agoraadnim (OP)
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May 26, 2014, 02:32:35 AM |
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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ganabb
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May 26, 2014, 04:03:53 AM |
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I think gox really should have a regular close and open, even if only to give gox regular maintenance windows.
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Faince1985
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May 26, 2014, 05:34:56 AM |
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I don't think this is true (Though mtgox known fraud tendancy). There were so many causes for that price just rather than MTGOX fake prices -including china, increased coverage and the media).
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dave111223
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Merit: 1001
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May 26, 2014, 06:25:11 AM |
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I don't think this is true (Though mtgox known fraud tendancy). There were so many causes for that price just rather than MTGOX fake prices -including china, increased coverage and the media).
Did you read the article? Shows huge amounts of money (USD) were basically being created out of thin air and used to buy bitcoins. (To the tune of $112,000,000 USD) In general: While it is possible that Mark Karpeles set this up himself...what would his motivation be? I guess maybe hoping that his actions would prompt a buying frenzy and then he can sell out higher? But seems like an extremely risky move when there are a ton of better ways that he could have gamed the system. Seems more likely that someone gained access to the mt gox deposit approval system and continued to approve non-existing $2.5M deposits. And considering there was a shocking lack of oversight at Mt Gox this went unnoticed. If it's true that hackers made off with $112,000,000...that is insane...one of the biggest robberies in history?
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turvarya
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May 26, 2014, 07:37:52 AM |
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I don't think this is true (Though mtgox known fraud tendancy). There were so many causes for that price just rather than MTGOX fake prices -including china, increased coverage and the media).
And there were so many causes in the media in the last couple of weeks, that BTC should have touched the 1k USD again, but it didn't. Why? Looking at the rollercoaster the BTC-Price is and looking at the correlation it has with News, the Explanation in the Willy-Report makes the most sense. I always figured that the Price of BTC is mostly influenced by speculation from a handfull of big Players, I just didn't figure, that this big Players where "inside" MtGox.
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bitsmichel
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May 26, 2014, 07:39:56 AM |
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If it's true that hackers made off with $112,000,000...that is insane...one of the biggest robberies in history?
Its a very big hack. But it does not seem the biggest robbery: "Qusay and Abid al-Hamid Mahmood, 2003, $1 billion stolen".. of course compared how much the banksters inside the banking system have stolen, its nothing;
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bryant.coleman
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May 26, 2014, 02:00:07 PM |
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So what they are basically saying that the previous Bitcoin peak of $1,242 was achieved as a result of dubious means. If it is so, then the crash from $1,242 to $320 is entirely justified. And we should feel ecstatic about the current exchange rates.
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beetcoin
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May 26, 2014, 06:57:00 PM |
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i'm really looking forward to the point where bitcoin is so big that one asshole isn't powerful enough to manipulate the entire market. we might be a few years from reaching this point though.
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Professor Plums
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May 26, 2014, 07:19:56 PM |
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Has mainstream media picked up on this story yet? It's not gonna be good for the image.
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jdun
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May 27, 2014, 06:21:35 AM |
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I don't buy it. China is not even in the mix in this scenerio, and everyone else seems to agree that it is the Chinese who pushed the price up past $1000.
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Rygon
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May 27, 2014, 11:49:26 AM |
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This is not news to everyone who has been following the BTC market since 2011. MtGox has been the primary cause for all price swings in the market during that time. Whether or not is was hackers, inside manipulation, or incompetence is up for debate, but that's definitely been the case. Since they've declared bankrupcy, the volatility has gone down a lot.
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Bit_Happy
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A Great Time to Start Something!
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May 27, 2014, 02:33:08 PM |
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Markus never had to pay any fees on his trades and neither of the trading bots had a country code attached to their accounts
Mark K should be in jail by now, how come he isn't?
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yatsey87
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May 27, 2014, 03:14:10 PM |
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I don't buy it. China is not even in the mix in this scenerio, and everyone else seems to agree that it is the Chinese who pushed the price up past $1000.
The value isnt all down to China. People just like to speculate when the value is just down to supply and demand really. Markus never had to pay any fees on his trades and neither of the trading bots had a country code attached to their accounts
Mark K should be in jail by now, how come he isn't? He probably will be eventually. I'm sure there will be criminal preceedings against him eventually.
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