It is either money laundering (for Sinaloa or Zetas cartels most likely) or it's a Ponzi. If it's money laundering, this is how it is happening:  I think I'd be willing to pay 1 BTC to see someone take this flow chart and make it more suitable for a magazine or info-graphic. PM me if you would be willing to do this. Likely problems with the above scheme: 1. can money launderers just move money into Bitcoin via monitored bank accounts and not hurt those who receive this money i.e. pirate? 2. can miners satisfy his demand for clean coins given the huge amounts he gets with BS&T plus the cartel coins that need to be washed 3. can you really fool the dwolla and gox with "smurf" accounts given their strict verification processes? 4. do you just hope the exchange rate doesn't fall for when you need to sell bitcoins in order to return USD to "underbosses" So your theory is he either runs this highly complicated scheme which needs to work perfectly or he is running a simple HYIP ponzi scheme? Yeah... I'll go with ponzi. |
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Destroy the myth of a deflationary price spiral.
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Pirate was stating that selling 10s of thousands of coins would not be possible without his lenders. Maybe some got scared to actually loose their coins if pirate just sells them all? Of course, some people just saw a demonstration of what exactly their coins are being used for i.e. for selling them on mtgox. Not withdrawing it from pirate (if anything is there) would be at least unwise given the circumstances. Sold all my pirate bounds  He said that a price jump was bad for him so I'm running away with my profit. Very smart! |
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That would certainly make sense. But how can you be convinced of it?
Maybe he just gone mad...
Yeah the mad genius who can make at least +7% a week, right? Pleaseee  |
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What he did is a sure way to lose money, and a way to wow his clueless flock. Nobody is making 10% per week doing such antics as selling into bid 1$ below the market price. Not consistently anyway.
That's why I'm convinced he didn't do anything. But claiming he did sure is nice publicity to lure more people into his scheme isn't it? |
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I'm just saying he did seem to have a big part in last night's swings.
What "seems" is irrelevant without any proof, that's my point. In fact my point is that given the circumstances it would have been counter productive to actually do what he said he did. |
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And ? If it actually were him what did he just do? Ask yourself this? Put yourselves in his shoes! So let's say I'm doing what pirate claims he's doing.. I received a bunch of BTC from investors, investors that I promised I'll pay back their BTC + interest in BTC, and now I move my BTC on gox and I sell them into the bid wall. Great I now lowered the price a bit, I hold USD but unfortunately the price just keeps going up.. and soon I'll have to buy back the BTC to pay my investors! So you tell me, how am I going to do that for less than or equal to what I got for them when I sold them when the price just keeps going up? IT MAKES ZERO SENSE. On the other hand if I'm running a ponzi, I sure as heck would take advantage of volatility in the market and claim it's me moving it to perpetuate some myth about how it just might be possible for me to pay those outrageously high interest to my investors in order to lure even more people into my scheme. This on the other hand makes perfect sense. |
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Ahahahahaha, yeah? Uuuuhm no. |
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Bitstamp has some 300 coins at $8.8 left..  |
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I actually think the price is skyrocketing because people are buying BFL stuff with cash-thus converting into btc via bitpay and providing an artificially high demand for BTC at the moment.
You are mistaken: In order for BitPay to pay BFL with dollars they need to sell all those bitcoins and you're right where you were at the beginning and maybe even lower since not all who used BTC needed to buy them first. |
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I am astounded by this morning's price action. $8.86 currently, in a few hours of mad trading with massive orders. Whoever is responsible, I say bravo. Good show. Is there any tangible news behind the current rise? Not just 'new bitcoin service coming, people buying up' or something equally flimsy. Anything real behind the rally or the more usual 'I'm buying because the market is going up'?
Pirate@40 is on permanent vacation..... FTFY |
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WHAT IS GOING ON
Buying frenzy! |
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if I made a mistake in a BTC address, where my BTC will go?
Don't think of them as existing or not existing, think of them as being valid or invalid. And since the Satoshi client(and most if not all others) allows you to only make a transaction using a valid Bitcoin address, you couldn't have sent it to an invalid one. The only question remaining now is whether you have the private key corresponding to the valid address you sent your bitcoins to, and if you don't does someone else.. and if no one does the bitcoins are lost just as if you deleted your wallet file with all your other private keys. |
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It is very encouraging that this is not media-fueled.
Yeah, maybe the media will pick it up when we top the old high. it's going to happen sooner i can already see headline in Wired "Bitcoin's second bubble before final death" |
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does anybody else really hope this slows down asap?
aye, I don't mind seeing the peice increase. But stability > price ftw. same here, I wouldn't mind if we stayed at this level for at least a month or so.. |
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Not when the order book looks like it looks right now, I don't think at least. Do you realize that ~80kBTC is all there is available atm? If someone tried to buy over time they'd pay way more under the current conditions.
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I'm honestly just lol'in it up over here. This shit is getting insane!
Same. EDIT: there just isn't any supply there. I mean what is this BS: 18.50 430 (1) 50015 622471 If someone wanted to buy 50k BTC the price would instantly jump to $18.5 |
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I think what he meant was that you can tell if there is a bonus by seeing if the preview shows you you'll receive more than you'll send, that's how it was for me anyway.
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Aaaaaand it's gone.
The $400k bid wall I mean.
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