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Anders (OP)
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August 18, 2014, 05:01:53 PM |
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I came to think about a speculative conspiracy theory. The BitLicense will allow banks to quickly accept and adopt bitcoins. And now the banksters are pancaking the bitcoin price so they can easily buy the majority of the bitcoin market (corner the market). And after that stunt the bitcoin price will skyrocket. Checkmate.
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"Governments are good at cutting off the heads of a centrally
controlled
networks like Napster, but pure P2P networks like Gnutella and Tor seem
to be holding their own." -- Satoshi
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dropt
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August 18, 2014, 05:05:45 PM |
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Certainly possible, but they would have had to be holding in the first place to cause this mess.
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Anders (OP)
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August 18, 2014, 05:15:57 PM |
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Certainly possible, but they would have had to be holding in the first place to cause this mess.
Yes, for the trick to work the bankers would have bought lots of bitcoins earlier, just to sell now! A massive dump. And when the price reaches a low enough level they start to buy again like crazy. |
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dropt
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August 18, 2014, 05:18:13 PM |
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Yes, for the trick to work the bankers would have bought lots of bitcoins earlier, just to sell now! A massive dump. And when the price reaches a low enough level they start to buy again like crazy.
I think this is almost certainly occurring. Now, if it's the banks or not, I don't know, but I'm picking up a bit on every dip. |
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Anders (OP)
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August 18, 2014, 06:20:19 PM |
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This new conspiracy theory contradicts my old theory that Bitcoin is "just" a pilot project. It could be that Bitcoin is the real deal! Because no unregulated altcoin will likely be able to dethrone bitcoin as the leading cryptocurrency. AND, any official cryptocurrency will take YEARS for the politicians to introduce. And bitcoin has already a massive network of computing power. And the Bitcoin technology is innovative and revolutionizing, with a growing number of investors, developers and entrepreneurs.
Alternatively there is a power elite behind it all, and a huge boost for bitcoin will only be used for causing politicians to very quickly introduce an official cryptocurrency. So my old theory may still be valid.
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inca
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August 18, 2014, 06:46:30 PM |
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This new conspiracy theory contradicts my old theory that Bitcoin is "just" a pilot project. It could be that Bitcoin is the real deal! Because no unregulated altcoin will likely be able to dethrone bitcoin as the leading cryptocurrency. AND, any official cryptocurrency will take YEARS for the politicians to introduce. And bitcoin has already a massive network of computing power. And the Bitcoin technology is innovative and revolutionizing, with a growing number of investors, developers and entrepreneurs.
Alternatively there is a power elite behind it all, and a huge boost for bitcoin will only be used for causing politicians to very quickly introduce an official cryptocurrency. So my old theory may still be valid.
My personal banking conspiracy goes thus: A rogue central or private bank buys up coins off exchange in large numbers - say 100k - 200K. The price does not matter as its a drop in the ocean to a bank like JPM or freshly printed for the CB. Then just do the tried and tested gold rigging manouvre. Good news in the bitcoin ecosystem? Dump. Price reaching technical levels for a breakout ? Dump. Price starting to trickle down ..Dump to scare out recent buyers. When the price hits rock bottom...simply buy off exchange again, say from a large corporate miner for a premium above the market rate, rinse and repeat until bitcoin is finished. Add in some influence in the MSM and pay for internet fora trolling and online sentiment manipulation for good measure. Why are JP Morgan repeatedly trying to patent a similar system to bitcoin? /conspiracy. I think what is happening right now is simply a combination of 1) speculators selling in frustration at lack of bubble, 2) margin calls and stop hunting by whales with deep pockets, 3) momentum traders jumping on board trying to short the hell out of bitcoin + sell out and buy back in lower (how many new active troll accounts are there on here last few weeks?) Currently we seem very oversold and the price is dislocating far from development in the bitcoin ecosystem and the very healthy fundamentals. |
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cypherdoc
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August 18, 2014, 06:52:44 PM |
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This new conspiracy theory contradicts my old theory that Bitcoin is "just" a pilot project. It could be that Bitcoin is the real deal! Because no unregulated altcoin will likely be able to dethrone bitcoin as the leading cryptocurrency. AND, any official cryptocurrency will take YEARS for the politicians to introduce. And bitcoin has already a massive network of computing power. And the Bitcoin technology is innovative and revolutionizing, with a growing number of investors, developers and entrepreneurs.
Alternatively there is a power elite behind it all, and a huge boost for bitcoin will only be used for causing politicians to very quickly introduce an official cryptocurrency. So my old theory may still be valid.
My personal banking conspiracy goes thus: A rogue central or private bank buys up coins off exchange in large numbers - say 100k - 200K. The price does not matter as its a drop in the ocean to a bank like JPM or freshly printed for the CB. Then just do the tried and tested gold rigging manouvre. Good news in the bitcoin ecosystem? Dump. Price reaching technical levels for a breakout ? Dump. Price starting to trickle down ..Dump to scare out recent buyers. When the price hits rock bottom...simply buy off exchange again, say from a large corporate miner for a premium above the market rate, rinse and repeat until bitcoin is finished. Add in some influence in the MSM and pay for internet fora trolling and online sentiment manipulation for good measure. Why are JP Morgan repeatedly trying to patent a similar system to bitcoin? /conspiracy. I think what is happening right now is simply a combination of 1) speculators selling in frustration at lack of bubble, 2) margin calls and stop hunting by whales with deep pockets, 3) momentum traders jumping on board trying to short the hell out of bitcoin + sell out and buy back in lower (how many new active troll accounts are there on here last few weeks?) Currently we seem very oversold and the price is dislocating far from development in the bitcoin ecosystem and the very healthy fundamentals. volatility is our destiny. large cycles of peaks and troughs. it's still early. |
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MatTheCat
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August 18, 2014, 07:10:49 PM |
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Certainly possible, but they would have had to be holding in the first place to cause this mess.
If factions of the financial establishment is interested in adopting Bitcoin, probably they procure their coins direct from miners. Probably, the price is based upon the Bitstamp spot price. If this is the case, probably, the vast majority of the volume of Bitcoin trade is conducted over the counter. If this were so, then it would be very easy for a whale entity with deep enough pockets, to deliberately smash the exchange price lower, and generally use their buying power to inflict a long term bear market technical scenario on the exchange determined Bitcoin market. This would force the price down that the miners could ask for their coin. Perhaps, they can drive Bitcoin down so low, that the miners would be put out of business, or be forced to sell their mining operations to the whale entity for pennies on the dollar (the whale would be the only buyer, because only the whale with inside knowledge would know that they weren't buying a dead dodo). If this were all to be the case, then the whale entity could take a massive controlling stake in existing Bitcoin shares, and in the mining of future Bitcoins. At the point that they have taken a position which is to their liking, they could use their own capital to start engineering the price of Bitcoin upwards once again, eventually allowing Joe Public and then mainstream investment funds to enter into the market via ETF products or otherwise, resulting in Bitcoin being driven into the stratosphere, whilst the whale sits backs and enjoys glittering profits for all their groundwork and perhaps even comes into a position of significant political power as a result of their massive controlling stake in the Bitcoin algorithm. This may sound fantastical but probably wouldn't be all that hard to do, if a department of a financial institution that had access to literally unlimited supplies of cash or 'credit', that wanted to muscle into Bitcoin. I wouldn't rule it or something else like it out. There are plenty well documented examples of much more devious financial shenanigans than what I have described, and in much more massive and politically important markets than Bitcoin. |
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Anders (OP)
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August 18, 2014, 07:12:25 PM |
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I wonder if it's possible to buy lots of bitcoins while the price is going down! I suspect the really big whales have extreme tricks up their sleeves. Ordinarily, when lots of bitcoins are being bought by whales, the price should tend to go up. But maybe not! So, during a long steady decline over several months, some huge whales may be vacuum cleaning the whole bitcoin market and sucking up all the bitcoins they can get their hands on, while the price is DROPPING!
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Anders (OP)
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August 18, 2014, 08:56:50 PM |
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As an example, two huge whales can bounce large amounts of bitcoins between each other at lower and lower prices. At the same time they can both be buying bitcoins all the time in a steady stream while the price sinks more and more.
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mr angry
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August 18, 2014, 10:01:39 PM |
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....... the banksters are pancaking the bitcoin price so they can easily buy the majority of the bitcoin market (corner the market).
How would they get Satoshi's million bitcoins? Without those they would have not completely cornered the market. |
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dropt
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August 18, 2014, 10:02:47 PM |
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....... the banksters are pancaking the bitcoin price so they can easily buy the majority of the bitcoin market (corner the market).
How would they get Satoshi's million bitcoins? Without those they would have not completely cornered the market. They don't need Satoshi's coins to corner the market. If that's a requirement, then they'd have to also buy every mined coin every day. |
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bellicose
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Sovryn - 300-500% APY on USDT Deposit
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August 18, 2014, 10:33:28 PM |
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Banks are afraid Bitcoin
like first peoples were afraid of fire
Think yourself, nobody control all nodes, it is chaos, nobody control dev team - it is opensource.
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Hyena
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August 19, 2014, 12:11:57 AM |
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Yeah, buy off exchange, sell into exchanges. Repeat. Weak hands get shaken out as fuck. Banksters win. Only remedy is to hold. The more they dump for the sake of manipulation the bigger the next bubble will be.
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seleme
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Duelbits.com
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August 19, 2014, 12:17:10 AM |
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Why would they need to hold to crash the market? Many places to short with fiat.
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i dig bitcoins
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August 19, 2014, 01:10:43 AM |
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OK I'll jump in, here's my take - Tinfoil hat on.
Previous to dump, there was price suppression occurring. But then came DELL. Morale increases in Bitcoin community...this cannot be allowed by the power brokers.
How then do they destabilize and destroy morale?
Well, there happens to be a shitload of leveraged longs on Bitfinex which looks like a juicy match-stick house. Why don't we just take a hammer (dump)
and knock down this match-stick house and trigger stop-losses causing a downward cascade in price. Continuously flood the market with low ball offers to
reinforce the downtrend and maintain the attack for days. Sooner or later the psychological trauma induced will cause a lot of die hards and many weak hands to offload their stash.
This may not be a bitcoin grab...This may be a destabilizing and
psychological attack by malevolent actors. Many here think its natural market
forces and manipulation by interested parties but I've seen many crashes before and this does not seem like the others. I've seen bitcoin manipulated crashes and this one on a deep gut level is not like the others. This is a protracted attack unlike previous time-limited manipulated dumps.
Banks do not need to be directly involved...it is not difficult to "recruit"
"external talent" to destabilize bitcoin that cannot be directly associated with the "Bank". The monetary value of the attack is just the cost of doing business.
Judging by the majority of posts on the speculation forum, it is evident that many posters are very naive about financial markets and lack a basic and fundamental knowledge of trading.They are the perfect targets for directed psychological attack and manipulation especially by seasoned vipers.
Tinfoil hat off.
We can also argue that the market is just retesting the 430-450 price levels.
The descending triangle that formed during the weekend at the 1hr time scale was breached early Monday morning and settled at a textbook target price of ~445.18 (with some overshoot) on bitstamp today. How this setup occurred I don't f&*^ing know.
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dropt
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August 19, 2014, 01:51:43 AM |
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This may not be a bitcoin grab...This may be a destabilizing and
psychological attack by malevolent actors. Many here think its natural market
forces and manipulation by interested parties but I've seen many crashes before and this does not seem like the others. I've seen bitcoin manipulated crashes and this one on a deep gut level is not like the others. This is a protracted attack unlike previous time-limited manipulated dumps.
I'd put money on this. |
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wasserman99
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August 19, 2014, 02:13:58 AM |
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I came to think about a speculative conspiracy theory. The BitLicense will allow banks to quickly accept and adopt bitcoins. And now the banksters are pancaking the bitcoin price so they can easily buy the majority of the bitcoin market (corner the market). And after that stunt the bitcoin price will skyrocket. Checkmate.
This is not true, however the opposite is true. The regulations will make the exchanges act more like banks. Banks will not be able to invest their own money into bitcoin as this would more or less be speculation which the banks are not able to do with their own money because of frank dodd regulations on bank capital. In theory we could see banks start to accept bitcoin deposits and create bitcoin exchanges that compete with existing ones but I would doubt that they would attempt this and even if they did I don't see it catching on as most people who use/trade bitcoin are generally not fans of big banks. |
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Anders (OP)
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August 19, 2014, 04:16:00 AM |
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....... the banksters are pancaking the bitcoin price so they can easily buy the majority of the bitcoin market (corner the market).
How would they get Satoshi's million bitcoins? Without those they would have not completely cornered the market. But who is "Satoshi"? Maybe Satoshi is just a name for a project launched by the banking cabal. |
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