1 person can cause a huge rally?

[tani171]

There was some one on bitcoin-otc who mentioned he "the man that got this rally going from $0.7 cents by pumping $22,000 into the market in 5 days."

Is it possible this amount could move things so much? He then sold some at a loss and re-bought to keep the rally going.. is this possible?


"Gentleman, I am the man that got this rally going from $0.7 cents by pumping $22,000 into the market in 5 days.

I even sold up to 10,000 btc at a loss so I could get the cash to keep the rally going or cool it off if needed.

today, the game go much bigger than me

I am now along for the ride

>>>> if what you say is true about driving this rally, did it feel like there were other large buyers lifting the market along with you, or was this all you?

no this is not all me, look at the volumes

...

I was fool enough to try to slow down the market this morning

dump a lot of coins

but then relized too much money was there and had to get out of the way"

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[clrpod]

A 'huge' rally I'm considering would be at least a 100% growth. That would take probably billions of dollars so there would only be a very select few in the world who could do that and it's not likely. But to answer your question, yes it's possible.

[vhhjhju]

I think this is very difficult, because it will cause more whales to sell, but I believe that if he can pull up 1%, then more people will directly join and hold.

[pooya87]

There was some one on bitcoin-otc who mentioned he "the man that got this rally going from $0.7 cents by pumping $22,000 into the market in 5 days."

Is it possible this amount could move things so much? He then sold some at a loss and re-bought to keep the rally going.. is this possible?

my guess is he was trolling you

but in order to know if he was telling the truth or not, you have to look at the volume and possibly even the orderbook of 7-8 years ago when price was $0.7 and see whether $22k funds could pump the price or not.
again my guess is that it was not possible because bitcoin was much smaller back then but still not that small. unless by "pump" he meant increasing the price from $0.7 to $1

in any case, bitcoin is not like the pump and dump shitcoins that you can single-handedly pump and dump it. whales can affect the price a lot and even manipulate it but not by that much.
besides right now there is a downtrend going on, trying to cause a rally is like going against the tide. you will be crushed if you try just like when price was rising those who went against it were crushed.

[Adeyemi]

I know that it's possible to manipulate prices but I am not sure if it's possible for one person to do this. A lot of factors need to be considered if one person is to get any rally going. It's not impossible to do but the possibility is 0.5. It's a 50/50 thing.

Another possibility is that some people might want to lay claim to some things so as to appear smart or trend.

[daarul50]

I believe the rally could happen only because of 1 person, but for now, a big rally cannot happen just rally on 1 person so to make the rally it must be done together because the users are getting smarter utilizing the situation.

[Za1n]

Yes, I do think it is possible but of course the cash value involved would be much higher now, but the amount of BTC involved might be adequate.

What I mean is, back then a BTC was worth $0.7, so a person playing with $22,000 could control around 31,500 of BTC.

So if someone today, or lets just say a single entity like a corporation or bank, had access to 30,000 BTC or the USD equivalent around $230 million at today's price, they could put about 6k BTC ($46 mil) on 5 major exchanges and probably push the market in whatever direction they wanted.

[ElaraTechCapital]

A large portion of the market is controlled by a few hands. So yes, this is a thing that will happen in unregulated markets. It's both a strength and a weakness of getting involved in cryptocurrencies.

[Hallmader]

There was some one on bitcoin-otc who mentioned he "the man that got this rally going from $0.7 cents by pumping $22,000 into the market in 5 days."

Is it possible this amount could move things so much? He then sold some at a loss and re-bought to keep the rally going.. is this possible?


"Gentleman, I am the man that got this rally going from $0.7 cents by pumping $22,000 into the market in 5 days.

I even sold up to 10,000 btc at a loss so I could get the cash to keep the rally going or cool it off if needed.

today, the game go much bigger than me

I am now along for the ride

>>>> if what you say is true about driving this rally, did it feel like there were other large buyers lifting the market along with you, or was this all you?

no this is not all me, look at the volumes

...

I was fool enough to try to slow down the market this morning

dump a lot of coins

but then relized too much money was there and had to get out of the way"

I cannot be sure if this is indeed a true event. But I think it was a little bit possible in the past. When Bitcoin was only worth some cents, Bitcoin was only owned by a few people. There were also very few exchanges and outlets to buy and sell Bitcoin at that time. So I guess a certain man who has several thousands in Bitcoin could really cause the market to pump or dump. But now is a world different from that time. Right now, the marketcap of Bitcoin is in billions of dollars. No one has the capacity to risk that huge amount of money just to manipulate its price. Aside from that, Bitcoin is much widely circulated as compare before.

[jseverson]

Well it's said that it only takes a spark to blow up a powder keg, so why not?

You could be a whale with $20,000 if the market cap is low enough, and we've always known that whales can move the market. A whale could easily create an upward trend that causes other people to buy in to ride the wave. I have no idea as to whether or not he's lying, but it's not like he said that he moved the market alone, so it's quite plausible.

Of course, it's also just as plausible for him to think he caused it when he was simply riding a larger whale's wave. There's really no way to verify it either way.

[Xester]

It is possible that one person cause a huge rally on bitcoins value. As long as that person has huge resources , skills and guts he can make that huge rally to occur. If you have huge stock or bitcoins and a huge stock of dollars compared to all the players, whales out there in the market then you can make a difference and can compete with them. But if what you have is smaller compared to the whole market then you have to think twice since it may not go your way and you will end up losing big time.

[krishnaverma]

I do not think that one person will be able to manipulate prices alone. Especially at the current price level of bitcoins, this does not seem to be possible unless someone is holding more than 5-105 of total coins. Any such person will not sell all his coins just to manipulate the prices. Also, I think the developers must be holding a number of coins and they must be acting behind the scenes to control this manipulations.