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Author Topic: Someone is Jobbing this Market  (Read 6618 times)
NO_SLAVE
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June 16, 2011, 05:07:01 PM
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The trading in BTC is characteristically volatile, too much so, but for the past three days there are huge blocks of BTC swirling around the globe and the market is flat, not range bound but outright absolutely flat.  Who thinks this is normal? This to me is impossible (considering standard volitility) without large manipulation. We want a more stable market but this is flat lining, "the patient is now dead" price action is also dysfunctional for BTC. Too many questions, too much weirdness, not a natural market.
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June 16, 2011, 05:10:22 PM
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Volume at mtgox.com is relatively low compared to the days with large changes (either up or down). It's more likely that bulls and bears alike are simply taking a wait-and-see attitude right now.

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June 16, 2011, 05:17:14 PM
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I though so to, but there is always some kind of drift in a range, In my years (looking at 10's thousands of charts) Ive never seen a flat lining effect like this after such a huge range of trade.

 
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June 16, 2011, 05:25:27 PM
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It is possible that the stolen money (if actually stolen) is being laundered through multiple mt gox accounts. The constant sells and buys all going back and forth to essentially the same person may be keeping the price flat. I would assume he/she would be willing to take trade losses to help him get clean USD/bitcoins.

I trade bitcoin options at https://bitoption.org/ ... Join me.
I play poker at https://betco.in/ ... Join me.
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June 16, 2011, 05:26:02 PM
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I though so to, but there is always some kind of drift in a range, In my years (looking at 10's thousands of charts) Ive never seen a flat lining effect like this after such a huge range of trade.

 


I don't like it myself, at all.

This market is simply too fucked up.

I'm trying to get rid of all my mining gear asap, myself.

This shit isn't worth the questioning and anticipation anymore.

I found myself a grown man worth $160/hr+ in development labor, fawning over asinine charts of an idiots market and masturdebating the silly shit with kids on a forum...

Man I need a better hobby lol.
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June 16, 2011, 05:31:34 PM
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Synaptic, my offer still stands valid for your 5830
Grant
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June 16, 2011, 05:32:07 PM
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The trading in BTC is characteristically volatile, too much so, but for the past three days there are huge blocks of BTC swirling around the globe and the market is flat, not range bound but outright absolutely flat.  Who thinks this is normal? This to me is impossible (considering standard volitility) without large manipulation. We want a more stable market but this is flat lining, "the patient is now dead" price action is also dysfunctional for BTC. Too many questions, too much weirdness, not a natural market.


You are the same person who also claimed:

It was artificial when there was a rally, then when the correction came it was also artificial and most recently you claimed to be hacked.

Its no surprise you also claim that the current consolidation is also "artificial".  Cheesy

The only artificial thing i see here are posts from people like you.

As a speculator myself i prefer the Rally/Crashes i don't like this consolidation but i can assure you consolidation is also part of the natural market game.

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June 16, 2011, 05:32:55 PM
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The way I see it, someone is sat on a large pile of coins and cash and is pushing in one direction or another. They are either looking to keep value up by buying all the cheap coins or they are trying to keep it down by pushing just the right number of coins onto the market to keep it in the 19.xx range.

I reckon the person got all of these coins as part of the multi million turnover over the weekend when the volume was massive and the charts were going mad. Someone is messing with us.

What I want to know is if they are using more coins or cash and what will happen when they run out of one or the other.
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June 16, 2011, 05:37:23 PM
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It's simply the low volume. Look at the chart, whenever there was low volume, there was flatlining.
The reality is that there are almost no traders, which would move the market based on incoming new information. Keep in mind that transaction costs are pretty high on MtGox. All the big up moves are caused by new people getting into Bitcoin, and all big down moves are caused by early miners cashing out.

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June 16, 2011, 05:40:57 PM
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Not nearly paranoid enough, don't you know where you are?  Wink

Your post does actually sound very reasonable. I can also see the psychological barrier of $20 being a pretty natural one.
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June 16, 2011, 05:43:38 PM
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Obvious manipulation is obvious. We need more exchanges. Why don't people use bitcoin-central.net? It is the only exchange for which we have the source, so that we can see that it isn't a pile of shit, like bitcoin7 or whatever it is called.

More liquidity!

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Do you want to complain on the forum just to fall for another scam a few days later?
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BookofNick
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June 16, 2011, 05:45:55 PM
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The sane thing could be said about the silver market for the past month or so...

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June 16, 2011, 06:15:59 PM
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I'm also convinced there is some kind of manipulation going on. Can't make any sense of it, so i'm quitting while i'm ahead.

Grant
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June 16, 2011, 06:17:54 PM
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Its really sad when uninformed people abuse the word manipulation because they don't understand some basic fundamentals about a market (any market).

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June 16, 2011, 06:22:56 PM
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I suspect it's just someone trying to sell a lot of coins for around $20.  The market naturally wants to keep going up as it has been for the past few months, but it can't pass $20 with this entity trying to unload some huge number of coins.  Eventually the coins will all be sold and the price will continue to rise.

realnowhereman
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June 16, 2011, 06:24:06 PM
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Obvious manipulation is obvious. We need more exchanges. Why don't people use bitcoin-central.net? It is the only exchange for which we have the source, so that we can see that it isn't a pile of shit, like bitcoin7 or whatever it is called.

https://bitcoinconsultancy.com/wiki/index.php/Intersango

Which runs Britcoin.

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NO_SLAVE
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June 16, 2011, 06:25:11 PM
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The trading in BTC is characteristically volatile, too much so, but for the past three days there are huge blocks of BTC swirling around the globe and the market is flat, not range bound but outright absolutely flat.  Who thinks this is normal? This to me is impossible (considering standard volitility) without large manipulation. We want a more stable market but this is flat lining, "the patient is now dead" price action is also dysfunctional for BTC. Too many questions, too much weirdness, not a natural market.


You are the same person who also claimed:

It was artificial when there was a rally, then when the correction came it was also artificial and most recently you claimed to be hacked.

NO  Roll Eyes
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June 16, 2011, 06:26:03 PM
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This kind of stable market has happened many times before in short time frames . Now if it is this stable still in July I would start to wonder what's up.
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June 16, 2011, 06:27:50 PM
 #19

Maybe the world is not ready for a free market. They shout manipulation and speculation when prices rise quickly. They shout manipulation and nefariousness when prices fall quickly. And when prices stay flat? Manipulation, it must be!

I'll propose an alternative theory = Bitcoin is brand new, and will be extremely volatile and unpredictable for a long time. Part of true volatility is the 2nd order - even the volatility itself will be volatile! Stop obsessing with charts.

The monetary concept of Bitcoin is solid. So, too, is the technology. Given this, if you believe in Bitcoin go out and build businesses around it. Buy with it, sell with it, and trade with it. Stop worrying if the short-term dollar/btc exchange rate is not precisely where you think it should be. Let free markets be free, and enjoy the freedom, tumultuous (or flat) as it is.

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June 16, 2011, 06:30:04 PM
 #20

It's not going up because it still is overpriced after the huge rise. Probably it will go down again soon, don't worry.

I don't feel sorry for all people who saw Bruce Wagners "foot of a hockey stick" chart and believed they will get immensly rich in two weeks.
You are suckers.

My Bitcoin address: 1DjTsAYP3xR4ymcTUKNuFa5aHt42q2VgSg
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