bitcoinsrus
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May 25, 2014, 05:07:09 PM |
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Thank you Mark karpales, for bootstrapping Bitcoin price to the middle 3-digit level it is today! ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fwww.bloomberg.com%2Fimage%2Fi4xVLq2IbOZE.jpg&t=665&c=d7d3NyA9-vguAA)
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ElectricMucus
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Marketing manager - GO MP
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May 25, 2014, 05:09:01 PM |
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Re the Willy report: Is this the moment in the animated cartoon when the guy is about to realize that he has stepped off the cliff and has been standing on thin air for a while? ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) yes but this is Bitcoin, so it might be that the lie bootstrapped us to a higher price. I'm not sure though. I'm also not sure whether the report is factual (I just read it completely and it seemed coherent). First they laugh at you then they send in the FEDs.
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calmindifference
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May 25, 2014, 05:26:08 PM |
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http://willyreport.wordpress.com/So basically, each time, (1) an account was created, (2) the account spent some very exact amount of USD to market-buy coins ($2,500,000 was most common), (3) a new account was created very shortly after. Repeat. In total, a staggering ~$112 million was spent to buy close to 270,000 BTC – the bulk of which was bought in November. So if you were wondering how Bitcoin suddenly appreciated in value by a factor of 10 within the span of one month, well, this is why. Not Chinese investors, not the Silkroad bust – these events may have contributed, but they certainly were not the main reason. But more on that later.
lol Not my words just a copy paste but... "Just a quick note... I've built quite a few systems, and at times I build the administrating function into the customer function. It's hard to explain and hard to give an example... but imagine I build an exchange and incur fees in bitcoin, say 1%. The way I'd run my company finances is to build an admin account and with every bitcoin transaction, 1% goes to that account. This account is then set up on the exchange to sell at batch periods a certain amount of the bitcoin that I want to have in dollars to pay for company expenses. Instead of taking my bitcoin to bitstamp and selling it there, or putting my bitcoin in a 'IkmoIkmo' account and selling it through there (of which 1% would recurringly go back to the account), I'd build it into the system using a customer account with some high ID and privileges like having 0 fees. Now I'm not saying there's no inside job or that it isn't fishy. What I am saying is that I've been programming for a decade and I can easily see how a solo-engineer iterating on a flawed trading engine would use crappy and fishy accounts like these to do things that are otherwise completely normal and legal like having a company account sell bitcoin fees, or batching transactions of actual user-activity under one account-ID, or working with other exchanges to share liquidity and e.g. letting BTC-E sell coin to the Mt.Gox orderbook under a certain id for 0 fees, in exchange for the same service at BTC-E, thereby sharing the load and creating a redundant system (which is nice), etc etc. In other words, it's weird, it's fishy, it's Mt. Gox, but it's not proof of some kind of fraudulent trading in and of itself. It can mean a whole lot of things and I'm happy to see more information come out." If they were selling BTC trade fee profits, it would put small downward pressure on the price not send it 10x upwards.
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JorgeStolfi
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May 25, 2014, 05:38:15 PM |
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" [ ... ] In other words, it's weird, it's fishy, it's Mt. Gox, but it's not proof of some kind of fraudulent trading in and of itself. It can mean a whole lot of things and I'm happy to see more information come out."
Well, some 650'000 bitcoins that were supposed to be there just weren't there at the end. A crime surely happened, the only questions are which kind, how, when, by who, etc.. Mark claimed it was a theft, but AFAIK he has not provided any details (the thesis of the "malleability bug" has been disproved), failed to tell the police as soon as he noticed it, and did not tell the clients until after closing the site. I hope the law will find the right label for his actions.
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ElectricMucus
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May 25, 2014, 05:42:56 PM |
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" [ ... ] In other words, it's weird, it's fishy, it's Mt. Gox, but it's not proof of some kind of fraudulent trading in and of itself. It can mean a whole lot of things and I'm happy to see more information come out."
Well, some 650'000 bitcoins that were supposed to be there just weren't there at the end. A crime surely happened, the only questions are which kind, how, when, by who, etc.. Mark claimed it was a theft, but AFAIK he has not provided any details (the thesis of the "malleability bug" has been disproved), failed to tell the police as soon as he noticed it, and did not tell the clients until after closing the site. I hope the law will find the right label for his actions. Which will be needed for probably any exchange operator out there. Wonder where the money on Chinese exchanges comes from right now? I don't.
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RandomPedestrianN9
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May 25, 2014, 05:58:37 PM |
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I hope the law will find the right label for his actions.
Oh, now is evil government useful. How about you pay for a flight ticket and go do your justice yourself, Mr. Freedom NoGovernment. Oh wait.
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dreamspark
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May 25, 2014, 05:59:53 PM |
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I hope the law will find the right label for his actions.
Oh, now is evil government useful. How about you pay for a flight ticket and go do your justice yourself, Mr. Freedom NoGovernment. Oh wait. There couldn't have been anyone else you could have quoted that would have made what you just said more hilarious.
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ChartBuddy
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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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May 25, 2014, 06:00:40 PM |
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ChrisML
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May 25, 2014, 06:07:16 PM |
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Oh boy. $580 retest soonish. After that $615,-
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JorgeStolfi
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May 25, 2014, 06:08:51 PM |
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Re the Willy report again: it must be kept in mind that the "BTC" in the database are not actual bitcoins, but only "goxCoins". The 650'000 real bitcoins that disappeared may have been taken out at any time, before or after Willy. Or they may be still in MtGOX addresses unknown to the liquidators.
Perhaps the real coins had been "lost" much earlier, and Willy was only an attempt to hide the loss from clients.
In any case, if the owners of "Markus" and Willy" were insiders, they would not need to use the standard withdrawal mechanism to get the real coins out. Therefore, the lack of withdrawal records in the database does not mean that the coins were not withdrawn.
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beetcoin
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May 25, 2014, 06:12:11 PM |
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wow, time to brace ourselves for the roller coaster ride ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif) seems kinda unusual to see such a huge jump on a sunday.
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ChrisML
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May 25, 2014, 06:12:34 PM |
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3600 wall looks small. All I could think of is get ABOARD. @above: Imagine what it could do on a monday or tuesday ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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spooderman
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May 25, 2014, 06:14:41 PM |
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This rally is bullshit. It's only because people can't withdraw fiat from gox.
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ChrisML
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May 25, 2014, 06:15:58 PM |
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This rally is bullshit. It's only because people can't withdraw fiat from gox.
You sir, are bullshit. Butthurted bullshit if not mistaken. See ya on the other side. ![Kiss](https://bitcointalk.org/Smileys/default/kiss.gif) *Ignored.
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Nightowlace
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May 25, 2014, 06:16:59 PM |
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I hope the law will find the right label for his actions.
Oh, now is evil government useful. How about you pay for a flight ticket and go do your justice yourself, Mr. Freedom NoGovernment. Oh wait. There couldn't have been anyone else you could have quoted that would have made what you just said more hilarious. +1 on that.
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gentlemand
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Welt Am Draht
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May 25, 2014, 06:17:56 PM |
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This rally is bullshit. It's only because people can't withdraw fiat from gox.
You sir, are bullshit. Butthurted bullshit if not mistaken. See ya on the other side. ![Kiss](https://bitcointalk.org/Smileys/default/kiss.gif) *Ignored. He might have been having a little fun?
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YogoH
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May 25, 2014, 06:18:58 PM |
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woosh
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spooderman
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May 25, 2014, 06:19:00 PM |
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This rally is bullshit. It's only because people can't withdraw fiat from gox.
You sir, are bullshit. Butthurted bullshit if not mistaken. See ya on the other side. ![Kiss](https://bitcointalk.org/Smileys/default/kiss.gif) *Ignored. He might have been having a little fun? Lol, so much for that joke ![Sad](https://bitcointalk.org/Smileys/default/sad.gif)
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ChrisML
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 25, 2014, 06:20:30 PM |
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This rally is bullshit. It's only because people can't withdraw fiat from gox.
You sir, are bullshit. Butthurted bullshit if not mistaken. See ya on the other side. ![Kiss](https://bitcointalk.org/Smileys/default/kiss.gif) *Ignored. He might have been having a little fun? Lol, so much for that joke ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) lmao. I've seen your posts. Try to slowely change into a troll to fool others. Not directly ![Kiss](https://bitcointalk.org/Smileys/default/kiss.gif) Much love
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ChrisML
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May 25, 2014, 06:21:34 PM |
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It seems BTC-E is keeping up nicely. It's even gaining on Bitstamp.
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