bbit
Legendary
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Activity: 1330
Merit: 1000
Bitcoin
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October 05, 2014, 09:10:17 PM |
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How can be bitcoins fake? They are not USD and cant be just printed in high numbers.
In theory they could be selling coins to people that do not exist. Hence the problem with centralized exchanges. When it comes time to withdraw those fake coins, good luck. They do not exist…. Price discovery on an electronic online exchange.. in china, could be NOT REAL.. Even if bitcoincharts.com is reporting trades… I can neither confirm nor deny what is happening, but there is something to be said about unregulated exchanges cooking' the books. I suppose you do this with Fiat correct? |
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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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vach
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October 05, 2014, 09:11:12 PM |
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Thanks i've read that,
i cant see scenario to protect against this thing... this way they can create panic every single time...
just robbing others...
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vach
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October 05, 2014, 09:11:46 PM |
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these chinese are quite smart...
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btcxyzzz
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Activity: 888
Merit: 1000
Monero - secure, private and untraceable currency.
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October 05, 2014, 09:47:08 PM |
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Yes the Chinese manipulators sold all coins last November at $1200, now wil crash market to buy back at $100
With what they will crash the market if they don't own Bitcoins they sold? |
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Beans
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October 05, 2014, 10:24:36 PM |
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why no one said that fake bitcoins caused the rise to up 1000 level?
Only when prices drop it is fake and manipulation. When it goes up, it is just the natural stuff
It's common knowledge that the price was inflated by mtgox using coins that didn't exist. |
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galbros
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Activity: 1022
Merit: 1000
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October 05, 2014, 11:09:48 PM |
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Okay so the basic process is one of the exchanges decides they want fiat. They credit a house account with a bunch of btc that they don't really have, sell and reap the rewards. If they want btc, they do the opposite, credit a house account with fiat.
This would explain how they can have no fees.
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johnyj
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Activity: 1988
Merit: 1012
Beyond Imagination
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October 06, 2014, 01:50:14 AM |
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Okay so the basic process is one of the exchanges decides they want fiat. They credit a house account with a bunch of btc that they don't really have, sell and reap the rewards. If they want btc, they do the opposite, credit a house account with fiat.
This would explain how they can have no fees.
Exactly, exchanges can create accounts with trillions of fiat money and millions of bitcoins. Since the trade is always happening in their database, there is no way to tell the validity of any account. But once people start to withdraw at large scale, they will blow up, just like what happened with MTGOX BTC-China has passed the third party audit for their bitcoin reserve and also that dabase, so the manipulation could come from other exchanges. I think majority of the sell order are coming from those late established mining farms to pay for the expense, but that does not explain the 22K sell wall on bitstamp |
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p2pbucks
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October 06, 2014, 02:08:25 AM |
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i already told you guys on this months ago , but only a few believe me  |
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santaClause
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October 06, 2014, 03:21:39 AM |
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why no one said that fake bitcoins caused the rise to up 1000 level?
Only when prices drop it is fake and manipulation. When it goes up, it is just the natural stuff
It's common knowledge that the price was inflated by mtgox using coins that didn't exist. Is it? I know that it is certainly the topic of several conspiracy theories but I have never seen any concrete evidence of such. I was under the impression that people would deposit large sums of money at gox, then the money would be credited to the willie bot so it can buy large amounts of bitcoin then the bitcoin would be credited to the aforesaid people who had deposited large amounts of bitcoin |
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btcmaser
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October 06, 2014, 03:46:28 AM |
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so true , chinese exchanges really have a bad reputation . Just Look at the fake fucking vol on okcoin
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maurya78
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October 06, 2014, 04:04:22 AM |
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Predictably China continues to hold the whip hand in terms of shaping price discovery
Hopefully we will have some good news this week
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rayhan
Sr. Member
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Activity: 378
Merit: 250
be your self
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October 06, 2014, 04:13:37 AM |
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but im sure the price will go up in endyear or new year ..
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tss
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October 06, 2014, 04:15:18 AM |
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why no one said that fake bitcoins caused the rise to up 1000 level?
Only when prices drop it is fake and manipulation. When it goes up, it is just the natural stuff
It's common knowledge that the price was inflated by mtgox using coins that didn't exist. Is it? I know that it is certainly the topic of several conspiracy theories but I have never seen any concrete evidence of such. I was under the impression that people would deposit large sums of money at gox, then the money would be credited to the willie bot so it can buy large amounts of bitcoin then the bitcoin would be credited to the aforesaid people who had deposited large amounts of bitcoin whatever you said... no |
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SF-Man
Member
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Activity: 98
Merit: 10
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October 06, 2014, 06:01:28 AM |
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but im sure the price will go up in endyear or new year ..
Fingers crossed. |
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seriouscoin
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October 06, 2014, 06:15:56 AM |
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i already told you guys on this months ago , but only a few believe me +1 i'm one of the few that also saw this. |
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bitsum
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October 06, 2014, 06:49:07 AM |
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Let them take those gains this time.But next time they try this I'm sure Satoshi would find a way out.
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ikydesu
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October 06, 2014, 06:52:12 AM |
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Please someone explain how bitcoin can be fake?
maybe because bitcoin is anonymous Thanks i've read that,
i cant see scenario to protect against this thing... this way they can create panic every single time...
just robbing others...
we must act to fight this |
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liu405
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October 06, 2014, 07:54:23 AM |
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"mass market manipulation " YES， the OKEY、 huobi 、 BTER …… They mass the btc market. |
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chenka563
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October 06, 2014, 08:03:16 AM |
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i am in China , i know the OKERY HUOBI etc rading platforms, false trading, buying from the his own sale , price manipulation,Hate them!
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wry
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October 06, 2014, 08:34:46 AM |
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Wait a minute, I thought China banned bitcoin!  Wasn't that the excuse for bitcoin dropping earlier in the year? Now they are making thousands of fake ones? I can see how it's possible, but we wont know until there is a run on one of the exchanges. I can only imagine the bad fallout that will result from one of the leading Chinese exchanges blowing up in such a spectacular and corrupt manner. So more bad for bitcoin. |
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