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Author Topic: Coincidence that 100,000 bitcoins go missing and two days later prices are at $8  (Read 3606 times)
bitrebel
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August 03, 2011, 07:45:41 PM
 #1

Does anyone see a pattern here?

Obvious to me, stolen bitcoins are being dumped on the market right now. Why else the major price swing all of the sudden?

Is there any other logical explanation for this occurring at this time?

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TeaRex
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August 03, 2011, 07:50:15 PM
 #2

Yes, there is another explanation. Enough people have started cr@pping their collective pants after all the bad news and are selling to get out.

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August 03, 2011, 07:50:22 PM
 #3

I'll see a pattern as soon as someone follows the sequence of transactions that led coins onto mybitcoin, then through some laundering accounts, and onto MtGox to be sold.

Until then, not so much.
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August 03, 2011, 07:53:44 PM
 #4

Yes, there is another explanation. Enough people have started cr@pping their collective pants after all the bad news and are selling to get out.

+1, people who wanted a quick profit and saw that bitcoin is quite risky.
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August 04, 2011, 12:03:42 AM
 #5

Does anyone see a pattern here?

Obvious to me, stolen bitcoins are being dumped on the market right now. Why else the major price swing all of the sudden?



Agreed
25000 bitcoins disappeared? Or so they say?
And all of a sudden 20,000+ are dumped in the market?

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August 04, 2011, 12:04:50 AM
 #6

Its only natural that some would cut their market exposure
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August 04, 2011, 12:16:51 AM
 #7

Sprinters run out of breath. Only marathon runners left.

I so want to believe this is the case.  I know myself and my coin are in for the long haul.  Shit is too fun Smiley

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August 04, 2011, 12:20:37 AM
 #8

Yes, there is another explanation. Enough people have started cr@pping their collective pants after all the bad news and are selling to get out.

+1, people who wanted a quick profit and saw that bitcoin is quite risky.

Bitcoin wouldn't be risky if everyone held on to them, now would they. These idiots buy high and sell low when they think its crashing, then realize bitcoin is "risky". LMAO! Stupid can't be stopped is right.
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August 04, 2011, 12:23:48 AM
 #9

Sprinters run out of breath. Only marathon runners left.

I so want to believe this is the case.  I know myself and my coin are in for the long haul.  Shit is too fun Smiley

+1 Smiley
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August 04, 2011, 12:38:36 AM
 #10

If I were a government agency, say the CIA, and I was keeping up on world events, and I knew the government I worked for, say the US government, was looking for a way to legitimize its financial situation via the entity through which it gave a monopoly on currency and was currently being targeted for its incompetency, say the Federal Reserve, I imagine the first thing I would do would be to have my monetary/financial wing that monitors new technology find a currency, say Bitcoin, then I might find and identify the largest entity, say Mt Gox or MyBitcoin, within the currency's purview, then bribe, force, hack, or replace said entities (especially the anonymous one) with myself, in an attempt to both lower the value of that currency to acquire it at the lowest possible value.

Then, when I knew I had sufficient enough amounts of it, I would force any anonymity out of the currency, and legitimize it.

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BitcoinPorn
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August 04, 2011, 12:42:18 AM
 #11

If I were a government agency, say the CIA, and I was keeping up on world events, and I knew the government I worked for, say the US government, was looking for a way to legitimize its financial situation via the entity through which it gave a monopoly on currency, say the Federal Reserve, I imagine the first thing I would do would be to have my monetary/financial wing that monitors new technology find a currency, then I might find and identify the largest entity, say Mt Gox or MyBitcoin, within that organization, then bribe, force, hack, or replace them with myself, in an attempt to both lower the value of that currency to acquire it at the lowest possible value.

Then, when I knew I had sufficient enough amounts of it, I would force any anonymity out of the currency, and legitimize it.

I like this tin foil hat theory and subscribe to it now I have heard it.  Except the end part where they try and legitimize it. 

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August 04, 2011, 12:53:52 AM
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Then, when I knew I had sufficient enough amounts of it, I would force any anonymity out of the currency, and legitimize it.
you cant force out anonymity. i can run my client through tor and exchange federal reserve notes in person or through dead dropping. the use of tracphones and third party phone line encrypters. you can also use an open wifi or hack into one. i think tracfones also allow internet access. so maby some phones would have a hotspot sort of thing. but whatever, as long as you have cash you can be almost 95% anonymous on the internet.

Big Time Coin
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August 04, 2011, 01:02:12 AM
 #13

Wow you guys really now how to take something off topic fast!   Shocked

Anyway, there was support for $800k sale that would have driven down price to abou $11 as of me going to sleep last night.  Now we see at 80k volume a price drop to $9.5.  So a lot of buy orders got pulled on the way down.

Could be (buy side):
1) buy orders were from bots who pulled them once the momentum switched directions.
2) mybitcoin - people are trickling in on this one realizing their coins are gone one by one.  A lot of people probably only check once in a while, but the bad buzz has been loud.  If they were counting on mybitcoin to store the bought coins, then they would pull the buy orders.
3) Fake lulsec chat about worm in client pulling buy orders
4) panic

Could be (sell side):
1) don't want to deal with bitcoins anymore since the new FinCen regs
2) Dwolla sucking more and more every day
3) mtgox is losing accounts/corrupt database - oh wait I haven't posted my thread about this yet... nevermind not proven yet.
4) panic OMG hackers are gonna steal my btc what was I thinking turn back into dollars phew safe.

None of this shit was apparent two weeks ago before the slide started

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August 04, 2011, 01:09:40 AM
 #14

I think most legitimate people see anonymity as one of the least important factors for BTC.

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foggyb
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August 04, 2011, 01:11:48 AM
 #15


None of this shit was apparent two weeks ago before the slide started

No shit. This is so rigged. I've never seen any project with this much bad luck in all my years.

Like the name, Big Time.

Keep the faith.

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August 04, 2011, 01:20:57 AM
 #16

I like this tin foil hat theory and subscribe to it now I have heard it.  Except the end part where they try and legitimize it.  

I modified it somewhat to keep it a bit more coherent.

I'm fully convinced that Bitcoin will never be made illegal, because it is a fiscally-sound currency that no one knows about. It can still be legitimized and used to back any country's current currency. The first countries to adopt Bitcoin as the financial backing for their own currency will have the most fiscally-sound currency in the future.

Look at the countries who still buy and add to their gold reserves. They aren't having problems the others are. The US stops buying and what happens? QE1? QE2? Debt-limit debates?

you cant force out anonymity. i can run my client through tor and exchange federal reserve notes in person or through dead dropping. the use of tracphones and third party phone line encrypters. you can also use an open wifi or hack into one. i think tracfones also allow internet access. so maby some phones would have a hotspot sort of thing. but whatever, as long as you have cash you can be almost 95% anonymous on the internet.

Sure you can, look how they force anonymity out of cash. Require any "legitimate" enterprise (including all mining pools and banks) to report holdings and the names of the individuals doing business with them. The only increased step here would be to require online retailers to also require reporting, if they even cared what you were spending your Bitcoin on. You'll have to turn to the black market to get your currency converted, but what is so beautiful about Bitcoin is it actually keeps track of exactly where the money came from, if you send coins to a known pot dealer's Bitcoin address, you're busted. The only people that couldn't be traced will be solo miners, but the system is designed to discourage solo mining, so it won't matter.

The only counter I can see to this sort of a system is like an anonymous pooled mining operation, but such a thing would be ridiculously difficult to pull off, and nearly impossible to keep legitimate the more regulations that get piled on over the years. The value of Bitcoin rises a little when they "legitimize" it, so some people will whine, but the people holding and promoting BTC (even the most hardcore libertarians) won't demonize their precious Bitcoin as a whole, because they own a lot of it and they want to see it increase in value. So the government will add a little bit more regulation, making it safer, increasing the value, and causing a few complaints. Rinse, repeat. Do this twenty years. Remember, governments have time on their side, they'll be around long after we're all dead.

I'm willing to bet 10 BTC that within two years all US-based mining pools will require identification of miners operating on their pool in order to satisfy government regulations.

EDIT: (3/11/2013) Well, I was right about two years all US-based exchanges would require identification, but it turns out the US doesn't really care all that much about the miners.

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ctoon6
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August 04, 2011, 02:07:17 AM
 #17

I like this tin foil hat theory and subscribe to it now I have heard it.  Except the end part where they try and legitimize it.  

I modified it somewhat to keep it a bit more coherent.

I'm fully convinced that Bitcoin will never be made illegal, because it is a fiscally-sound currency that no one knows about. It can still be legitimized and used to back any country's current currency. The first countries to adopt Bitcoin as the financial backing for their own currency will have the most fiscally-sound currency in the future.

Look at the countries who still buy and add to their gold reserves. They aren't having problems the others are. The US stops buying and what happens? QE1? QE2? Debt-limit debates?

you cant force out anonymity. i can run my client through tor and exchange federal reserve notes in person or through dead dropping. the use of tracphones and third party phone line encrypters. you can also use an open wifi or hack into one. i think tracfones also allow internet access. so maby some phones would have a hotspot sort of thing. but whatever, as long as you have cash you can be almost 95% anonymous on the internet.

Sure you can, look how they force anonymity out of cash. Require any "legitimate" enterprise (including all mining pools and banks) to report holdings and the names of the individuals doing business with them. The only increased step here would be to require online retailers to also require reporting, if they even cared what you were spending your Bitcoin on. You'll have to turn to the black market to get your currency converted, but what is so beautiful about Bitcoin is it actually keeps track of exactly where the money came from, if you send coins to a known pot dealer's Bitcoin address, you're busted. The only people that couldn't be traced will be solo miners, but the system is designed to discourage solo mining, so it won't matter.

The only counter I can see to this sort of a system is like an anonymous pooled mining operation, but such a thing would be ridiculously difficult to pull off, and nearly impossible to keep legitimate the more regulations that get piled on over the years. The value of Bitcoin rises a little when they "legitimize" it, so some people will whine, but the people holding and promoting BTC (even the most hardcore libertarians) won't demonize their precious Bitcoin as a whole, because they own a lot of it and they want to see it increase in value. So the government will add a little bit more regulation, making it safer, increasing the value, and causing a few complaints. Rinse, repeat. Do this twenty years. Remember, governments have time on their side, they'll be around long after we're all dead.

I'm willing to bet 10 BTC that within two years all US-based mining pools will require identification of miners operating on their pool in order to satisfy government regulations.

tor

if you run the entire mining operating in tor, they don't know you, and you don't know them. tor is the solution to almost any problem to do with bitcoin and anonymity, aside from trust.

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August 04, 2011, 02:25:28 AM
 #18

Does anyone see a pattern here?

Obvious to me, stolen bitcoins are being dumped on the market right now. Why else the major price swing all of the sudden?

Is there any other logical explanation for this occurring at this time?

It would actually make more sense for mybitcoin to have been gradually selling off the bitcoins *before* shutting down the site. Maybe most of them were sold a month ago when the price hit $30.
the founder
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August 04, 2011, 03:14:06 AM
 #19

It would actually make more sense for mybitcoin to have been gradually selling off the bitcoins *before* shutting down the site. Maybe most of them were sold a month ago when the price hit $30.

that's possible... that also implies (and most likely means) that this guy has been planning this for a long... long time....   

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August 04, 2011, 03:17:28 AM
 #20

This correction has been coming for some time now. I think the Mybitcoin incident is just a coincidence.

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