Topic: "Tom Williams" likely sold the entire myBTC.com bank @ ~13 and bought back at $8 - page 2. (Read 4968 times)

I wonder how many accounts you want to sign up here, cowface1234 aka "cowface123" aka "the founder"
https://bitcointalksearch.org/topic/hacking-the-mybitcoin-node-34622

I'm glad you see this.

Oh, that's a different point entirely. All I'm saying is that if you have about 100,000 BTC and know what you're doing, you can make money by manipulating the market.

The only value of bitcoin is whatever you can convince people to pay


FTFY

Piper if that is the case... and the only value of bitcoin is whatever you can scare people into... then it deserves to die really

That's the case if you're the only one on that exchange, but if the price drop scares others into selling, you're making money.

HAHAHHA

basica laws of fluid dynamics states, when some shit does this at 14 some other shit at green is going to do this. therefore I can only speculate that 14 was indeed an inside job by not just the man himself but of the entire bitcoin community at large. however as history shows we can deduce that green will turn red and 4 will go soft, because there is an element of colorblindness in dogs.

-alex jones, the early years.

you literally thougt i meant sold them all at the exact same static price? I mentioned that doing this is what would cause the price to go down so far... my god. He used the entire range of fluctuation on the way down , either way you get the point and you still make massive returns. Just not the outright "sell everything at a static price and buy at a static price"  15.xx all the way down to 6.xx

Sold high and bought low all the way down... can it get more basic than that?

If you understood how an exchange works at all you would realize this is not possible.

As you sell from $15, the price falls and falls and falls. So basically you got $15 for 100coins, then $14 for 100 coins, then$13 for 100 coins and down and down and down to the bottom price you mention say $8

Now once you hit $8 you dont magicly have your total 40,000 coins to buy up at that price again, it works the same way back up. You pay $8 for 100 coins, you pay $9 for 100 coins, you pay$10 for 100 coins....


You dont gain much if anything at all.

Your whole idea is predicating that 40,000 coins are awaiting to be sold at $8 while the price is still much higher than that.   

You do not understand the basic exchange system.

I should have been more clear. These addresses have no sends at all in the blockchain.

One such address is 1MNTuapuSrQ5NHYK5HkFZR7E4tnE7yjVYn.

do you not understand what im saying?

he sold them and bought them back a few hours later... and then after the market crashed suddenly his site goes back online, right after the exact span of time in which the market went to its lowest points of the past 90 days

not to mention it could just be a spoof on the site.

he would have only needed to "steal" the coins for a few hours time before returning them

If that's what he did then he is acting just like a real bank.  Good for him.  He wouldn't even have to do it with ALL the bitcoins, just a decent portion of them.

Not saying that I necessarily think that is what he did do, but the hypothesis is a smart one.

He couldn't have sold the entire site's coins since I still have a few MyBitcoin addresses that have a positive balance.

Good point. It would be hilarious if that's what ends up happening.

the thing is, he didnt even have to walk away,... if you hold a giant amount of BTC like that you can just temporarily crash the market, and get back all the original bitcoins you sold and have tons of money left over... or be extra greedy and just get a ton more bitcoins. the whole thing seems so blatantly easy to do (on his part or anyone else who could potentially hold a majority of the bitcoins)

that way its not "stealing" because he has the chance to give all the original BTC back while still making bank all by making users wait a week or 2 weeks or 3 weeks.

if the site was really hacked it would have been immediately brought to everyones attention. at this point i think hes trying to cook the books and doctor log files or whatever. but imagine if everyone does get all their bitcoins back from him who file claims... if that is the case I think this is exactly what he did

or maybe het got scared about Bruce Wagner & the FBI coming to his door, and he was going to steal it all and walk away but decided "oh ill just make half as much money this way im still rich! time to make up a story"

If someone was planning on stealing it, it would be better to slowly sell them while the site was still running. You could do it until someone was taking out more than was left in the whole site. Then close up shop, announce theft, and the price drops. Using all the cash you made before the news, buy back at lower price.

As someone stated before:

1. Start a bitcoin business
2. Build rep
3. Disable all transactions
4. Claim you were hacked and walk away with the money
5. Buy some strippers and cocaine

mybitcoin.com goes down last week... everyones bitcoins go missing

next week the market tanks as massive selloff and wall orders make price go from 15 to 11...

same thing next weekend

it seems so simplistically easy to me... shut down online wallet site after massing bitcoins... shut down transfers and sell all bitcoins high... causing panic selloff to make price dip more... then buy back all the bitcoins you just sold at the new low price like 8 and then he has made potentially millions of dollars and then bought back all the bticoins he originally "stole" from mybitcoin.com users

(sell ~40,000 BTC @ between 15 and 11 $ Usd then by back those same 40,000 @ between $6-8 usd... insane

no wonder those press releases come right after the huge selloffs and market collapses... could it be any more blatant what went on? unless its a coincidence that a massive ammount of BTC went missing, then the market tanks in a mass selloff with huge walls dissappearing... and then once the market hits a low tom williams suddenly has everyones bitcoins again

go from 40k BTC to near 70k.. in a weeks time he probably had much more than 40,000k btc though

that way he gets money, and bitcoins, and then all his www.mybitcoin.com users get their bitcoins back after being pissed off for half a month, what does he care if the value went down temporarily, especially if he manipulated it?

for the record my "sell at 13 and buy at 8" could be substituted for any range of profitble swing prices, like imagine if he sold at 15 and bought at 6... nearly tripling money