Bitcoin Forum
December 03, 2016, 04:42:30 AM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 3 »  All
  Print  
Author Topic: Is Lulzsec partly to blame for the bitcoin crash?  (Read 10418 times)
nemo
Sr. Member
****
Offline Offline

Activity: 434


View Profile
June 11, 2011, 11:02:49 PM
 #1

I know it was over valued, and this is a correction. But this screen shot was taken by a redditor (severedbrain).



They've since been deleted from his tweets. My guess is he's trying to double or even tripple up those bitcoin donations he received for releasing PS3's source code.
1480740150
Hero Member
*
Offline Offline

Posts: 1480740150

View Profile Personal Message (Offline)

Ignore
1480740150
Reply with quote  #2

1480740150
Report to moderator
1480740150
Hero Member
*
Offline Offline

Posts: 1480740150

View Profile Personal Message (Offline)

Ignore
1480740150
Reply with quote  #2

1480740150
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480740150
Hero Member
*
Offline Offline

Posts: 1480740150

View Profile Personal Message (Offline)

Ignore
1480740150
Reply with quote  #2

1480740150
Report to moderator
onesalt
Sr. Member
****
Offline Offline

Activity: 308


View Profile
June 11, 2011, 11:04:22 PM
 #2

Nope, Somethingawful.com (go sign up an account there and register your displeasure) trolled the bitcoin market enough to cause a market panic. In conclusion, fuck the internet.
bcpokey
Sr. Member
****
Offline Offline

Activity: 462


View Profile
June 11, 2011, 11:06:10 PM
 #3

If the users of bitcoin are getting their financial advices from somethingawful and some guy named Lulzsec, and that's why bitcoin dies, then it deserved to die. No one person is to blame unless they are putting a gun to peoples heads. Sheep are to blame for sheep behavior.
nemo
Sr. Member
****
Offline Offline

Activity: 434


View Profile
June 11, 2011, 11:10:02 PM
 #4

I don't get advice from them. But their impact does has an affect on what I choose to do, so I find it relevant to know if this panic is organic or not.
Maxxx
Member
**
Offline Offline

Activity: 70



View Profile
June 11, 2011, 11:11:00 PM
 #5

Nope, Somethingawful.com (go sign up an account there and register your displeasure) trolled the bitcoin market enough to cause a market panic. In conclusion, fuck the internet.

No they didn't.

Time is money. This means that if you have spare time, you can use it to make money.

Modular, open, and stack-able miner case.
onesalt
Sr. Member
****
Offline Offline

Activity: 308


View Profile
June 11, 2011, 11:11:48 PM
 #6

If the users of bitcoin are getting their financial advices from somethingawful and some guy named Lulzsec, and that's why bitcoin dies, then it deserved to die. No one person is to blame unless they are putting a gun to peoples heads. Sheep are to blame for sheep behavior.

So what you're saying is that anyone who believes in bitcoins are sheep for following what could potentially be a perfect currency?
Hekuro
Member
**
Offline Offline

Activity: 71


View Profile
June 11, 2011, 11:28:57 PM
 #7

It seems so...:
 http://twitter.com/LulzSec/status/79689574313492480
hawks5999
Full Member
***
Offline Offline

Activity: 168



View Profile WWW
June 11, 2011, 11:41:13 PM
 #8


So this basically means they did loopback sales (for lack of a better term) of 17,000 coins to crush the market?

■ ▄▄▄
■ ███
■ ■  ■               
LEDGER  WALLET    ████
■■■ ORDER NOW! ■■■
              LEDGER WALLET
Smartcard security for your BTCitcoins
■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■
Decentralized. Open. Secure.
Drone_Fragger
Newbie
*
Offline Offline

Activity: 3


View Profile
June 11, 2011, 11:42:33 PM
 #9

Nope! it was me. Sorry folks:

http://www.reddit.com/r/Bitcoin/comments/hwnnq/somethingawful_post_that_started_the_panic/

Cya later shitlords.
hawks5999
Full Member
***
Offline Offline

Activity: 168



View Profile WWW
June 11, 2011, 11:48:44 PM
 #10


WTFever. Trolls are posting SELL SELL SELL all the time.

■ ▄▄▄
■ ███
■ ■  ■               
LEDGER  WALLET    ████
■■■ ORDER NOW! ■■■
              LEDGER WALLET
Smartcard security for your BTCitcoins
■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■
Decentralized. Open. Secure.
hoo2jalu
Member
**
Offline Offline

Activity: 70



View Profile
June 11, 2011, 11:51:33 PM
 #11

... So this basically means they did loopback sales (for lack of a better term) of 17,000 coins to crush the market?

Used to be you could crush supply/demand curve across multiple exchangers for much less... They picked the perfect day, as volume always depressed over weekend.
gigitrix
Sr. Member
****
Offline Offline

Activity: 476


Bitcoins finest!!!


View Profile
June 11, 2011, 11:52:02 PM
 #12

Or, you know, could just be a market correction due a rapid and unsustainable growth, exacerbated by those who wish to exploit it for personal gain?
onesalt
Sr. Member
****
Offline Offline

Activity: 308


View Profile
June 11, 2011, 11:53:04 PM
 #13

Or, you know, could just be a market correction due a rapid and unsustainable growth, exacerbated by those who wish to exploit it for personal gain?

So what you're saying is that it was, infact, a bubble?
hawks5999
Full Member
***
Offline Offline

Activity: 168



View Profile WWW
June 11, 2011, 11:53:12 PM
 #14

... So this basically means they did loopback sales (for lack of a better term) of 17,000 coins to crush the market?

Used to be you could crush supply/demand curve across multiple exchangers for much less... They picked the perfect day, as volume always depressed over weekend.

So in the end, Mt. Gox had a good day on fees and everyone who BTFD will have a good day come Monday.

Thanks.

■ ▄▄▄
■ ███
■ ■  ■               
LEDGER  WALLET    ████
■■■ ORDER NOW! ■■■
              LEDGER WALLET
Smartcard security for your BTCitcoins
■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■
Decentralized. Open. Secure.
silversurfer
Member
**
Offline Offline

Activity: 103



View Profile
June 11, 2011, 11:54:12 PM
 #15

Whats the significance of this block they linked?  I don't get that part...

http://blockexplorer.com/block/00000000000007d6d8c9ccd1472df92b69ae8bf0d1a06f6f42df8d580a080f0e

That which is falling should also be pushed.
Drone_Fragger
Newbie
*
Offline Offline

Activity: 3


View Profile
June 11, 2011, 11:57:24 PM
 #16

Whats the significance of this block they linked?  I don't get that part...

http://blockexplorer.com/block/00000000000007d6d8c9ccd1472df92b69ae8bf0d1a06f6f42df8d580a080f0e

You don't get how cashing out 50x340 bitcoins at once in 50 accounts to bypass transaction account limits to withdraw 340,000 dollars at once and more other the next few days could possibly crash the bitcoin market?
silversurfer
Member
**
Offline Offline

Activity: 103



View Profile
June 12, 2011, 12:01:04 AM
 #17

50x340 going from where to where?  What account limits?  What 340k?  Sorry you made me more confused now. 

That which is falling should also be pushed.
nemo
Sr. Member
****
Offline Offline

Activity: 434


View Profile
June 12, 2011, 12:03:43 AM
 #18

MtGox doesn't let you take out more than $1000 a day or $10000 a month. So 1 guy made himself look like a ton of guys who rushed to sell. Bundle that up with trolls spamming forums with SELL SELL SELL.

Is that what it was?
silversurfer
Member
**
Offline Offline

Activity: 103



View Profile
June 12, 2011, 12:05:25 AM
 #19

MtGox doesn't let you take out more than $1000 a day or $10000 a month. So 1 guy made himself look like a ton of guys who rushed to sell. Bundle that up with trolls spamming forums with SELL SELL SELL and there you have it.

What does that 17000 bitcoin deal have to do with Mt. Gox $1000/day limit?  There's a limit to how many bitcoins you can withdraw, not just how much USD you can withdraw?  What?

That which is falling should also be pushed.
hoo2jalu
Member
**
Offline Offline

Activity: 70



View Profile
June 12, 2011, 12:07:20 AM
 #20

MtGox doesn't let you take out more than $1000 a day or $10000 a month. So 1 guy made himself look like a ton of guys who rushed to sell.

If you want pretty graph pull up market volume chart, like http://bitcoincharts.com/markets/mtgoxUSD.html , then click on 10day range or so.

Observe the giant red spike that is negative sales flood and volume of sales total. See how this drastically alters the supply/demand curve across multiple exchangers. (Note that you could spike high just as easy with same approach.)

Lots of you charting the bitcoin seas with your eyes closed. Not a good idea when the LulzBoat is prowling...

;P
Pages: [1] 2 3 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!