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Author Topic: Willy was used to Launder Bitcoins, not drive price up.  (Read 2126 times)
Polycoin (OP)
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May 26, 2014, 05:01:24 PM
Last edit: May 26, 2014, 05:17:44 PM by Polycoin
 #1

Except that the database withdrawals and deposits have been matched to the blockchain:

http://www.reddit.com/r/mtgoxAddresses/comments/25gq8h/likely_mt_gox_transactions_identified/

So the coins are real.

Moreover, in regards to Markus, we know that MT Gox made about 300k btc in profits, we also know that MK sold about 220k btc, and we further know that MK currently hold on gox about 70k-80k btc.

So MK sold his btc - nothing wrong with that.

Basically, either Mark Karpeles or one of his staff was a genius. I was also aware of this "trading bot" for quite some time after seeing it's activity on MtGox as well.

Someone(Don't know who for sure) was using a trading bot to launder Bitcoins. It wasn't an attempt to rally up the price or anything like that, but an attempt to Mix their stolen coins. It makes sense, think about it. No fiat was used, only Bitcoins were taken, and then later sold.

Also, the majority of the price rise Did not come from the trading bot, Willy. Rather, during that period in time(November), the trading bot's constant buying, rallied up people to also get in on the action, take note, that the trading bot was only used on MtGox(I've constantly monitored Bitstamp as well as BTC-E and have found no such trading mechanism), thus it made no sense that Willy was the reason for the price rise as All the exchanges had similar #'s of activity. It was those people(Chinese and newcomers) who majorly drove up the price setting up a bullrush, as they were giving large #'s of buy orders every few minutes, and the sellers didn't have enough Bitcoin to sell to every single user, thus driving up the price...

Overall/Fact Conclusion: Willy is not as it's said to be, it was rather a tool to launder stolen Bitcoins, and once people got wind of someone(Willy) buying up bitcoins, they joined in on the action, causing the Bullrush to $1200 that we saw Last November. The person behind Willy made it seem as though the bot was for the intent of driving the price up, it's a double edged sword. To onlookers, it looked like a Bot buying up BTC, however it was actually a Bot buying BTC to mix coins. You can figure out the rest for yourself

This Bullrush can indeed happen again without the trading bot/Willy.


Polycoin Troopers, Assemble!
helmax
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May 26, 2014, 05:18:37 PM
 #2

but is happening in this momment with exchange from china

we can see price have jumps in hours usa wakeup but is fake
there is no market for prie rising up

looking job
Polycoin (OP)
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May 26, 2014, 05:20:58 PM
 #3

but is happening in this momment with exchange from china

we can see price have jumps in hours usa wakeup but is fake
there is no market for prie rising up

I've monitored mainly english exchanges. So I cannot say there isn't bot activity with Chinese Exchanges..But from making a program to screenshot any autonamous activity(buying a # of Bitcoin every 5-10 minutes) on both BTC-E and Bitstamp, I can say that I have found no trading bot for those exchanges.

That again points to> The bot was used to Mix & Launder Stolen Bitcoins on MtGox only.

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May 26, 2014, 05:30:33 PM
 #4

Finally, somebody making sense of it all: https://bitcointalk.org/index.php?action=trust;u=255566
Polycoin (OP)
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May 26, 2014, 05:41:15 PM
 #5

Finally, somebody making sense of it all: https://bitcointalk.org/index.php?action=trust;u=255566

"I have several accounts Gage. One of them is a Hero   Roll Eyes

I'm not trolling atm and have been monitoring MtGox, Bitstamp, and BTC-E, and with honesty can say that it was a Money Laundering Attempt on MtGox and I personally have never actually taken anyone's Bitcoins and never will, staff can confirm that."

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Ron~Popeil
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May 26, 2014, 05:54:01 PM
 #6

Even it the bull market was a bot it corrected itself. This is a non story imho.

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May 26, 2014, 06:33:56 PM
 #7

How do you know it wasn't using/laundering the stolen coins whilst driving the price up?

Polycoin (OP)
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May 26, 2014, 06:37:02 PM
 #8

How do you know it wasn't using/laundering the stolen coins whilst driving the price up?

That's what it was doing.

To the public eye, it was driving the price up, thought it's intention was to launder/mix stolen bitcoins, presumably from the Silk Road Hacking...

Polycoin Troopers, Assemble!
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May 26, 2014, 06:39:50 PM
 #9

How do you know they were definitely stolen?
Professor Plums
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May 26, 2014, 07:06:35 PM
 #10

What's the evidence for the coins being laundered?
helmax
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May 26, 2014, 07:11:58 PM
 #11

How do you know they were definitely stolen?

https://blockchain.info/charts/received-per-day?address=1J2N8ULTBcryyeDpQiQiTwwVm2FvvY5USv

looking job
Silly Money
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May 26, 2014, 07:14:12 PM
 #12

How do you know it wasn't using/laundering the stolen coins whilst driving the price up?

That's what it was doing.

To the public eye, it was driving the price up, thought it's intention was to launder/mix stolen bitcoins, presumably from the Silk Road Hacking...

I think there's still a lot what we dont know about the situation. Maybe we never will.

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May 27, 2014, 03:26:56 AM
 #13

How do you know it wasn't using/laundering the stolen coins whilst driving the price up?

That's what it was doing.

To the public eye, it was driving the price up, thought it's intention was to launder/mix stolen bitcoins, presumably from the Silk Road Hacking...

I think there's still a lot what we dont know about the situation. Maybe we never will.

Exactly. We'll never know but we should be aware of how easy it can be to manipulate work it from here On
Polycoin (OP)
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May 27, 2014, 04:30:57 PM
 #14

How do you know it wasn't using/laundering the stolen coins whilst driving the price up?

That's what it was doing.

To the public eye, it was driving the price up, thought it's intention was to launder/mix stolen bitcoins, presumably from the Silk Road Hacking...

I think there's still a lot what we dont know about the situation. Maybe we never will.

Exactly. We'll never know but we should be aware of how easy it can be to manipulate work it from here On

We'll never know 100% unless the perpetrator speaks out, but money laundering was, I can say with 90% surety, his primary goal.

Polycoin Troopers, Assemble!
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May 27, 2014, 04:34:12 PM
 #15

I wouldnt call Mark a genius but he's not stupid either. I think he's going to have to answer a lot of questions soon though and I dont think the outcome will be pretty.
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May 27, 2014, 06:32:43 PM
 #16

The real question for someone to answer is where the laundered coins were coming from in the first place? Which Address/es were sending the coins to the trading bot on MtGox?

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May 27, 2014, 06:37:30 PM
 #17

We should'nt really discredit him just because of his trust. To me everything is possible with Mt.Gox.

A company that bit doesn't go bankrupt that easily. It maybe was Mark's bad managment but do you think that there wouldn't be someone there to advice him? Maybe he was trying to put blame on his "bad managment" by going public couple of times and wanting to show off a face persona to outshine the possible huge frauds that were going on under the name of Mt.Gox and made it go bankrupt.

But again, speculation.

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May 27, 2014, 06:38:35 PM
 #18

This Bullrush can indeed happen again without the trading bot/Willy.[/b]
Will. It will happen again. In fact, we are already overdue for an upward market correction.


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May 27, 2014, 08:25:33 PM
 #19

Karpeles stole those Bitcoins.  No questions about it.  He's as crooked as they come and I'm surprised he's not locked up yet.

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May 27, 2014, 08:44:34 PM
 #20

This Bullrush can indeed happen again without the trading bot/Willy.[/b]
Will. It will happen again. In fact, we are already overdue for an upward market correction.

You can't say that it will happen again according to the extrapolation highlighted in the graph you posted. It could happen, sure, it cover move faster, it could move upwards very slowly etc.

Regarding the OP, I don't think that you can say that just because other exchanges didn't demonstrate the behaviour like that of Willy means that Willy wanted inadvertently driving up the price. Gox was the focus for a lot of news sources and the go-to exchange for the price of Bitcoin. Of course it encouraged other exchanged to follow suit.

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