[DVC]DevCoin - Official Thread - Moderated

[Arbitrageur]

The only rational explanation for the volume on vircurex is that they are freshly deposited coins. You can't trade with frozen funds.

As to why...it could be someone just decided to start investing a ton of money in alt-coins, with or without the intention of selling them back on cryptsy as others become interested and start speculating. There's been very little down pressure on those coins lately, so they may have had enough waiting.

surely is someone that has thrown away over 50 btc today. throwing away bitcoin is not really rational. why buying on vircurex when you have btc-e, cryptsy, bter and so on?? doesn't make any sense. this really baffles me.

[Arbitrageur]

Yeah, that's a good question. It's possible vircurex is doing it themselves to drum up volume, but any other normal trader would surely buy from all exchanges simultaneously (as we have seen in the past). Certainly fishy.

This was my first thought but then I wrote to kumala saying: if this is you trying to generate volumes, why don't just give the coins back to the rightful owners! they will surely be happy and start trading again! I will if I could get something back out of my frozen funds.

[Hunterbunter]

Yeah, that's a good question. It's possible vircurex is doing it themselves to drum up volume, but any other normal trader would surely buy from all exchanges simultaneously (as we have seen in the past). Certainly fishy.

This was my first thought but then I wrote to kumala saying: if this is you trying to generate volumes, why don't just give the coins back to the rightful owners! they will surely be happy and start trading again! I will if I could get something back out of my frozen funds.

If it is him, he might be intending to sell them at a profit and use that to pay people back? Bloody risky move, though, if that's the case.

[ranlo]

Patience is key.

There is nothing like the price increase coming from a wider adoptionrate...

Precisely. The vircurex thing is odd though - before the problems there bid volume was about 50btc and liquidity problem hammered pricing. As arbitrageur says someone's just lifting offers across all the older coins, as if holdings are unfrozen, but I haven't read anything about them unfreezing assets?

The only rational explanation for the volume on vircurex is that they are freshly deposited coins. You can't trade with frozen funds.

As to why...it could be someone just decided to start investing a ton of money in alt-coins, with or without the intention of selling them back on cryptsy as others become interested and start speculating. There's been very little down pressure on those coins lately, so they may have had enough waiting.

Ok, so why pay double or triple?

Is it that hard to open an account on other exchanges or are Vircurex customers so loyal to vircurex after having all their funds frozen?

Good question. The price is lower on mcxnow as well. It is a little weird.

[Hunterbunter]

Patience is key.

There is nothing like the price increase coming from a wider adoptionrate...

Precisely. The vircurex thing is odd though - before the problems there bid volume was about 50btc and liquidity problem hammered pricing. As arbitrageur says someone's just lifting offers across all the older coins, as if holdings are unfrozen, but I haven't read anything about them unfreezing assets?

The only rational explanation for the volume on vircurex is that they are freshly deposited coins. You can't trade with frozen funds.

As to why...it could be someone just decided to start investing a ton of money in alt-coins, with or without the intention of selling them back on cryptsy as others become interested and start speculating. There's been very little down pressure on those coins lately, so they may have had enough waiting.

Ok, so why pay double or triple?

Is it that hard to open an account on other exchanges or are Vircurex customers so loyal to vircurex after having all their funds frozen?

Good question. The price is lower on mcxnow as well. It is a little weird.

Could depth be the issue?

[ranlo]

Patience is key.

There is nothing like the price increase coming from a wider adoptionrate...

Precisely. The vircurex thing is odd though - before the problems there bid volume was about 50btc and liquidity problem hammered pricing. As arbitrageur says someone's just lifting offers across all the older coins, as if holdings are unfrozen, but I haven't read anything about them unfreezing assets?

The only rational explanation for the volume on vircurex is that they are freshly deposited coins. You can't trade with frozen funds.

As to why...it could be someone just decided to start investing a ton of money in alt-coins, with or without the intention of selling them back on cryptsy as others become interested and start speculating. There's been very little down pressure on those coins lately, so they may have had enough waiting.

Ok, so why pay double or triple?

Is it that hard to open an account on other exchanges or are Vircurex customers so loyal to vircurex after having all their funds frozen?

Good question. The price is lower on mcxnow as well. It is a little weird.

Could depth be the issue?

Maybe. But thinking about it more:

BTC is still locked up on Vircurex
By trading BTC for things like DVC, withdrawals can be made

Even at a 3x markup, let's say they have 150 BTC. They can withdraw 50 BTC (via DVC and selling on other exchanges) or let their 150 BTC sit on Vircurex where it may or may not ever actually be able to be withdrawn.

I think this may be what's happening.

[markm]

Huh? Bitcoin that is not frozen can be withdrawn can't it?

What is frozen cannot be traded nor withdrawn, but all withdraws work don't they for non-frozen coins?

Earlier today though many coins had the same volume, so it looked like someone decided to invest a certain amount in each coin, and in the process started some buying mania.

-MarkM-

[Hunterbunter]

Huh? Bitcoin that is not frozen can be withdrawn can't it?

What is frozen cannot be traded nor withdrawn, but all withdraws work don't they for non-frozen coins?

Earlier today though many coins had the same volume, so it looked like someone decided to invest a certain amount in each coin, and in the process started some buying mania.

Yeah, I noticed this too...same conclusion.

I don't think you can trade with frozen btc...it would have crushed the exchange immediately if they had allowed it. People would be selling alt-coins for btc they couldn't withdraw, which doesn't seem to be the case.

[Arbitrageur]

exactly you CAN'T trade frozen coin. it's fresh new btc that are being traded to buy alts.

[ranlo]

Huh? Bitcoin that is not frozen can be withdrawn can't it?

What is frozen cannot be traded nor withdrawn, but all withdraws work don't they for non-frozen coins?

Earlier today though many coins had the same volume, so it looked like someone decided to invest a certain amount in each coin, and in the process started some buying mania.

Yeah, I noticed this too...same conclusion.

I don't think you can trade with frozen btc...it would have crushed the exchange immediately if they had allowed it. People would be selling alt-coins for btc they couldn't withdraw, which doesn't seem to be the case.

I'm almost positive this is false. Remember the massive spikes in every altcoin as soon as BTC was frozen? This was so people could remove the alts.

Maybe they changed something since then but I don't remember ever seeing a change related to this.

[Vlad2Vlad]

exactly you CAN'T trade frozen coin. it's fresh new btc that are being traded to buy alts.

So someone decided to deposit a lot of fresh BTC in Vircurex [out of all places] and then proceed to overpay [way overpay] for a bunch of coins he could have gotten much cheaper on other exchanges?

Are we dealing with a world class idiot here or what am I missing?

[markm]

Vircurex is probably the best exchange to sit your bitcoins on, so maybe someone is doing pumps on their selected coins and doing it on Vircurex so that they will make "interest" on their buy offers when they end up piling up buy offers on those coins eventually to keep their price floor up as well as they can following their pump?

I know this climb in DeVCoin is letting me start doing a lot of building up of the buy side of DeVCoin, which had been pathetic ever since the 35 bitcoins I had been supporting my chosen coins with got frozen.

Vircurex seems the best place to use for building massive price floor depth on the buy side because even though my lowball offers may never be taken I will in any case earn "interest" on the bitcoins while they sit there providing lots of buy depth.

I had been usually managing to uphold the price floor of DeVCoins near 30 satoshis back before the freeze, now that I am again starting to accumulate bitcoins on Vircurex hopefully it will not take long to get the price floor back there again then hopefully continue to build up from there.

-MarkM-

[Hunterbunter]

Huh? Bitcoin that is not frozen can be withdrawn can't it?

What is frozen cannot be traded nor withdrawn, but all withdraws work don't they for non-frozen coins?

Earlier today though many coins had the same volume, so it looked like someone decided to invest a certain amount in each coin, and in the process started some buying mania.

Yeah, I noticed this too...same conclusion.

I don't think you can trade with frozen btc...it would have crushed the exchange immediately if they had allowed it. People would be selling alt-coins for btc they couldn't withdraw, which doesn't seem to be the case.

I'm almost positive this is false. Remember the massive spikes in every altcoin as soon as BTC was frozen? This was so people could remove the alts.

Maybe they changed something since then but I don't remember ever seeing a change related to this.

They announced they were having btc liquidity problems and were going to implement the freeze method on xx date. The escape happened between the two.

[sidhujag]

I think its someone who just bought dvc and not others.. a few others have volume like ppc and nmc/ltc but not out of the ordinary volume.

[georgem]

Everybody... again, please vote for devcoin to be added to mintpal.com ... https://www.mintpal.com/voting

If there are big buyers out there... why not make it easy for them to get their hands on devcoins?  

I feel there is a mr burns out there ... waiting to park a billion dollars into devcoin... just wait...  

[weisoq]

They announced they were having btc liquidity problems and were going to implement the freeze method on xx date. The escape happened between the two.

Yep it was pre-announced and transient. If btc are still frozen then it's new interest. As mark says vircurex was always better for depth and volume - cryptsy and others have a different type of trading.

[Arbitrageur]

this is what I posted in the vircurex thread:

ok, since withdrawals have been working smoothly and it wasn't a run away from new stuck btc, here are the cases to explain yesterday weird volumes and price action:

1) someone with lots of money wanted to diversify 250 btc into alts and chose (oddly enough) vircurex to do the trades. he paid up 2-3x (even 10x, there were 7 ltc traded at 0.2) the price of other exchanges. it might be just an ignorant person who doesn't understand markets, or price action, or arbitrage.

2) this makes way more sense if this person is an hacker who stole many btc, not very expert of exchanges and markets, willing to lose trace of the stolen btc: buying alts through an exchange is the best way to achieve this goal.

3) Kumala itself tried to stir up things on his dying exchange to revive attention and interest. well, if this were the case he would have done a better and more honest job in giving back the money to the frozen accounts. at the end of the day, I doubt this strategy will work and if the crazy buys stops here, volume will return to 1-2 btc per day as it was until 2 days ago.

I'd go for number 2.

[weisoq]

I'd go for number 2.

Maybe, but still quite a lot of dvc buying in big clips.

[Vlad2Vlad]

I'd go for number 2.

Maybe, but still quite a lot of dvc buying in big clips.

I see that too.

Somebody really loves them devcoins.  Paying big money for them.

[sidhujag]

I'd go for number 2.

Maybe, but still quite a lot of dvc buying in big clips.

I see that too.

Somebody really loves them devcoins.  Paying big money for them.

Maybe devcoinauctions.com has caught the interest of some speculators