1 person can cause a huge rally?

[jumble101]

There was some one on bitcoin-otc who mentioned he "the man that got this rally going from $0.7 cents by pumping $22,000 into the market in 5 days."

Is it possible this amount could move things so much? He then sold some at a loss and re-bought to keep the rally going.. is this possible?


"Gentleman, I am the man that got this rally going from $0.7 cents by pumping $22,000 into the market in 5 days.

I even sold up to 10,000 btc at a loss so I could get the cash to keep the rally going or cool it off if needed.

today, the game go much bigger than me

I am now along for the ride

>>>> if what you say is true about driving this rally, did it feel like there were other large buyers lifting the market along with you, or was this all you?

no this is not all me, look at the volumes

...

I was fool enough to try to slow down the market this morning

dump a lot of coins

but then relized too much money was there and had to get out of the way"

[tomcollins]

There was some one on bitcoin-otc who mentioned he "the man that got this rally going from $0.7 cents by pumping $22,000 into the market in 5 days."

Is it possible this amount could move things so much? He then sold some at a loss and re-bought to keep the rally going.. is this possible?


"Gentleman, I am the man that got this rally going from $0.7 cents by pumping $22,000 into the market in 5 days.

I even sold up to 10,000 btc at a loss so I could get the cash to keep the rally going or cool it off if needed.

today, the game go much bigger than me

I am now along for the ride

>>>> if what you say is true about driving this rally, did it feel like there were other large buyers lifting the market along with you, or was this all you?

no this is not all me, look at the volumes

...

I was fool enough to try to slow down the market this morning

dump a lot of coins

but then relized too much money was there and had to get out of the way"

Of course it's possible.  The market is super thin.  If someone wants to accumulate a ton of bitcoins, it will drive the price up since there are not that many for sale on the exchanges.  Not sure about his selling at a loss comment unless he wanted to buy a lot more and wanted to start a scare where everyone tried to get out on top.

[S3052]

...

I was fool enough to try to slow down the market this morning

dump a lot of coins

but then relized too much money was there and had to get out of the way"

when did this person leave this comment? which date?

[stamit]

At around 2011-04-24 10:22 GMT. He had the nick "toddbethell". He stayed in #bitcoin-otc for one and a half hour. He started by talking about the case with that guy who "stole" from MtGox, saying it may have been an "inside job". Talked about third-party auditing of accounts. He was complaining about MtGox's withdrawal limit. He was calling the owner of MtGox by his first name. Mentioned "tyrany".

MagicalTux joined in and they had a chat. He said it's "better for the community that some things be out in the open". They said something about "leveraging cash" (BTC or USD) and that "that is what banks and finance companies do".

He said that he believes that BTC will go "way beyond $2".

<toddbethell> I worried that  when my money was coming into the account but not traded yet, that someone would pass a message... "hay, buy, buy, buy, there is a tone of money comning in!

He said that he has an MBA and that he has been telling "people with big money" about what is coming, and that they are "sitting up and taking notice".

For a brief time when the price of BTC had peaked, I noticed a "market depth" chart that looked a lot like two towers, one (bid) at $1.90 and the other (ask) at $2.00.

EDIT: Before that, I noticed (at 2011-04-23 18:28 GMT) that somebody had put a bid for 15K (I forget what price). Then, at 18:36, he/she moved the bid to $1.1. There was a "game of tag" going on the whole time. The bids were concentrated and were moving higher, and the asks were spread out.

[forexme]

<toddbethell> and yes, I do believe BTC will way beyoond $2
<xxxxxx> would you care to share with the channel what your buying motivation was?  long-term hold?  short-term speculation?
<xxxxxx> toddbethell: in the short term?
<xxxxxx> and also, do you have any opinion on the rumors of "the mystery 200k" buyer?
<toddbethell> , it is very important that no one at MtGox share information about the movement of funds
<toddbethell> that is a kind of insider trading problem
<toddbethell> cant really prevent it in the new bitcoin economy
<+MagicalTux> toddbethell: no one shares any information other than what's publicly available (past trades, depth of market, etc)
<toddbethell> but at this early stage, that kind of problem would really hurt
<toddbethell> I worried that  when my money was coming into the account but not traded yet, that someone would pass a message... "hay, buy, buy, buy, there is a tone of money comning in!" or something like that.

Earlier in otc mtgox comment somthing like "trading might improve on Monday", to their credit they then clarified this comment saying a group of incoming\delayed wires were to clear after the weekend.

I think it was innocent comment, but I just felt uneasy when I read that.

[LMGTFY]

<toddbethell> and yes, I do believe BTC will way beyoond $2
<xxxxxx> would you care to share with the channel what your buying motivation was?  long-term hold?  short-term speculation?
<xxxxxx> toddbethell: in the short term?
<xxxxxx> and also, do you have any opinion on the rumors of "the mystery 200k" buyer?
<toddbethell> , it is very important that no one at MtGox share information about the movement of funds
<toddbethell> that is a kind of insider trading problem
<toddbethell> cant really prevent it in the new bitcoin economy
<+MagicalTux> toddbethell: no one shares any information other than what's publicly available (past trades, depth of market, etc)
<toddbethell> but at this early stage, that kind of problem would really hurt
<toddbethell> I worried that  when my money was coming into the account but not traded yet, that someone would pass a message... "hay, buy, buy, buy, there is a tone of money comning in!" or something like that.

Earlier in otc mtgox comment somthing like "trading might improve on Monday", to their credit they then clarified this comment saying a group of incoming\delayed wires were to clear after the weekend.

I think it was innocent comment, but I just felt uneasy when I read that.

I assume it was an innocent comment, too, and one that isn't really a surprise. I was watching the market depth during the insane spike a few days ago, and the bottom line totals for bids and asks had dropped markedly by the time the frenzy drew to a close.

[cypherdoc]

who is the owner of mtgox? 

[LMGTFY]

who is the owner of mtgox? 

MagicalTux is the current owner, I believe.

[cypherdoc]

when i try to withdrawal from mtgox under $1K of BTC, i'm getting an error "invalid bitcoin address" which occurs with every new address i generate on the std client software.  why might this be?

[Anth0n]

At around 2011-04-24 10:22 GMT.

He said that he believes that BTC will go "way beyond $2".

<toddbethell> I worried that  when my money was coming into the account but not traded yet, that someone would pass a message... "hay, buy, buy, buy, there is a tone of money comning in!

He said that he has an MBA and that he has been telling "people with big money" about what is coming, and that they are "sitting up and taking notice".

This guy sounds like he got his money in and now wants to try and pump up the price. No way anyone with big money will touch this anytime soon, it's too thinly traded.

[tomcollins]

At around 2011-04-24 10:22 GMT.

He said that he believes that BTC will go "way beyond $2".

<toddbethell> I worried that  when my money was coming into the account but not traded yet, that someone would pass a message... "hay, buy, buy, buy, there is a tone of money comning in!

He said that he has an MBA and that he has been telling "people with big money" about what is coming, and that they are "sitting up and taking notice".

This guy sounds like he got his money in and now wants to try and pump up the price. No way anyone with big money will touch this anytime soon, it's too thinly traded.

Thinly traded has nothing to do with some bigger time investors coming in.  Medium/big investors buy much bigger lottery tickets than BTC.  Buy $10-50k of BTC, hope it is a 10-20 bagger, and sell on top.  If not, lose 10-50k, a drop in the bucket for some people.  If you are right, $1M profit.

[xf2_org]

Anecdotal evidence suggests that VCs/investors/traders/people with stupid amounts of play money are sniffing at bitcoin.

If they are remotely smart, and patient, they just buy a little bit each day.  Of course, a "little bit" could be $10k or $20k.

And addressing the thread $subject...  bitcoin market is very thin, so it's trivial for a single person to move the market.  Just like any penny stock or other thinly traded market.

[MagicalTux]

Earlier in otc mtgox comment somthing like "trading might improve on Monday", to their credit they then clarified this comment saying a group of incoming\delayed wires were to clear after the weekend.

I think it was innocent comment, but I just felt uneasy when I read that.

Sorry if I got you worried, I was just referring to the easter weekend and banks not moving, thru the inability for anyone not using LR or another trading method to add funds to mtgox for (up to) 4 days.

[Raize]

He started by talking about the case with that guy who "stole" from MtGox, saying it may have been an "inside job".

I'm still concerned about this incident and the fact it was never really resolved. I think the price of BTC went down primarily due to the lack of trust we all have over there being basically only one real exchange.

Talked about third-party auditing of accounts. He was complaining about MtGox's withdrawal limit. He was calling the owner of MtGox by his first name. Mentioned "tyrany".

He's not the only one that is confused with withdrawl limits. It would seem to me that there is room for an exchange that doesn't have any.

He said that he believes that BTC will go "way beyond $2".

Of course it will, it could also go way below $2, too.

<toddbethell> I worried that  when my money was coming into the account but not traded yet, that someone would pass a message... "hay, buy, buy, buy, there is a tone of money comning in!

This is why I've been using #bitcoin-otc when I do trade.

He said that he has an MBA and that he has been telling "people with big money" about what is coming, and that they are "sitting up and taking notice".

I think he'd be surprised the types of people that are already in BTC (as well as in the IRC channel). Having an MBA is meaningless, though.

For a brief time when the price of BTC had peaked, I noticed a "market depth" chart that looked a lot like two towers, one (bid) at $1.90 and the other (ask) at $2.00.

EDIT: Before that, I noticed (at 2011-04-23 18:28 GMT) that somebody had put a bid for 15K (I forget what price). Then, at 18:36, he/she moved the bid to $1.1. There was a "game of tag" going on the whole time. The bids were concentrated and were moving higher, and the asks were spread out.

With a sufficient enough amount of cash and BTC the price can be manipulated. Artforz, or whatever his name is, has done this on at least one occasion in the past and publicly stated it. We all watched it happen and it was pretty easily moved.

[mhash]

"Gentleman, I am the man that got this rally going from $0.7 cents by pumping $22,000 into the market in 5 days.

US$20k worth of new BTC now being generated each day.

[sexybit]

If somone wanted to sell 30000 to 35000 btc what mehtod could be used to lower the impact ?

[mewantsbitcoins]

If somone wanted to sell 30000 to 35000 btc what mehtod could be used to lower the impact ?

See here: https://mtgox.com/support/darkPool

[Anonymous]

If somone wanted to sell 30000 to 35000 btc what mehtod could be used to lower the impact ?

Do it outside the established markets through bitcoin-otc or use a mt gox dark order.

It will take you some time to withdraw though at the current prices at 1000 a day

[wb3]

If somone wanted to sell 30000 to 35000 btc what mehtod could be used to lower the impact ?

Easy, go to the #bitcoin-otc, privately work out the trade. Voila, done. To obfuscate the transaction, do it in small sums to different keys. It won't even be noticed.

I still worry about attrition of the bitcoin. As people, leave, forget, loose, etc... their wallets it will drive the price up. My calculations put this at about 100 years when compared to real money attrition.

So as long as people trade in BTC, it will overall always be a bull market.