Willy Report disucssion

[MatTheCat]

"It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so." - Mark Twain

People round here seem to be so sure on everything, I expect soon they will all be millionaires...

On the otherhand, if you don't have an opinion, then you don't have no idea and if you don't have no idea, what do you have?

If you were a police detective investigating corrupt Gox BTC theft, wouldn't the manner in which the markets 'conspired' to chomp away at the 10K wall arouse your suspicions?

Did you even witness it? Do you even have any clue what I am talking about?

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[leopard2]

I just can't see how that would work.

OK one single exchange could do that; create USD in a database table from thin air and issue buy orders.

It would explain the fiat withdrawal delays to some extent.

But how would that copy to other exchanges? There were no Willy or Markus on the other exchanges. So, only arbitrage would explain the rise, and in order to do that, coins and fiat have to flow out an into Gox.

Which by definition isn't possible with ficticious USD. 

Pushing the market? Yes.

Sustaining most of the increase? Mathematically impossible.

IMHO

[MatTheCat]

I just can't see how that would work.

Hey look!

BTC is $100 more expensive on Gox than on Stamp!

Let's Arbitrage that fucker!

Ok, $100K onto Stamp. We seem to have bid up the price a bit on Stamp has have all the other Arber's but no worry, this is easy money.

Hooray, we have sold for a 10% profit onto Gox!

But wait a minute! We are doing this, dozens of other of arbitragers are doing this, so who on Gox keeps buying the cheap BTC at the Gox premium?

Willy is buying! Hooray!

Ok, lets get our funds out and do it all over again.

Shit, Gox won't give us back our funds, only BTC, what do we do?

"Buy Bitcoin and hold it, it is soaring in value anyway"

"Hooray"

This *1000.

[ElectricMucus]

I just can't see how that would work.

Hey look!

BTC is $100 more expensive on Gox than on Stamp!

Let's Arbitrage that fucker!

Ok, $100K onto Stamp. We seem to have bid up the price a bit on Stamp has have all the other Arber's but no worry, this is easy money.

Hooray, we have sold for a 10% profit onto Gox!

But wait a minute! We are doing this, dozens of other of arbitragers are doing this, so who on Gox keeps buying the cheap BTC at the Gox premium?

Willy is buying! Hooray!

Ok, lets get our funds out and do it all over again.

Shit, Gox won't give us back our funds, only BTC, what do we do?

"Buy Bitcoin and hold it, it is soaring in value anyway"

"Hooray"

This *1000.

Don't worry the true Bitcoin nutters will see that a validation of their strategy. It's the same thing as they invested in pirateat40s ponzi, fully knowing what it was.

[ElectricMucus]

In retrospect this infamous blog post turned out to be quite prophetic

http://nerdr.com/bitcoin-exchange-scam-bitcoins-are-worthless/

[Wandererfromthenorth]

In retrospect this infamous blog post turned out to be quite prophetic

http://nerdr.com/bitcoin-exchange-scam-bitcoins-are-worthless/

lol