Was Bitcoin actually just a Pump and Dump?

[ninjaskip]

This is an open discussion, so your thoughts more than welcome.

Here is what i think that happened:

"A few people with a lot of money, a few brilliant ideas and the will to fuck everyone up in order to make loads more money came up with a great idea: let's create digital money, some bullshit about fighting banks, some japanese guy that doesn't really exist, silkroad for a bit.
Let's give this Bitcoin thing value by pumping the hell out of it, and let it drop on  a bunch of unwanted childs that dream of getting rich with this shit.
In the Meantime we will have an organized ring of scammers ( Karpelles, cryptorush, mintpal.. etc etc .. ) that will make us even richer.
We will also have another organized ring of scammers/devs that will create new coins so we can pump and dump the hell out of them to make even more and more money.
Once this shit gets regulated we will just leave with more billions and see ya"

[bornil267645]

I don't have any doubt that this was all just big pump and dump, but my theory is, even the BTC creators didn't realize that Bitcoin would go this far.

[Enfield]

No. If this was the case Satoshi would have dumped his coins and bought his own island by now. That's not to say he wont dump them in the future but there's always the risk.

[promojo]

You do have a point but I think this is bigger than the Internet (or will be).   Bitcoin most likely won't be the end result of digital currency.   Something else will take it over.   What really needs to happen is have some integration with the banks and the cryptocurrency network.  That will be the true winner at the end of the day.  Something where you CAN store in banks as an option but pull it out and store on your own if needed.

[MadGamer]

How you can say that & Satochi didn't even touch his coins on the first place 

[LFC_Bitcoin]

Not what I want to think about when I've spent over 5000 GBP on BTC & judging by the current price I'm at a massive loss.

[ninjaskip]

You do have a point but I think this is bigger than the Internet (or will be).   Bitcoin most likely won't be the end result of digital currency.   Something else will take it over.   What really needs to happen is have some integration with the banks and the cryptocurrency network.  That will be the true winner at the end of the day.  Something where you CAN store in banks as an option but pull it out and store on your own if needed.

I agree, as Karpelles said just before stealing 500m US Dollars worth of BTC: "Bitcoin was just an experiment"

BTC is the entry level or introduction to the world to digital currencies let's say, nothing will ever stop the central banks to change their monetary system unless they rule it, or create it.

So the experiment could be BTC as Karpelles said.

Once they decided is enough then they will merge some other types of cryptocurrencies or digital money into bank accounts.


And regarding Satoshi all i know is that he came up saying he does not know anything about Bitcoin, well some satochi nakamoto somewhere in California.

[ninjaskip]

Not what I want to think about when I've spent over 5000 GBP on BTC & judging by the current price I'm at a massive loss.

Sorry to hear that, looks like you are on a long run now if you are planning to hold them.

[ninjaskip]

How you can say that & Satochi didn't even touch his coins on the first place 

How do you know that some guy or old man called satoshi even has any coins?

[ninjaskip]

How you can say that & Satochi didn't even touch his coins on the first place 

How do you know that some guy or old man called satoshi even has any coins?

http://www.youtube.com/watch?v=w7YmJZ-qVW8

[MadGamer]

How you can say that & Satochi didn't even touch his coins on the first place 

How do you know that some guy or old man called satoshi even has any coins?

as far as I know , some people found Satochi's Bitcoin adresses (created on January 2009 (when bitcoin got created) & it still contain the bitcoins) . he certainly mined the first bitcoins

[james martin]

The Bitcoin network is the sum of people transacting in bitcoins with one another directly on the internet. There is no central server or entity, like a government, central bank, corporation, or foundation that controls the network.  Therefore it cannot be manipulated like normal currencies issued by decree and controlled by governments.

[bytecode]

Real conspiracies do not have such elaborate plots that take years to execute using a large group of people. This whole thread is just ridiculous like the moon landing hoax theories.

[Elwar]

I am starting to believe that your mom was a pump and dump.

[Soros Shorts]

Well if it were a pump and dump conspiracy I sure as hell wasn't aware of it when I first bought my 90 cent coins and started getting involved in mining. Shouldn't I have lost money since I was not and still am not part of the inner circle?

[the joint]

*Highly* doubtful.

BTC was being worked on long before it was first released to the public.  To that extent, it's taken well more than a decade to get to where we are now.  Add that to the fact that the vast amount of BTC known to be mined by Satoshi is unspent, and it all points to BTC being a legitimate project with a long-term scope.

[TonyT]

I don't have any doubt that this was all just big pump and dump, but my theory is, even the BTC creators didn't realize that Bitcoin would go this far.

True, as evidenced by that pizza that sold for I think one million dollars in peak BTC back in 2011.  Also I don't think it was pump and dump, more like geeks having some fun and it blew up due to first mover advantage.

[HotHamHock]

This is an open discussion, so your thoughts more than welcome.

Here is what i think that happened:

"A few people with a lot of money, a few brilliant ideas and the will to fuck everyone up in order to make loads more money came up with a great idea: let's create digital money, some bullshit about fighting banks, some japanese guy that doesn't really exist, silkroad for a bit.
Let's give this Bitcoin thing value by pumping the hell out of it, and let it drop on  a bunch of unwanted childs that dream of getting rich with this shit.
In the Meantime we will have an organized ring of scammers ( Karpelles, cryptorush, mintpal.. etc etc .. ) that will make us even richer.
We will also have another organized ring of scammers/devs that will create new coins so we can pump and dump the hell out of them to make even more and more money.
Once this shit gets regulated we will just leave with more billions and see ya"

^^^fact. Little do people know, built within the bitcoin code itself, there is a pump function. It's purpose is to create value via the creation of demand. This code is run in a loop on a variably adjusted protracted time schedule and once executed, sends a command signal to the brains of infected investors to buy moar cheap coinz.

The real challenge for the "few people with a lot of money", aka The Reptilians, was to entice the still unwashed minds of the easily fooled with the illusion of a breakthrough in technological achievement of a decentralized public ledger system, immune to corruption and regulation, owned by the people, in which the average person all the way up to the multinational corporation is free to interact with whether sending or assigning a value asset, the protection of intellectual property, or the complete replacement of many other antiquated systems of accounting all quickly, cheaply and securely -of which, the function of a currency being the easiest to exploit.

It is said that Satoshi, the king of The Reptilians, devised the original brilliant scheme while doing blow off a hooker's vagina.<sup>1

1</sup>Satoshi, genius or cracked out?

[Fujireloaded]

This is an open discussion, so your thoughts more than welcome.

Here is what i think that happened:

"A few people with a lot of money, a few brilliant ideas and the will to fuck everyone up in order to make loads more money came up with a great idea: let's create digital money, some bullshit about fighting banks, some japanese guy that doesn't really exist, silkroad for a bit.
Let's give this Bitcoin thing value by pumping the hell out of it, and let it drop on  a bunch of unwanted childs that dream of getting rich with this shit.
In the Meantime we will have an organized ring of scammers ( Karpelles, cryptorush, mintpal.. etc etc .. ) that will make us even richer.
We will also have another organized ring of scammers/devs that will create new coins so we can pump and dump the hell out of them to make even more and more money.
Once this shit gets regulated we will just leave with more billions and see ya"

Bitcoin is a pump and dump just like gold is. This says it all.

[Bit_Happy]

Bitcoin actually just a Pump and Dump?
Anyone reading the forum before ~ May 2011 knows that the Bitcoin project is not just a "Pump and Dump".
I do believe that occasional positive media cycles (including May/June 2011 and at least two others) are/were designed to overheat the BTC market in advance of a "massive failure", followed by huge amounts of negative media.