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It also tends to be more of a Tuesday/Wednesday phenomenon, as that's when the fiat currencies make it into the exchanges.
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It's not that TA is a sham, but that there are too many unpredictable variables:
1) Someone steals 75,000 btc from mybitcoin and takes the market for a ride. (replace with mtgox getting hacked, allinvain getting robbed, etc)
2) An early adopter just got his driver's licence and really, REALLY, wants to go and buy that Porsche.
3) Satoshi doesn't like the way in which Wall Street speculators are flooding into the btc market and decides to use one tenth of his holdings to send it into a downward spiral.
Add dark pools, back-deals and a few other goodies and you'll soon realise any kind of predictive analysis will go out the window... except for a monkey with a ouija board :-)
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MyBitcoin.com USERS HAD BITCOIN STOLEN. They are returning a portion 49% of them to you: Not sure where to send them? CALL ME. 646-580-0022
Hey Bruce, you are sounding a bit shrill.  It is better to not jump to conclusions without sold evidence. For people looking for places to store bitcoin, I personalty recommend: Trade Hill: https://www.tradehill.com/ or MtGox: https://mtgox.com/ as e-wallet services. He's absolutely not jumping to conclusions. He's not claiming who the btc were stolen by. But if you used to have 100 btc at mybitcoin and now you can only access 49 of them, because someone else took the other 51, then those 51 btc have been stolen... not really much to argue about. |
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Dear god. This is GENIUS! You know that people are watching the Bitcoins they sent to mybitcoin, so to safely spend them, you give half of them back so it's impossible to know which withdraws are legit and which were stolen.
HAHAHA!! Great! But why half? They could just give back 10% or so, it would have the same effect??!? . If they give back too little, their story seems more fishy. Half is a perfect balance with this. And don't forget that if he played his cards right, he may have a started with 75k BTC, but after causing the wild swings in the market over the last couple days he could easily have doubled that. |
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I'm guessing the dude that sold 25000 btc hit a snag when withdrawing $1000 per day. Now he has to rebuy bitcoins and transfer them to tradehill to cash his money out.
Nope, he knew about the 1000 USD limit all along. He never wanted USD, he wanted to buy back more BTC than he started out with. |
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Piper if that is the case... and the only value of bitcoin is whatever you can scare people into... then it deserves to die really
Oh, that's a different point entirely. All I'm saying is that if you have about 100,000 BTC and know what you're doing, you can make money by manipulating the market. |
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If you understood how an exchange works at all you would realize this is not possible.
As you sell from $15, the price falls and falls and falls. So basically you got $15 for 100coins, then $14 for 100 coins, then$13 for 100 coins and down and down and down to the bottom price you mention say $8
Now once you hit $8 you dont magicly have your total 40,000 coins to buy up at that price again, it works the same way back up. You pay $8 for 100 coins, you pay $9 for 100 coins, you pay$10 for 100 coins....
You dont gain much if anything at all.
Your whole idea is predicating that 40,000 coins are awaiting to be sold at $8 while the price is still much higher than that.
You do not understand the basic exchange system.
That's the case if you're the only one on that exchange, but if the price drop scares others into selling, you're making money. |
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Why don't they let people know what % of their holdings they can expect to see returned? I'm glad I didn't have any coins with them, but I know a lot of people did. There is really a trend of unfortunate circumstances arising out of the centralization of something intended to be decentralized. MTGOX, Bitomat, and MyBitcoin
My sympathies to all who lost coins entrusted with these or other live wallet services.
Because they're not sure yet how many BTC they'll be able to buy back with the profits they made from their massive dump of the last few days. |
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There is one stupid thing the OP overlooks  Bitcoin will definitely hit USD 20 IF the USD goes into hyperinflation. THey will hit USD 1 billion a piece when a coke costs 100 billion USD Some analysts say the USA is about to encounter a massive bout o deflation. Japan has been trying to reinflate its economy for over 20 years, often with 0% interest rates. Hasn't worked, won't work. When debt is too high people won't borrow money even if it's free. Some commentators such as at The Automatic Earth state housing in the USA will fall about 90% from peak to trough. Only a quarter of the way there so far. If US leadership does go nuts and has the Fed monetize all the debt, I would be invested in gold, silver and weapons. No use holding a USB stick when hungry, angry, riotous hoards come visiting your middle class abode. Heh... The JAPANESE won't borrow free money when they're already in debt...the Americans? They'll have inflation  |
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I wonder how many of these coins flooding the market are the coins liberated from mybitcoin users.
No way of knowing, but if I was Tom Williams and had lots of BTC to manipulate the market, I'd trigger a massive sale, but back when cheap, claim that "most" of the mybitcoin BTC are still safe, then enjoy the free money I just made. |
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$7.67 was my target with an outside bottom of $6.14
I am still trying to get funds into the exchange. Only had enough cash in the exchange to buy a few at 7.67
Love being in Toronto! Transferred money into Virtex in under an hour, on a Saturday! |
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If you believe Bitcoin is a pyramid scheme, which is not true, the rest of your analysis is equally suspect.
Bitcoin PRICING in DOLLARS has been a pyramid scheme dependent completely on the influx of dollars. Bitcoin ecosystem itself generates roughly zero dollars in revenue, so any increase in price is based entirely on expecting an increase in fresh dollars. Doubly so when you consider the BTC supply a slightly increasing constant. Faith in current and expectation of future price is most of the valuation, in other words. It doesn't get more pyramid than this. Bitcoin as a service and a commodity is not a pyramid scheme, but that has little to do with its current valuation in dollars. I absolutely believe the bitcoin network will survive and provide ever increasing value long term (and by that I mean 10+ years), but I have far less confidence about the short term speculative $/BTC outlook. Yes, but you could say the same for the US dollar, Euro, Swiss Franc, Yen... Any currency is, at its most basic, a pyramid scheme whereby the greater and more general the agreement between the parties as to the value of the currency, the higher that value will be. The service aspect of bitcoin takes this currency one step beyond those others. Its uncounterfeitability takes it another step. Its decentralized nature yet another... Its long-term deflationary nature yet another... |
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is the market on a rebound ? BUY BUY BUY! damn i wish i had some money in the Canadian Virtual Exchange... i sent money today, by the time it gets there the market will have recovered  I did too... Got there in 30 minutes! Got to love interac! |
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I just want the "real" bottom to come, so that the trolls can finnally just go away and we can have some peace back here. We all have a serious amount or work to do, and all the fluctuations do is take us away from our projects which are the keys to growing this economy in the first place...
The trolls will never go away. They're not here by accident. The notion of a decentralized, deflationary, uncounterfeitable currency is remarkably dangerous and scary to some people... That's why the trolls are here. |
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i think its only going to get worst.
when poeple get their bitcoin back from mybitcoin, what do you think there gana do, sell....
Nah... I doubt people will get anything back from mybitcoin (tens of thousands dumped into the market recently does not look promising), but if they do, they'd be stupid to sell off immediately, and they know it. |
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There is so much panic now I am sure even the most ardent BTC supporters are slowly liquidating at least a portion of their supply (but, of course, denying that they are doing so).
Heh... And I'm sure you're a government plant (but of course you'll deny that you are) For the benefit of everyone else, someone just dumped upwards of 11,000 BTC all at once a few hours ago. Most likely whoever hacked mybitcoin and/or bitomat. Teething pains. |
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The only problem is: getting in contact with Tom Williams.
Heh, simply ask mtgox who is that dude that dumped 10,000 BTC a few hours ago |
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all the big early adopter will sell all their coins to you and start a new blockchain. everybody else will follow because they can get their money out safely and one very big holder is just to big a risk to your own investment.
@piper
read the op again
Still wouldn't work... Not much use in controlling the bottom price if the currency is adopted by a nation. The actual price of each BTC will rise so much that the 210 mil wall will be pitifully inadequate. Incidentally, if I saw someone putting up a 210 mil wall, you'd have to pry the BTC out of my cold dead hands! You'd have to be an idiot to sell und those circumstances. |
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Ehmmm... You might get away with buying the first few thousand BTC at 10 USD each, but by the time you're buying your 10,000th BTC the price will have skyrocketed. You'd need a lot more than 210 mil. Still quite doable, mind you, just for a lot more...
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<conspiracy>
OR, they've been taking Bitcoins for a long time. So far they have had enough people keeping BTC in the accounts they have been able to pay when people take BTC out. As the service had more and more people taking BTC out the wallet was getting empty. Then claim part was stolen and refund the remainder once they can no longer pay when people take BTC out.
</conspiracy>
Yup, and dump thousands into the market in the process, bringing down prices and allowing them to buy back making a profit. Then say they managed to save a percentage, and it's better not to use that money to go into receivership. We could be taking many tens or hundreds of thousands. |
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