It happens almost weekly.

The key is that exchanges are just a convenience. But that convenience affects the price of Bitcoin by allowing people to easily move their money into Bitcoin.

When it was just people on an IRC channel trading, the price was much lower.

But as more exchanges pop up (which they can), the more decentralized things become.


I have said this before, Bitcoin is demonstrating why patents are not as necessary as one would think. If you come up with an idea early and execute it well, people will use your product or service. You will be able to grow your business and grow that trust. As others try to copy your idea or product, they are at a disadvantage of trying to compete where you already have the advantage. It is on them to come up with new ideas and better service to take away market share from you.

MtGox was out of the gate early and built that trust. It is on all other exchanges to prove themselves or offer something that MtGox does not offer (new ideas).

Who, exactly, is this request directed to?

There are ways to not pay fees. Check the board.

I usually do not pay fees. But I only send coins every once in a while.

What are you spending on that costs such huge fees?

Ok guys, we may as well give it up. We have all been trying to cover up this flaw in the system so that the government does not enact this strategy.

I will be the bigger man and step forward to tell the truth. This is a huge vulnerability.

The US government and the Federal Reserve could wipe us all out by pouring tons and tons of money into Bitcoin.

I hope they do not do that, it would be so disasterous that I cannot imagine.

But we must admit this and hope that no Federal agent or someone close to the Federal Reserve reveals this to them, otherwise they may just go ahead and destroy Bitcoin by buying over and over and over.

I am just glad that no government officials are reading this now. If they were, I hope they would not go to their bosses with multi-billion dollar proposals to buy everyone's bitcoins. They would likely become heros among their peers and get laid...a LOT...once it all works.

It appears that it is Exante that is dealing with the large loads:

"Exante, a Malta-based asset manager, set up a Bitcoin fund last year that was largely intended as a fun punt. Wealthy investors each put in $1,000 when Bitcoins were trading at $13 on the understanding they could lose the original investment. Exante predicted that public and media interest would take off when Bitcoins were trading at $100. Managing partner Gatis Eglitis claims they are now getting 20 calls a day from large asset managers looking to invest up to $100m."

Ever had to move $1 million in printed money?

Me neither.

But it is done daily. In armored trucks. A few men driving huge gas guzzlers all day.

That money then sits in a vault, in a bank with security systems, lights, temperature control, staff, phone systems, computer systems, those workers driving to and from the bank, customers driving to and from the bank, etc...

Or just stay at home, trade BTC online.

Set your price based on the price at http://www.bitcoinity.com

It will go through.

Just to clarify...are you saying we should sell?

Since the price has already hit $147 there are no psychological barriers between here and there.

Thousands of mesh solar mining rigs placed all over the country will become commonplace.

Insanity. I just put my last buy in at $126 and it dropped a few seconds later to $114.

Done selling, I made a $1,200 mistake selling some at $99 hoping that it would dip a few dollars after hitting the $100 psychological barrier.

I will just buy when I have cash no matter the price. This is too much.

It only needs just a bit more energy than that which would be able to attack it.

Thank you, apparently from the home page it just freezes.

lol

Same here.

I plan on selling 20k BTC when I finally do get in though.

Apparently someone has the following business plan:

buy 1000 malware bots on the dark net for $500

Set up $10,000 worth of buy orders at 30% below current MtGox price.

DDOS MtGox until the price falls to your buy orders.

Price returns.

30% price rise

$2,800 profit

I have money in an exchange...it is called MtGox.

Just sitting there...waiting for me to log in when it is back up to $140.

I thought Coinbase was crowd funded.

Buy? How?

Prolexic is buying some cheap bitoins!

I know this flies in the face of most people here, including myself. But I am wondering how this would fare..

Set up a group of people who have large holdings and interest in Bitcoin and have them use their large holdings to stabilize the price of Bitcoin.

Bitcoin may have a $1 Billion market cap but it is mainly the amount traded on MtGox that determines the price. Something that could be easily controlled with just a fraction of the full Bitcoin economy.

If the group were to set huge ask and bid walls around a set number, while still raising or lowering on a regular basis as market trends indicate (much like the Fed board meeting to set interest rates), then we could have a bit more stability and we could avoid huge swings either way.

Of course, if the market is too heavy either way and they underestimate the market pressure they could lose one of their walls and lose money so it would be in their interest to follow the market closely and rise and fall at a sustainable rate that the market is calling for.

It could even be advertised that the rate will be going up or down at X% per day so people could plan accordingly. If a major event occurs the rate can be changed.

Judging from some of the walls, a half million dollars worth on each side would probably help to lead the market and hold off on any major wall falling.