Bitcoin Forum

Excerpt from: no faith in bitcoin (ddos)
https://bitcointalk.org/index.php?topic=1536399.msg15458152


And "ddos attacks" was sarcastically put in quotation marks for a reason.

Better rethink your positions....

at the time of posting BTC-E has a large 1000btc ghostwall.. at exactly $600

its there to stop the price going any higher.. if it goes higher btc-e will be at risk, and i think they too will do a "we been hacked" alert
https://bitcoinity.org/markets/btce/USD

seems there is a active mission to keep prices down right now

that might be just a coincidence, in my opinion anything might happen with the price and there will always be people who manage to predict it correctly

Why do you say btc-e would be at risk? Would they not benefit from a higher price?

ILLUMINATI CONFIRMED!!!11111

Holy sh!t! How did you know. Insider bitcoin trading?
You knew about the bitfinex hack a month in advance  :o
Inquiring minds want to know!
I want to know how you knew all this before it happened! haha ;D

Actually someone I knew also know about this happening. Just didnt know when exactly but a month ago he did withdrew all his funds in Bitfinex and warn friends also. He saved two of my friends from a total lost.

Even broken clock is right two times a day, so nothing special at all.

Bitfinex hack (or inside job, whatever) shaked faith in centralized services instead, Bitcoin still works as expected. Because most Bitcoin exchanges are centralized services, it does not surprise me the lost faith in these. Still a long way to have much more decentralized trustless Bitcoin services, and not rely (and trust) to the centralized ones anymore.

It's not an intentional in my minds, but it's normal if sometimes the people prediction becomes a real condition in this time, but it's just a time for the people predict it's happening and maybe, sometimes the people predict is become useless and not happened.

Yes your prediction have occured. And indeed I accept that my opinion on the price dump was wrong. But well the dump is not enough reason to leave bitcoins. We just need to be careful sometimes. But for me I dont have any losses with the price going down its because i convert to cash all of my earnings once i get them and i only save some small amount for long term savings.

its been a month to get down, but i hope the rate will go up soon. never mind if the rate is going up or going down, the altcoin market will make adjustment for the rate and will follow the rate of btc.

getting btc with trading btc-altcoin is really a good idea to get more btc and its another solution that really makes sense.

i wonder, what next after bitfinex? just curious in my mind

spamming pictures in your own topic to keep it on top doesn't make it right.

i have got two things to say to this:

1) even a broken clock is telling the time right twice a day
2) the recent drop was only because of the panic because of the 120K BTC hack and nothing else and it has already been recovering but whales seem to want to buy more cheap coins.

He makes himself out as a genius with a crystal ball, but he predicted the obvious. Everyone knew that the Halving were hyped up, and that there will be a price correction after the event, when the speculators dropped away. Nobody predicted the Bitfinex hack, and the primary reason why we saw a huge drop in the price. It has nothing to do with a dump, because of the Halving.

Stop talking shit and use your common sense for once. If a major exchange stops trading and they had a daily volume of about 10 000 bitcoins a day, you will see a drop in the price. ^hmmmmmm^

Yeah because the OP really saw into the future & predicted an epic crash, he must have known bfx would be hacked for millions of USD worth of bitcoin.

In other words he drunkenly threw a dart in the dark & it luckily hit the bullseye.

Idiot.

Good prediction , not sure how it happens , but we need to consider all factors while buying ,holding and trading BTC. As mentioned above on the thread we need  to take precautionary measure  like not to keep more BTC's on currency exchange sites and sell it immdiatly when there is profit.

Its always better and safe to save it in personal wallet instead of keeping on exchanges as nowadays its very difficult to find any legit site where we can keep our coins safely.

I also agree. I can't believe how much hype there was around the halving. Just because you look at what occurred after the last halving doesn't mean that the same thing will happen again. The price could have gone up or down. It was never 'certain' it would go up as so many people were claiming.

I don not get this. Could you explain it a little bit more to me.
What do you mean with ghostwall? why would they be at risk and what about the alert? what cann they do (besides keeping price down)? Also how can you keep prices down?

I hope there`s no "ddos attack" against the wallet where i store my btc. :(

I think that you might be right about that.

Unfortunately we can`t trust any website that accepts bitcoins.

If you are buying anything using bitcoin then you can definitely trust those sites as they will never cheat you, but if you are looking for investing bitcoin then its better to drop that idea.

Yes please explain. I have a job and can't follow all this.

dam you guys are scaring me...

Thinking I may get some of my coins out of there. Feels like nothing is safe
right now. Price has looked to stabalize as of now so maybe I'll withdraw and
cold wallet store for the time being.

firstly the term "wall" is a large single order/pricepoint that has such a large amount of coins most people psychologically think it wont be filled.
EG if average trades are 0.2btc and you see a wall of 1000btc. then instantly you will think this wall wont be filled any time soon so people do no try to push the price up because of the wall.

https://i.imgur.com/cme7gyw.png

now there are a few types of walls..
a whale.. this is a genuine investor with real bitcoin balance that just wants to place an order
a whale wall is when the price the genuine order is at is far away from the spread, obviously their first thought is not to actually sell the coins any time soon but to do a bit of psychological manipulation.. usually putting a large wall at a distance is done to keep prices down to actually buy coins cheaper.. while not risking filling their sell order because there are many small orders before getting to the wall.

a ghost.. this is a fake order, usually done by the exchange itself to fill order lines.. small orders are just to take some profits or make exchange look more popular/active. large orders are usually done to control where its moving. but in both cases exchanges sometimes dont have the real funds to validate their orders..
ghost orders is a form of fractional reserve.. where they are not using real funds but creating orders backed by nothing.

its when an exchange is ghosting orders(fractional reserve orders) and they get filled(exchange didnt cancel order in time) and users want to withdraw funds. that exchange becomes less able to actually pay out to its customers. so this sparks a 'rob peter to pay paul' where they dip into others funds to pay out fresh withdrawals leaving users with balance left on their account less and less likely to be able to withdraw later..
the hope is new deposits cover the current users withdrawals later, and eventually trade fee's will cover the gap.
mtgox done this. cryptsy done this, mintpal done this. and look where they are now, they didnt refill the gap in the reserves to bing users accounts back into balance

as you can see by the image above the wall is alot larger then the average order and also its not near the spread. thus its not a genuine person wanting to sell coins soon. but far enough to cause some psychological manipulations of user speculation that the price wont gove over $600 any time soon and also far enough to cancel the fake wall if the price did try moving up fast..
worse case is when they dont cancel the order and it fills.

It could also just as likely be someone who bought a shitload of BTC when it bottomed out at $460 (or had a shitload from when they were like $1) and would be happy taking profit at $600 because they want to go buy themselves a new ferrari or something.

I'm not sure how having that giant order there cause "psychological manipulation"? All I see is someone being hopeful they'll be able to sell 1000BTC @ $600... if the price ever gets that high again.

Like everything to do with BTC trading... it is all speculation.

Thanks for the explanation. I'd say though that fractional reserve for an exchange is logical, without the fake orders part that is. With people buying and people selling, you don't need to have all the BTC and money in a hot wallet.

yes its speculation, and people speculate. many people in trading know what are common speculations by people that watch the orders. and know how they characteristically react when they see certain patterns. the mtgox "wally whale" was good at this manipulation using walls. kind of entertaining to watch most of the time..

here is a lowdown of basic mindset people have based purely on what they see when they see the market order charts
https://i.imgur.com/FZ7isdB.png

if you know how people may think, you can control a bit of the speculation

This is what people need to remember, that although lots of centralized infrastructure exists for bitcoin now, it's strength is in it's decentralized nature. Holding your own coins is always going to be more trustworthy than keeping them in an exchange/online wallet, for example.

I mine some altcoins and sell them for the bitcoin. As soon as I get the bitcoins, I withdraw to my own wallets.

That is the right thing to do as you cannot afford to trust any online site at a moment either for saving bitcoin or investing bitcoin as your personal wallet is the safest place to store your coins.

why the fook do you bother posting on this site i just dont get it ??? you are a complete troll like seriously wise up wasting your time  hahahaha

The answer is easy, he is a paid shill... his only goal here is to spread misinformation and to bad mouth Bitcoin. Just have a look at the post history and the whole objective of his presence here is laid

out like a story book read to a child. If you know anything about commodity trading, you will know that price correction and manipulation is the name of the game. This is done with all commodities,

from Maize to Gold. If something goes up, it must come down at some stage... So I can also read the future and tell you... in the near future the gold price will go down, when the global economy

improve.. What a genius .. I am.  ::)

You cannot call small fluctuations in price 'dump'.No one has lost faith in bitcoin and bitcoin price will recover again

People missed one thing before the halving, at December 2015 bitcoin were worthing 250-300 dollars, at January this year bitcoin jumped to 400 for no reason besides the bitcoin halving coming, soo the current value is the right one and maybe a bit above the real value, that could be 500-600 dollars.  Soo dont expect too much from bitcoin, i believe bitcoin will end the year at 700 dollars but if it stands at this value the halving has already made its presence.

The appropriate old trader's saw here is: 'Buy the rumor, sell the news'.

There was a previous halving in November of 2012.

The price then was about $12 per Bitcoin.

Everything is relevant to your time perspective, short term or long term.

Unless of course something goes to zero.

I don't think it's going to stand at this value. People will have to invest again, so we have to wait for the investors to buy some more BTC. Trades and investments are never going to stop, you're going to see these guys around all the time. Everyone is hoping for a price increase like four years ago. If that would be real.. expect the price to go up to $100k next year.

I think the recent price drop of the bitcoin is caused by the problems of the new Core client, the software might not be authetic.

thats true, the halving has already priced in though i think that we might see more increases just because of the random pumps that will happen

$100k price speculation is too unrealistic to consider to happen in next year as we see tha bitcoin price it even hardly pass on $700 price. How much more in $100k next year then it would be impossible to happen, maybe 800-900 next year would be possible or even this year and thats just also a speculation but realistic compared to yours.

We can make this like a rap and we might get more money than waiting for that price increase again. Let's earn more than Eminem.  ;D I am taking all the negative or positive feedbacks from OP's post for it makes my mind eat more than ignoring and have a hungry brain.

it is now August 24 and yet the value of bitcoin is still on more or less than $600. how come you will say that bitcoin will be dump? there's no definite proof that it will be dump if it's value is that really high. better think before you post something.

OP now will say that the dump already happened, due to Finex, and that we already back up.
Of course he can not predict what will happen.Nobody can do that.
He was pure wild guessing and had the luck that the Finex fiasco took place.
Let him do it another 9 times and I promise he will fail at least 50%.
Because there are just 3 directions the price can move.So it's a 50:50 bet.

i hope that you are right because in my opinion these problems will be solved really soon and the price will come back then