aren't markets supposed raise prices up to the point where there are no buyers?
there is not such thing as intrinsic value in a bitcoin, so if someone is willing to pay for it - that is what it is worth. It's impossible to "scam" someone buy simply raising the price...
i'm pretty confused as to why that email is controversial. I'd expect that to happen...
man, my brain is hurt - I can't figure out what the scam is and why someone would be annoyed by that email
edit: I must confess, I change the value of bitcon every day by hand as well by changing my ask and offer prices on futures and coin exchanges. I also change the value of IBM and Apple the same way on stock exchanges by changing my offer and ask bids...
Topic: look what i've just found out... (Read 2976 times)
YAWN....ok look your right...its all a scam, I wlll give you 1 cent each for all of you bit coins you have lost faith in....hm whats that...nah didn't think so
is it true? im starting to doubt now...
full article here:
http://nerdr.com/bitcoin-exchange-scam-bitcoins-are-worthless/
Quote
“Hi Nerdr, I could not find an email address to contact you and have some information for you.
Let me first say who this message is from. I own and run a Bitcoin trading exchange. Here many users buy Bitcoins and sell Bitcoins for dollars. As you know it has been a great time for Bitcoin trading with a large rise in value over a very short period of time.
First I started like the others. I wanted to trade the bitcoins for the dollars on the Bitcoin forum like others. Then I started my own Bitcoin website to do this. Some people from the Bitcoin forum used it and were happy. Some told their friends and so on and so on. It grew like a mushroom. I want to say again, first it was all good and clean, no mess, very honest.
Then I had my big idea. I wanted to make more money. The number on the exchange. A number. I could change it in the programming. Not too much, because their are other exchanges to balance, but a little would be okay to do. So I did it. I increased the Bitcoin value a little. Say from $1 to $1.05. No one noticed and many were happy to see it go up. I was making people happy and the forum enjoyed the fun times with many dreaming big money! haha.
Now I change the Bitcoin price by hand nearly everyday now. I increase the number and more people give me money. Sometimes I let the files do this. It is a miracle like I have a bank haha. I give them numbers and they give me money. I thank god everyday.
They are greedy. I don’t care if I cheated them. I wonder is it bad? I have a nice life now and will marry soon. We will buy our first house soon with my Bitcoi money the greedy have gave me.
I am blessed to be alive.”
[/i]Let me first say who this message is from. I own and run a Bitcoin trading exchange. Here many users buy Bitcoins and sell Bitcoins for dollars. As you know it has been a great time for Bitcoin trading with a large rise in value over a very short period of time.
First I started like the others. I wanted to trade the bitcoins for the dollars on the Bitcoin forum like others. Then I started my own Bitcoin website to do this. Some people from the Bitcoin forum used it and were happy. Some told their friends and so on and so on. It grew like a mushroom. I want to say again, first it was all good and clean, no mess, very honest.
Then I had my big idea. I wanted to make more money. The number on the exchange. A number. I could change it in the programming. Not too much, because their are other exchanges to balance, but a little would be okay to do. So I did it. I increased the Bitcoin value a little. Say from $1 to $1.05. No one noticed and many were happy to see it go up. I was making people happy and the forum enjoyed the fun times with many dreaming big money! haha.
Now I change the Bitcoin price by hand nearly everyday now. I increase the number and more people give me money. Sometimes I let the files do this. It is a miracle like I have a bank haha. I give them numbers and they give me money. I thank god everyday.
They are greedy. I don’t care if I cheated them. I wonder is it bad? I have a nice life now and will marry soon. We will buy our first house soon with my Bitcoi money the greedy have gave me.
I am blessed to be alive.”
full article here:
http://nerdr.com/bitcoin-exchange-scam-bitcoins-are-worthless/
Oh, so why did the price fall then? Why did he suddenly reduce the number from $266 to $50, and get it to stay low for a week? Not to say the "cooldown" at $120.....
And do you honestly think this guy, with a registered company and so much money, and so many people knowing him, can get away so easily?
And why in the hell, would he try to tell all of this to this "Nerdr"? Since there are only a few exchanges in the world it would be very easy to catch him, is he just getting bored with too much money, and want to try out a different lifestyle, like, in jail?
You're either very naive or....
And do you honestly think this guy, with a registered company and so much money, and so many people knowing him, can get away so easily?
And why in the hell, would he try to tell all of this to this "Nerdr"? Since there are only a few exchanges in the world it would be very easy to catch him, is he just getting bored with too much money, and want to try out a different lifestyle, like, in jail?
You're either very naive or....
Scam or not, if people are willing to pay an amount for Bitcoin they aren't worthless regardless of whether the purchase was based of the false pretense of a listed price.
and some people here don't want to "accept the Fact" that they have been tricked...
The only way what he claims can trick people is if they don't bother looking at any other exchange prices (such as at MtGox or bitcoincharts.com), and only buy all his coins from him. If they do (as I bet most people buying bitcoin do), then they would have just thought his price was too expensive, and bought elsewhere. Or worse, the sellers would have thought his buying price was better, and sold him all their bitcoins instead of to exchanges, in effect making HIM pay more money for their coins. It's pretty stupid over all. Especially considering that MtGox has typically been the price setter, and that other exchanges (much more prominent than his I'm sure) have also had typically higher prices, yet had no effect on the overall bitcoin price.
Scam or not, if people are willing to pay an amount for Bitcoin they aren't worthless regardless of whether the purchase was based of the false pretense of a listed price.
and some people here don't want to "accept the Fact" that they have been tricked...
Scam or not, if people are willing to pay an amount for Bitcoin they aren't worthless regardless of whether the purchase was based of the false pretense of a listed price.
We'll how come no ones started collaborating to make a p2p exchange?
Have you read any other threads on this forum
So, the guy "scammed" people by paying them 5% over spot price for their coins, and became rich by doing that? That's hilarious!
Mt.gox playing with us damn it 
Laugh all you want I apparently have a large sum of money waiting for me in a bank overseas and right now a lawyer is wiring the money to me (millions of dollars) and all I had to do was claim the money and send him a few measly thousand usd to cover the transfer
hahahah - Im rich
hahahah - Im rich
When the funds arrive, maybe you'd care to invest in some shares I have in the Sydney Harbour Bridge, ( cheap)
Laugh all you want I apparently have a large sum of money waiting for me in a bank overseas and right now a lawyer is wiring the money to me (millions of dollars) and all I had to do was claim the money and send him a few measly thousand usd to cover the transfer
hahahah - Im rich
hahahah - Im rich
I have this sense of deja vu here... Did this mail make the rounds some time ago?
We'll how come no ones started collaborating to make a p2p exchange?
If people are paranoid about the lack of transparency then there is no other choice.
time to vote by creating the change you wish to see in the world.
If people are paranoid about the lack of transparency then there is no other choice.
time to vote by creating the change you wish to see in the world.
I got the same email, except the one I got started;
"Hey Faggots,
My name is John, and I hate every single one of you..."
"Hey Faggots,
My name is John, and I hate every single one of you..."
Whilst I don't think the post is true, I think there's a huge element of truth to this.
The simple fact is that money is flowing into BTC because it's going up in value and there's a good argument about why that'll continue. That itself helps propogate the assumption into reality, like a ponzi but without the malicious intent.
It's certainly not going into BTC to be used for spending, since there's little that can be bought in BTC or any reason why most stuff would be bought in BTC rather than Fiat. The biggest single definable advantage of BTC over Fiat is its ability to transfer globally without cost at high speed, yet this is the aspect of BTC that is being used the least.
So he inflated the prices people were willing to pay?
Unless people never take out their money, you have to pay that extra $0.05 you know.
This article is so poorly written... it's like someone who is mathematically illiterate tried to get people to think the exchanges were ripping them off, but he couldn't even come up with a plan that would work.
Unless people never take out their money, you have to pay that extra $0.05 you know.
This article is so poorly written... it's like someone who is mathematically illiterate tried to get people to think the exchanges were ripping them off, but he couldn't even come up with a plan that would work.
Now we can stop paying the hundreds of people to make forum posts.
He found out.
He found out.
Oh my god. You discovered the big secret.
It's over guys.
The cat is out of the bag.
It's over guys.
The cat is out of the bag.
sounds exactly like how LIBOR works ... from the sworn testimony of the banksters involved, just a little bit here and there, noone will notice and it is only a multi-trillion dollar market. 
The price of a single bitcoin is determined by a number of various exchanges based on supply and demand. Market manipulation by an exchange is possible, although extremely unlikely to be successful on a large scale. Trades are public, for instance.
Also, the total value of the whole Bitcoin network could easily be around $100bn anyway, so what's the big deal?
Also, the total value of the whole Bitcoin network could easily be around $100bn anyway, so what's the big deal?
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