The Manipulator is slowly buying cheap coins.  When he is done, he will force it back up.  It rallied last night before it was finished and he forced it down, but not below the stagnation area because he doesn't want to crash the price, just keep it here till he's done.

Technomage,

I said it before.  It's at a great low to buy but it will stagnate here for a very long time before it finally goes up to 5.50ish and stagnates there.

Once it rose to 5.10, The Manipulator sold 10,000 coins to force it back down.  Any real investor would've just waited for 5.50 or 6 knowing if it dips, it's still a low point they bought at so no worries.

It takes more than 10K to manipulate the price over the course of a year.  You have to increase your bounty.

You are all forgetting the withdraw limits.  MtGox and similar have 100BC a day (bitcoin7 has 50BC a day and I think one has 500BC a day).  MtGox and most have $1000 a day with $10,000 max a month

Let's say you have 20,000 bitcoins that you want to sell right now and you don't care how low the price goes.

1) You make accounts with each trading site.
2) You make a dwolla account and confirm it to your bank account.
3) You transfer in enough coins to make it worth $1000 without going over, which at most prices is 180 coins.
4) Then you sell on each site.
5) Then you withdraw the coins.
6) Then you withdraw dwolla to your bank account.

Okay now you got more coins.

7) Change your IP address.  This takes 2 minutes.
8) Repeat step 1.  Do step 2 but with a fake name and phone # and a different bank account (keep your real first and last name).  Do steps 3-6.
9) Repeat step 7 and 8 about ten more times to get 20,000 coins sold and transferred out.  You might run out of bank accounts so you will either have to open new ones or wait till the next day and likely you will just end up waiting.


The result is it takes a long time so no one is going to sell 20,000 at once to cash out for use.

@iamzill

I hear on other forums people complaining that they can't buy bitcoins with a credit card and how difficult it is.  And I hear on this one that people are able to make money doing it and don't get that many ripoffs if they only sell one coin at a time.

David Icke predicted these.

* 2012 will be an illusion and a trick.  2016 or so will be the real year
* There will be a World War 3 caused by the same people who then offer a solution to the war.  The solution will be a one world government.
* The one world government will strip individual liberties away.

I've thought of that before, and basically he'd need a twitter account for it.

If you want to sell lots of coins, you do it slowly while the market is high.  If you want to buy lots of coins you do it slowly while the market is low.  You don't put in a big order to move the price till you get them at your ideal price.

It's not the typical market influence.  It's something with the bots, how they worship any change in price no matter what it is.  The price is set it seems by large orders on MtGox and then the bots that follow them, not by real demand.


Step 1: The Manipulator buys or sells 10,000 coins.
Step 2: Everyone fixates on the changed price despite that it's too low or too high.
Step 3: Price stagnates while The Manipulator buys or sells 100,000 coins (yes 10x as much) at the new price.
Step 4: The Manipulator is done so he returns to step one.
Step 5: ???
Step 6: Profit!

@iamzill

They sell bitcoins on eBay for twice the price they normally are.  But that's at the risk of selling them via PayPal.

Well some businesses only accept cash and sell products/services that are expensive.  And if you don't want to carry lots of cash that could get robbed, you can carry a smartphone with bitcoins.  A mugger may steal your phone but can't get into your wallet because they don't know the passwords.

I wish we could get The Manipulator to join these forums using that as his handle and make posts all the time, provided it's not a faker.

Whenever someone does a big buy or sell or like 10,000 coins or more, the price moves.  And then to matter if it's overpriced or underpriced, all the bots gather around it like it's the word of God.  And then as long as nobody buys or sells too much at once (like 100 coins max at once) then it will just stagnate there forever.  When done on MtGox, then all the other exchanges copy your trend.   Plus some speculators will flock around your new trend pushing it further in the direction you want.

So all you have to do to manipulate the market is just a huge buy or sell and watch the bots and speculators flock treat your new price like the standard.  Then you can pick away at slowly buying or selling your coins off.

It will stagnate here at a good cheap place to buy coins before going up to 5.50 and stagnating there for a week more.

MtGox is pretty close.

The key is knowing when it's at its maximum.  Too many people sell early.

Astral entities?

The intrinsic value is bitcoins is their use as an uncontrollable internet monetary system and their brand recognition as being the first to do this.  This in itself is what gives bitcoins their value.

Most miners save up all the can in anticipation of a price swing.  Mining is a long term investment.  You mine for months, you don't sell when it's at a big low, you wait for it to be at the highest point.

I'm tempted to go all in right now below $5 where it's at, but the problem is not the volatility but the stagnation.  It might just stagnate below $5 for a week and since a lot of people need to get their money out at the end of the month, including me, I can't wait around for the chance it will finally stop stagnating.