Topic: Was Bitcoin actually just a Pump and Dump? - page 27. (Read 45041 times)
I do not think Bitcoin was designed as a pump and dump but certainly anything with money behind it is open to manipulation. The jump above $1k in such a short time frame definitely feels like a pump though.
what I don't understand is how it all started. noone would buy something that has no value (the first mined coins). so who bought the first coins? It might have started as a pump and dump, and once this caused a valorization it caused a chain reaction.
Noone designed it as a pump and dump scheme. It was designed as a digital currency (as were all the digital currencies from the early 90's).
It was obvious that an exchange was needed to determine a price for it, but even before one became available, the first transaction occurred when a miner offered 10000BTC for a couple of pizzas. No pizza shop accepted them, so an aspiring bitcoin user paid fiat for the pizzas and made the trade to obtain his bitcoins. That determined the first defined price (about .2 cents). Interestingly, it wasn't zero before that really...it was undefined.
so one guy bought BTCs because of something like a joke, but how did the market build itself? who started to buy coins, and why?
Hmm. It was fun, but I wouldn't call it a joke. The digital currency work all thru the 90's was very serious stuff.
I guess the answer to why it built itself was that people realized it had a future and wanted to be involved to learn about it. I bought into various digital currencies back as far as the early 90's just to be involved for the same reasons. Then exchanges came along...
intresting, but I still don't understand how this could cause the initial "pump" (while I can perfectly understand all the following, once there was the first one)
I'm not sure what 'initial pump' you're referring to.
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In five days, the price grew 1000%, rising from $0.008 to $0.08 for 1 bitcoin
thanks for the link by the way
what I don't understand is how it all started. noone would buy something that has no value (the first mined coins). so who bought the first coins? It might have started as a pump and dump, and once this caused a valorization it caused a chain reaction.
Noone designed it as a pump and dump scheme. It was designed as a digital currency (as were all the digital currencies from the early 90's).
It was obvious that an exchange was needed to determine a price for it, but even before one became available, the first transaction occurred when a miner offered 10000BTC for a couple of pizzas. No pizza shop accepted them, so an aspiring bitcoin user paid fiat for the pizzas and made the trade to obtain his bitcoins. That determined the first defined price (about .2 cents). Interestingly, it wasn't zero before that really...it was undefined.
so one guy bought BTCs because of something like a joke, but how did the market build itself? who started to buy coins, and why?
Hmm. It was fun, but I wouldn't call it a joke. The digital currency work all thru the 90's was very serious stuff.
I guess the answer to why it built itself was that people realized it had a future and wanted to be involved to learn about it. I bought into various digital currencies back as far as the early 90's just to be involved for the same reasons. Then exchanges came along...
intresting, but I still don't understand how this could cause the initial "pump" (while I can perfectly understand all the following, once there was the first one)
The initial pump was created by bots(trading algorithms), that in combination with silkroad(long gone now) gave bitcoin a "fake" value really.
And i say fake because demand was never that big, but the bots were doing a great job.
For a few big investors with early adoption Bitcoin was a great opportunity to make billions, and they did.
How? Well, they got in Bitcoin when the value was just cents, bought loads, pumped the hell out of the price and then let it drop, nice and slowly like it has been happening this year.
Then they started with the altcoins, pump and dump, see ya!
This is what i think and some may agree, some don't.
what I don't understand is how it all started. noone would buy something that has no value (the first mined coins). so who bought the first coins? It might have started as a pump and dump, and once this caused a valorization it caused a chain reaction.
Noone designed it as a pump and dump scheme. It was designed as a digital currency (as were all the digital currencies from the early 90's).
It was obvious that an exchange was needed to determine a price for it, but even before one became available, the first transaction occurred when a miner offered 10000BTC for a couple of pizzas. No pizza shop accepted them, so an aspiring bitcoin user paid fiat for the pizzas and made the trade to obtain his bitcoins. That determined the first defined price (about .2 cents). Interestingly, it wasn't zero before that really...it was undefined.
so one guy bought BTCs because of something like a joke, but how did the market build itself? who started to buy coins, and why?
Hmm. It was fun, but I wouldn't call it a joke. The digital currency work all thru the 90's was very serious stuff.
I guess the answer to why it built itself was that people realized it had a future and wanted to be involved to learn about it. I bought into various digital currencies back as far as the early 90's just to be involved for the same reasons. Then exchanges came along...
intresting, but I still don't understand how this could cause the initial "pump" (while I can perfectly understand all the following, once there was the first one)
I'm not sure what 'initial pump' you're referring to. Remember it took two years before the USD price of a bitcoin reached 1USD. Interesting history is here: http://en.wikipedia.org/wiki/History_of_Bitcoin
Bitcoin is a pump and dump just like gold is. This says it all.
Right well if it lasts thousands of years that will be quite a bubble. Lets hope it really is the start of something that big
Satoshi probably passed away I reckon, if it was just one person I imagine it was just somebody who wanted to make a difference to the world
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how did the market build itself?
I checked out bitcoin in 2011 and my quick impression it was tokens for web site builders and stuff like that. If you look up Krugman who writes in NYT he goes into details of a babysitting club and this had a virtual currency, just tokens where you would spend when you go out to dinner and earn when others wanted you to look after their kids. Its not money exactly, its exchange. You could say btc came from people swapping their spare labour in this way with an interest between them and probably quite alot of goodwill and willingness to compromise on price
I dont really do html, mining gave errors on my gfx so I skipped - I could have been a contender /o\
what I don't understand is how it all started. noone would buy something that has no value (the first mined coins). so who bought the first coins? It might have started as a pump and dump, and once this caused a valorization it caused a chain reaction.
Noone designed it as a pump and dump scheme. It was designed as a digital currency (as were all the digital currencies from the early 90's).
It was obvious that an exchange was needed to determine a price for it, but even before one became available, the first transaction occurred when a miner offered 10000BTC for a couple of pizzas. No pizza shop accepted them, so an aspiring bitcoin user paid fiat for the pizzas and made the trade to obtain his bitcoins. That determined the first defined price (about .2 cents). Interestingly, it wasn't zero before that really...it was undefined.
so one guy bought BTCs because of something like a joke, but how did the market build itself? who started to buy coins, and why?
Hmm. It was fun, but I wouldn't call it a joke. The digital currency work all thru the 90's was very serious stuff.
I guess the answer to why it built itself was that people realized it had a future and wanted to be involved to learn about it. I bought into various digital currencies back as far as the early 90's just to be involved for the same reasons. Then exchanges came along...
intresting, but I still don't understand how this could cause the initial "pump" (while I can perfectly understand all the following, once there was the first one)
what I don't understand is how it all started. noone would buy something that has no value (the first mined coins). so who bought the first coins? It might have started as a pump and dump, and once this caused a valorization it caused a chain reaction.
Noone designed it as a pump and dump scheme. It was designed as a digital currency (as were all the digital currencies from the early 90's).
It was obvious that an exchange was needed to determine a price for it, but even before one became available, the first transaction occurred when a miner offered 10000BTC for a couple of pizzas. No pizza shop accepted them, so an aspiring bitcoin user paid fiat for the pizzas and made the trade to obtain his bitcoins. That determined the first defined price (about .2 cents). Interestingly, it wasn't zero before that really...it was undefined.
so one guy bought BTCs because of something like a joke, but how did the market build itself? who started to buy coins, and why?
Hmm. It was fun, but I wouldn't call it a joke. The digital currency work all thru the 90's was very serious stuff.
I guess the answer to why it built itself was that people realized it had a future and wanted to be involved to learn about it. I bought into various digital currencies back as far as the early 90's just to be involved for the same reasons. Then exchanges came along...
what I don't understand is how it all started. noone would buy something that has no value (the first mined coins). so who bought the first coins? It might have started as a pump and dump, and once this caused a valorization it caused a chain reaction.
Noone designed it as a pump and dump scheme. It was designed as a digital currency (as were all the digital currencies from the early 90's).
It was obvious that an exchange was needed to determine a price for it, but even before one became available, the first transaction occurred when a miner offered 10000BTC for a couple of pizzas. No pizza shop accepted them, so an aspiring bitcoin user paid fiat for the pizzas and made the trade to obtain his bitcoins. That determined the first defined price (about .2 cents). Interestingly, it wasn't zero before that really...it was undefined.
so one guy bought BTCs because of something like a joke, but how did the market build itself? who started to buy coins, and why?
what I don't understand is how it all started. noone would buy something that has no value (the first mined coins). so who bought the first coins? It might have started as a pump and dump, and once this caused a valorization it caused a chain reaction.
Noone designed it as a pump and dump scheme. It was designed as a digital currency (as were all the digital currencies from the early 90's).
It was obvious that an exchange was needed to determine a price for it, but even before one became available, the first transaction occurred when a miner offered 10000BTC for a couple of pizzas. No pizza shop accepted them, so an aspiring bitcoin user paid fiat for the pizzas and made the trade to obtain his bitcoins. That determined the first defined price (about .2 cents). Interestingly, it wasn't zero before that really...it was undefined.
what I don't understand is how it all started. noone would buy something that has no value (the first mined coins). so who bought the first coins? It might have started as a pump and dump, and once this caused a valorization it caused a chain reaction.
According to experts from Goldman Sachs, Bitcoin may be just a payment mechanism, not a coin. The future of virtual currency Bitcoin is a big question mark. 
Yep it is, what is clear that the hopes of everyone to get rich, as of investing in Bitcoin to dump for 10.000% profit is long gone.
I doubt it was a pump and dump. At the beginning there was never any guarantee that it would even be adopted or have a value. There's no way they could've predicted it would be worth this much 6 years from then. There's too many variables that don't make sense.
The technology to transfer money abroad safely and quickly is real. Not saying bitcoin will not drop further or get replaced by existing banking industry using the same protocol.
Yeah the technology to transfer money abroad safely and quickly got tested right with bitcoin.
It's probably not a pump and dump coin but good coins get dumped too and still they survive. Anyway I saw a tweet saying that bitcoin is going to be dumped hard in next 48 hours, Is there any truth in it?
I predict that yes, is the time to drop another 100 dollar.
It is a pattern from the bots that are setting the price.
325 dollars right now ...
It's probably not a pump and dump coin but good coins get dumped too and still they survive. Anyway I saw a tweet saying that bitcoin is going to be dumped hard in next 48 hours, Is there any truth in it?
I predict that yes, is the time to drop another 100 dollar.
It is a pattern from the bots that are setting the price.
It's probably not a pump and dump coin but good coins get dumped too and still they survive. Anyway I saw a tweet saying that bitcoin is going to be dumped hard in next 48 hours, Is there any truth in it?
I think a lot of people here and elsewhere are a bunch of bitter old men who think that the central banking system can't be defeated while completely failing to realise that these very same people don't know how to use email or bring up word.
You have a good point, but the bank system is hard to be defeated if any new technologies are backed or given value in FIAT.
That doesn't mean a thing if everybody who is young uses new technology and their only I.T staff defects from the government
The technology to transfer money abroad safely and quickly is real. Not saying bitcoin will not drop further or get replaced by existing banking industry using the same protocol.
I think a lot of people here and elsewhere are a bunch of bitter old men who think that the central banking system can't be defeated while completely failing to realise that these very same people don't know how to use email or bring up word.
You have a good point, but the bank system is hard to be defeated if any new technologies are backed or given value in FIAT.
I think a lot of people here and elsewhere are a bunch of bitter old men who think that the central banking system can't be defeated while completely failing to realise that these very same people don't know how to use email or bring up word.
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