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Author Topic: Is This A "Willy Bot" In Action?  (Read 529 times)
digitaltrader
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July 12, 2017, 02:37:13 AM
 #1

We all know how Mt Gox manipulated bitcoin price by creating "Willy Bot". I'm wondering what stops others from doing the same? I mean anyone with enough resources can easily develop such bots and manipulate the market as per their need.

Right now bitcoin price is dropping and everyone thinks it's due to the fear of what might unfold on August 1. Is it not possible that some whales might be using this situation as a cover up to manipulate the market yet again?
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krishnapramod
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July 12, 2017, 03:05:59 AM
 #2

We all know how Mt Gox manipulated bitcoin price by creating "Willy Bot". I'm wondering what stops others from doing the same? I mean anyone with enough resources can easily develop such bots and manipulate the market as per their need.

Right now bitcoin price is dropping and everyone thinks it's due to the fear of what might unfold on August 1. Is it not possible that some whales might be using this situation as a cover up to manipulate the market yet again?
Quote
In fact, on some trading ways, Willy accounted for 30-50% of Mt Gox’s entire trading volume. That is a significant amount, to say the least, indicating someone was carefully manipulating the bitcoin price in the process. No one will be surprised to learn there was some manual intervention by the person responsible for using the trading bot on the Mt. Gox exchange. Most people still believe Mark Karpeles is the person responsible for manually driving up the bitcoin price, although it is doubtful we’ll ever know the truth.

https://themerkle.com/what-is-the-willy-bitcoin-trading-bot/

At that time, Mt Gox was the most popular bitcoin exchange, so manipulating the price through a single source was easy. Right now it is spread out. Newbies are the panic sellers, August 1 uncertainty, coins being moved offline, and then a price drop and the short-term investors start panicking and dumping. Yeah whales could easily manipulate an uncertainty to buy low and sell high. Sensible approach would be to just hold on to your bitcoins and let things settle down.

CrewKitten
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July 12, 2017, 04:15:49 AM
 #3

We all know how Mt Gox manipulated bitcoin price by creating "Willy Bot". I'm wondering what stops others from doing the same? I mean anyone with enough resources can easily develop such bots and manipulate the market as per their need.

Right now bitcoin price is dropping and everyone thinks it's due to the fear of what might unfold on August 1. Is it not possible that some whales might be using this situation as a cover up to manipulate the market yet again?

I doubt this is the case. We were in a bubble. The price rose exponentially in a short time period of a few months - whenever that happens, a crash is inevitable. I thought the price would peak well over $3,000 around $3,500-4,000 however it obviously isn't the case. We are now headed for a long period of decline, not unsimilar to 2014-2017, but eventually the price will go back up and surpass $10,000. I predict this will happen within 5 years.
RoommateAgreement
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July 12, 2017, 04:21:52 AM
 #4

if it was a Willy bot then price would have been rising still!
the only reason why price stopped rising back in 2013 was because Mt Gox stopped woking and they scammed and ran away. otherwise it kept pumping it for longer.

we are not in a bubble either. the bubble stopped at $2900 and was corrected when it fell down to $2100 and recovered to a stable price of $2400-2500. this is only because of BIP148 split panic


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digitaltrader
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July 12, 2017, 04:46:42 AM
 #5

if it was a Willy bot then price would have been rising still!
the only reason why price stopped rising back in 2013 was because Mt Gox stopped woking and they scammed and ran away. otherwise it kept pumping it for longer.

we are not in a bubble either. the bubble stopped at $2900 and was corrected when it fell down to $2100 and recovered to a stable price of $2400-2500. this is only because of BIP148 split panic

Willy Bot didn't just work in one direction, during the last days at Mt Gox, Willy Bot was reversed to dump coins into the market to generate liquidity of Mt Gox and Bitcoin price crashed due to that, ultimately Willy Bot failed to generate sufficient funds and Mt Gox had no choice but to file for bankruptcy.  

What I mean is bots like Willy can be engineered to dump coins into the market and once the Bitcoin price falls the person behind it can buy lots of coins and then activate the bot to pump the market, sell coins, make the profit.

The bubble that you talk about could have been created by a bot by buying loads of coins without spending any real fiat money and since there is not enough liquidity in the market to justify such high Bitcoin price, the result is what you call price correction.

Logically, the people who hold most number of Bitcoins are experienced investors and I don't see too many experienced investors selling off their positions as yet. I find it hard to digest that newbies are having so much coins with them that they are effectively crashing the entire Bitcoin market with their actions.
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July 12, 2017, 06:09:44 AM
 #6

We all know how Mt Gox manipulated bitcoin price by creating "Willy Bot". I'm wondering what stops others from doing the same? I mean anyone with enough resources can easily develop such bots and manipulate the market as per their need.

Right now bitcoin price is dropping and everyone thinks it's due to the fear of what might unfold on August 1. Is it not possible that some whales might be using this situation as a cover up to manipulate the market yet again?

The price drop is actually a chain of bots reacting to the drop in the price. You have some people speculating and they configure fail safe sell points to protect their investment. Once a specific price threshold is met, the trigger kicks in and the bitcoins are sold. If a group of whales suddenly drop a few coins on the exchanges, then the triggers are activated to sell and this trigger a chain reaction when configured sell thresholds are reached.

So yes, in a way bots are still in play. ^smile^  

https://themerkle.com/top-6-bitcoin-trading-bots/

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