what caused the rise to $1100 last year? - page 2.

efreeti

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Quote from: Gianluca95 on June 13, 2014, 01:36:00 PM

Quote from: efreeti on June 13, 2014, 01:34:21 PM

Quote from: Gianluca95 on June 13, 2014, 01:28:48 PM

Rise of 1100$ last year was caused by two BOT of Mt.Gox, know you?

People are overestimating the power of two bots.

Look that two Bot can be much dangerous for the market, especially if you have many Bitcoin.

Bot can only manipulate short term price on one exchange, they can not manipulate long term price on exchanges all over the world.

Gianluca95

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Reputation first.

Quote from: efreeti on June 13, 2014, 01:34:21 PM

Quote from: Gianluca95 on June 13, 2014, 01:28:48 PM

Rise of 1100$ last year was caused by two BOT of Mt.Gox, know you?

People are overestimating the power of two bots.

Look that two Bot can be much dangerous for the market, especially if you have many Bitcoin.

efreeti

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Activity: 350

Merit: 104

Quote from: Gianluca95 on June 13, 2014, 01:28:48 PM

Rise of 1100$ last year was caused by two BOT of Mt.Gox, know you?

People are overestimating the power of two bots.

Gianluca95

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Reputation first.

Rise of 1100$ last year was caused by two BOT of Mt.Gox, know you?

ShakyhandsBTCer

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It's Money 2.0| It’s gold for nerds | It's Bitcoin

Quote from: GigaBit on June 12, 2014, 07:26:33 AM

-US Government Shutdown - USD Death Fear looming - Circa October-November 2013
-Willy Bot @ MT. Gox Took advantage of the situation

However, bots like Willy are not uncommon but let's just say Willy could have been designed to take advantage of the situation.

Was it good timing thing? Well, I'd be willing to bet that many people, out of fear were getting into Bitcoin. It could have been an experiment too... governments are notorious for that, at the expense of its people. No government body nor bank can control the Bitcoin network, so this scares them in a sense that crooked governments don't want to see wealth in the hands of its people they are trying to control.

I don't think it was bots that caused the price to go up. The bots were essentially acting on someone elses' behalf buying real BTC with real fiat. The bots were trying to buy BTC without charging through all of the offers to sell.

It is likely that a lot of institutional buyers were buying during this time via the bots.

ljudotina

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Quote from: boraf on June 12, 2014, 05:48:26 PM

As someone already pointed out, buyer (demand) cause it to go up.

Well, truth be told, not only that....but sellers not willing to sell for lower price is to be blamed too Wink

boraf

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As someone already pointed out, buyer (demand) cause it to go up.

ljudotina

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It was much more simpler...
Rise was pure speculation that roll itself down from small snowflake to avalanche. And when gox exploded, all speculants run from the boat like rats, causeing price to drop and eventualy stabilize at where it is now.

GigaBit

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Leading Crypto Sports Betting & Casino Platform

-US Government Shutdown - USD Death Fear looming - Circa October-November 2013
-Willy Bot @ MT. Gox Took advantage of the situation

However, bots like Willy are not uncommon but let's just say Willy could have been designed to take advantage of the situation.

Was it good timing thing? Well, I'd be willing to bet that many people, out of fear were getting into Bitcoin. It could have been an experiment too... governments are notorious for that, at the expense of its people. No government body nor bank can control the Bitcoin network, so this scares them in a sense that crooked governments don't want to see wealth in the hands of its people they are trying to control.

ajareselde

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Satoshi is rolling in his grave. #bitcoin

there was alot of new markets, but supply remained the same, pure logic made btc traders to set higher prices, and so the price escaled fast.
By any quick rise , including btc, you dont get volume, and that makes that price bubble pop in the end, evening the price and scaling it down ehere it should be.

trader001

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Price rises due to bot "painting" the tape do not last.

This technique is well known in the trading world. The price from Mtgox and bitstamp lag btchina when price was going up the roof.

So, people who think bot has anything to do with coin price went up 11 folds over 2-4 weeks have no idea what they are talking.

okthen

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Quote from: Yakamoto on June 09, 2014, 06:38:16 PM

Quote from: okthen on June 09, 2014, 06:34:45 PM

Quote from: Yakamoto on June 09, 2014, 05:53:05 PM

I think the rise was due to bots, two of which were named "Markus" and "Willy", I believe it was, respectively.

Willy bought BTC for millions of dollars, markus bought and sold at random prices.

So I really have no idea what else to think, but it seems that that is the most logical cause. Price will probably rise (Without bots) to maybe $700, depending on how accepted it gets.

I still do not understand the concept of bots making price go up.
Bots make volume go up, which then leads to people getting exciting and buying, and then snowball effect.
Or am I dead wrong?

If you buy @ $100 something that's worth $10, people see that (In exchanges, as bots or people read constant data and most sell/buy orders are displayed) and change their buy (or sell, since they know they can get more for it) which causes the base sell to go up, and the buyers have to increase to meet the new prices. Bots continuosly doing this will drive up all the orders, and thus the overall price increases. Most prices are determined by the lowest "sell" order.

Thanks for the explanation! It makes some sense.
But still I imagine that it would only account for a small portion of the bull run.

Yakamoto

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Quote from: okthen on June 09, 2014, 06:34:45 PM

Quote from: Yakamoto on June 09, 2014, 05:53:05 PM

I think the rise was due to bots, two of which were named "Markus" and "Willy", I believe it was, respectively.

Willy bought BTC for millions of dollars, markus bought and sold at random prices.

So I really have no idea what else to think, but it seems that that is the most logical cause. Price will probably rise (Without bots) to maybe $700, depending on how accepted it gets.

I still do not understand the concept of bots making price go up.
Bots make volume go up, which then leads to people getting exciting and buying, and then snowball effect.
Or am I dead wrong?

If you buy @ $100 something that's worth $10, people see that (In exchanges, as bots or people read constant data and most sell/buy orders are displayed) and change their buy (or sell, since they know they can get more for it) which causes the base sell to go up, and the buyers have to increase to meet the new prices. Bots continuosly doing this will drive up all the orders, and thus the overall price increases. Most prices are determined by the lowest "sell" order.

jeffersonairplane

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www.bitkong.com

Mostly due to the fact of Mt. Gox.

okthen

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Quote from: Yakamoto on June 09, 2014, 05:53:05 PM

I think the rise was due to bots, two of which were named "Markus" and "Willy", I believe it was, respectively.

Willy bought BTC for millions of dollars, markus bought and sold at random prices.

So I really have no idea what else to think, but it seems that that is the most logical cause. Price will probably rise (Without bots) to maybe $700, depending on how accepted it gets.

I still do not understand the concept of bots making price go up.
Bots make volume go up, which then leads to people getting exciting and buying, and then snowball effect.
Or am I dead wrong?

RoadStress

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I vote for bots and China!

Yakamoto

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I think the rise was due to bots, two of which were named "Markus" and "Willy", I believe it was, respectively.

Willy bought BTC for millions of dollars, markus bought and sold at random prices.

So I really have no idea what else to think, but it seems that that is the most logical cause. Price will probably rise (Without bots) to maybe $700, depending on how accepted it gets.

bananas

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Quote from: Justine on June 08, 2014, 10:05:04 PM

Quote from: pozmu on June 08, 2014, 01:56:11 PM

http://willyreport.wordpress.com/

The demand of bitcoin largely come from China.

The author of the report is just painting a picture with misleading causation.

He is not, you can analyze the leaked files yourself. All majot rises were created by at least two known bots controlled by Mt Gox, i did analyze myself before those articles. There is one bot that would only buy at high and sell at low, at large amounts. And another one that could only buy.

Justine

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Quote from: pozmu on June 08, 2014, 01:56:11 PM

http://willyreport.wordpress.com/

The demand of bitcoin largely come from China.

The author of the report is just painting a picture with misleading causation.

Harley997

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The rise that bitcoin had at the end of last year was largely caused by the vast amount of media attention that Bitcoin received after Ross Ulbright got arrested and Silk Road was taken down.

The media brought attention to a vast number of features that Bitcoin offers (p2p transactions, anonymity, near instant confirmation - every 10 minutes, but once a tx is broadcast throughout the network it is nearly unreversible, very low fees).

The decline of the price of bitcoin early this year was the result of MtGox failing similar to how a major bank failing would hurt the underlying currency that it generally deals in.

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