Originally Posted by
BCR
If this is true, and eastern europeans are both holding 80%, and also the ones behind the denial of service/and or hacking attacks, then logically wouldn't it be likely they dumped a ton the other day at $250- $260, and are now tanking the market to acquire more in order to run them up again?
There is nothing illegal is simply holding bitcoins, is there? I understand they are used in practical terms for many illegal things, but I am trying to understand if the logical move should these bitches go way down to some absurd $29 number, the only value to those manipulating the markets is to acquire more, and manipulate them back up again, correct?
It would seem a calculated, but smart risk to buy a 1000 if they hit a number like $29, and just gamble that they will run them up again, wouldn't it? They are doing all the work. You could lose $30k obviously, but it seems a better chance they manipulate it back up to $250 than they go to a penny if they have this capability?
I am not trying to get in the middle of this argument whether this is actually what is going on, both you and dddonedied are far better versed in technology, and I have no clue who is right.
I am just hearing two arguments, his that they are inherently valuable, have useful application, and won't likely be shut down easily. You're arguing that the market is being manipulated by the criminal element in a successful manner, but both those arguments would suggest that taking a winger on an amount you can afford to lose isn't necessarily a bad idea, at least in the short term.
In the time since I started writing this, they have went from $75 back to $120. lulz
I mean, at what number do even the skeptics pounce to buy? There has to be a number where it's simply worth the risk even if you have no firm belief in their long term viability. Rarely does one get a chance to get in low on something like this once you've missed the boat after the initial run up.
BCR, here is the thing. If oyu buy them at $20 I'm sure you'll be fine. There is little that has happened today except that people will be scared to buy bitcoins for signficant purchases. You could probably buy them at 50, but I wouldn't suggest it. 20 seems pretty conservative. BTC may be taking a hit over their volatility, but they are on EVERYONE's radar now. That includes unfortunately the government, but I don't know if they'll step in to "protect investors". meh.
I've never said it wasn't eastern europeans, but thats sonatine's schtick. Always vague conspiracies and act like you have some sorta special info. He may very well be right, but no one has ever really put forth how these "manipulations" are working except DDOS = drop in prices. I think it is a lot more likely to be random speculation. I have no idea what sorta fools would buy btc at $250, but if you have been around gambling you know how degenerate people can be. I'd believe the manipulation conspiracy if someone put forth a solid plan on how it plays out, but I never see it.. just vague ideas people have. And those that push these vague ideas already have a side they are pushing... So their ego is quite vested. See both Sonatine and Druff have hated on btc since the start and both are jumping at the chance to be right about this stuff. And partially they are... but it is easy to do with vagueness.
I, like you, do not understand how BTC went up to $250 via manipulation unless there is a lot of foreign press we're not aware of.
This is a disruptive technology and there is little people have to go on. The only real thing we know is that the US government will become more involved at some point, especially when lobbyists become involved. They'll never have a valid reason to completely ban them though, but maybe so. We also don't read greek news etc, so it is hard to get a feel if there is some pump'n'dump scheme going on in another country. You never had this problem with USD stocks etc, because you can go read the news yourself. So if you are sharp, in the past, you'd be able to read between the lines. Again, it is a technology that is unique and pretty much an unchartered area of history. Most American media is so dumbed down you won't get a real answer either. You're a smart guy, I've always said that. Good luck weeding through the noise.
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