Bitcoin at all time high

[garrett]

Per Mt Gox Twitter 42m ago

"Trading is suspended until 2013-04-12 02:00am UTC for market cooldown. Once back trading will be also faster."

SHUT IT DOWN FAGGO- oh wow a 12 hour stand down.. holy shit...

Good morning homo

[Shooz]

did it just drop $40 in a minute or did my screen not refresh?! lol

[sonatine]

did it just drop $40 in a minute or did my screen not refresh?! lol

ive seen it +/- that amount on a few occasions the last few days but its basically a statistical jitter from a significant trade from what i can gather, it usually levels out within a few seconds.

that said they just suspended trading, im showing at 120.90. its 100% possible it ducked to 80 or whatever when they cut the feed but other feeds kept receiving trading data for a few seconds after, hence they dont reflect that anomaly right now?

[Shooz]

did it just drop $40 in a minute or did my screen not refresh?! lol

ive seen it +/- that amount on a few occasions the last few days but its basically a statistical jitter from a significant trade from what i can gather, it usually levels out within a few seconds.

that said they just suspended trading, im showing at 120.90. its 100% possible it ducked to 80 or whatever when they cut the feed but other feeds kept receiving trading data for a few seconds after, hence they dont reflect that anomaly right now?

Yeah I just looked at preev.com and it was 120 when i loaded it up and 79 a couple of minutes later, then I read about the suspension and now it's not showing a price.

I would think that is a decent guess.

[4Dragons]

Bitcoin Just Took a Major Nosedive - But Why?

dailydot.com - Bitcoin, the world’s most popular virtual currency, dropped from a high of $265 to a low of $156 in a period of six hours Wednesday afternoon. Pretty much everyone the Daily Dot has spoken to recen...

[sonatine]

because its totally illiquid and the only business thats embraced it is malware/hacking/spammers.

[superallah]

Update 3:
Gonzague Gay-Bouchery, the marketing and communications manager for Mt. Gox’s parent company, Tibanne Co., Ltd., responded to the Daily Dot’s request for clarification about the cause of today's price drop:

“Well, we are still under attack from last week but this was actually not what led to the lags and price crash. What happened last night was "Popularity!” We went from 10,000 new customers per month last year to 20, 30 and 60,000 in March, and just 10 days after April 1st, we had 75,000 new customers“ Yesterday alone 16,000 customers (current and new) all decided to trade at the same time, resulting in lag. Then people starting to panic due to the lag and resulting in a panic sale like last time but this one was not due to a DDoS.

“Our team is working around the clock to scale up our architecture. Prior to the crash yesterday we ordered several new ‘Monster’ servers from the U.S. and are waiting for them to be shipped back to us before deploying them in one of the two data center we are using here in Tokyo.

etc.

[kmksmkn]

is there a way to get bitcoin thru paypal or my debit card? If not whats the ez way to get it by the end of the day.

[BeerAndPoker]

These things are still going crazy I see with it at $123 again. Just imagine owning 1000 coins and seeing it fluctuate that quickly would tilt the shit out of me.

[4Dragons]

Here, I put up a bitcoin news aggregator: Bitcoin News

[simpdog]

Here, I put up a bitcoin news aggregator: Bitcoin News

needs realtime quote of bitcoin price IMO.

_Spam

[Dan Druff]

I don't believe the "Bitcoin were so popular that we couldn't handle the load" story.

Anyway, I know this was already posted, but here is a shorter version of the Alex Jones show where Mike Adams predicts a bitcoin crash and in fact mentions a "cooling off period", which is in fact in effect right now. He mentions the cooling off period that exists on Wall Street, and it's interesting that it's now in place to attempt to halt the bitcoin collapse.



MtGox's story doesn't make sense for a few reasons:

1) The mtgox.com server seemed to perform well throughout the day, as the crash was occurring. If there were really server problems, you would have found mtgox very difficult to reach. It actually handled everything better than I expected during the selloff, given both the increased number of transactions and the repeated reloads by interested outside parties (such as most people here).

2) Bitcoin has recovered quickly from DDoS attacks, which in fact did hinder the mtgox server in the past. No cooling off period was needed, and the value rocketed back up to where it was previously. So why is this time different, if again the crash in value was due to server issues?

3) The value of bitcoin FELL from around $170-$180 (where it had been stable for several hours) to $120 AFTER the announcement that it was just due to temporary server problems. That's not a good sign.


The simple fact remains that the bitcoin market is extremely easy to manipulate because, unlike the stock market, where most people are trading through experienced stock brokers (and the average person doesn't do much trading), bitcoin is being traded by investing n00bs whose only knowledge of trading markets is "buy low, sell high".

So it's not difficult at all to manipulate the average Joe's natural fears and desires.

I made a similar point in the StubHub thread, where I mentioned that StubHub price fluctuations were incredibly easy to predict given that the ticket sellers were average folks and not experienced ticket brokers.

I think most of Alex Jones' conspiracy stuff is nonsense, but it wouldn't be at all far-fetched to believe that this was being manipulated some way, either by the banking industry, the government, or just a few smart people who realized how to drive up the bitcoin market, get out at a certain target value, intentionally cause a crash, and then rebuy.

To be honest, all it really takes to manipulate bitcoin upwards is to make buy orders substantially above sell orders, and then do the reverse to bring it back down. The downward slope will, of course, be a lot steeper than the upward one.

It's incredibly easy to manipulate the bitcoin market because it's all anonymous. There's no way to tell who or what is buying up all the bitcoin or selling them rapidly, so that makes it incredibly easy to falsify mass interest or mass panic, thus inducing real mass interest and real mass panic.

[mackerdoodle jones]

if the main trading exchange can't handle 16,000 simultaneous trades...well I'm at a loss for words

[sonatine]

i was discussing this with a gov friend this morning and all he had to say was "when the majority of an entities userbase is in eastern europe, you dont want to be involved."

at this point id put the odds at 80% that eastern euro crimesphere is arbitrarily manipulating this market. it simply has all the hallmarks. its sophisticated, its relentless, and its working.

[donkdowndonedied]

To be honest, all it really takes to manipulate bitcoin upwards is to make buy orders substantially above sell orders, and then do the reverse to bring it back down. The downward slope will, of course, be a lot steeper than the upward one.

It's incredibly easy to manipulate the bitcoin market because it's all anonymous. There's no way to tell who or what is buying up all the bitcoin or selling them rapidly, so that makes it incredibly easy to falsify mass interest or mass panic, thus inducing real mass interest and real mass panic.

I am confused. I really don't read that much about bitcoins except for a few key areas and none deal with price manipulation. I do know you have to have the capital to place the sell orders in your mtgox account.. Do you not consider the capital required to buy in that volume to be significant ? Or am I missing something glaringly obvious ?

Explain this "incredibly easy" way without having the capital required. We can look at trade volumes and prices to get an idea of the capital required, right? Or is it your theory that these volume numbers are falsified by mtgox ?

Is it actually possible to place buy/sell orders in some way that amplifies your capital ? Kinda like trading on margin ?

I also wonder about these "collapses". Something that is trading 10x what it was a month ago.. What sort of metrics are people using when they refer to this as a "collapse"?

Thank you for your clarification.

[donkdowndonedied]

i was discussing this with a gov friend this morning and all he had to say was "when the majority of an entities userbase is in eastern europe, you dont want to be involved."

at this point id put the odds at 80% that eastern euro crimesphere is arbitrarily manipulating this market. it simply has all the hallmarks. its sophisticated, its relentless, and its working.

Government is known for having the sharpest people at their disposal. <eyeroll>

I'd like to know how you can label it as "sophisticated" ? Kinda like god is sophisticated because no one ever talks to him except the crazies ? This criminal "crimesphere" that is just some jackasses guess.

Relentless? the DDOS ? What is "relentless" ? DDOS of one exchange is not going to kill bitcoins.

How exactly is it working? What are these objectives I missed...

You used to claim you'd never go near bitcoins because the feds were all over them or some ridiculous shit.. now you don't touch them because your "government friend" says eastern europeans are involved. It is laughable. Whats next? Too many candy eggs being purchased by Aussies ?

[donkdowndonedied]

Here, I put up a bitcoin news aggregator: Bitcoin News

Nice feed brosephus.

Education
Environmentalists Call For Banning Water

I can tell you are poised to cash in big on these things.

[Dan Druff]

To be honest, all it really takes to manipulate bitcoin upwards is to make buy orders substantially above sell orders, and then do the reverse to bring it back down. The downward slope will, of course, be a lot steeper than the upward one.

It's incredibly easy to manipulate the bitcoin market because it's all anonymous. There's no way to tell who or what is buying up all the bitcoin or selling them rapidly, so that makes it incredibly easy to falsify mass interest or mass panic, thus inducing real mass interest and real mass panic.

I am confused. I really don't read that much about bitcoins except for a few key areas and none deal with price manipulation. I do know you have to have the capital to place the sell orders in your mtgox account.. Do you not consider the capital required to buy in that volume to be significant ? Or am I missing something glaringly obvious ?

Explain this "incredibly easy" way without having the capital required. We can look at trade volumes and prices to get an idea of the capital required, right? Or is it your theory that these volume numbers are falsified by mtgox ?

Is it actually possible to place buy/sell orders in some way that amplifies your capital ? Kinda like trading on margin ?

I also wonder about these "collapses". Something that is trading 10x what it was a month ago.. What sort of metrics are people using when they refer to this as a "collapse"?

Thank you for your clarification.

I didn't say that it took no capital.

When I said "easy", I meant that it did not require a super-clever strategy or complex market manipulation schemes.

Certain people, groups, or entities with the capital to make this happen might have realized this opportunity and gone for it. There's also the possibility that this was manipulated on purpose by the government or banking industry, just to ruin the public's faith in bitcoin. People would be much more receptive to using and accepting bitcoin if it held a relatively static value, rather than launching up and down rapidly.

A "collapse" is something that loses over 50% of its value in one day. Wouldn't you say that's accurate?

There were many reports of the housing market "collapse" in 2007 and 2008, despite the fact that most of these properties were still worth more than what they went for in 2003. It was defined as a collapse because the recent buyers lost a lot of money on their investments in a very short period of time.

[donkdowndonedied]

I didn't say that it took no capital.

When I said "easy", I meant that it did not require a super-clever strategy or complex market manipulation schemes.

Certain people, groups, or entities with the capital to make this happen might have realized this opportunity and gone for it. There's also the possibility that this was manipulated on purpose by the government or banking industry, just to ruin the public's faith in bitcoin. People would be much more receptive to using and accepting bitcoin if it held a relatively static value, rather than launching up and down rapidly.

A "collapse" is something that loses over 50% of its value in one day. Wouldn't you say that's accurate?

There were many reports of the housing market "collapse" in 2007 and 2008, despite the fact that most of these properties were still worth more than what they went for in 2003. It was defined as a collapse because the recent buyers lost a lot of money on their investments in a very short period of time.

You didn't say "no capital" but you said "incredibly easy". I am still trying to figure how those 2 views jive with the numbers I jotted down.

If there were complex marketing schemes, they'd be apparent by sharp people. I have not seen any of this, although my news is limited to English.

I agree that having volatile prices screws with bitcoins in regards to using them as a way to make purchases. I am not sure banks would be doing this becuase frankly it is too early. They going to keep pumping money into bitcoins just to keep it volatile? I bet there a ton of early adoption nerds who are sitting pretty from this. Maybe all the BTC bought up will be sold back in the future causing a huge collapse... I suppose it is possible.

it lost 50% in one day, or gained 1000% within a few weeks..... Uhhhhh..... uhhhhhh... collapse... It is exceptionally volatile when measured against other currencies, I'll go with that.

Housing market "collapsed" and it didnt' rebound and recollapse several times in a year. You are picking and choosing for your already decided beliefs. If I had to wager whether it'd hit 250 again by year's end or not, I'd go with it'll be back up. BTC have "collapsed" several times and people will continue to predict that they will collapse again. It is just more nonsense.

After reading this and thinking about it... The only way I could see manipulation occurring is by strategically placed ads/articles in foreign press that we are not aware of. That drove up the price via all these people who fear their fiat currency's longterm potential and possibly invested in BTC... Then all the BTC bought at $10 is sold on the way up. I'm just not seeing anything else.. but I don't read Alex Jones etc. I used to clown on him back when he was on local access TV, tho.

[sonatine]

If there were complex marketing schemes, they'd be apparent by sharp people. I have not seen any of this