Bitcoin Forum

Basically, either Mark Karpeles or one of his staff was a genius. I was also aware of this "trading bot" for quite some time after seeing it's activity on MtGox as well.

Someone(Don't know who for sure) was using a trading bot to launder Bitcoins. It wasn't an attempt to rally up the price or anything like that, but an attempt to Mix their stolen coins. It makes sense, think about it. No fiat was used, only Bitcoins were taken, and then later sold.

Also, the majority of the price rise Did not come from the trading bot, Willy. Rather, during that period in time(November), the trading bot's constant buying, rallied up people to also get in on the action, take note, that the trading bot was only used on MtGox(I've constantly monitored Bitstamp as well as BTC-E and have found no such trading mechanism), thus it made no sense that Willy was the reason for the price rise as All the exchanges had similar #'s of activity. It was those people(Chinese and newcomers) who majorly drove up the price setting up a bullrush, as they were giving large #'s of buy orders every few minutes, and the sellers didn't have enough Bitcoin to sell to every single user, thus driving up the price...

Overall/Fact Conclusion: Willy is not as it's said to be, it was rather a tool to launder stolen Bitcoins, and once people got wind of someone(Willy) buying up bitcoins, they joined in on the action, causing the Bullrush to $1200 that we saw Last November. The person behind Willy made it seem as though the bot was for the intent of driving the price up, it's a double edged sword. To onlookers, it looked like a Bot buying up BTC, however it was actually a Bot buying BTC to mix coins. You can figure out the rest for yourself

This Bullrush can indeed happen again without the trading bot/Willy.

but is happening in this momment with exchange from china

we can see price have jumps in hours usa wakeup but is fake
there is no market for prie rising up

I've monitored mainly english exchanges. So I cannot say there isn't bot activity with Chinese Exchanges..But from making a program to screenshot any autonamous activity(buying a # of Bitcoin every 5-10 minutes) on both BTC-E and Bitstamp, I can say that I have found no trading bot for those exchanges.

That again points to> The bot was used to Mix & Launder Stolen Bitcoins on MtGox only.

Finally, somebody making sense of it all: https://bitcointalk.org/index.php?action=trust;u=255566

"I have several accounts Gage. One of them is a Hero   ::)

I'm not trolling atm and have been monitoring MtGox, Bitstamp, and BTC-E, and with honesty can say that it was a Money Laundering Attempt on MtGox and I personally have never actually taken anyone's Bitcoins and never will, staff can confirm that."

Even it the bull market was a bot it corrected itself. This is a non story imho.

How do you know it wasn't using/laundering the stolen coins whilst driving the price up?

That's what it was doing.

To the public eye, it was driving the price up, thought it's intention was to launder/mix stolen bitcoins, presumably from the Silk Road Hacking...

How do you know they were definitely stolen?

What's the evidence for the coins being laundered?

https://blockchain.info/charts/received-per-day?address=1J2N8ULTBcryyeDpQiQiTwwVm2FvvY5USv

I think there's still a lot what we dont know about the situation. Maybe we never will.

Exactly. We'll never know but we should be aware of how easy it can be to manipulate work it from here On

We'll never know 100% unless the perpetrator speaks out, but money laundering was, I can say with 90% surety, his primary goal.

I wouldnt call Mark a genius but he's not stupid either. I think he's going to have to answer a lot of questions soon though and I dont think the outcome will be pretty.

The real question for someone to answer is where the laundered coins were coming from in the first place? Which Address/es were sending the coins to the trading bot on MtGox?

We should'nt really discredit him just because of his trust. To me everything is possible with Mt.Gox.

A company that bit doesn't go bankrupt that easily. It maybe was Mark's bad managment but do you think that there wouldn't be someone there to advice him? Maybe he was trying to put blame on his "bad managment" by going public couple of times and wanting to show off a face persona to outshine the possible huge frauds that were going on under the name of Mt.Gox and made it go bankrupt.

But again, speculation.

Will. It will happen again. In fact, we are already overdue for an upward market correction.

https://i.imgur.com/bKjLM8b.jpg

Karpeles stole those Bitcoins.  No questions about it.  He's as crooked as they come and I'm surprised he's not locked up yet.

You can't say that it will happen again according to the extrapolation highlighted in the graph you posted. It could happen, sure, it cover move faster, it could move upwards very slowly etc.

Regarding the OP, I don't think that you can say that just because other exchanges didn't demonstrate the behaviour like that of Willy means that Willy wanted inadvertently driving up the price. Gox was the focus for a lot of news sources and the go-to exchange for the price of Bitcoin. Of course it encouraged other exchanged to follow suit.

Is this related to the new biggest bitcoin wallet?

Thank you for the chart.

According to the articles that I read after the Gox bankruptcy, Karpeles didn't trust any of his employees with the private keys of the cold storage wallets, which he kept locked in a safe at home. He was also spending most of his time coming up with cake recipes for his bitcoin cafe and worrying about his burgeoning waistline. At least that's what some of his former employees stated...

I would consider this speculation.

I would consider Karpeles an idiot but I am not 100% sure about being a thief.

I do find it disconcerting that he tried to sell his discounted coins on other exchanges via arbitrage prior to GOX's collapse.