What happened yesterday? (6/1/14)

[bitcoinsrus]

It rocketed to 680 then dropped to sub 630. Was this market manipulation by day traders? Was it natural? Did something happen yesterday?

[zimmah]

Sorry, I farted and the price went down.

http://en.wikipedia.org/wiki/Butterfly_effect

[BittBurger]

It rocketed to 680 then dropped to sub 630. Was this market manipulation by day traders? Was it natural? Did something happen yesterday?

If you haven't realized it yet, there are people with large sums of bitcoins that are manipulating the price with pumps and subsequent dumps.

I literally posted 5 minutes before the dump that it was going to dump.  And it did.

All I did was look at the last spike 3 months ago.  Right around $680.   And like clockwork .... I posted when it hit $680 .... and...

This is being manually affected.   Bitcoins real price is in the $450-500 range right now.  Everything else is manipulation.

-B-

[jerk]

Easy Bittbuger you're going to hurt yourself patting yourself on the back. I think it had more to do with the price doubling the $340 low so it was a good time for people to take some profit.

[piramida]

No, bitcoin market is actually manipulated by people with enormous amounts of fiat who create artificial dumps to complete subsequent pumps and get more bitcoins.

The reason that it looks like a pump-n-dump to you is because you either have the monitor upside down or are glued with your feet to the ceiling.

[Parazyd]

You're living in a dream world... Was gold parity manipulation? I don't think so. Bitcoin has yet to live up to its potential which is far above yesterday.

[calmindifference]

It rocketed to 680 then dropped to sub 630. Was this market manipulation by day traders? Was it natural? Did something happen yesterday?

If you haven't realized it yet, there are people with large sums of bitcoins that are manipulating the price with pumps and subsequent dumps.

I literally posted 5 minutes before the dump that it was going to dump.  And it did.

All I did was look at the last spike 3 months ago.  Right around $680.   And like clockwork .... I posted when it hit $680 .... and...

This is being manually affected.   Bitcoins real price is in the $450-500 range right now.  Everything else is manipulation.

-B-

Good call. This whole explosive run up since 20 May looks totally engineered and it can be engineered in the opposite direction if those behind it can benefit.

[fonzie]

266$ soonish.

[frienemy]

No, bitcoin market is actually manipulated by people with enormous amounts of fiat who create artificial dumps to complete subsequent pumps and get more bitcoins.

The reason that it looks like a pump-n-dump to you is because you either have the monitor upside down or are glued with your feet to the ceiling.

Maybe he is from Australia. All Australians are glued with their feet to the Earth. Otherwise they would fall off of Earth. The only downside is that they do their TA the wrong way around

[MatTheCat]

Good call. This whole explosive run up since 20 May looks totally engineered and it can be engineered in the opposite direction if those behind it can benefit.

I believe this also, but also think that they are going to pump it much further. $240 rise in less than a week FFS! Fresh capital will take one look at that and think "No way!" But a nice little correction conforming to any of everyone's fav Fib ratios and fresh capital will be licking its lips, especially when the 'Market Engineers' decide the market has found support and is on the rise again.

[rjp55]

"This market is manipulated."
"Day traders beware whales behind the scenes."

-People who post every single day and never walk away.

[piramida]

"This market is manipulated."
"Day traders beware whales behind the scenes."

-People who post every single day and never walk away.

they try to figure out how to swim ahead of a whale some of them forget to look back to check if there's actually a whale following them..

[zimmah]

Bitcoin is worth at least 4 digits by now. The market just needs a few weeks to realize it.

[Cluster2k]

With what happened at MtGox (fake trades pumping up the price, non existent money used to buy bitcoins), who is currently checking the largest bitcoin exchanges to make sure the same games are not being played again? 

[zimmah]

With what happened at MtGox (fake trades pumping up the price, non existent money used to buy bitcoins), who is currently checking the largest bitcoin exchanges to make sure the same games are not being played again? 

Ultimately it hardly matters. As long as at least so me percentage of people is actually paying real money for bitcoin at that price, it means there is demand and support at that price level. The ones that really will be hurt are the people who sell bitcoin at affected markets and recieve no money, because the owner of the exchange 'bought' bitcoin with fake money.

Sure the price will tank for a while when that happens. But it will not really have a permanent effect other than that a large amount of coins is stolen.

That's why you should not tryst shady exchanges.

[DolanDuck]

This is just a natural consolidation after the amazing gain of the last days, the price had to drop a bit, the rally was too rapid.

[RodeoX]

As this economy expands I am less likely to attribute price swings to manipulation. It would be very difficult, expensive and risky to do. Not that it's impossible, but human nature is such that people like to believe someone is behind dramatic events.
People used to think that the weather, good and bad events, even the movements of stars were governed by conscious beings. When we finally tested these assumptions methodically they were shown to be fallacious. We would need to do that sort of analysis at the exchanges as well. It would be quite difficult however, There is a lot that is hidden in bitcoin.    

[MatTheCat]

With what happened at MtGox (fake trades pumping up the price, non existent money used to buy bitcoins), who is currently checking the largest bitcoin exchanges to make sure the same games are not being played again?  

Yep.

Bitfinex, who also route trades through Bitstamp so affect volume there and BTC-e are both hooky and most likely get up to all the old tricks, painting the tape, front running, fake volume, etc. With no oversight and the opportunity for immense gains, it isn't hard to imagine a person with anything other than impeccable moral standards being tempted to go down this route.

Look at the spikes all over the shop on those exchanges, some huge price spikes on very low volume. Very suspicious exchanges as far as I am concerned.

Having said that, Bitcoin is manipulated or at least market engineered by powerful hands just like gold, silver, oil, wheat, etc. But a Bitcoin is worth the amount in fiat that it can be reliably exchanged for at any given time.

[JimboToronto]

This is just a natural consolidation after the amazing gain of the last days, the price had to drop a bit, the rally was too rapid.

+1

[BitchicksHusband]

Easy Bittbuger you're going to hurt yourself patting yourself on the back. I think it had more to do with the price doubling the $340 low so it was a good time for people to take some profit.

I hadn't thought of it that way.  Good call.