Topic: The Mt. Gox Willy Bot Effect Today - page 2. (Read 2025 times)

No and No

Yes

Because 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.

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.


source:

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)?  Maybe you are talking about the CNY volume?  

Mastermind:

Lmao. This got me laughing pretty good. This would make a great movie cover or something.

Yes, that's it. Thanks!

650,000 btc!

Doesn't that sheer quantity of manipulated BTC point to the most obvious cause for the past 12 months of price decline (aka correction)?


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.

Still need an accurate China purchase total for the time period. That may be an unrealistic request.

I think that even without the China buying figures, the 650,000 btc figure above from Willy is enough of a chunk of bitcoin to be the major cause.

Market manipulation may be a problem for a long time. There are laws and regulations about the topic, but enforcing them may be quite the tricky issue.

Probably this: http://www.coindesk.com/missing-mt-gox-bitcoins-inside-job-japanese-police/

I think this is what you're looking for: http://www.theguardian.com/technology/2014/may/29/bitcoin-bots-bought-millions-in-the-last-days-of-mt-gox

http://www.economist.com/news/finance-and-economics/21600736-chinese-regulators-make-life-hard-crypto-currencies-dream-dispelled

If half of all Bitcoin bought during that period were purchased by China then the balance were from the rest of the world.

Edit: Here's one more http://www.uscc.gov/sites/default/files/Research/USCC%20Economic%20Issue%20Brief%20-%20Bitcoin%20-%2005%2012%2014.pdf

I wasen't here or anything close to Bitcoin community before
but what makes you guys think that what happened to Mt gox is made up and they never got hacked  for real ?

Do you think the effect of Mark Karpeles' "Willy" buying bot is the main reason for the price correction we've been seeing over the past year?

Sometimes I hear people's guess that the price decline is because "all the miners are selling their mined bitcoins" which is causing the price to drop. But I don't think that's the significant cause of the past year's price decline. Miners have always been able to sell their coins to recoup their costs as needed. This was not a new element.

The new elements we had were two things: A.) China buying into BTC majorly and B.) this Willy Bot buying it up and artificially inflating the value per BTC.

Remember, there was only 1 major exchange at the time, Mt Gox, and Mark Karpeles (using the Willy bot) basically artificially controlled the price of Bitcoin. (Thank god there are many more exchanges now. Mt Gox goes to show what a monopoly on exhanges can do)

It would be very useful information if someone knew: 1.) how many BTC the Willy Bot bought, 2.) how much was bought by China, and 3.) how much was bought by other countries combined. Then we could make a % pie chart to see the effect of each category.

If we had that information, we could see just how much of a percentage the Willy bot might have had on the market value of Bitcoin versus the other two reasons (China, and other countries' normal purchasing).

I personally suspect Willy Bot was the major cause, and we are STILL feeling the aftereffects. But would love to be wrong because it makes me mad to think Mark not only stole people's money but also was the major reason for the market devaluation over the past year.

So in a way, Mark had a negative effect on almost every BTC buyer even if they didn't have coins on Gox which were lost, because people have been buying into an artificially inflated bitcoin price which is still correcting itself.

Does anyone have any of the above specifics/statistics (the ones marked in color), especially of what the Willy Bot did?