Bitcoin Forum

Seems China is the culprit... mass market manipulation

http://bitcoinpricelive.com/chinese-bitcoins-crash-market/

DAMN CHINESE!!! >:O

There are plenty of day traders yes.

I have seen one of those fake bitcoins. Don't trust bitcoins you receive from an address that starts with a 0. That is how you can tell it is counterfeit.

why no one said that fake bitcoins caused the rise to up 1000 level?

Only when prices drop it is fake and manipulation. When it goes up, it is just the natural stuff

China's been the source of so many price fluctuations. China pls.

Those chinese, well at least we now know it's value manipulation and we know it will go back up

They did...it is called the Willy bot.

I'm glad it's market manipulation!

You forgot to mention that fake Chinese created the bubble in the first place. It was staying at 150$ at the most when the Chinese manipulation kicked in.

The willy bot was just a bot that was buying bitcoin on behalf on large whales to prevent as much slippage as possible.

Similarly I find it far fetched that the market is being manipulated for it to make the price lower.

I think this speculation that the price is being manipulated is caused by the lack of regulation   

I lol'd :D

Yes the Chinese manipulators sold all coins last November at $1200, now wil crash market to buy back at $100

Good point was wondering the same thing.

Normal thing in finance markets, manipulation all the time

How can be bitcoins fake? They are not USD and cant be just printed in high numbers.

sure they can.. just like paper gold..


anyway best to just sit back and rid the tide

Fractional reserve in crypto.. gads

In theory they could be selling coins to people that do not exist. Hence the problem with centralized exchanges. When it comes time to withdraw those fake coins, good luck. They do not exist….

Price discovery on an electronic online exchange.. in china, could be NOT REAL.. Even if bitcoincharts.com is reporting trades…

I can neither confirm nor deny what is happening, but there is something to be said about unregulated exchanges cooking' the books.

i understand now.
on exchanges, and when you want to withdraw them on your BTC address you see nothing comes there.

I suppose you do this with Fiat correct?

Thanks i've read that,
i cant see scenario to protect against this thing... this way they can create panic every single time...
just robbing others...

these chinese are quite smart...

With what they will crash the market if they don't own Bitcoins they sold?

It's common knowledge that the price was inflated by mtgox using coins that didn't exist.

Okay so the basic process is one of the exchanges decides they want fiat.  They credit a house account with a bunch of btc that they don't really have, sell and reap the rewards.  If they want btc, they do the opposite, credit a house account with fiat.

This would explain how they can have no fees. 

Exactly, exchanges can create accounts with trillions of fiat money and millions of bitcoins. Since the trade is always happening in their database, there is no way to tell the validity of any account. But once people start to withdraw at large scale, they will blow up, just like what happened with MTGOX

BTC-China has passed the third party audit for their bitcoin reserve and also that dabase, so the manipulation could come from other exchanges. I think majority of the sell order are coming from those late established mining farms to pay for the expense, but that does not explain the 22K sell wall on bitstamp

i already told you guys on this months ago , but only a few believe me ::)

Is it? I know that it is certainly the topic of several conspiracy theories but I have never seen any concrete evidence of such. I was under the impression that people would deposit large sums of money at gox, then the money would be credited to the willie bot so it can buy large amounts of bitcoin then the bitcoin would be credited to the aforesaid people who had deposited large amounts of bitcoin

so true , chinese exchanges really have a bad reputation . Just Look at the fake fucking vol on okcoin

Predictably China continues to hold the whip hand in terms of shaping price discovery
Hopefully we will have some good news this week

but im sure the price will go up in endyear or new year ..

whatever you said... no

Fingers crossed.

+1 i'm one of the few that also saw this.

Let them take those gains this time.But next time they try this I'm sure Satoshi would find a way out.

maybe because bitcoin is anonymous ::)


we must act to fight this ::)

 "mass market manipulation "  YES，  the OKEY、  huobi 、 BTER ……   They mass the btc market.

i am in China , i know  the OKERY  HUOBI etc rading platforms, false trading, buying from the his own sale , price manipulation,Hate them!

Wait a minute, I thought China banned bitcoin!   ;) 

Wasn't that the excuse for bitcoin dropping earlier in the year?  Now they are making thousands of fake ones?

I can see how it's possible, but we wont know until there is a run on one of the exchanges.  I can only imagine the bad fallout that will result from one of the leading Chinese exchanges blowing up in such a spectacular and corrupt manner.  So more bad for bitcoin.

Okay, I like this conspiracy theory!  Is there a happy ending though?  They drive the price back up buying cheap coins to now cover all their depositor's balances?  I can see lots of UNhappy endings....

That is good to know about BTC-China passing a third party audit, thanks for that information!

Just more reasons not to use exchanges.

BUY/SELL crypto currencies like Bitcoin on bitcoin-otc and localbitcoins and privately from now on, until these exchanges are heavily fined and cleaned up.

Since MTGox these exchanges have been hurting crypto currencies without regret.

Did Satoshi, when he created the protocol, not want no central entity manipulating the price? {Like reserve banks, printing money, to stimulate their fiat currency}

More and more people are moving away from exchanges, because of this type of fraud.

Buy up all the "cheap" coins by all mean if you think it is manipulation.

glad its the chinese screwing around - means it isnt investors like you and I in panic mode

really feel sorry for those who sold in panic...but that's the problem when you put money into something you don't understand or don't care to understand and just following market sentiments. Current price is way below production cost and it can only go for so long until something had to give. now they're busted this can only mean btc will correct itself, and that price will rise

IANAL but if it was intentional market manipulation in China, well, I wouldn't want to be that CEO.

Anything you buy on an exchange potentially does not exist.

it could explain everything, those were the chinese that pumped it, and now want to dump, it won't surprise me if they are the same who dumped from the 1200 peak

after all they were the one who pumped it to that peak

With fake bitcoins of course.