Who's propping up the currency?

[ssaCEO]

Ever see the move "the Rothschilds"? (If not, find it). What bank or gov't is backing the massive buys we're seeing right now that are keeping BTC afloat against the tide?

Edit::: I didn't mean the Nazi-propaganda movie "Die Rothschilds" (1940), I'm talking about "The House of Rothschild" (1934), in which Nathan (I think) holds up most of the French stock exchange through a series of frenzied buy calls.

[MajorMiner]

people who believe in the future of Bitcoin...

[Maria]

Me.

Maria.

[DiaperedDynamo]

Me.

Maria.

Photographs of the bitcoin market should be labeled as mariatakingabath.jpg

Because you're going to lose a lot of money on this.

[johnj]

More likely bots going whacky.

[ssaCEO]

From what I see, the large buys are way too sudden to be random groups of BTC supporters... someone with a lot of money is trying to get in this, and someone with a lot is trying to unwind.

Does anyone attribute these enormous swings to the new margins and options markets introduced recently?

[evoorhees]

Large buys or sells in the market should not immediately elicit cries of market manipulation. Some people have reasonable amounts of money and they buy and sell accordingly. A professional forex trader could easily buy or sell $100,000 worth of Bitcoin and not have any intentions other than, like all of us, simply trying to profit, speculate, or invest for the long term.

[Maria]

Large buys or sells in the market should not immediately elicit cries of market manipulation. Some people have reasonable amounts of money and they buy and sell accordingly. A professional forex trader could easily buy or sell $100,000 worth of Bitcoin and not have any intentions other than, like all of us, simply trying to profit, speculate, or invest for the long term.

THANK YOU!!!!!!

[smoothie]

I admit it is me who is propping it up. I am using cosbycoins to prop it up. Nothing like puddin pops to prop up the price of bitcoins!

[WiseOldOwl]

If that was real, or not manipulated,

Why weren't my orders filled on the way up? ( https://bitcointalk.org/index.php?topic=42675.0 )

It couldn't feasibly get that high without my orders being filled???

[Richard Rahl]

If that was real, or not manipulated,

Why weren't my orders filled on the way up? ( https://bitcointalk.org/index.php?topic=42675.0 )

It couldn't feasibly get that high without my orders being filled???

Because, that was more than likely a display error and nothing else.

[evoorhees]

If that was real, or not manipulated,

Why weren't my orders filled on the way up? ( https://bitcointalk.org/index.php?topic=42675.0 )

It couldn't feasibly get that high without my orders being filled???

Because, that was more than likely a display error and nothing else.

Bingo

[ssaCEO]

Large buys or sells in the market should not immediately elicit cries of market manipulation. Some people have reasonable amounts of money and they buy and sell accordingly. A professional forex trader could easily buy or sell $100,000 worth of Bitcoin and not have any intentions other than, like all of us, simply trying to profit, speculate, or invest for the long term.

Totally agreed, and I'm (obviously, tactically, financially) not interested in generating negativity. What I'm wondering is how the market can suddenly be experiencing 40x the volume it was seeing three days ago, from a limited number of parties. I think it's reasonable to ask who those parties are and what their intentions are. The amount of money suddenly being dumped in and out of Bitcoin is dwarfing anything seen before, and the transactions are ping-ponging back and forth with increasing regularity. Increased volume definitely indicates increasing interest in the currency, but with the number of shady and state actors on the scene at this point, it's hard to know who's manipulating what, and to what end. It could just as easily be the USDOJ buying and selling huge blocks to themselves to destabilize it, ending in a final liquidation of a couple million dollars' worth right when it peaks and everyone has a chance to buy again. So as a paranoiac, I'm worried about who's got this much confidence, and who's got this much BTC to sell.

[WiseOldOwl]

In the thread I linked to, I said the same thing. But there is a general consensus, and a level of logical application, that there is manipulation going on, and I am just inquiring if it is gox doing it or if it is natural.

[WiseOldOwl]

If that was real, or not manipulated,

Why weren't my orders filled on the way up? ( https://bitcointalk.org/index.php?topic=42675.0 )

It couldn't feasibly get that high without my orders being filled???

Because, that was more than likely a display error and nothing else.

I said if it was real...

[Drifter]

Sell a large amount of coins while prices are $11-12, creating a downward trend.

Once it's hit a low, drive prices up quickly a couple dollars so people think $6 is a steal to sell for.

Buy all your coins back at half the price.

? ? ?

Profit

[incraft3817]

The PPT (Plunge Protection Team) came in and prop up the prices.

The Working Group on Financial Markets (also, President's Working Group on Financial Markets, the Working Group, and colloquially the Plunge Protection Team) was created by Executive Order 12631,[1] signed on March 18, 1988 by United States President Ronald Reagan.

The Group was established explicitly in response to events in the financial markets surrounding October 19, 1987 ("Black Monday") to give recommendations for legislative and private sector solutions for "enhancing the integrity, efficiency, orderliness, and competitiveness of [United States] financial markets and maintaining investor confidence".[1]

As established by Executive Order 12631, the Working Group consists of:

    The Secretary of the Treasury, or his designee (as Chairman of the Working Group);
    The Chairman of the Board of Governors of the Federal Reserve System, or his designee;
    The Chairman of the Securities and Exchange Commission, or his designee; and
    The Chairman of the Commodity Futures Trading Commission, or his designee.

Contents
[hide]

    1 Plunge Protection Team
    2 Market Crisis of 2008
    3 See also
    4 References
    5 External links

[edit] Plunge Protection Team

"Plunge Protection Team" was originally the headline for an article in The Washington Post on February 23, 1997,[2] and has since become a colloquial term used by some mainstream publications to refer to the Working Group.[3][4] Initially, the term was used to express the opinion that the Working Group was being used to prop up the markets during downturns.[5][6] Financial writers for British newspapers The Observer and The Daily Telegraph, along with U.S. Congressman Ron Paul and writers Kevin Phillips (who claims “no personal firsthand knowledge” and is “not interested in becoming a conspiracy investigator”)[7] and John Crudele,[8] have charged the Working Group with going beyond their legal mandate. Claims about the Working Group, which are labeled conspiracy theories by some writers, generally include that it is an orchestrated mechanism that attempts to manipulate U.S. stock markets in the event of a market crash by using government funds to buy stocks, or other instruments such as stock index futures—acts which are forbidden by law. In August 2005, Sprott Asset Management released a report that argued that there is little doubt that the PPT intervened to protect the stock market.[9] However, these articles usually refer to the Working Group using moral suasion to attempt to convince banks to buy stock index futures.[10]

Former Federal Reserve Board member Robert Heller, in the Wall Street Journal, opined that "Instead of flooding the entire economy with liquidity, and thereby increasing the danger of inflation, the Fed could support the stock market directly by buying market averages in the futures market, thereby stabilizing the market as a whole." His statement has been used to claim that the Fed actually did act in that way. Mainstream analysts call those claims a conspiracy theory, explaining that such claims are simplistic and unworkable.[11][12]

[ampirebus]

If that was real, or not manipulated,

Why weren't my orders filled on the way up? ( https://bitcointalk.org/index.php?topic=42675.0 )

It couldn't feasibly get that high without my orders being filled???

i had several orders ranging from 6.xx to 7.xx and none were executed. i was dissapointed after seeing the daily high/low

[ssaCEO]

lol/what a weird, weird world we live in.
And here I though gaddafi was sitting on his submarine off the coast of Marseille, converting his hoard into Bitcoin over an Israeli/Palestinian connection to an Afghan bank hosted in Dallas  

[evoorhees]

Large buys or sells in the market should not immediately elicit cries of market manipulation. Some people have reasonable amounts of money and they buy and sell accordingly. A professional forex trader could easily buy or sell $100,000 worth of Bitcoin and not have any intentions other than, like all of us, simply trying to profit, speculate, or invest for the long term.

Totally agreed, and I'm (obviously, tactically, financially) not interested in generating negativity. What I'm wondering is how the market can suddenly be experiencing 40x the volume it was seeing three days ago, from a limited number of parties. I think it's reasonable to ask who those parties are and what their intentions are. The amount of money suddenly being dumped in and out of Bitcoin is dwarfing anything seen before, and the transactions are ping-ponging back and forth with increasing regularity. Increased volume definitely indicates increasing interest in the currency, but with the number of shady and state actors on the scene at this point, it's hard to know who's manipulating what, and to what end. It could just as easily be the USDOJ buying and selling huge blocks to themselves to destabilize it, ending in a final liquidation of a couple million dollars' worth right when it peaks and everyone has a chance to buy again. So as a paranoiac, I'm worried about who's got this much confidence, and who's got this much BTC to sell.

I think the simplest explanation is that tons of people have money at the exchanges and are waiting for the time when they feel there is a bottom. While one day might see 10,000 btc traded, the next might see 100,000 traded, and it doesn't mean a single new market entrant appeared. After a huge drop, people assume it was an overcorrection and then buy it up again. And after a huge rise, people assume it was a bubble and sell it back down. Thus you get flare ups of activity where none existed the day prior. It's just part of a new and extremely volitile market trying to decide whether Bitcoin is worth a penny or a thousand bucks.