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Author Topic: BITCOINS ARE CRASHING SELL SELL SELL  (Read 3686 times)
Beepbop
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March 29, 2013, 03:23:14 AM
 #21

Those groups can't have an infinite amount of bitcoins. Where are all the bitcoins that Coinbase is consistently selling out of coming from?
Silk Road provides continuing volume at any prize. It wouldn't matter if it was 1000 BTC/USD or 10 BTC/USD - they need the same USD sized volume to turn over to finalize deals.
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Tonko
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March 29, 2013, 05:39:06 AM
 #22

Silk Road provides continuing volume at any prize. It wouldn't matter if it was 1000 BTC/USD or 10 BTC/USD - they need the same USD sized volume to turn over to finalize deals.

There is a simple explanation for that. Silk Road is the real business. They have no heroic, ideological investment in Bitcoin. For them it is just a very convenient tool. They don't care if BTC is $10 or $100. They want volume and commission on trades and to keep customers happy. For more volume and more commissions.

I'm guessing they started with a good amount of BTCs and cash available, to maintain the liquidity initially.

MtGox, OTOH, may be in the market cornering business.

In the olden days, there were guys who had enough money (or could get enough financing) to, for example, buy entire corn supply of the country, before anybody noticed it.
By the time everybody else realized that it is a single guy who owns all the corn, it was too late. The guy, such and such, was then publicly known to have cornered the corn market. Everybody had to go to him to buy the corn and he could dictate the price. These guys became rich and famous, but some did, in the end, lose their fortunes.

It is possible that MtGox has agreements with a couple of groups, controlling large amount of BTCs, to corner the market together.
advisers
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March 29, 2013, 12:32:02 PM
 #23

Short term fluctuations (in the bitcoin case, megafluctuations, agreed) are irrelevant when you've got a long term mega bullish trend. Bitcoin will eventually hit 100,000 and 1,000,000 at some point, just a matter of time. Buy and hold forever. Promote it. Do some transactions to bring the system mainstream. Get rich and retire.
Tonko
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March 29, 2013, 05:04:40 PM
 #24

I can already feel all those zombies crying: I need a Bitcoin fix, gimme Bitcoin please, I'll give you 1,000,000 of US fiat, go buy that damn Ferrari, just gimme my Bitcoin fix.
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March 29, 2013, 05:15:49 PM
 #25

By the time everybody else realized that it is a single guy who owns all the corn, it was too late. The guy, such and such, was then publicly known to have cornered the corn market.

If you bought all the corner stores in a city, would that be cornering the "corner market" market?


Tonko
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March 29, 2013, 05:53:02 PM
 #26

If you bought all the corner stores in a city, would that be cornering the "corner market" market?

Imagine cornering the toilet paper market. Instantly superrich!
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March 29, 2013, 06:01:10 PM
 #27

My plan of cornering the corner market market was so successful that I decided to write a book about it.  Soon, some other copycat books about it sprung up as well.   If I decided to buy the publishing rights for all those books,  that would be cornering the "cornering the 'corner market' market" market?

Tonko
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March 29, 2013, 06:50:59 PM
 #28

You should first wipe your ass several times.
deathcode
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March 29, 2013, 07:00:10 PM
 #29

can we close this thread as inaccurate?

 
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25 JUNE 2019
ProfMac
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March 29, 2013, 07:04:50 PM
 #30

can we close this thread as inaccurate?

Nah.  Buy now.  Wait for the next crash.  Repeat the same posts.

I try to be respectful and informed.
Tonko
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March 29, 2013, 08:09:24 PM
 #31

can we close this thread as inaccurate?

Nah, just change the title to: elementary example of pump and dump.
Beepbop
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March 29, 2013, 08:21:36 PM
 #32

Satoshi died for your sins

On the third day, they shall rise again.
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