btc123 in #bitcoin today: NYT journalist involved, $50M about to be spent???

[lukestokes]

Everyone hanging out in #bitcoin on IRC today saw some pretty interesting stuff. As mentioned already, a post was made at Reddit claiming $1,000,000 was going to be dumped into BTC within 30 minutes. At the same time in IRC, btc123 was talking about working with a NYT journalist to demonstrate how the Bitcoin market can be manipulated and the real goal was to sell $120,000 worth of coins "into strength" created by the Reddit post.

btc123 went on to say some interesting things like $50M is "rumored" to be awaiting clearance to be spent on BTC (which is supposed to push the price to $850). Also talk of $55 by the end of the day, $100 within the month, $1,000 by the end of the year, $100,000 by 2015 and $1,000,000 by 2025.

Regardless of what happens, it was really entertaining to watch because the price did move. For those that missed it, here's what btc123 was saying.

Thought you might find it interesting.

(2:37:05 PM) btc123 [c041ed8a@gateway/web/freenode/ip.192.65.237.138] entered the room.
(2:37:18 PM) btc123: just posted this
(2:37:20 PM) btc123: http://www.reddit.com/r/Bitcoin/comments/1ajid7/when_this_post_is_30_minutes_old_i_will_be/
(2:37:26 PM) btc123: lets see if my social engineering works
(2:38:14 PM) btc123: all i have to do is tell people that im gonna buy $1Mil and it worked!
(2:38:15 PM) btc123: haha
(2:39:24 PM) btc123: i'm actaully selling... need to get out of a $120,000.00 position.... so i tell people im buyig for better bid price
(2:39:28 PM) btc123: im a genius
(2:43:21 PM) btc123: thats my post
(2:44:38 PM) btc123: i have an alpha at coinlab
(2:45:07 PM) btc123: i'm part of a VC fund we're bullish on bitcoin... might as well grab a few million $ worth
(2:45:18 PM) btc123: they're going to be $10,000.00 in a few years anyay
(2:46:37 PM) btc123: i've contacted a NYT journalist who is monitoring this room and reddit post for the rest of the day to see how easily bitcoin is manipulated.... and going to do an article on it. we're going to break $50.00 today.
(2:46:50 PM) btc123: just letting you guys know
(2:47:03 PM) btc123: tell your friends.... big events occuring today in bitcoin land
(2:48:19 PM) btc123: you guys laugh now... i'll see you when we hit $50.00
(2:48:59 PM) btc123: i know for a fact that major VC firms in the valley have alpha accounts at coinlab and are loading BTC
(2:49:20 PM) btc123: you will see panic buying over the next week
(2:49:29 PM) btc123: $100.00 within a month
(2:49:40 PM) btc123: i dotl you all
(2:49:49 PM) btc123: $50.00 by tonight
(2:52:43 PM) btc123: its easy to manipulate the market.... as i said ... there is a NYT reporter in this room monitoring these events.... this is social experiment in bitcoin and how easy it is to convince people to panic buy
(2:55:42 PM) btc123: thatguy: INCEPTION>... go deeper...
(2:56:22 PM) btc123: only poeple in this room are privy to know that its manipulation
(3:01:39 PM) btc123: this social manipulation experiment worked better then i thought.... i'll post all details soon.
(3:05:22 PM) btc123: lukestokes: i made a post to reddit saying i was purchasing $1M worth of btc, as panic buying kicked in , I sold into strength... worked great.
(3:05:34 PM) btc123: bitcoin_millionare on /r/bitcoin
(3:06:14 PM) btc123: what feds? bitcoin is unregulated
(3:06:22 PM) btc123: nothing illegal about misdirection
(3:07:04 PM) btc123: midnightmagic: good thing i read the legal code, and bitcoin is unregulated
(3:09:10 PM) btc123: midnightmagic: under which jurisdiction? bitcoin is regulated under none
(3:11:09 PM) btc123: midnightmagic: i'm not.you may know that this sort of thing occurs in free markets all the time. investment banks misdirect eachother to their intentions all day. buy/sell side in all markets
(3:12:01 PM) btc123: midnightmagic: also, a 2.00% move isn't consididered a panic by any means
(3:12:25 PM) btc123: midnightmagic: yes... the term panic' is subjective
(3:15:28 PM) btc123_ [c041ed8a@gateway/web/freenode/ip.192.65.237.138] entered the room.
(3:16:46 PM) btc123 left the room (quit: Ping timeout: 245 seconds).
(3:27:55 PM) btc123_: bitcoin is NOT a currency. its a commodity. if you want to help the community dont call it a currency. governments dont like competing currencies.... commodities are ok though.
(3:28:12 PM) btc123_: BTC is a commodity thats easily exchangeable. thats all
(3:28:42 PM) btc123_: scrybe: even if you think its a currency.... don't call it a currency if you want to help the community... crypto-commodity' is better.
(3:29:34 PM) btc123_: people are scared of competitng currencies... when you're talking about bitcoin in real life , or having debates... say commodity. then bankers/govvt will be like oh, ok, we have nothing to worry about, carry on'
(3:29:53 PM) btc123_: if any of you are ever on TV or CNN/etc,,, say commodity'
(3:30:00 PM) btc123_: helo: it matters beacause law.
(3:30:14 PM) btc123_: if it can be defined as a commodity by the supreme court. then its OK
(3:30:24 PM) btc123_: commodity good... currency bad
(3:30:55 PM) btc123_: gmaxwell: maybe i'll take you up on that.
(3:31:48 PM) btc123_: gmaxwell: will do
(4:52:37 PM) btc123_: i'm resuming purchases soon
(4:52:43 PM) btc123_: only filled 01/02/13 of my $1M
(4:52:54 PM) btc123_: should get over $50.... check reddit posts for updates
(4:54:59 PM) btc123_: you all laughed at me when i said $50.00 today
(4:55:25 PM) btc123_: $55.00 within 24 hours.
(4:56:39 PM) btc123_: yawn.... $50.00 within the hour
(4:56:54 PM) btc123_: !asks 51
(4:58:22 PM) btc123_: Appendage: u mad because i called $55.00 today?
(4:59:18 PM) btc123_: im a genius... my reddit post worked great
(5:09:00 PM) btc123_: how can an exchange have lag'... what a joke
(5:09:18 PM) btc123_: im creating a 0.00% exchange... just so everyone knows... launching soon.
(5:15:00 PM) btc123_: wow. my Reddit post worked out way better then i thought. this is very interesting
(5:17:52 PM) btc123_: http://www.reddit.com/r/Bitcoin/comments/1ajid7/when_this_post_is_30_minutes_old_i_will_be/
(5:18:58 PM) btc123_: $55.00 by end of day... $100.00 within a month.... then all over the news... then $1,000.00 by end of year. easy money. sellers are idiots
(5:19:33 PM) btc123_: $100,000.00 by 2015
(5:19:34 PM) btc123_: easily
(5:19:54 PM) btc123_: Appendage: i said $50.00 today and everyone laughed. im a genius. whatever i say is correct.
(5:20:36 PM) btc123_: $1,000,000.00 by 2025 when adoption is worldwide
(5:21:34 PM) btc123_: Appendage: they laughed when i said $25.00 in 2011 they laughed when i said $2.00 was best buying opportunity ever. they keep laughing.
(5:22:11 PM) btc123_: bitc01n: check logs
(5:23:12 PM) btc123_: [21 May 2011 22:42:04] <btc123_> we'll be at $25.00 within a few months
(5:23:22 PM) btc123_: see. genius.
(5:24:39 PM) btc123_: Appendage: dont ask questions. just buy. you'll be rich in 02/03/13 years... then send donations.
(5:25:45 PM) btc123_: check out this log --> <btc123_> [21 May 2011 22:42:04] <btc123_> we'll be at $25.00 within a few months
(5:26:11 PM) btc123_: Appendage: blockchain spam
(5:27:31 PM) btc123_: zzorn: it doesnt go into blockchain.. i think hes talking about keeping it in chain
(5:31:39 PM) btc123_: $55.00 within next day or two probably
(6:35:25 PM) btc123_: yawn
(6:35:28 PM) btc123_: i told you all $55.00 today
(6:35:31 PM) btc123_: i'm a genius
(6:35:38 PM) btc123_: obviously... im a genius
(6:35:54 PM) btc123_: it will be $100.00 by end of month. $1,000.00 by end of year. guaranteed. im a genius.
(6:36:41 PM) btc123_: HLL: its at record lows here, it will be at $100,000.00 in a few years... buy everything you can
(6:36:53 PM) btc123_: when the whole world uses BTC, it will be $1,000,000.00 easy
(6:37:42 PM) btc123_: yawn.... good thing i made that reddit post today....
(6:38:35 PM) btc123_: $55.00 today. $60.00 tomorrow. $100.00 by april 1
(6:38:41 PM) btc123_: then $1,000.00 by end of year, or higher
(6:40:35 PM) btc123_: $55.00 today. $60.00 tomorrow. $100.00 April 1 I'm a genius.
(6:40:40 PM) btc123_: everybody buy
(6:40:53 PM) btc123_: Panic Buying in effect
(6:42:24 PM) btc123_: yawn...... panic buying. $55.00 in an hour
(6:42:54 PM) btc123_: who laughed at me when i said $55.00 earlier? im a genius. just saying.
(6:46:34 PM) btc123_: i have information stating that there are over $50,000,000.00 in deposits waiting for coinlab / mtgox deal to close... that should push price up to around $300.00 pretty fast.
(6:46:42 PM) btc123_: my source may or may not be reliable
(6:47:09 PM) btc123_: i can't disclose
(6:47:21 PM) btc123_: also, Goldman Sachs IP hits mtgox/bitcoincharts daily
(6:47:27 PM) btc123_: Goldman will be purchasing BTC soon
(6:47:35 PM) btc123_: BTC to $1Mil. 2015
(6:48:09 PM) btc123_: GLORP: yes for sure... $100,000,000.00 is going to flow into BTC within the next month or two
(6:48:31 PM) btc123_: ;;help
(6:49:13 PM) btc123_: yes... get ready for a MASSIVE spike UP in BTC prices... over next few weeks we may see $250.00
(6:49:22 PM) btc123_: easy money. dont sell.
(6:50:34 PM) btc123_: $55.00 today
(6:51:16 PM) btc123_: how do you get gribble to calc price from a usd amount of purchasing?
(6:52:04 PM) btc123_: ;;market buy --usd 50000000
(6:52:14 PM) btc123_: There you have it... $850.00
(6:52:20 PM) btc123_: BTC will be at $850.00 shortly...
(6:52:30 PM) btc123_: $50.00 million is going on deposit at coinlab in next few weeks
(6:52:44 PM) btc123_: tral: few months
(6:52:49 PM) btc123_: $1,000.00 by end of year
(6:53:04 PM) btc123_: then $100,000.00 by 2015
(6:53:41 PM) btc123_: Eduard_Munteanu:not enough people able to wire > $10K without verification / notarized lawyers /etc ....
(6:54:03 PM) btc123_: $55.00 today
(6:54:33 PM) btc123_: no, its true.... there are no sellers. only buyers. people are hoarding BTC. not selling.
(6:57:23 PM) btc123_: woohoo!!!!!!!
(6:59:43 PM) btc123_: nice report,,,, Virtual currency does not meet the criteria to be considered “currency” under the BSA, because it is not legal tender.
(7:00:52 PM) btc123_: lukestokes: the NYT journalist is very interested with todays events.... article coming... eventually
(7:01:29 PM) btc123_: Yes, this FinCEn report means i'll ahve to revise my estimate from $55.00 today, to $60.... then $80.00 next week..
(7:01:41 PM) btc123_: BTC easy to $1,000,000.00 in a few years
(7:02:07 PM) btc123_: Appendage: dont worry, i said BTC would break $50.00 today. im a genius.
(7:03:33 PM) btc123_: FinCEN report:Virtual currency does not meet the criteria to be considered “currency” under the BSA, because it is not legal tender.
(7:04:11 PM) btc123_: it means BTC going to $1Million
(7:12:00 PM) btc123_: perhapstired: you should read the forums/faq/wiki
(7:12:08 PM) btc123_: up
(7:14:00 PM) btc123_: perhapstired: same IP running 2 nodes?
(7:15:19 PM) btc123_: whoever sold 3800 BTC @ 50 either really needs fiat to pay for something, or is idiot
(7:15:32 PM) btc123_: perhapstired: no
(7:16:43 PM) btc123_: perhapstired: and wallets just hold ur private keys. you can sign from any computer in the world by sending raw packets to a bitcoin node if u want...
(7:18:54 PM) btc123_: ;;market buy --usd 50000000
(7:19:42 PM) btc123_: *rumour* has it that coinlab has over $50M waiting on sidelines to deposit ... if all of that goes to buying coins, at current asks Bitcoin will be $850/USD
(7:20:13 PM) btc123_: yeah, $50M... just need to wait for accounts to be verified
(7:20:48 PM) btc123_: every VC in the valley wants bitcoins now. they think that bitcoins are the best. bitcoin is taking Silicon Valley by storm.
(7:21:37 PM) btc123_: qwebirc78159: best purchase you ever makde
(7:21:40 PM) btc123_: DO IT
(7:22:33 PM) btc123_: gmaxwell: you'd be robbed probably
(7:22:37 PM) btc123_: hah
(7:22:44 PM) btc123_: Sy5Err0r: http://boost.vc/
(8:24:59 PM) btc123_: can you boot off SD cards?
(8:25:01 PM) btc123_: macbooks
(8:28:14 PM) btc123_ left the room (quit: Quit: Page closed).

[1713270609]

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[1713270609]

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[zoinky]

Sounds good to me. 

[maxmint]

I don't like it when someone's saying "I'm a genius" too often.

[tbcoin]

I don't like it when someone's saying "I'm a genius" too often.

This guy is a NLP master 

[BitPirate]

No reason to believe anything this guy says.

Anyone who publicly shows off about their money and influence can usually be safely ignored.

"I have an NYT journalist"..? Bullshit.

[ehoffman]

Well, that will only re-inforce the Bitcoin economy...  Now people will be more cautious about this kind of trolling.  Although I have to say that people reacted pretty well, and prices didn't suffer at all!

[BitPirate]

Institutional investors, and anyone with a million on the line, isn't this stupid. Getting a big audience and doing pump n' dump? Good way to end up in prison. People with money and/or influence are better at protecting it than this.

[RodeoX]

No reason to believe anything this guy says.

Anyone who publicly shows off about their money and influence can usually be safely ignored.

"I have an NYT journalist"..? Bullshit.

+1
Source: anonymous guy in chatroom.
Action: gamble money on his advice.

Doesn't look right.

[sgravina]

Real ID with a photo or he doesn't exist.

[Dargo]

Yeah...I'm highly suspicious of this. Reminds me of pump (followed by dump) stories you hear in stock chat rooms. If major VC firms are going to get involved, do you really think they are just going to let price step politely to 100, 1000, etc.? No, they will try manipulate with sharp downswings to scare people out of their coin so they can accumulate as much as possible. An article in the NY times would be cool, but not one talking about how easy it is to manipulate the market.    

[humanitee]

I don't believe his story.

The market reacted because it's Monday and it's been waiting to react as the bids piled up.

[Elwar]

I don't like it when someone's saying "I'm a genius" too often.

Including the reference to May 2011 when he said "we'll be at $25.00 within a few months".

[thezerg]

I don't believe his story.

The market reacted because it's Monday and it's been waiting to react as the bids piled up.

Yeah, even if the story is true (he really posted to reddit, there really is a NYT reporter) he's doing a mind job on that reporter more then on the bitcoin market.  The Monday bull run is extremely consistent.  It just can't be traded like the weekend dip used to be b/c it often does not come back down! 

[Beauxe]

BTC123 is perhaps the worst possible thing that could happen to the Bitcoin community.  Much of what BTC123 is saying is foolish.  While I agree with his forecast on price (at least to 100k), and the willingness of VS's to back payment/exchange oriented companies, BTC123 is completely wrong about regulation and manipulation.  In fact, anyone in this forum thinks that manipulation is ok provided it is applied to a commodity rather than a currency or a security, please do some light reading after you google Enron, and various other CFTC/US Attorney prosecutions.  This jurisdiction is not constrained by the asset but rather your citizenship (BTC123 I hope you are not American, but if you are I can refer you to excellent legal counsel - you will be needing it soon). 

As further evidence of BTC123's fool status, he is broadcasting a strategy that is hardly original.  It is the traders equivalent of bragging about getting your training wheels of your bicycle to a band of Hells Angels (as they rumble by).  Nor is a forecast of $1,000,000 particularly prescient.

It is a waste of my time to go on about this, but I hope the BTC community will realize that a rational evolution of this market with less volatility and more professional infrastructure is sorely need in order to gain popular acceptance (in case your blinded by the BTC light bit coin is far from popularly accepted.  In order for that to happen, we need to loudly object to the foolishness of the BTC123's of the world - even though it wont stop them from being a fool.

[dancingnancy]

I didn't even bother reading this bullshit.

reminds me of yahoo finance chat rooms circa 2000

[BTC Books]

Yeah, that's gotta be legit. 

[mccorvic]

I don't believe his story.

Are you saying someone on the internet would just make stuff up? Why would they do that?

[humanitee]

I don't believe his story.

Are you saying someone on the internet would just make stuff up? Why would they do that?

IDK but I hope the thought police arrest him for untruthiness!

520 pizza rolls btw, a veritable feast.

[zby]

Sounds like pirate - isn't he back?

[jhansen858]

https://bitcointalk.org/index.php?action=profile;u=42109;sa=showPosts

relevant;

Apparently btc123 is a miner who 1 year ago didn't really know what a wallet is, to having 100K, being vested in a bitcoin venture company and has the inside track on people dropping 50 million.  He has really come up in the last year.  Good on him!

[lukestokes]

https://bitcointalk.org/index.php?action=profile;u=42109;sa=showPosts

relevant;

Apparently btc123 is a miner who 1 year ago didn't really know what a wallet is, to having 100K, being vested in a bitcoin venture company and has the inside track on people dropping 50 million.  He has really come up in the last year.  Good on him!

And that's why this forum is awesome. I was curious if someone knew who this person was. How are you connecting user 42109 with btc123 or bitcoin_millionare?

Woah, just thought of something. Who's been in the media quite a bit lately calling themselves a "Bitcoin Millionaire"? Could btc123 be Max Keiser? If so, it would lend credit to his claim about having a connection at the NYT (along with some money to play around with). Regardless of how crazy his claims are, if they hold up, that means something. We've already come pretty close to $55 which is something claimed.

Interesting indeed.

[Dargo]

https://bitcointalk.org/index.php?action=profile;u=42109;sa=showPosts

relevant;

Apparently btc123 is a miner who 1 year ago didn't really know what a wallet is, to having 100K, being vested in a bitcoin venture company and has the inside track on people dropping 50 million.  He has really come up in the last year.  Good on him!

Maybe he has come up in the world of BTC. Then again, maybe he has just come up in the world of BS.

[thefiniteidea]

Someone, just do the exact opposite of what he did in a day or so and no one will know what to think and therefore both will be discredited and it won't matter again.

Call yourself btc1234 or whatever, post it back on here when your done, voila!

Markets saved.

[phillipsjk]

Prediction: btc123 will have trouble crashing the market by promissing to sell $1M USD worth of BTC.

I am claiming that his manipulation only served to speed up price-discovery in a market "stuck" at a psycological barrier of $50USD/BTC.

Second prediction: The daily average price on Mt.Gox will not rise above $100USD/BTC before April 30, 2013.

That prediction assumes that the events in Cyprus don't cause a collapse of the Banking sytem in the reast of Europe.

[Melbustus]

https://bitcointalk.org/index.php?action=profile;u=42109;sa=showPosts

relevant;

Apparently btc123 is a miner who 1 year ago didn't really know what a wallet is, to having 100K, being vested in a bitcoin venture company and has the inside track on people dropping 50 million.  He has really come up in the last year.  Good on him!

And that's why this forum is awesome. I was curious if someone knew who this person was. How are you connecting user 42109 with btc123 or bitcoin_millionare?

Woah, just thought of something. Who's been in the media quite a bit lately calling themselves a "Bitcoin Millionaire"? Could btc123 be Max Keiser? If so, it would lend credit to his claim about having a connection at the NYT (along with some money to play around with). Regardless of how crazy his claims are, if they hold up, that means something. We've already come pretty close to $55 which is something claimed.

Interesting indeed.

Interesting theory. But Keiser's tweets, at least, are always nicely capitalized and punctuated... btc123's IRC chat appears to be stylistically different. Granted, it's a different medium, so the same person could use a different style, but still...

Sidenote: I know it's been postulated that with Satoshi's 575 posts on this board, it should be possible to use linguistic analysis techniques to identify him (assuming he has public writings under his real name, or even another pseudonym). Wonder if anyone's done that yet.

[lukestokes]

Hmm... he called for $100 by the end of the month. Still has a few days and we got pretty close this morning at $95.

Still no NYT article (though just about every other news source has been covering BTC already).

[The-Real-Link]

Wasn't that chat also about two months ago?  It's so off the cuff I can't believe that it's legitly going to happen.  Besides even if he did dump $1M on the market, by my fuzzy math, if we're at a cap of $1B a year, then that's $2.7M a day moving around or with potential.  He'd probably spend enough to make a day or two of red candles at this point and we'd be back up.

[lukestokes]

Wasn't that chat also about two months ago?  It's so off the cuff I can't believe that it's legitly going to happen.  Besides even if he did dump $1M on the market, by my fuzzy math, if we're at a cap of $1B a year, then that's $2.7M a day moving around or with potential.  He'd probably spend enough to make a day or two of red candles at this point and we'd be back up.

The chat was on the 18th of March. I'm not saying I believe it's true, but I did find it very interesting as I'm trying to learn how easy it is to manipulate the market. As the market grows, I'll take more comfort in the inability for people to easily jack with things.

[b!z]

Sounds like pirate - isn't he back?

No, he's long gone.