put on your tinfoil hats. I think I've gone over the edge.

[Love_and_Squalor]

not sure if this should go here

Something seems really odd to me. So I wasn't in bitcoin during the April crash, but i heard that it was largely due to a ddos attack on mtgox. i bought a few bitcoin around $315 a week or two ago and have been watching the price etc. Now, when the price spiked to the $800+ area the exchanges started lagging or going down for periods of time. Maybe due to ddos attacks. But what seams strange to me is that the level we've been brought down to put us back in line with the exponential growth curve that started on Oct 13. So I guess my thinking is that big players are manipulating the market to fall in line with the exponential growth, shutting down the exchanges when growth becomes too strong or fast. It took a few days for the April crash to reach a bottom. As of right now the price is about 450-500 with no determinable bottom, whether or not this is a more long term correction or part of a mini bubble i don't know. The last two big crashes left us with a price an order of magnitude higher each time, so that leads me to believe that we still have some upward movement left which we will crash from and level out at about $1000.

I guess where my craziness creeps in is me thinking that these exponential growth patterns seem unnatural coinciding with exchange blackouts leading me to believe that there are people behind it. Am i crazy? is this kind of manipulation theoretically possible? Are these patterns possible as natural price movements? Is it possible to manipulate exponential growth to sustain it longer? If there are people manipulating the market and you read this could you give me a heads up on target prices  . I've read rumors that bitcoin is a big ponzi scheme.

I'm not usually one to believe in conspiracies, but something seems off with these price movements. then again i only took a semester of calc and i'm not to familiar with patterns of exponential growth. so Im probably wrong.   

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[Love_and_Squalor]

oh yea and another reason i think something is off is due to no one knowing who the creator of the bitcoin is. if bitcoin is determined to be a ponzi scheme it would be good to remain unknown....... i feel really dumb for saying all of this, i don't really think all of this im just exploring ideas.

[emanymton]

oh yea and another reason i think something is off is due to no one knowing who the creator of the bitcoin is. if bitcoin is determined to be a ponzi scheme it would be good to remain unknown....... i feel really dumb for saying all of this, i don't really think all of this im just exploring ideas.

Do you even know what the definition of a ponzi scheme is?

[Love_and_Squalor]

oh yea and another reason i think something is off is due to no one knowing who the creator of the bitcoin is. if bitcoin is determined to be a ponzi scheme it would be good to remain unknown....... i feel really dumb for saying all of this, i don't really think all of this im just exploring ideas.

Do you even know what the definition of a ponzi scheme is?

investment with promise of high return paid for by investors below fueled by new money etc. not exactly btc but similar

[Bitcopia]

oh yea and another reason i think something is off is due to no one knowing who the creator of the bitcoin is. if bitcoin is determined to be a ponzi scheme it would be good to remain unknown....... i feel really dumb for saying all of this, i don't really think all of this im just exploring ideas.

Bitcoin is traded in a free marketplace environment. Ponzi schemes can been built on top of it (Pirate40) but they will get busted or collapse.

https://bitcointalk.org/index.php?topic=7815.0

[firstlast]

Crazy theory indeed.

Bitcoin is a remarkable idea. It's so valuable there is theoretically no ceiling on its price. It's so scarce that as supply is exhausted, the price increases accordingly. You could relate the exponential increase in price to the level of adoption of bitcoin. As it gains more exposure to the world, people will naturally be curious about it, dabble in it, and maybe invest a portion of their worth in it.

As for why the bitcoin price roughly follows an exponential trend, you can thank greed for that. If the price goes up too quickly, people holding bitcoins will sell. Greed keeps the price down, and underlying valuable properties of bitcoin keep the price up.

[Love_and_Squalor]

oh yea and another reason i think something is off is due to no one knowing who the creator of the bitcoin is. if bitcoin is determined to be a ponzi scheme it would be good to remain unknown....... i feel really dumb for saying all of this, i don't really think all of this im just exploring ideas.

Bitcoin is traded in a free marketplace environment. Ponzi schemes can been built on top of it (Pirate40) but they will get busted or collapse.

https://bitcointalk.org/index.php?topic=7815.0

ok i can accept bitcoin isnat a ponzi scheme but, it still seems vulnerable to market manipulation by large owners

[HappyBitCoinUser]

oh yea and another reason i think something is off is due to no one knowing who the creator of the bitcoin is. if bitcoin is determined to be a ponzi scheme it would be good to remain unknown....... i feel really dumb for saying all of this, i don't really think all of this im just exploring ideas.

Bitcoin is traded in a free marketplace environment. Ponzi schemes can been built on top of it (Pirate40) but they will get busted or collapse.

https://bitcointalk.org/index.php?topic=7815.0

ok i can accept bitcoin isnat a ponzi scheme but, it still seems vulnerable to market manipulation by large owners

Yeah, its not a Ponzi scheme. Only people that say that don't know what they are talking about and probably don't know the definition.

Its more or less a stock to invest money into, value could go up or down, except this is a stock that the government wants to get rid of, making people think twice about investing.

[Carlor]

Bitcoin is not a stock, it's a goddamn currency for gods sake.

[JimboToronto]

Bitcoin is not a stock, it's a goddamn currency for gods sake.

+1

[wtfvanity]

Bitcoin is not a stock, it's a goddamn currency for gods sake.

During the senate hearing they kept on referring to it as a currency or a security. They weren't sure what to call it.

[BitcoinBarrel]

My opinion is Bitcion is not a stock or a currency. It's a digital commodity like mp3s and graphics. You are paying for some numbers in a text file. People want to have a Bitcoin so they pay for it. It's a trend like elmos and beanie babies.

People say Bitcoin is a currency because it's numbers and you are buying things. There is no difference between Bitcoin and a Price Tag on an item. The Price Tag says how much an item is worth like Bitcoin.

If we agree that I will trade you a random physical Price Tag from a store with numbers on it for a Candy Bar does that make the Price Tag a currency? If we are trading the item for your item?

If I pay you 1 Bitcoin to mow my lawn then I am trading my Digital Commodity for your service. In this case, Bitcion IS the Price Tag and that's what makes its value.

[MatTheCat]

not sure if this should go here

Something seems really odd to me. So I wasn't in bitcoin during the April crash, but i heard that it was largely due to a ddos attack on mtgox. i bought a few bitcoin around $315 a week or two ago and have been watching the price etc. Now, when the price spiked to the $800+ area the exchanges started lagging or going down for periods of time. Maybe due to ddos attacks. But what seams strange to me is that the level we've been brought down to put us back in line with the exponential growth curve that started on Oct 13. So I guess my thinking is that big players are manipulating the market to fall in line with the exponential growth, shutting down the exchanges when growth becomes too strong or fast. It took a few days for the April crash to reach a bottom. As of right now the price is about 450-500 with no determinable bottom, whether or not this is a more long term correction or part of a mini bubble i don't know. The last two big crashes left us with a price an order of magnitude higher each time, so that leads me to believe that we still have some upward movement left which we will crash from and level out at about $1000.

I guess where my craziness creeps in is me thinking that these exponential growth patterns seem unnatural coinciding with exchange blackouts leading me to believe that there are people behind it. Am i crazy? is this kind of manipulation theoretically possible? Are these patterns possible as natural price movements? Is it possible to manipulate exponential growth to sustain it longer? If there are people manipulating the market and you read this could you give me a heads up on target prices  . I've read rumors that bitcoin is a big ponzi scheme.

I'm not usually one to believe in conspiracies, but something seems off with these price movements. then again i only took a semester of calc and i'm not to familiar with patterns of exponential growth. so Im probably wrong.   

Considering that practically every market in the world is manipulated (to be volatile in up and down directions), I think you can take your tinfoil hat off.

The fact that all the exchanges mysterious freeze just about spike/crash time is very very fishy.......would certainly facilitate priviliged in-cliques time to do optimum business before the inevitable occurs.

[Carlor]

Bitcoin is not a stock, it's a goddamn currency for gods sake.

During the senate hearing they kept on referring to it as a currency or a security. They weren't sure what to call it.

And why exactly do I care about this senate hearing?

...
If we agree that I will trade you a random physical Price Tag from a store with numbers on it for a Candy Bar does that make the Price Tag a currency? If we are trading the item for your item?
...

Money is an item you trade for other items.

[Blazey]

i am psychiatrist and what i have learned in my profession through the years, is the people strive after power. if you have a couple before you, everyone will claim for themselves that is true. you get a good feeling about purpose of people and of people thinking throughout the years.

the basic instinct that is driving all the people is programmed purpose of money and everything that has some value. because people start to feel accepted into society, from others. this gave them the power and after they develop a tolerance for that feeling, they move onto expectations. but expectation is the reason, if they are gonna feel good or bad. if the expectation is meet, they feel good, if not, they feel bad.

and when something happen, even small thing, like they get paycheck in that day of the week, they are prominent happy, but after some time, because of tolerance, they need more of that feeling. this is also a vicious circle, that are imho 90% of people caught in, and of course this is the reason, that prevents people to be truly happy.

on topic: i wanted to say that it is possible to predict in a 40% what will happen to a currency, only if you know, what type of people posses the btc on a psychological base.

[I_bitcoin]

My opinion is Bitcion is not a stock or a currency. It's a digital commodity like mp3s and graphics. You are paying for some numbers in a text file. People want to have a Bitcoin so they pay for it.

This...   

It is a commodity today that has some currency characteristics (note how the Senate hearings discussed as well).   In the long run the commodity characteristics may go away if it becomes of greater common utility (mom can use it etc...).

It's a trend like elmos and beanie babies.

Not That...

This is going to be quite different.   Elmos and beanie babies do not have the right qualities to be successful long term.   Having a protocol for exchange of value is absafreakingmazing.

[wtfvanity]

Bitcoin is not a stock, it's a goddamn currency for gods sake.

During the senate hearing they kept on referring to it as a currency or a security. They weren't sure what to call it.

And why exactly do I care about this senate hearing?

...
If we agree that I will trade you a random physical Price Tag from a store with numbers on it for a Candy Bar does that make the Price Tag a currency? If we are trading the item for your item?
...

Money is an item you trade for other items.

So pigs are money? Stocks are money. Securities are money. You're an idiot, shut up. If you're in the USA, then you certainly care what the monkeys are saying. If you're not, the impact won't be as big on you.

[uininPeter]

ok i can accept bitcoin isnat a ponzi scheme but, it still seems vulnerable to market manipulation by large owners

Your right, but as times go, the coins will be distributed to more people, thus less volitale price

[Carlor]

Bitcoin is not a stock, it's a goddamn currency for gods sake.

During the senate hearing they kept on referring to it as a currency or a security. They weren't sure what to call it.

And why exactly do I care about this senate hearing?

...
If we agree that I will trade you a random physical Price Tag from a store with numbers on it for a Candy Bar does that make the Price Tag a currency? If we are trading the item for your item?
...

Money is an item you trade for other items.

So pigs are money? Stocks are money. Securities are money. You're an idiot, shut up. If you're in the USA, then you certainly care what the monkeys are saying. If you're not, the impact won't be as big on you.

Pigs have an inherent value. Money not (at least not as much as the trade value).
I'm not in the USA. But I don't care about the bullshit politicians talk about bitcoins in my country neither.
The idiot here is you

[donjoe]

Bitcoin is not a stock, it's a goddamn currency for gods sake.

Bitcoin is not a currency, it's a goddamned highly volatile stock that's useful mostly for speculators who want to get rich without working, for goodness' sake. (At least try to be honest.)