Topic: Those that dream of $1200/bitcoin can thank this man. (Read 2568 times)

i though the same thing, he is copy pasting bullshit that can not be seen as a good metric ever, and he wants to pass that as a good source to know about the right % of the lost coins, which at present is impossible to determine no matter what method you use

he seems to not understand this and he call the other ignorant, how hilarious..

Yeah, and 80% of all quoted statistics are made up. Care to show your work?

edit: reading downthread, I see that showing your work seems to consist of quoting some not-very-credible anecdotes from the popular press.

Interested no longer. Carry on.

Yeah moving funds around mostly takes too long.. Before you can acces them again and stuff. On top of that, you have your withdrawel fees that hurt your profit.

that difference in price was only there for a very short time. no chance for traders on other exchanges to benefit from the crazy difference.

Really?? ..

recently Chinese bitcoin exchanges were like 30--60$ usd higher than the USD exchanges ... pretty crazy case of arbitrage there =]  (cny exchanges were $350 usd and  ... usd exchanges were $290-$300 per bitcoin)

I think we must forget about price back to 1200 it's time for wake up from your dream. Bitcoin is never again reach to $1200

I never see range price too deep like that, the best range is $5-$7 at different exchanges

There were and still are MULTIPLE bots on the exchanges til this day...

on bitstamp/bitfinex you'll see 50 btc blocks of bid orders being added and removed every few seconds blinking in and out of price ranges ...

sidenote: review the links about mtgox trade forensic analysis of it ...

Also at the time bitstamp and btce were playing "catch up" to mtgox's higher pricing ... which is why they had a higher percentage of the "market volume" because of manipulation and pooling of users ...

additional note: when you see one price on exchange A at $300 and on  exchange B at $270 ... of course you would want to buy the bitcoins at EXCHANGE B for $270 and sell it higher at EXCHANGE A for $300 so that's how prices are influenced at different exchanges ...

Additional side note: It's called an arbitrage equilibrium... where when supply on one route is listed at a lesser price and the demand on another route has a higher listed price meaning  those prices have to meet at some point "catching up" to the appropriate levels...

ALSO to roadbits  since you had asked the question of "how it could really single-handedly... incite a bubble at '2-3' other similarly sized exchanges" ... well now you know and since you failed to understand that prior you must be one of those that are unacknowledged of actual financial assets =/

please take that time to actually learn about the validity of an asset etc..

a bot that was a small percentage of MtGox's volume, could really single-handedly incite an entire bubble when there were at least 2 or 3 other similarly sized exchanges?

I think you misunderstood the meaning of my words , .... and there were days during the pump and manipulation where MTGOX's market volume was above 70% and take the time to look at historical data of exchange volumes....

I show you that mtgox was less than 50% of trading volume before the chinese came and took a huge percentage.

You reply with a chart from 2 years prior to the events we are talking about, followed by some hand waving.

Citation still needed.

Wait, your therealistmassiah1? Then who is therealistmassiah? 

Won't the real therealistmassiah please stand up. 

https://i.imgur.com/Yw81i.png

The historical data for mtgox has been archived somewhere but here is a chart of the volume data ...

and the 70-80% market share was active during the death spiral of MTGox itself ... after "withdrawls" were being held was when they saw the most drastic changes in their daily volume and epople started switching over immediately... but some didn't as other exchanges had lower volume , liquidity , and prices...


Additional source on the manipulation http://bitcoin.stamen.com/

MassiahofRealist: Citation needed for "at least 70-80%"


Chinese trading volume only went up from here, so...

To Foxbitcoin Sigh.... its the mass's and mass's of people like you that are uneducated and unwilling to do the research that makes the  understanding of bitcoin really difficult ...

Like the blind leading the blind (uneducated leading the uneducated) ... leads to more misunderstandings..

.... here are a few articles on the topic of WILLY BOT and other manipulation trades ....

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/

http://www.coindesk.com/bot-named-willy-did-mt-goxs-automated-trading-pump-bitcoin-price/


Sidenote: take the time to actually learn more about the reason why bitcoin reached 1200$/btc in the first place and the realization that bitcoin is a contract(commodity) / non tangible asset account which is used to transact between the exchange of a good and currency not currency itself ... look through my past posts to read more into it...

Addition: to Cconvert2G36 , in some part yes it did bring in the "lemmings" that decide to jump off the cliff with the crowd fueled "hype" towards $1200 ... but it was mostly due in part to WILLY BOT and other manipulation

since there was approximately addition of thousands of "investors" that poured in their money into bitcoin.

Addition: to gentlemand You are correct Mtgox WAS THE BIGGEST player... by a FAR FAR FAR MARGIN ... at the time they had a market grasp of atleast 70-80% at the time of the markets volume of trades if not even more at the hype due to "willy bot and manipulated trades"

It didn't have to be solely responsible, it simply needed to tip the balance of supply & demand in the northward direction. Euphoria, greed, and fresh chinese gamblers do the rest.  

Lots of elements were culpable in the rises but it's hard to deny that Gox would've been a major player, especially April 2013 when it was still the biggest game in town by a mile.

As for November I'm sure it added plenty of fire but China certainly stoked it and then human nature carried the torch to infinity.

Anyway I'll see if I can sell some old crap on Ebay and buy a coin off someone for $1200 in public just for a sniff of the good old times.

There are a ton of speculative theories on Willy's purpose, but it's basically impossible to know ,even if there was a bot, it's highly unlikely that it was solely responsible for the rise in price.

Mickeyb, did you just read the first post and decide to yourself that... that post was the best to fit your brain's directive thinking and should be the basis for your response??

and then to comment with something that doesn't make any sense to his post of "1 million doesnt equate to 10-1200 2013"

I did clarify on the basics of Mark Karpeles changing the accounting in the system to generate additional PHANTOM assets by adding a few 0's to the end of an account and in doing so he created $1,000,000+ in extra phantom assets... also including the fact of WILLY BOT...

Exactly, these are just haters that cheer up every bad news about Bitcoin in the press, etc. They are not realizing that this is actually good for Bitcoin, this arrest. You need to clean up your yard before you start looking forward and this is exactly what is been done at the moment.

Bitcoin will be just fine, don't you people worry!

https://i.imgur.com/PZljCvE.png
^^^^^^^Addition: Knowing how lazy many of you are to read the article here is one of the many charts.

AMPH, You litterally didn't even read through the ARTICLE ....

How I can tell ...
because if you did then you can tell that by using statistics and date/data analysis of wallets and "inactive vs active accounts" using a regression charts back to 2010 and before then ... and from there you can extrapolate from that data... if you had any brains to understand metrics and data you would be able to understand the concept. But I can tell that from your past post that you are full bullish for bitcoin and have this cover of wool over your eyes to shield it from anything that you don't want to accept... but it all basically comes down to the numbers ... also in the articles the engineer basically points out those facts for you and accounting for cold storage and coin washing ... etc

TO MIRACAL What will be the incentive for miners within the next 5-10 years as the halvings and difficulty gets higher?? and then what happens when the rewards gets to 6btc or even 1 btc or less?? who would be paying those cost for the miners? Also I am sure you have heard of the quote "The future of money is not bitcoin and the future of bitcoin is not money" and bitcoin is not money in fact(look up my previous post I have several covering that topic) ... also  the infrastructure for bitcoin , even though its "decentralized" runs into exchanges and miner guilds in order to keep it running what happens when ONE or even BOTH fails?!?! what then?? And currently only 250,000 active bitcoin users with a wallet of 1.5 bitcoins or more... so purely all that exchange of bitcoin on the exchanges for those prices are ... well you guessed it! manipulated by the short flow of bitcoins in the exchange!

side note: Amph you should really  read those articles because you sound ignorant when responding without even reading or having the prior knowledge of the articles when commenting....