Bitcoin Forum

There is a gap of 30$ in price across the exchanges and the price drivers are mainly OKcoin and Huobi rest of them are just followers.

I bet there is Mt Gox type of situationg going on again price is being pumped with faked transactions fiat/bitcoins.

http://coinmarketcap.com/currencies/bitcoin/#markets

Just watch it. I suspect these 2 exchanges.

I wouldn't be surprised if something happened with one of these exchanges. Taking advantage of the new chinese customers.

Are you wearing a tinfoil hat? The exchange I trade on is FDIC insured so I can't get Goxed. And a price pump has nothing to do with Mt. Gox, as it was a theft, not a pump.

It's too early to tell if massive manipulation is at play.

For us, the other exchanges are the ones who determine our price anyway, and they are following much slower.

Might be cheap to get yuans if you plan a trip to china this way! ;)

May I ask which exchange if FDIC insured?

The gap could be down to arbitrage taking longer from china to europe/usa. If europe/usa drive the price they have been ahead in the past. If the exchanges are faking it i really dont care, it means they can fake it due to having enough people interested so it kinda is bullish itself.

Not too early. We are 6 weeks consecutive greens right now. Idk if that has something to tell us whether this is just manipulation at its finest or not. Huobi and OKCoin holds the majority of the traded coins (which is not surprising). Also, seeing that there is a steady increase in price, the masses might as well join the trip to the moon.

Coinbase and Gemini are FDIC insured as they are both banks. And Banks are required to be insured. Well the US dollars are FDIC insured, but the bitcoin is also insured on both exchanges. 0% chance of a Mt. Gox. ZERO! 

I'm more inclined to think that it's about the Chinese economy and the Yuan tanking despite the efforts by their government to prop both up in recent months.

I'm willing to bet that this is the first time almost everyone has been directly exposed to how the Chinese do business. Honesty and transparency isn't too high up in the vocabulary. It's a shame that everywhere else is still slaved to them. Looks like everyone is dazzled by some fancy numbers even when they're probably being made up.

What do you mean by same situation as Mt.gox ? "We got hacked" scenario ? If yes then I don't think this will happen , I mean it will be just too obvious lol , and they will all get arrested .

FDIC ain't gonna protect you from price risk.  Even if every coin you buy is legit, the price may still drop precipitously due to the shenanigans of others.

Fud fud fud.

Some of you weren't around during the previous two bubbles. This is a tame rise by comparison. We may be overbought, but that does not imply a new gigantic fraud.

mtgox again!? excellent looking forward to the 24,000% increase, think i might cash out a few mB when it hits about $30k :D

Yes.

https://blockchain.info/de/charts/market-price?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=1&address=

Just healthy organic growth. Nothing to worry about :)


No such thing as fraud in bitcoin. Because mathematically impossible.

I don't think this is related to Mt. Gox. There's a lot of buy pressure in specific exchanges, and there are good signs to indicate that the people buying bitcoins there don't really care to make profit straight from speculating on the price. Bigger exchanges are more conservative when it comes to moving the price but arbitrage sets things straight between exchanges and due to the pressure we still see crazy price swings.

http://s9.postimg.org/j684icsxr/99268907_Smeyus_64786264_freaks.gif

Yeah, they just need to score some bath salts & CP on DNM.

It looks like it, many still don't know how the Chinese play their game. 700k+ volume is just pretty insane to even start with. Imagine how big is that in USD, plus exchanges there don't impose trade fees afaik. Other people seemed to buy on this Chinese thing with hopes of making it big, too.

I don't know if you're serious or not, but two of the most bullish exchanges atm have put out announcements saying they're experiencing a surge in buy orders because of certain ponzi schemes that are very succesfull lately.

You mean this?


Those long-term investors?

I understand that, but that has nothing to do with Mt. Gox.

Yes, this is what I mean. And if this is what's causing the current price rise, then god save the people that bought at the top. Such buyers only care about cashing out.

You may be right OP, but then again there could simply be a bull whale behind the scenes.

There are hundreds of thousands of people on Earth who could cause a huge and sustained price increase by deciding to put 1% of their wealth into bitcoin, not to mention governments. I'm not sure why this hasn't happened already to be honest (or maybe it has and the price would be $50 if they hadn't, but my point still stands).

Ah, sorry, misunderstood you.

This is the one! this is gif that was always on this forum around 2013 during the pump!
 :)

In any case, I don't know whether or not there's a mt.gox risk again but the thing is that we have more than a million BTC trading volume out there.
That's a fact.

Whats interesting about this potential price bubble is its the first time we've had one without mtgox being say 80%+ in charge of everything.  It will be interesting to see how the other exchanges cope with the situation but now we have many to choose from.

Everything may look like MtGox, but as long as people can withdraw BTC and fiat without problems, there is nothing to worry about. Everything that goes up this quick, can do down even faster. Just make sure you don't buy at the peaks.

So how much are you exactly willing to bet? 8)

Yup, can't just disregard that fact. That simply means that there is still more energy out there to make more money out of this rise. Chinese are very keen on profits, so they will maximize it with bitcoins this time.

Unlike occidentals, who couldn't care less.

the point is, once you realise you are not able to withdraw your money it is already too late. That is why people are overreacting right now, looking for the early signs that something is going on. Tinfoil hat guys included. But, unless you have some insider info, it is nearly impossible to know that well in advance. The only way to be sure that you won't be robbed is to always have your stash under control and offline. 

How do you know it's a fact? That data is coming from the exchange and NOT from the blockchain... There is no transparency.

I would not hold any fiat or crypto in OKCoin or Huobi they could freeze their operations at any given time and claim they have been hacked and millions of BTC gone to the abyss.