Yakamoto
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Activity: 1218
Merit: 1007
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June 09, 2014, 11:38:16 PM |
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I think the rise was due to bots, two of which were named "Markus" and "Willy", I believe it was, respectively.
Willy bought BTC for millions of dollars, markus bought and sold at random prices.
So I really have no idea what else to think, but it seems that that is the most logical cause. Price will probably rise (Without bots) to maybe $700, depending on how accepted it gets.
I still do not understand the concept of bots making price go up. Bots make volume go up, which then leads to people getting exciting and buying, and then snowball effect. Or am I dead wrong? If you buy @ $100 something that's worth $10, people see that (In exchanges, as bots or people read constant data and most sell/buy orders are displayed) and change their buy (or sell, since they know they can get more for it) which causes the base sell to go up, and the buyers have to increase to meet the new prices. Bots continuosly doing this will drive up all the orders, and thus the overall price increases. Most prices are determined by the lowest "sell" order. |
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okthen
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June 11, 2014, 01:59:18 PM |
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I think the rise was due to bots, two of which were named "Markus" and "Willy", I believe it was, respectively.
Willy bought BTC for millions of dollars, markus bought and sold at random prices.
So I really have no idea what else to think, but it seems that that is the most logical cause. Price will probably rise (Without bots) to maybe $700, depending on how accepted it gets.
I still do not understand the concept of bots making price go up. Bots make volume go up, which then leads to people getting exciting and buying, and then snowball effect. Or am I dead wrong? If you buy @ $100 something that's worth $10, people see that (In exchanges, as bots or people read constant data and most sell/buy orders are displayed) and change their buy (or sell, since they know they can get more for it) which causes the base sell to go up, and the buyers have to increase to meet the new prices. Bots continuosly doing this will drive up all the orders, and thus the overall price increases. Most prices are determined by the lowest "sell" order. Thanks for the explanation! It makes some sense. But still I imagine that it would only account for a small portion of the bull run. |
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trader001
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June 11, 2014, 02:16:25 PM |
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Price rises due to bot "painting" the tape do not last.
This technique is well known in the trading world. The price from Mtgox and bitstamp lag btchina when price was going up the roof.
So, people who think bot has anything to do with coin price went up 11 folds over 2-4 weeks have no idea what they are talking.
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ajareselde
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Satoshi is rolling in his grave. #bitcoin
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June 12, 2014, 10:03:28 AM |
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there was alot of new markets, but supply remained the same, pure logic made btc traders to set higher prices, and so the price escaled fast.
By any quick rise , including btc, you dont get volume, and that makes that price bubble pop in the end, evening the price and scaling it down ehere it should be.
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GigaBit
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June 12, 2014, 12:26:33 PM |
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-US Government Shutdown - USD Death Fear looming - Circa October-November 2013
-Willy Bot @ MT. Gox Took advantage of the situation
However, bots like Willy are not uncommon but let's just say Willy could have been designed to take advantage of the situation.
Was it good timing thing? Well, I'd be willing to bet that many people, out of fear were getting into Bitcoin. It could have been an experiment too... governments are notorious for that, at the expense of its people. No government body nor bank can control the Bitcoin network, so this scares them in a sense that crooked governments don't want to see wealth in the hands of its people they are trying to control.
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ljudotina
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Activity: 1260
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June 12, 2014, 12:51:26 PM |
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It was much more simpler...
Rise was pure speculation that roll itself down from small snowflake to avalanche. And when gox exploded, all speculants run from the boat like rats, causeing price to drop and eventualy stabilize at where it is now.
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boraf
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June 12, 2014, 10:48:26 PM |
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As someone already pointed out, buyer (demand) cause it to go up.
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ljudotina
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June 12, 2014, 11:54:19 PM |
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As someone already pointed out, buyer (demand) cause it to go up.
Well, truth be told, not only that....but sellers not willing to sell for lower price is to be blamed too  |
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ShakyhandsBTCer
Sr. Member
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Activity: 448
Merit: 250
It's Money 2.0| It’s gold for nerds | It's Bitcoin
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June 13, 2014, 02:48:35 AM |
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-US Government Shutdown - USD Death Fear looming - Circa October-November 2013
-Willy Bot @ MT. Gox Took advantage of the situation
However, bots like Willy are not uncommon but let's just say Willy could have been designed to take advantage of the situation.
Was it good timing thing? Well, I'd be willing to bet that many people, out of fear were getting into Bitcoin. It could have been an experiment too... governments are notorious for that, at the expense of its people. No government body nor bank can control the Bitcoin network, so this scares them in a sense that crooked governments don't want to see wealth in the hands of its people they are trying to control.
I don't think it was bots that caused the price to go up. The bots were essentially acting on someone elses' behalf buying real BTC with real fiat. The bots were trying to buy BTC without charging through all of the offers to sell. It is likely that a lot of institutional buyers were buying during this time via the bots. |
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Gianluca95
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Activity: 1582
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Reputation first.
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June 13, 2014, 06:28:48 PM |
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Rise of 1100$ last year was caused by two BOT of Mt.Gox, know you?
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efreeti
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June 13, 2014, 06:34:21 PM |
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Rise of 1100$ last year was caused by two BOT of Mt.Gox, know you?
People are overestimating the power of two bots. |
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Gianluca95
Legendary
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Activity: 1582
Merit: 1196
Reputation first.
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June 13, 2014, 06:36:00 PM |
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Rise of 1100$ last year was caused by two BOT of Mt.Gox, know you?
People are overestimating the power of two bots. Look that two Bot can be much dangerous for the market, especially if you have many Bitcoin. |
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efreeti
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June 13, 2014, 06:42:13 PM |
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Rise of 1100$ last year was caused by two BOT of Mt.Gox, know you?
People are overestimating the power of two bots. Look that two Bot can be much dangerous for the market, especially if you have many Bitcoin. Bot can only manipulate short term price on one exchange, they can not manipulate long term price on exchanges all over the world. |
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bitgold
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June 13, 2014, 06:42:48 PM |
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Wasn't Mtgox market share already small at the time? Bitstamp, China, even btc-e was bigger than gox.
Even if mtgox trading was 100% bot, how could a small market have such an impact on bigger exchanges?
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hodap
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June 13, 2014, 07:29:15 PM |
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Wasn't Mtgox market share already small at the time? Bitstamp, China, even btc-e was bigger than gox.
Even if mtgox trading was 100% bot, how could a small market have such an impact on bigger exchanges?
As many posters in this thread already pointed out. The author of the willy report is misleading his readers. May be he truly believe what he wrote, and have no idea what he is talking. |
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ShakyhandsBTCer
Sr. Member
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Activity: 448
Merit: 250
It's Money 2.0| It’s gold for nerds | It's Bitcoin
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June 13, 2014, 10:49:49 PM |
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Rise of 1100$ last year was caused by two BOT of Mt.Gox, know you?
People are overestimating the power of two bots. The two bots contributed to massive volumes of BTC trading. From what I can tell the bots were acting on behalf of large buyers that wanted to buy massive quantities of bitcoin without disrupting the markets. |
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Gianluca95
Legendary
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Activity: 1582
Merit: 1196
Reputation first.
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June 13, 2014, 10:51:33 PM |
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Rise of 1100$ last year was caused by two BOT of Mt.Gox, know you?
People are overestimating the power of two bots. Look that two Bot can be much dangerous for the market, especially if you have many Bitcoin. Bot can only manipulate short term price on one exchange, they can not manipulate long term price on exchanges all over the world. Price of Bitcoin rises up from 700-800$ to 1132$ in only one week, and then, in 4-5 days, price dropped on 614$ ! So, Bot is very powerful if you have a lot of bitcoin quantities. |
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worhiper_-_
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June 13, 2014, 10:55:38 PM |
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Bullyish buying created an uptrend in general. It wasn't just those Willys.
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Harley997
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June 13, 2014, 10:56:21 PM |
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Rise of 1100$ last year was caused by two BOT of Mt.Gox, know you?
People are overestimating the power of two bots. Look that two Bot can be much dangerous for the market, especially if you have many Bitcoin. Bot can only manipulate short term price on one exchange, they can not manipulate long term price on exchanges all over the world. If the spread between exchanges is large enough then people would start to use arbitrage between exchanges, causing the price to rise on other exchanges. |
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Gianluca95
Legendary
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Activity: 1582
Merit: 1196
Reputation first.
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June 13, 2014, 10:58:59 PM |
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Rise of 1100$ last year was caused by two BOT of Mt.Gox, know you?
People are overestimating the power of two bots. Look that two Bot can be much dangerous for the market, especially if you have many Bitcoin. Bot can only manipulate short term price on one exchange, they can not manipulate long term price on exchanges all over the world. If the spread between exchanges is large enough then people would start to use arbitrage between exchanges, causing the price to rise on other exchanges. Exactly. Now there isn't much spread between exchanges  Price of Btc-e is very similar to price of Bitstamp ! |
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