Author

Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33005. (Read 26466716 times)

legendary
Activity: 1148
Merit: 1018

I'll go for *potentially* game changing.

I dream of a hardware miner/wallet that you'd use as your home ATM...plug and play, secure.

That's a pretty cool idea.  However, that assumes that what is being kept secure, is still valuable.  With this manipulation and no safeguards in place any big money player can destroy Bitcoin.  I didn't realize that before, but now it is blatantly clear.  Let's use any government that has $1 billion to spare.

They could build massive mining rigs and with the rest, purchase BTC slowly.  It wouldn't take long before they would control enough BTC to just continually smash the markets with wave after wave of coordinated "dump attacks".  All confidence would be would be lost.  Current investors would flee into other currencies and investments.  Potential investors would stay away from a corrupt and manipulated currency.  It's actually a better Achilles heel than any regulation could dream of having.  

So in the end, Bitcoin's greatest weakness, is it's very own principles of non-regulation.  The irony is quite amusing.

Worst. Attack. Idea. Ever.

The attacker would be dumping free money until he/she runs out and then the system would continue to run as usual.

Indeed they are free to donate their money to the market. Then again, it isn't really their money to begin with is it?

BTC is so tiny that the FED could just buy enough BTC to make it skyrocket in en epic pump, then crash it to single digits, creating a few notable fortunes and ruining millions of people on the way. Burning people with BTC seems indeed more effective than simply banning it.

Still, they would be burning piles of money, this is an expensive stunt to perform, "affordable" only by an economic super-power willing to virtually destroy money to try to get rid of Bitcoin. BTC is still too small to deserve such kind of attention, if they decide to play the pump&dump game they really need to go till the end, waking up the sleeping monster Cheesy

In a few years, not even the FED may afford such kind of attack. And if they do, it will be a hell of a ride and nice fight. Keep'em coming.
legendary
Activity: 1372
Merit: 1000
The big speculators are easy to beat. Just don't play their game.

BUY??? SELL???

Huh Huh Huh

Hold. And/or just buy what you need, when you need it.
^ This
legendary
Activity: 1904
Merit: 1037
Trusted Bitcoiner
bids filling in, asks being eaten away.

Are you all in yet?
my bids have almost no chance of being filled, so I'm panic buying at 111 like everyone else....
sr. member
Activity: 420
Merit: 250
We're already past the point where half of the coins are in circulation. But think about the bold bit of your quote. You are suggesting they could kill bitcoins by giving to bitcoin owners the market value in fiat.
That is not killing it, that is embracing it. They would need to buy many bitcoins, I don't know what your definition of slowly is, but you are suggesting they would provide continuous demand for BTC. By the time they dump them, the markets will gratefully eat them and ask for more.

I think the point is that a government actor could most easily destabilize the BTC market this way, and in doing so, make it too risky to use.

A billion dollar market is a tenth of a rounding error to a large government, and if this was carried out in the name of "national security," the costs would be irrelevant (and classified) anyway. They wouldn't care that they enrich a few thousand people in order to shut down a way for evil-doers to finance their operations.

This is an interesting idea to play with, but IMO, highly unlikely. I think they are more likely to apply the necessary pressure to the weak points in the system in order to track and monitor the movement of large sums.
sr. member
Activity: 252
Merit: 250
sr. member
Activity: 434
Merit: 250
bids filling in, asks being eaten away.

Are you all in yet?
legendary
Activity: 1904
Merit: 1037
Trusted Bitcoiner
bids filling in, asks being eaten away. very little selling going on.
sr. member
Activity: 252
Merit: 250
Short term memory loss in this forum.  Grin Someone dumped what, $6 million and left the markets looking like Hurricane Katrina just hit.  People are still on the sidelines waiting for the next dump.  $6m is nothing as it relates to governments. Bitcoin, IMO, is not ready for a massive attack, with some serious $100+ million.  Not saying I have the battle plan perfectly mapped out, but just these Sunday dumps is enough to highlight that the potential is real.  This is absolutely an exploitable weakness.  Maybe Bitcoin could survive, maybe it wouldn't.  As was said, it would be entertaining as hell.   Grin

Back to work.  Cheers!
full member
Activity: 210
Merit: 100
Yeah, mini USB miners could have such a potential, if only a player could have the manufacturing resources to produce millions of them and price them reasonably, it could do so much for wider adoption... A machine that actually produces income, explain that to your grandma Wink

I'm sure grandma has seen a Coke machine in action Cheesy

I hope you get the idea despite of my poor English Smiley

It wasn't a language dig.  I just don't see much difference between an ASIC miner & a soda vending machine.  Both require electricity & minimum maintenance.  Given those two, they'll both either make or lose money Cheesy
full member
Activity: 194
Merit: 100

I'll go for *potentially* game changing.

I dream of a hardware miner/wallet that you'd use as your home ATM...plug and play, secure.

That's a pretty cool idea.  However, that assumes that what is being kept secure, is still valuable.  With this manipulation and no safeguards in place any big money player can destroy Bitcoin.  I didn't realize that before, but now it is blatantly clear.  Let's use any government that has $1 billion to spare.

They could build massive mining rigs and with the rest, purchase BTC slowly.  It wouldn't take long before they would control enough BTC to just continually smash the markets with wave after wave of coordinated "dump attacks".  All confidence would be would be lost.  Current investors would flee into other currencies and investments.  Potential investors would stay away from a corrupt and manipulated currency.  It's actually a better Achilles heel than any regulation could dream of having.  

So in the end, Bitcoin's greatest weakness, is it's very own principles of non-regulation.  The irony is quite amusing.

We're already past the point where half of the coins are in circulation. But think about the bold bit of your quote. You are suggesting they could kill bitcoins by giving to bitcoin owners the market value in fiat.
That is not killing it, that is embracing it. They would need to buy many bitcoins, I don't know what your definition of slowly is, but you are suggesting they would provide continuous demand for BTC. By the time they dump them, the markets will gratefully eat them and ask for more.
legendary
Activity: 2324
Merit: 1125

I'll go for *potentially* game changing.

I dream of a hardware miner/wallet that you'd use as your home ATM...plug and play, secure.

That's a pretty cool idea.  However, that assumes that what is being kept secure, is still valuable.  With this manipulation and no safeguards in place any big money player can destroy Bitcoin.  I didn't realize that before, but now it is blatantly clear.  Let's use any government that has $1 billion to spare.

They could build massive mining rigs and with the rest, purchase BTC slowly.  It wouldn't take long before they would control enough BTC to just continually smash the markets with wave after wave of coordinated "dump attacks".  All confidence would be would be lost.  Current investors would flee into other currencies and investments.  Potential investors would stay away from a corrupt and manipulated currency.  It's actually a better Achilles heel than any regulation could dream of having.  

So in the end, Bitcoin's greatest weakness, is it's very own principles of non-regulation.  The irony is quite amusing.

Worst. Attack. Idea. Ever.

The attacker would be dumping free money until he/she runs out and then the system would continue to run as usual.

Indeed they are free to donate their money to the market. Then again, it isn't really their money to begin with is it?
sr. member
Activity: 252
Merit: 250

That kind of attack could be indeed the most effective way to destabilize Bitcoin, much more effective than a ban, but still is an attack that becomes more expensive to perform year after year, and the final outcome is not clear. Let them try, this experiment has to be proven and tested under all kind of stress. I have plenty of popcorn.

 Grin  Me too!  That would be entertaining indeed.

Also, it's pretty presumtious to assume "year after year" would even be necessary.  But this is the speculation forum.
legendary
Activity: 1008
Merit: 1000

I'll go for *potentially* game changing.

I dream of a hardware miner/wallet that you'd use as your home ATM...plug and play, secure.

That's a pretty cool idea.  However, that assumes that what is being kept secure, is still valuable.  With this manipulation and no safeguards in place any big money player can destroy Bitcoin.  I didn't realize that before, but now it is blatantly clear.  Let's use any government that has $1 billion to spare.

They could build massive mining rigs and with the rest, purchase BTC slowly.  It wouldn't take long before they would control enough BTC to just continually smash the markets with wave after wave of coordinated "dump attacks".  All confidence would be would be lost.  Current investors would flee into other currencies and investments.  Potential investors would stay away from a corrupt and manipulated currency.  It's actually a better Achilles heel than any regulation could dream of having.  

So in the end, Bitcoin's greatest weakness, is it's very own principles of non-regulation.  The irony is quite amusing.

Worst. Attack. Idea. Ever.

The attacker would be dumping free money until he/she runs out and then the system would continue to run as usual.
legendary
Activity: 1148
Merit: 1018
Yeah, mini USB miners could have such a potential, if only a player could have the manufacturing resources to produce millions of them and price them reasonably, it could do so much for wider adoption... A machine that actually produces income, explain that to your grandma Wink

I'm sure grandma has seen a Coke machine in action Cheesy

I hope you get the idea despite of my poor English Smiley
full member
Activity: 210
Merit: 100
Yeah, mini USB miners could have such a potential, if only a player could have the manufacturing resources to produce millions of them and price them reasonably, it could do so much for wider adoption... A machine that actually produces income, explain that to your grandma Wink

I'm sure grandma has seen a Coke machine in action Cheesy
legendary
Activity: 1148
Merit: 1018

I'll go for *potentially* game changing.

I dream of a hardware miner/wallet that you'd use as your home ATM...plug and play, secure.

That's a pretty cool idea.  However, that assumes that what is being kept secure, is still valuable.  With this manipulation and no safeguards in place any big money player can destroy Bitcoin.  I didn't realize that before, but now it is blatantly clear.  Let's use any government that has $1 billion to spare.

They could build massive mining rigs and with the rest, purchase BTC slowly.  It wouldn't take long before they would control enough BTC to just continually smash the markets with wave after wave of coordinated "dump attacks".  All confidence would be would be lost.  Current investors would flee into other currencies and investments.  Potential investors would stay away from a corrupt and manipulated currency.  It's actually a better Achilles heel than any regulation could dream of having.  

So in the end, Bitcoin's greatest weakness, is it's very own principles of non-regulation.  The irony is quite amusing.

That kind of attack could be indeed the most effective way to destabilize Bitcoin, much more effective than a ban, but still is an attack that becomes more expensive to perform year after year, and the final outcome is not clear. Let them try, this experiment has to be proven and tested under all kind of stress. I have plenty of popcorn.
legendary
Activity: 2534
Merit: 2245
1RichyTrEwPYjZSeAYxeiFBNnKC9UjC5k
The big speculators are easy to beat. Just don't play their game.

BUY??? SELL???

Huh Huh Huh

Hold. And/or just buy what you need, when you need it.
sr. member
Activity: 252
Merit: 250


This is what scare guys like coin seeker, it feels so warm and comfortable in FEDs bosom, or using Ripple, the final "debt+trust as a currency" centralized system....

BTC its not only internet's cash, free as a bird and superior by orders of magnitude to its paper counterpart, it's also regulated by math and not by those who have the power to press the button of the money printing machines.

A lot of power to the people, gentlemen.

Power to the rich people and massive coin holders.  No different than the current banking and government status quo.  Just nerdier.  

This is very inaccurate.

"Power to the rich... no different than..."


Maybe I could have been clearer.  It's the attitude that's the same.  I'm a capitalist.  People should be able to make as much money as they can.  But they also do so with a certain amount of responsibility to their communities.  It's when you remove this human aspect, that I have a problem because then you're really just like a virus. One that consumes everything in it's path, with no regard to anyone or anything else.  And in the end it destroys it's self, when there is nothing left to consume.
sr. member
Activity: 252
Merit: 250

I'll go for *potentially* game changing.

I dream of a hardware miner/wallet that you'd use as your home ATM...plug and play, secure.

That's a pretty cool idea.  However, that assumes that what is being kept secure, is still valuable.  With this manipulation and no safeguards in place any big money player can destroy Bitcoin.  I didn't realize that before, but now it is blatantly clear.  Let's use any government that has $1 billion to spare.

They could build massive mining rigs and with the rest, purchase BTC slowly.  It wouldn't take long before they would control enough BTC to just continually smash the markets with wave after wave of coordinated "dump attacks".  All confidence would be would be lost.  Current investors would flee into other currencies and investments.  Potential investors would stay away from a corrupt and manipulated currency.  It's actually a better Achilles heel than any regulation could dream of having.  

So in the end, Bitcoin's greatest weakness, is it's very own principles of non-regulation.  The irony is quite amusing.
full member
Activity: 194
Merit: 100


This is what scare guys like coin seeker, it feels so warm and comfortable in FEDs bosom, or using Ripple, the final "debt+trust as a currency" centralized system....

BTC its not only internet's cash, free as a bird and superior by orders of magnitude to its paper counterpart, it's also regulated by math and not by those who have the power to press the button of the money printing machines.

A lot of power to the people, gentlemen.

Power to the rich people and massive coin holders.  No different than the current banking and government status quo.  Just nerdier. 

This is very inaccurate.

"Power to the rich... no different than..."

'Rich people' are the largest subset of 'powerful people'. If you accept the concept of money then, according on you, there is no form of money that would be different. The only way of being different would be not to exist since it would always give more power to the rich as that is pretty much its purpose.

Now, bitcoin was open from day one. The genesis block was released without blockchain premining, anyone could jump in given enough knowledge and a computer. Those who thought it was a good investment are not regretting it by now. At the most they are regretting they didn't keep more coins.
Fast forward to today. If a rich person wants to buy a large amount of coins, (s)he will have to spend a LOT of fiat compared to early adopters.
Also, rich people can't just have the privilege of minting more bitcoins, whatever bitcoins are minted, they have to have the the acceptance of the network.
If people is worried about a network take over, a program could be put together for people to buy small mining units to promote decentralization.
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