Topic: The Mt. Gox Willy Bot Effect Today (Read 2025 times)
lol ... yeah ... because a billion fake dollars used to buy up all the btc possible in a 2 month period on what was the most high volume exchange at the time and at a time when every btc in existence was combined valued at roughly 1.2 billion couldn't possibly have led the price of those other exchanges ... and im not saying 0 external money was input during that time period , of course there was , but the new money on the other exchanges pales in comparison to the fake billion that gox injected during that time frame ... so in short , yes they did so dictate the price ... a lot of that money that was in existence on the other exchanges was already there and simply being transferred back and forth by people who were already day trading btc ... there quite simply was not another exchange that suddenly got that kind of capital injection ... you cannot understate the effect of a fake billion suddenly injected into the market and the effect it had on driving the price ...
Doesn't matter. I agree that a lot of people are pretty freaked out about the bot these days, because they believe the price was only a result of it, but it wasn't. It was just plain and old speculation like always. We don't need Willy to get to a new ATH!
Bitcoiners seem to think fully regulated exchanges are evil. They would much prefer unregulated anonymous exchanges in jackoffistan.
stop the rubbish, Willy was only active on Gox. And because LITTLE TO NO FIAT WAS LEAVING GOX, arbitrage was not possible and the price rise on all other exchanges, was driven by REAL EXISTING fiat.
sure, Gox prices were leading the way and indirectly drove up prices by motivating people to trade at higher prices everywhere else.
HOWEVER, the fiat used for these purchases was real, it came from real people, and still exists today, in exchanges and bank accounts. Prices can therefore go back to 1200 with this exact same liquidity.
It is a blatant lie and a myth if people say, BTC would be at $100 without the virtual Willy money
sure, Gox prices were leading the way and indirectly drove up prices by motivating people to trade at higher prices everywhere else.
HOWEVER, the fiat used for these purchases was real, it came from real people, and still exists today, in exchanges and bank accounts. Prices can therefore go back to 1200 with this exact same liquidity.
It is a blatant lie and a myth if people say, BTC would be at $100 without the virtual Willy money
YES ... folks NEED to understand this ... the willy bot almost entirely on it's own drove the price from a relatively stable +/-100 to around 1200 ... and more importantly , probably most importantly that people know about this is it was done with money that DID NOT EXIST ! ... because the willy bot account was created by the fraudulent mtgox exchange they just credited it with 1,000,000,000 of FAKE dollars ... as in fake non-existent *one billion dollars* .
This is a good summary that explains it all.
And yes, if folks could understand this, we wouldn't have those countless, useless threads in the Speculation section posted by the clueless.
YES ... folks NEED to understand this ... the willy bot almost entirely on it's own drove the price from a relatively stable +/-100 to around 1200 ... and more importantly , probably most importantly that people know about this is it was done with money that DID NOT EXIST ! ... because the willy bot account was created by the fraudulent mtgox exchange they just credited it with 1,000,000,000 of FAKE dollars ... as in fake non-existent *one billion dollars* ... then they spent about 2 months draining the earth of it's bitcoins whilst simultaneously driving the "real" price through the sky ... until their exchange ran out of actual fiat currency to cover their expenses and customer withdrawals ... then they shut down , ran off with the coins , and left everyone fucked ...
Are you looking for the total coins bought by people who speak Chinese?
Maybe you are talking about the volume on exchanges operated in China (with customers all over the world)?
No and NoMaybe you are talking about the volume on exchanges operated in China (with customers all over the world)?
Maybe you are talking about the CNY volume?
YesBecause the country of China is where they were banned. They didn't ban Chinese speaking people in USA from buying bitcoin for example, so that would be irrelevant.
There was never a ban. People were able to purchase CNY and pull them out of the ATM using a bank card in mainland China within hours during all of 2014. I'm sure you're aware of the mining situation as well.
Yeah it's bad. When I got into crypto I thought real fiat was pushing up the price to $1200. Now I wonder just how many of these bubbles have been artificially inflated with the hopes and dreams of all the later to be goxxed folks.
I feel the same... misguided bitcoin markets by manipulation. But at least the Willy bot thing is more difficult to pull off now that there are dozens of exchanges and not just a few... At least I think not...?
Yeah it's bad. When I got into crypto I thought real fiat was pushing up the price to $1200. Now I wonder just how many of these bubbles have been artificially inflated with the hopes and dreams of all the later to be goxxed folks.
RMB is Renminbi (China's currency)
So why is the percentage of RMB trades going up steadily as the price is going down? That again makes me think it's Willy bot correction.
The percentage of RMB trades would be going down most likely if China was exiting the market, not up.
That doesn't say anything regarding whether they are buying or selling. The percentage of trades may be going up while chinese people are selling, thus driving the price down.
In that case, then it does look like there is some degree of correlation between China activity and price drops. But I would bet not the majority causality point
RMB is Renminbi (China's currency)
So why is the percentage of RMB trades going up steadily as the price is going down? That again makes me think it's Willy bot correction.
The percentage of RMB trades would be going down most likely if China was exiting the market, not up.
That doesn't say anything regarding whether they are buying or selling. The percentage of trades may be going up while chinese people are selling, thus driving the price down.
Yes, except we don't know how many China actually bought yet. From that article we know they traded in the range of 100,000 btc per day, but trading is much different from outright purchases for the first time.
Don't forget arbitrage volume. MtGox by driving the price up must have created massive arbitrage opportunities so a lot of the volume on other exchanges could be abitrageurs taking advantage of the price lag to buy coins cheaper and either send them to MtGox to sell them there (a very bad idea in hindsight) or holding them to sell them back on the same exchange later after the price adjusted to close the gap with MtGox.edit: "MtGod" was a typo but I think I'll leave it
Yes, except we don't know how many China actually bought yet. From that article we know they traded in the range of 100,000 btc per day, but trading is much different from outright purchases for the first time.
Don't forget arbitrage volume. MtGox by driving the price up must have created massive arbitrage opportunities so a lot of the volume on other exchanges could be abitrageurs taking advantage of the price lag to buy coins cheaper and either send them to MtGox to sell them there (a very bad idea in hindsight) or holding them to sell them back on the same exchange later after the price adjusted to close the gap with MtGox. It was China's "ban" that caused the stopping of buying for Bitcoin from the Chinese, and what made them buy in the first place was the constant uproar in price from the willy bot's buying. I'd say the "Willy" bot contributed to most of the run up, maybe 70%-80%, and the rest was everything else(People buying from the increasing Bitcoin price, Hype, china etc)
The only way Bitcoin could ever reach $1000+ again without the help of a bot artificially inflating the price, is if it becomes widely adopted, meaning millions of people are using it. As of right now, less than 1million people on this earth is using Bitcoin. That's very very small.
The only way Bitcoin could ever reach $1000+ again without the help of a bot artificially inflating the price, is if it becomes widely adopted, meaning millions of people are using it. As of right now, less than 1million people on this earth is using Bitcoin. That's very very small.
why would they use Bitcoin?
Investment purposes. Same as anywhere else right now
It was China's "ban" that caused the stopping of buying for Bitcoin from the Chinese, and what made them buy in the first place was the constant uproar in price from the willy bot's buying. I'd say the "Willy" bot contributed to most of the run up, maybe 70%-80%, and the rest was everything else(People buying from the increasing Bitcoin price, Hype, china etc)
The only way Bitcoin could ever reach $1000+ again without the help of a bot artificially inflating the price, is if it becomes widely adopted, meaning millions of people are using it. As of right now, less than 1million people on this earth is using Bitcoin. That's very very small.
The only way Bitcoin could ever reach $1000+ again without the help of a bot artificially inflating the price, is if it becomes widely adopted, meaning millions of people are using it. As of right now, less than 1million people on this earth is using Bitcoin. That's very very small.
why would they use Bitcoin? Why would they trust fishy exchangers without address, identity, phone number? how can you trust your money in an anonymous system which is mainly used for black market and speculators?
yes, 500,000-1 MIL real Bitcoin users but the PR(propaganda) makes the people to think that there are millions over millions.
Market manipulation may be a problem for a long time.
no ... because bitcoin network have fees.
It was China's "ban" that caused the stopping of buying for Bitcoin from the Chinese, and what made them buy in the first place was the constant uproar in price from the willy bot's buying. I'd say the "Willy" bot contributed to most of the run up, maybe 70%-80%, and the rest was everything else(People buying from the increasing Bitcoin price, Hype, china etc)
The only way Bitcoin could ever reach $1000+ again without the help of a bot artificially inflating the price, is if it becomes widely adopted, meaning millions of people are using it. As of right now, less than 1million people on this earth is using Bitcoin. That's very very small.
The only way Bitcoin could ever reach $1000+ again without the help of a bot artificially inflating the price, is if it becomes widely adopted, meaning millions of people are using it. As of right now, less than 1million people on this earth is using Bitcoin. That's very very small.
This is what I think also! And you said it well.
I don't think many people see this... I am not sure why though. They're off blaming miners for selling off. Not the reason imo.
It was China's "ban" that caused the stopping of buying for Bitcoin from the Chinese, and what made them buy in the first place was the constant uproar in price from the willy bot's buying. I'd say the "Willy" bot contributed to most of the run up, maybe 70%-80%, and the rest was everything else(People buying from the increasing Bitcoin price, Hype, china etc)
The only way Bitcoin could ever reach $1000+ again without the help of a bot artificially inflating the price, is if it becomes widely adopted, meaning millions of people are using it. As of right now, less than 1million people on this earth is using Bitcoin. That's very very small.
The only way Bitcoin could ever reach $1000+ again without the help of a bot artificially inflating the price, is if it becomes widely adopted, meaning millions of people are using it. As of right now, less than 1million people on this earth is using Bitcoin. That's very very small.
China will do what Russia already did. They will ban the websites and they will ban the exchangers accounts if they are outside of China. No chinesse will be able to send money to these exchanegrs.
Simple and efficient.
NO China, no Bitcoin
Simple and efficient.
NO China, no Bitcoin
Yes this is all true, but I'm not tracking with how this is relevant to this thread.
Are you looking for the total coins bought by people who speak Chinese?
Maybe you are talking about the volume on exchanges operated in China (with customers all over the world)?
No and NoMaybe you are talking about the volume on exchanges operated in China (with customers all over the world)?
Maybe you are talking about the CNY volume?
YesBecause the country of China is where they were banned. They didn't ban Chinese speaking people in USA from buying bitcoin for example, so that would be irrelevant.
China will do what Russia already did. They will ban the websites and they will ban the exchangers accounts if they are outside of China. No chinesse will be able to send money to these exchanegrs.
Simple and efficient.
NO China, no Bitcoin
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