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Author Topic: [THEORY] Bitcoin "Gods" Are Attempting To Even Out The Exchange Markets  (Read 1415 times)
gigabytecoin
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July 02, 2011, 12:26:30 PM
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Just like "they" did with the pools.

When somebody got out of line (when a pool got too large of a hashing share percentage compared to the network) then they would be miraculously attacked, DDoSd, taken offline, whatever... while lots of the smaller pools received no beatings.

Now it seems as though pool DDoSing has died down for the most part as nobody really has a large enough share of the network hashing rate to warrant anybody to worry as far as I know.

These last few glitches with MtGox don't add up to a whole lot other than a financial company making some very very strange (almost unexplainable) errors that inevitably end up driving more market share to places like TradeHill.com, CaVirtex.com, Etc...

Maybe we should just do as they want us to do to speed this whole thing along and stop dragging Bitcoin's credibility through the mud (by making MtGox repeatedly come up with odd/random errors).

/conspiracy theory ramblings
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ollybee
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July 02, 2011, 09:48:52 PM
 #2

It's quite possible there are people with a large amount of coins attempting to smooth the market for the long term benefit of Bitcoin. The truth is we can't know. Bitcoin is still a young project and is experimental socially and technically. Traditional markets are also have scandal and intrigue Bitcoin will be no different. Fortunately in most cases anyone with enough power to influence Bitcoin will gain most by trying to make the Bitcoin project successful. Also I believe a significant proportion of early adopters wit large wallets have idealogical motivations meaning they are more likely to act for the global benefit.
proudhon
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July 02, 2011, 10:28:33 PM
 #3

This thread has irony.
Dobrodav
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July 02, 2011, 11:13:58 PM
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I am think that OP is right. Something really strange is going on. I am was bothered that somebody herds bitcoin too. I am do not know, should i am enjoy this or stay alert. Well, actually - i am will stay alert.

We will  meet in not-so-distant future.
Today`s strange music :
http://www.youtube.com/watch?v=V8mCgjbBPMk
Yesterday`s  strange music:
http://www.youtube.com/watch?v=-uCTyC1FGLw
SpaceLord
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July 02, 2011, 11:22:18 PM
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I am was bothered that somebody herds bitcoin too.



Get along, little doggie!
Hunterbunter
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July 02, 2011, 11:29:42 PM
 #6

More likely:

Recent media attention means more people interested in bitcoins.

More people interested, more people ready to probe for weaknesses.

Prices sky rocket due to public speculation.

Prices collapse as they realize they're wasting their time pumping it up so much.

People who were in early and cashed out at peak now have tons of cash for massive rig setups, and hash like crazy.

Those power miners sell everything they make.

Not enough buyers left to support them, so price is being owned.
Dobrodav
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July 02, 2011, 11:47:07 PM
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? There is can be 10 times more miners and hash power, than now, and bitcoin output will be the same.

We will  meet in not-so-distant future.
Today`s strange music :
http://www.youtube.com/watch?v=V8mCgjbBPMk
Yesterday`s  strange music:
http://www.youtube.com/watch?v=-uCTyC1FGLw
SlipperySlope
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July 03, 2011, 12:18:38 AM
 #8

On the whole I think that if we are in fact in the declining phases of a bitcoin bubble, then that is a good thing for the industry.  The $US 30 bitcoin attracted a lot of attention which should be good for increasing use of bitcoins in commercial transactions.
gigabytecoin
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July 03, 2011, 12:34:55 AM
 #9

I am was bothered that somebody herds bitcoin too.



Get along, little doggie!

In a sense, that what the early adopters could do with their market power.
Hunterbunter
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July 03, 2011, 06:21:01 AM
 #10

? There is can be 10 times more miners and hash power, than now, and bitcoin output will be the same.

That's not always correct. It is correct at the start of a new 2016 block difficulty, but not after that.

If network hash power is 10THash/sec, and a new difficulty is calculated, the difficulty will be set to work out to be around 6 blocks per hour. If you then open up 5Thash more for the next 11 or so days, it'll be creating 9 blocks per hour, thus bitcoin output is not the same with more power. If the extra 5TH is sustained until next block cycle,
then the new difficulty will slow down the block creation to 6 per hour again. It's about as constant as the change in hash power over time.
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