I think that the Mt. Gox, helped Bitcoin with the alleged willy the bot and pumping up the price, thus creating the bubble. It has just put a Bitcoin in the press, public, and gave an interest of the world to it. Heck, even if heard of Bitcoin when the price broke $1,000.
On the other side, as much as it helped us, MT. Gox has also shot us in the foot and gave us this negative reputation that we are even today fighting and that we will fight for the long time to come in the future as well.
In the end, I guess that the positives and the negatives of the Mt. Gox have just balanced out.
Topic: What was the Mt. Gox bitcoin bubble? (Read 1232 times)
It's hard to say what bitcoin would have done though if Mt Gox did not fall. Many lost faith in the whole system when it happened. The price dropped and it was not a good day's in BTC history.
The price didn't drop, it corrected to the fair market value. It's great that Mt Gox fell, it washed out the manipulation. The problem is that the price rise to $1000 (without knowing about the manipulation) puts Bitcoin's price history in a completely different perspective. It spoke for a confidence that ultimately never existed. This is really awful news. I wish I knew about this a year ago, seriously.
Nope, it could happen tomorrow at perhaps any exchanges, but doctoring data has its cost and is also very much illegal fraud. So you'll be required to keep your head cool, your eye peeled for signs and make sure you don't get scammed.
Just trading up by using a bot would probably be okay, even if the BTC get pushed up it would be done at a great cost from what i understand.
It really is crazy they were able to do it and for so long. But coming twords end of the story is CEO arrested multiple times- http://www.coindesk.com/former-ceo-of-bitcoin-exchange-mt-gox-re-arrested-in-japan/
It's such a high dollar crime, and seems to be moving slow. I suspect it's a while till the CEO really get's a sentence. It is almost funny he claims to be a victim - http://www.coindesk.com/mt-gox-ceo-claims-to-be-victim-in-bitcoin-exchange-demise/
And most crazy thing I did not know Hollywood just might make a Mt Gox movie - http://www.coindesk.com/hollywood-execs-mt-gox-movie/
Thanks for sharing the link to the article.
Why aren't people discounting the major run up in the entire history of bitcoin as a manipulated fluke?!? I never hear anyone talking about it (or see threads on here either). Man, i'm seriously disappointed. There's NEVER been a real run up of bitcoin beyond $10 to $250...we're at the peak of the market now because everything beyond was the result of the Mt Gox manipulation.
Mt Gox was a important factor in the going up on coins. But there were other exchanges like btc-e and others (I don't remember to many others that I used its been so long) But others got around the 1k to.
So BTC was hitting 1k on exchanges that did not do this botting practice. But Mt Gox no doubt effected pricing. So it's really really hard to say what prices would have been without Mt Gox.
No such thing as bad publicity they say. And yes many people wave the end of bitcoin flag because "the price went down 5x" but if you look at the price before MtGox and after, you'll see that even though we hit sub 200$, we are still higher than before.
All in all, bad for the people who lost money, good for Bitcoin.
Just trading up by using a bot would probably be okay, even if the BTC get pushed up it would be done at a great cost from what i understand.
WOW...I'm embarrassed to admit that I didn't know about this bubble before. This changes my outlook on the future of Bitcoin. The only significant bubble was generated by market manipulation. That's bad. That's VERY bad. It means that the market didn't truly run up the price at all. Fuck. This sucks...
It really is crazy they were able to do it and for so long. But coming twords end of the story is CEO arrested multiple times- http://www.coindesk.com/former-ceo-of-bitcoin-exchange-mt-gox-re-arrested-in-japan/
It's such a high dollar crime, and seems to be moving slow. I suspect it's a while till the CEO really get's a sentence. It is almost funny he claims to be a victim - http://www.coindesk.com/mt-gox-ceo-claims-to-be-victim-in-bitcoin-exchange-demise/
And most crazy thing I did not know Hollywood just might make a Mt Gox movie - http://www.coindesk.com/hollywood-execs-mt-gox-movie/
Thanks for sharing the link to the article.
Why aren't people discounting the major run up in the entire history of bitcoin as a manipulated fluke?!? I never hear anyone talking about it (or see threads on here either). Man, i'm seriously disappointed. There's NEVER been a real run up of bitcoin beyond $10 to $250...we're at the peak of the market now because everything beyond was the result of the Mt Gox manipulation.
Mt Gox was a important factor in the going up on coins. But there were other exchanges like btc-e and others (I don't remember to many others that I used its been so long) But others got around the 1k to.
So BTC was hitting 1k on exchanges that did not do this botting practice. But Mt Gox no doubt effected pricing. So it's really really hard to say what prices would have been without Mt Gox.
No such thing as bad publicity they say. And yes many people wave the end of bitcoin flag because "the price went down 5x" but if you look at the price before MtGox and after, you'll see that even though we hit sub 200$, we are still higher than before.
All in all, bad for the people who lost money, good for Bitcoin.
It's hard to say what bitcoin would have done though if Mt Gox did not fall. Many lost faith in the whole system when it happened. The price dropped and it was not a good day's in BTC history.
I think price would have remained much higher if Mt Gox would not have lost money. The bot thing was scummy but if it just came out without massive loss I think btc would not have had near the drop.
The loss/stolen of BTC caused people to go from thinking it was pretty secure to crap. It's hard to build up confidence. I still wonder what BTC would be today if it was not for Mt Gox. But seems like were on a slow ride up so I will take it.
Idk, bitcoins are very valuable in the since that it takes a lot of money now to mine them with electricity costs, mining hardware, and that kind of thing... So in that sense, I believe that it should be a sellers market that miners can work up a price on their own...
Kind of like the same way farmers create a price for what price point Tomatoes, Cotton, etc. would be.
This is a good point, but it doesn't make me feel better about it. IF it's a seller's market for the miners that means all we're paying for is the miner's cost and effort, not some additional value that's passed on to us. Are you saying that the miners are making the market (i.e., determining the price) of bitcoin?
This is a scary thought.
Myfe.
Naw the miners only receive the supply and the TX fee rewards. If all miners decided to hold and no longer add any BTC to the liquidity then i suppose that would cause a rise in value, but honestly i don't think most miners could do that since its many will want to recoup their costs.
Also as a miner, holding, at least for me isint a very good strategy.
Idk, bitcoins are very valuable in the since that it takes a lot of money now to mine them with electricity costs, mining hardware, and that kind of thing... So in that sense, I believe that it should be a sellers market that miners can work up a price on their own...
Kind of like the same way farmers create a price for what price point Tomatoes, Cotton, etc. would be.
This is a good point, but it doesn't make me feel better about it. IF it's a seller's market for the miners that means all we're paying for is the miner's cost and effort, not some additional value that's passed on to us. Are you saying that the miners are making the market (i.e., determining the price) of bitcoin?
This is a scary thought.
Myfe.
WOW...I'm embarrassed to admit that I didn't know about this bubble before. This changes my outlook on the future of Bitcoin. The only significant bubble was generated by market manipulation. That's bad. That's VERY bad. It means that the market didn't truly run up the price at all. Fuck. This sucks...
That's what I didn't really understand in the first place... How could it have been possible, and if it's possible for that to happen again? I mean is there any protocols in place for exchange sites now and days to prevent this kind of thing from happening?
Nope, it could happen tomorrow at perhaps any exchanges, but doctoring data has its cost and is also very much illegal fraud. So you'll be required to keep your head cool, your eye peeled for signs and make sure you don't get scammed.
Just trading up by using a bot would probably be okay, even if the BTC get pushed up it would be done at a great cost from what i understand.
WOW...I'm embarrassed to admit that I didn't know about this bubble before. This changes my outlook on the future of Bitcoin. The only significant bubble was generated by market manipulation. That's bad. That's VERY bad. It means that the market didn't truly run up the price at all. Fuck. This sucks...
It really is crazy they were able to do it and for so long. But coming twords end of the story is CEO arrested multiple times- http://www.coindesk.com/former-ceo-of-bitcoin-exchange-mt-gox-re-arrested-in-japan/
It's such a high dollar crime, and seems to be moving slow. I suspect it's a while till the CEO really get's a sentence. It is almost funny he claims to be a victim - http://www.coindesk.com/mt-gox-ceo-claims-to-be-victim-in-bitcoin-exchange-demise/
And most crazy thing I did not know Hollywood just might make a Mt Gox movie - http://www.coindesk.com/hollywood-execs-mt-gox-movie/
Thanks for sharing the link to the article.
Why aren't people discounting the major run up in the entire history of bitcoin as a manipulated fluke?!? I never hear anyone talking about it (or see threads on here either). Man, i'm seriously disappointed. There's NEVER been a real run up of bitcoin beyond $10 to $250...we're at the peak of the market now because everything beyond was the result of the Mt Gox manipulation.
Mt Gox was a important factor in the going up on coins. But there were other exchanges like btc-e and others (I don't remember to many others that I used its been so long) But others got around the 1k to.
So BTC was hitting 1k on exchanges that did not do this botting practice. But Mt Gox no doubt effected pricing. So it's really really hard to say what prices would have been without Mt Gox.
No such thing as bad publicity they say. And yes many people wave the end of bitcoin flag because "the price went down 5x" but if you look at the price before MtGox and after, you'll see that even though we hit sub 200$, we are still higher than before.
All in all, bad for the people who lost money, good for Bitcoin.
WOW...I'm embarrassed to admit that I didn't know about this bubble before. This changes my outlook on the future of Bitcoin. The only significant bubble was generated by market manipulation. That's bad. That's VERY bad. It means that the market didn't truly run up the price at all. Fuck. This sucks...
It really is crazy they were able to do it and for so long. But coming twords end of the story is CEO arrested multiple times- http://www.coindesk.com/former-ceo-of-bitcoin-exchange-mt-gox-re-arrested-in-japan/
It's such a high dollar crime, and seems to be moving slow. I suspect it's a while till the CEO really get's a sentence. It is almost funny he claims to be a victim - http://www.coindesk.com/mt-gox-ceo-claims-to-be-victim-in-bitcoin-exchange-demise/
And most crazy thing I did not know Hollywood just might make a Mt Gox movie - http://www.coindesk.com/hollywood-execs-mt-gox-movie/
Thanks for sharing the link to the article.
Why aren't people discounting the major run up in the entire history of bitcoin as a manipulated fluke?!? I never hear anyone talking about it (or see threads on here either). Man, i'm seriously disappointed. There's NEVER been a real run up of bitcoin beyond $10 to $250...we're at the peak of the market now because everything beyond was the result of the Mt Gox manipulation.
Idk, bitcoins are very valuable in the since that it takes a lot of money now to mine them with electricity costs, mining hardware, and that kind of thing... So in that sense, I believe that it should be a sellers market that miners can work up a price on their own...
Kind of like the same way farmers create a price for what price point Tomatoes, Cotton, etc. would be.
WOW...I'm embarrassed to admit that I didn't know about this bubble before. This changes my outlook on the future of Bitcoin. The only significant bubble was generated by market manipulation. That's bad. That's VERY bad. It means that the market didn't truly run up the price at all. Fuck. This sucks...
It really is crazy they were able to do it and for so long. But coming twords end of the story is CEO arrested multiple times- http://www.coindesk.com/former-ceo-of-bitcoin-exchange-mt-gox-re-arrested-in-japan/
It's such a high dollar crime, and seems to be moving slow. I suspect it's a while till the CEO really get's a sentence. It is almost funny he claims to be a victim - http://www.coindesk.com/mt-gox-ceo-claims-to-be-victim-in-bitcoin-exchange-demise/
And most crazy thing I did not know Hollywood just might make a Mt Gox movie - http://www.coindesk.com/hollywood-execs-mt-gox-movie/
Thanks for sharing the link to the article.
Why aren't people discounting the major run up in the entire history of bitcoin as a manipulated fluke?!? I never hear anyone talking about it (or see threads on here either). Man, i'm seriously disappointed. There's NEVER been a real run up of bitcoin beyond $10 to $250...we're at the peak of the market now because everything beyond was the result of the Mt Gox manipulation.
Mt Gox was a important factor in the going up on coins. But there were other exchanges like btc-e and others (I don't remember to many others that I used its been so long) But others got around the 1k to.
So BTC was hitting 1k on exchanges that did not do this botting practice. But Mt Gox no doubt effected pricing. So it's really really hard to say what prices would have been without Mt Gox.
WOW...I'm embarrassed to admit that I didn't know about this bubble before. This changes my outlook on the future of Bitcoin. The only significant bubble was generated by market manipulation. That's bad. That's VERY bad. It means that the market didn't truly run up the price at all. Fuck. This sucks...
That's what I didn't really understand in the first place... How could it have been possible, and if it's possible for that to happen again? I mean is there any protocols in place for exchange sites now and days to prevent this kind of thing from happening?
WOW...I'm embarrassed to admit that I didn't know about this bubble before. This changes my outlook on the future of Bitcoin. The only significant bubble was generated by market manipulation. That's bad. That's VERY bad. It means that the market didn't truly run up the price at all. Fuck. This sucks...
It really is crazy they were able to do it and for so long. But coming twords end of the story is CEO arrested multiple times- http://www.coindesk.com/former-ceo-of-bitcoin-exchange-mt-gox-re-arrested-in-japan/
It's such a high dollar crime, and seems to be moving slow. I suspect it's a while till the CEO really get's a sentence. It is almost funny he claims to be a victim - http://www.coindesk.com/mt-gox-ceo-claims-to-be-victim-in-bitcoin-exchange-demise/
And most crazy thing I did not know Hollywood just might make a Mt Gox movie - http://www.coindesk.com/hollywood-execs-mt-gox-movie/
Thanks for sharing the link to the article.
Why aren't people discounting the major run up in the entire history of bitcoin as a manipulated fluke?!? I never hear anyone talking about it (or see threads on here either). Man, i'm seriously disappointed. There's NEVER been a real run up of bitcoin beyond $10 to $250...we're at the peak of the market now because everything beyond was the result of the Mt Gox manipulation.
WOW...I'm embarrassed to admit that I didn't know about this bubble before. This changes my outlook on the future of Bitcoin. The only significant bubble was generated by market manipulation. That's bad. That's VERY bad. It means that the market didn't truly run up the price at all. Fuck. This sucks...
It really is crazy they were able to do it and for so long. But coming twords end of the story is CEO arrested multiple times- http://www.coindesk.com/former-ceo-of-bitcoin-exchange-mt-gox-re-arrested-in-japan/
It's such a high dollar crime, and seems to be moving slow. I suspect it's a while till the CEO really get's a sentence. It is almost funny he claims to be a victim - http://www.coindesk.com/mt-gox-ceo-claims-to-be-victim-in-bitcoin-exchange-demise/
And most crazy thing I did not know Hollywood just might make a Mt Gox movie - http://www.coindesk.com/hollywood-execs-mt-gox-movie/
Its crazy how pitiful he is, running away and then playing the victim card. Maybe he was really just incompetent, but he had been warmed before the "hack" happened that there were security vulnerabilities and that SQL injection attacks were happening.
And then left a shit ton of BTC in the Hot Wallet.
So how acceptably incompetent can you accept a certain person to be, before deciding its deliberate?
WOW...I'm embarrassed to admit that I didn't know about this bubble before. This changes my outlook on the future of Bitcoin. The only significant bubble was generated by market manipulation. That's bad. That's VERY bad. It means that the market didn't truly run up the price at all. Fuck. This sucks...
It really is crazy they were able to do it and for so long. But coming twords end of the story is CEO arrested multiple times- http://www.coindesk.com/former-ceo-of-bitcoin-exchange-mt-gox-re-arrested-in-japan/
It's such a high dollar crime, and seems to be moving slow. I suspect it's a while till the CEO really get's a sentence. It is almost funny he claims to be a victim - http://www.coindesk.com/mt-gox-ceo-claims-to-be-victim-in-bitcoin-exchange-demise/
And most crazy thing I did not know Hollywood just might make a Mt Gox movie - http://www.coindesk.com/hollywood-execs-mt-gox-movie/
So ever since I just started learning more on this forum, I keep on seeing people posting about remembrance of the Mt. Gox scam and the bubble they created... So how did they create it in the first place? What led to people getting scammed out of so much money/bitcoin?
They doctored the trade volume up. They made it look like people were buying in like crazy, which pushed the price up, which then lead other exchanges to keep up with the price since people were getting BTC wherever they could selling it there.
And whoever bought coins and held became fucked when MtGox became insolvent.
But how would they make it look like the trade volume was going up? Wouldn't you be able to see the purchases of bitcoins on the blockchain? Was there no tx ID's that came along with each trade on there?
It is suspected they had a bot running doing a lot - http://www.coindesk.com/report-mt-gox-data-provides-more-clues-to-trading-bot-willy/
There are a ton that is suspected but really we don't know some things still. We just know customers got screwed. And likely there will be criminal charges but it's taken a LONG time.
That's wild as hell... do they have the person who created the site and did the false price raises in custody somewhere? Does anyone know who this person is? I mean, I would guess the person would have to have been one of the original members of the bitcoin community who mined a lot of bitcoin and wanted to see an increase of price, mainly to increase the value of his own stash... is this a right assumption?
It really is as they were the gold standard back then on Exchanges. I mean they were thought as being the best in most cases. I was lucky I did not store any there.
The most crazy thing is that it was hacks that supposedly lost so much of customers money that was in hot wallets. And it was supposedly hacks that stole all the info that found out about the bot.
So the same thing that destroyed the site, is what proved it was using a bot. If it was not hacked we would likely never have known about the bot.
WOW...I'm embarrassed to admit that I didn't know about this bubble before. This changes my outlook on the future of Bitcoin. The only significant bubble was generated by market manipulation. That's bad. That's VERY bad. It means that the market didn't truly run up the price at all. Fuck. This sucks...
So ever since I just started learning more on this forum, I keep on seeing people posting about remembrance of the Mt. Gox scam and the bubble they created... So how did they create it in the first place? What led to people getting scammed out of so much money/bitcoin?
They doctored the trade volume up. They made it look like people were buying in like crazy, which pushed the price up, which then lead other exchanges to keep up with the price since people were getting BTC wherever they could selling it there.
And whoever bought coins and held became fucked when MtGox became insolvent.
But how would they make it look like the trade volume was going up? Wouldn't you be able to see the purchases of bitcoins on the blockchain? Was there no tx ID's that came along with each trade on there?
It is suspected they had a bot running doing a lot - http://www.coindesk.com/report-mt-gox-data-provides-more-clues-to-trading-bot-willy/
There are a ton that is suspected but really we don't know some things still. We just know customers got screwed. And likely there will be criminal charges but it's taken a LONG time.
That's wild as hell... do they have the person who created the site and did the false price raises in custody somewhere? Does anyone know who this person is? I mean, I would guess the person would have to have been one of the original members of the bitcoin community who mined a lot of bitcoin and wanted to see an increase of price, mainly to increase the value of his own stash... is this a right assumption?
So ever since I just started learning more on this forum, I keep on seeing people posting about remembrance of the Mt. Gox scam and the bubble they created... So how did they create it in the first place? What led to people getting scammed out of so much money/bitcoin?
They doctored the trade volume up. They made it look like people were buying in like crazy, which pushed the price up, which then lead other exchanges to keep up with the price since people were getting BTC wherever they could selling it there.
And whoever bought coins and held became fucked when MtGox became insolvent.
But how would they make it look like the trade volume was going up? Wouldn't you be able to see the purchases of bitcoins on the blockchain? Was there no tx ID's that came along with each trade on there?
It is suspected they had a bot running doing a lot - http://www.coindesk.com/report-mt-gox-data-provides-more-clues-to-trading-bot-willy/
There are a ton that is suspected but really we don't know some things still. We just know customers got screwed. And likely there will be criminal charges but it's taken a LONG time.
So ever since I just started learning more on this forum, I keep on seeing people posting about remembrance of the Mt. Gox scam and the bubble they created... So how did they create it in the first place? What led to people getting scammed out of so much money/bitcoin?
They doctored the trade volume up. They made it look like people were buying in like crazy, which pushed the price up, which then lead other exchanges to keep up with the price since people were getting BTC wherever they could selling it there.
And whoever bought coins and held became fucked when MtGox became insolvent.
Which bubble was this?
(As I mumble quickly: please don't be the rise to $1000. please don't be the rise to $1000. please don't be the rise to $1000)
So ever since I just started learning more on this forum, I keep on seeing people posting about remembrance of the Mt. Gox scam and the bubble they created... So how did they create it in the first place? What led to people getting scammed out of so much money/bitcoin?
They doctored the trade volume up. They made it look like people were buying in like crazy, which pushed the price up, which then lead other exchanges to keep up with the price since people were getting BTC wherever they could selling it there.
And whoever bought coins and held became fucked when MtGox became insolvent.
But how would they make it look like the trade volume was going up? Wouldn't you be able to see the purchases of bitcoins on the blockchain? Was there no tx ID's that came along with each trade on there?
Most exchanges use an internal ledger, so trades don't have a cost per see. When you put BTC in an exchange, it is typically then put into cold storage. Only when money is withdrawn that BTC actually move and actually thus create a TXID.
As thus it is pretty easy to doctor prices.
So ever since I just started learning more on this forum, I keep on seeing people posting about remembrance of the Mt. Gox scam and the bubble they created... So how did they create it in the first place? What led to people getting scammed out of so much money/bitcoin?
They doctored the trade volume up. They made it look like people were buying in like crazy, which pushed the price up, which then lead other exchanges to keep up with the price since people were getting BTC wherever they could selling it there.
And whoever bought coins and held became fucked when MtGox became insolvent.
But how would they make it look like the trade volume was going up? Wouldn't you be able to see the purchases of bitcoins on the blockchain? Was there no tx ID's that came along with each trade on there?
So ever since I just started learning more on this forum, I keep on seeing people posting about remembrance of the Mt. Gox scam and the bubble they created... So how did they create it in the first place? What led to people getting scammed out of so much money/bitcoin?
They doctored the trade volume up. They made it look like people were buying in like crazy, which pushed the price up, which then lead other exchanges to keep up with the price since people were getting BTC wherever they could selling it there.
And whoever bought coins and held became fucked when MtGox became insolvent.
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