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I think Gox was hacked mid-June, but other than that it's always been hacks that occur at the start of the month when the price typically drops by several dollars. Pretty weird. The hackers go, "The price drops several bucks at the start of each month so let's only do our hacking right before then so there's a pattern."
Bitcoin7 though had hardly any userbase at the time it was hacked. I guess the site owner had a fat wallet from all his transaction fees. Kind of stupid to leave all your wallets accessible online. Your backups should be manual.
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It won't happen exactly. No, people speculate so it will happen a month beforehand. Then when it takes place the price will hardly change at all.
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So yesterday I thought, I bet Steve Jobs's death will collapse the price of Apple stock and maybe even the price of bitcoins.
Apple is down 3.70 (0.98%)
Bitcoins have just collapsed. There's no sizeable buywall until 4.48. Lows are 4.50 today. I didn't think it really would collapse bitcoins that much.
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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.
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So it only moves maybe 10 or 20 cents all day.
Does anyone know what is going on with the market or why it does this?
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 Creationists insist that teachers teach fire, air, water, earth, and spirit as elements. Though this is biased because the Chinese use a different system. |
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I've seen Gox swing wildly on certain ways and then I can go on bitcoin7 and buy or sell before the people there update it.
But what about Tradehill? I've been seeing people here liking it. So I'm wondering does Tradehill ever set the price for MtGox or is it mainly just MtGox setting the price on Tradehill?
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I have refused to buy it and so it has risen over $6. As long as I refuse to buy it and have no coins, it will keep rising.
But if I buy it, it will start dropping.
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They can only withdraw 100BC or $1,000 a day (max $10,000 a month) so they can't take 20,000 coins from one account.
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And those who did ran out of money.
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It was stagnating around 5.50 for a while. Nobody was trading, just people moving buy and sell orders around. Occasionally bots would move them right next to each other, than immediately cancel. But no buying or selling really. Sometimes they'd accidentally cause or buy or sell and then immediately cancel.
Then it turned out it was one guy who had all the buy orders from 5.01 through 5.45. He cancelled all of them at the same time. Prices crashed and a some people panic sold, but other than that just bots pretending to sell by moving sell orders around.
Interesting things:
1) One guy had all the buy orders that had been propping the price up above $5.
2) Most of these buy and sell orders are fake.
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The price appeared to tank and the buywalls vanished. Instead what happened was someone hid their buywall. When it gets to $5.81, they buy up to 5.88.
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I heard this. I'd like statistical data to back it up. I don't know how to get long term price data over months from MtGox.
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14 hours so far, it's not changed. I've seen it do this for such a long time.
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Back in Spring 2010, websites used to recycle receiving addresses. Now, at least MtGox, will generate a new one each time you receive donations. On the client there is no way to delete or unmake a receiving address and MtGox says old ones still work. And a lot of commerce bitcoin sites generate new addresses each time and that's what people do now.
Doesn't each new address used or not then clutter the blockchain?
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See on http://en.wikipedia.org/wiki/Bruce_Wagner He is married to a woman and used to be married to another one. Bruce Wagner on the bitcoin show says he is openly gay so they might be different people. Anyone know if the Wikipedia article is about the same Bruce? |
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