been involved in numerous secret raids on Al-Quaeda, and I have over 300 confirmed kills.

I am trained in gorilla warfare and I’m the top sniper in the entire US armed forces. You are nothing to me but just another target. I will wipe you the fuck out with precision the likes of which has never been seen before on this Earth, mark my fucking words. You think you can get away with saying that shit to me over the Internet? Think again, fucker.

As we speak I am contacting my secret network of spies across the USA and your IP is being traced right now so you better prepare for the storm, maggot. The storm that wipes out the pathetic little thing you call your life. You’re fucking dead, kid.

I can be anywhere, anytime, and I can kill you in over seven hundred ways, and that’s just with my bare hands. Not only am I extensively trained in unarmed combat, but I have access to the entire arsenal of the United States Marine Corps and I will use it to its full extent to wipe your miserable ass off the face of the continent, you little shit.

If only you could have known what unholy retribution your little “clever” comment was about to bring down upon you, maybe you would have held your fucking tongue. But you couldn’t, you didn’t, and now you’re paying the price, you goddamn idiot. I will shit fury all over you and you will drown in it. You’re fucking dead, kiddo.

Old meme is old.

Next.

Good job deleting your dumbass post. Roll Eyes

peepee

full member

Activity: 185

Merit: 100

Quote from: ?? on ??

Quote from: peepee on March 16, 2013, 09:39:25 AM

Quote from: yokosan on March 16, 2013, 09:05:58 AM

Mark my words. Soon the 2011 crash will look like a walk in the park.

No.

Who are you again?

I’ll have you know I graduated top of my class in the Navy Seals, and I’ve been involved in numerous secret raids on Al-Quaeda, and I have over 300 confirmed kills.

I am trained in gorilla warfare and I’m the top sniper in the entire US armed forces. You are nothing to me but just another target. I will wipe you the fuck out with precision the likes of which has never been seen before on this Earth, mark my fucking words. You think you can get away with saying that shit to me over the Internet? Think again, fucker.

As we speak I am contacting my secret network of spies across the USA and your IP is being traced right now so you better prepare for the storm, maggot. The storm that wipes out the pathetic little thing you call your life. You’re fucking dead, kid.

I can be anywhere, anytime, and I can kill you in over seven hundred ways, and that’s just with my bare hands. Not only am I extensively trained in unarmed combat, but I have access to the entire arsenal of the United States Marine Corps and I will use it to its full extent to wipe your miserable ass off the face of the continent, you little shit.

If only you could have known what unholy retribution your little “clever” comment was about to bring down upon you, maybe you would have held your fucking tongue. But you couldn’t, you didn’t, and now you’re paying the price, you goddamn idiot. I will shit fury all over you and you will drown in it. You’re fucking dead, kiddo.

Old meme is old.

Next.

peepee

full member

Activity: 185

Merit: 100

Quote from: yokosan on March 16, 2013, 09:05:58 AM

Mark my words. Soon the 2011 crash will look like a walk in the park.

No.

Who are you again?

yokosan

hero member

Activity: 700

Merit: 500

This is true. As long as money is to be made it will always be true. It is going to get worse and there is nothing we can do about it.

The advent of Coinlab spells doom for the current incarnation of Bitcoin.

All you can do to protect yourself is get ready to pull out before it is too late.

Remember gentlemen, don't put more money in than you can afford to lose. The next 2 weeks are going to be the bumpiest ride in Bitcoins history.

I can tell you this: When it happens it will be fast. Most will only learn of it after the fact. Those lucky few online when mtgoxlive goes berserk will be able to make a tidy profit before the inevitable collapse below $5.

Mark my words. Soon the 2011 crash will look like a walk in the park.

silverfuture

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central banking = outdated protocol

bitcoin makes it possible to support (or not) the gang of your choice. Your vote doesn't matter...your dollar does.

Qoheleth

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Spurn wild goose chases. Seek that which endures.

Quote from: losangeles on March 15, 2013, 05:57:22 PM

Similarly, I wonder if people making a profit from investing in bitcoin are liable for capital gains tax, and if so, how many people would actually report it.

Kind of off-topic to the issue of banks, but it's another legal concern for the bitcoin economy.

Everything I've read seems to indicate that trading in bitcoins works just the same as trading for barter, tax-wise. That is, when you get income in BTC, you report it as income worth what the bitcoins were worth when you got them, and then when you spend/sell the BTC, you report the capital gain/loss.

I'm doing my US taxes right now, and I'm trying to report everything in a forthright way. But it's a lot of busywork.

losangeles

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Quote from: klee on March 15, 2013, 10:09:29 AM

Quote from: zebedee on March 15, 2013, 09:56:34 AM

Quote from: klee on March 14, 2013, 05:33:07 PM

If a bank wants to buy/sell/short (or whatever) bitcoins, how is it gonna justify these transactions to the regulators?

Beyond miners, bitcoin doesn't have regulators.

What do they need to justify and why?

Cool isn't it?

Damn English! Tongue

I mean banks trying to hide 'money laundering' actions from the government and the like (tax offices). I know this is ridiculous to say though (banks being actually the government)!

For the record, your English is flawless. And yeah I was just thinking today about the anti-money laundering regulations that some exchanges have, just like banks. Similarly, I wonder if people making a profit from investing in bitcoin are liable for capital gains tax, and if so, how many people would actually report it.

Kind of off-topic to the issue of banks, but it's another legal concern for the bitcoin economy.

afbitcoins

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Quote from: HBBZ on March 15, 2013, 08:29:07 AM

Quote from: afbitcoins on March 15, 2013, 07:14:26 AM

I don't trust my bitcoins with any third party, learned my lesson with bitcoinica.

MMM，i'm taking my coins at mtgox back to my local wallet now. Thanks for the risk alert. Shocked

I think you've made the right choice, its not quite as convineint if you want to sell them as you'd have to deposit them back with the exchange but the tradeoff in peace of mind is worth it.

As long as you trust yourself you look after them Cheesy

RodeoX

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The revolution will be monetized!

if/WHEN banks get involved, they will eat most of us alive. Banks are not going to act irrationally the way many peers do. They don't care about politics and are not going to fall for FUD. They do the math and that is why they are going to beat the pants off a typical bitcoiner.

klee

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Quote from: zebedee on March 15, 2013, 09:56:34 AM

Quote from: klee on March 14, 2013, 05:33:07 PM

If a bank wants to buy/sell/short (or whatever) bitcoins, how is it gonna justify these transactions to the regulators?

Beyond miners, bitcoin doesn't have regulators.

What do they need to justify and why?

Cool isn't it?

Damn English! Tongue

I mean banks trying to hide 'money laundering' actions from the government and the like (tax offices). I know this is ridiculous to say though (banks being actually the government)!

justusranvier

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Quote from: malevolent on March 15, 2013, 10:01:35 AM

I doubt it. Then they would suddenly ask everyone to send them all of the documents that are always necessary when the system flags an account as potentially criminal or if someone wants a higher withdraw limit. During the time they could claim to be 'processing' the documents they could buy back enough bitcoins for people to withdraw. They would pay less because after driving the price down they would be able to buy them cheaper.

An excellent reason not to keep bitcoins parked at an exchange.

malevolent

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Quote from: justusranvier on March 14, 2013, 05:20:55 PM

Quote from: Odalv on March 14, 2013, 05:12:52 PM

Bank can go short when have Bitcoin, If you have no Bitcoin then you cannot selll Bitcoin under market price.

Not quite true. For example, all Mt Gox trades take place within their internal database. It is theoretically possible for them to allow a customer to sell bitcoins they don't actually have. The scam could be covered up for a long time unless their customers regularly withdraw their entire Bitcoin balance.

If everybody demanded their Bitcoins at the same time it would quickly become apparent if they had sold more bitcoins than they actually had, and the scheme would unravel very quickly.

I doubt it. Then they would suddenly ask everyone to send them all of the documents that are always necessary when the system flags an account as potentially criminal or if someone wants a higher withdraw limit. During the time they could claim to be 'processing' the documents they could buy back enough bitcoins for people to withdraw. They would pay less because after driving the price down they would be able to buy them cheaper.

zebedee

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Quote from: klee on March 14, 2013, 05:33:07 PM

If a bank wants to buy/sell/short (or whatever) bitcoins, how is it gonna justify these transactions to the regulators?

Beyond miners, bitcoin doesn't have regulators.

What do they need to justify and why?

Cool isn't it?

oakpacific

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Maybe after the price crash several times, yet fully recovers each time, there will be slightly more people willing to admit that people are buying bitcoins because they are useful, not that they want to profit from a pyramid scheme? Roll Eyes

granolageek

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Quote from: Bitcoinpro on March 15, 2013, 08:36:34 AM

the banks manipulation of bitcoin makes the manipulation of gold and silver look like NOTHING

Alternatively, one can move Bitcoin by dollars with 1/10 the ~~money~~ fiat it takes to move gold or silver by cents.

Bitcoinpro

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the banks manipulation of bitcoin makes the manipulation of gold and silver look like NOTHING

Topic: Do the Banks manipulate Bitcoin? (Read 2235 times)