Was Bitcoin actually just a Pump and Dump?

[resya]

if you look at the BitVC chart this is onbivously a bull trap, but it's the only one showing it clearly. so could be a nice painting, or could be huge pump, we will find out soon

[dothebeats]

Yes in short btc was and probably still is a pump and dump does that make you want to jump ship? aha i won't i think it is great how it has lasted as long as it has it needs new fools everyday to keep this dream alive and it seems to get it 

All markets are built on the old pumps just timing it so you get in before everyone and out before everyone which is easier said than done 

Even market experts are unable to time the markets.
Fat chance to any of us trying to do that.

No one can certainly time the market, that's why there are always risks involve in investing. If you can correctly predict what would happen to the market, then you would have lesser to zero risks of having lost on your investment.

[specgamer]

I have to admit you have a point here. But I personally think the people who first started bitcoins whether it was like you said or not, they didn't think that bitcoins as the first digital cryptocurrency would have such potential to go this far into the global economy. If i considered what you were saying i guess you're right, bitcoins and all other cryptocurrency is very similar to a pump and dump. After doing research I found out that the trick is that insiders already know the coin in question, so they're buying discreet amounts of it during the hours leading up to this greater pump. When the time comes, and the altcoin is revealed to the public, there's a huge rush to buy the coin and sell at the peak. It's a pure gamble for the majority of people involved, but the guys who already owned the coin can usually make off with a comfortable profit. Even so, the whole pump and dump process only lasts about 10 minutes, and the exchange site cryptsy gets a little overloaded I think, so it gets sketchy for everyone.

This is a great topic for the forum to talk about more in the future.

[minerbit hill]

How do you know there isn't federal involvement in trying to discredit Bitcoin? Or banks buying up BTC and manipulating market prices?

[Coinshot]

It is a pump dump. Anything which is unregulated and generate profit like this will be so.
With that said, it is just not pump and dump. The volatility may make it look bad but its still a new technology and it will take time for it to gain adoption.

[Baghead]

...
you never know. ...

Nah, you never know.  We know, that's why we sodl.

Nope, you sodl and you aren't sure, thats why you keep shitposting here against Bitcoin as a full time job, because you actually think your shitposting will have an impact on the market to make the price go down, as you are scared you did a big mistake by sodling.

Sodling most of my coin afforded me the luxury of not needing a full-time job, my butthurt proletarian friend.
Posting on these fora & educating the great unwashed is merely penance--atonement, if you will, for taking all ur munyz.
If you need any extra educating, you just go ahead and ask.  I'm here for you--it's only fair.

Lamb you sound very my like barrabras i have to assume you are him, please correct me if i am wrong.

Op yes bitcoin was pumped to the all time highs and has been decreasing slowly every since it is like a leaky pipe all the way to the last drop of water/cash has been taken then it will vanish.

Not sure i believe that but it sounded good when i said it and it was defiantly a pump and dump but will not vanish this cash cow will be around for ages..

[pereira4]

It is a pump dump. Anything which is unregulated and generate profit like this will be so.
With that said, it is just not pump and dump. The volatility may make it look bad but its still a new technology and it will take time for it to gain adoption.

The 1K ATH bubble was not even a pump a dump within itself, it was what people wanted to pay for 1 BTC for a while. Most people are aware that BTC is going to go sky high eventually, they just panicked and panic-bought. But deep down anyone with half a brain knows BTC is going to go 10k+, 2013 was just too early to continue with the uptrend.

[randy8777]

It is a pump dump. Anything which is unregulated and generate profit like this will be so.
With that said, it is just not pump and dump. The volatility may make it look bad but its still a new technology and it will take time for it to gain adoption.

The 1K ATH bubble was not even a pump a dump within itself, it was what people wanted to pay for 1 BTC for a while. Most people are aware that BTC is going to go sky high eventually, they just panicked and panic-bought. But deep down anyone with half a brain knows BTC is going to go 10k+, 2013 was just too early to continue with the uptrend.

the 1k ath was a huge pump and dump. caused mostly by 1 person having 2 bots buying huge loads of coins with fake cash. people that bought coins for 1k at that time were just hoping for something that was impossible to happen. these people lost huge loads of money due to their stupidity.

[deisik]

Yes in short btc was and probably still is a pump and dump does that make you want to jump ship? aha i won't i think it is great how it has lasted as long as it has it needs new fools everyday to keep this dream alive and it seems to get it 

All markets are built on the old pumps just timing it so you get in before everyone and out before everyone which is easier said than done 

Even market experts are unable to time the markets.
Fat chance to any of us trying to do that.

No one can certainly time the market, that's why there are always risks involve in investing. If you can correctly predict what would happen to the market, then you would have lesser to zero risks of having lost on your investment.

If you have enough money, you can try to corner the market by buying up a large percentage of the traded commodity (stock) and thus be able to set the price for it. For example, in the period of 2007-2010 Porsche, a car maker from Germany, managed to corner the market in the shares of another German car maker, Volkswagen, which caused the latter to become the most valuable company in the world for a short period of time...

[twn]

a year ago it was dump and pump but now its more stable.pump&dumps happening but not as frequent as before.but most of the users here for dump&pumps. its kinda gambling

[aso118]

If you have enough money, you can try to corner the market by buying up a large percentage of the traded commodity (stock) and thus be able to set the price for it. For example, in the period of 2007-2010 Porsche, a car maker from Germany, managed to corner the market in the shares of another German car maker, Volkswagen, which caused the latter to become the most valuable company in the world for a short period of time...

Although that was perfectly legal in Germany, it would be construed as market manipulation and would be illegal in some jurisdictions. The acquiring entity may be forced to make full disclosure of its holdings and would have been forced to make an open offer to public shareholders in some jurisdictions. Short covering was the reason why the price went up in the case you mentioned.

[deisik]

If you have enough money, you can try to corner the market by buying up a large percentage of the traded commodity (stock) and thus be able to set the price for it. For example, in the period of 2007-2010 Porsche, a car maker from Germany, managed to corner the market in the shares of another German car maker, Volkswagen, which caused the latter to become the most valuable company in the world for a short period of time...

Although that was perfectly legal in Germany, it would be construed as market manipulation and would be illegal in some jurisdictions. The acquiring entity may be forced to make full disclosure of its holdings and would have been forced to make an open offer to public shareholders in some jurisdictions. Short covering was the reason why the price went up in the case you mentioned.

They (Porsche) were trying to take over Volkswagen and even managed to build a 51% holding in the company, hoping to build up a 75% stake, but incurred huge debts and ultimately failed due to the meltdown in the global automotive sector. This fiasco ended in the merger of Porsche into Volkswagen and led to the resignation of their chief executive and financial director...

[GreenStox]

No, it was an irrational pump & dump phaze like with all new currencies, but now it popped out and its stabilizing, and still growing.

Many merchants like microsoft, apple, amazong and real stores accepting bitcoin worldwide, the infrastructure grows slowly but it will get there.

Now all it needs that bitcoin to go viral and the demand to increase, you will see all stores in your town accepting bitcoin then, and that will be the goal.

By then 1 bitcoin can easily be worth 700k$

[johnyj]

It is the biggest pump and dump in human history, could last for hundreds of years, and when it is pumped up enough high, fiat money will get dumped, that is a fundamental difference

[ObscureBean]

I believe this is one of the reasons why major corporations have not jumped on the Bitcoin bandwagon yet. As far as I'm aware, Satoshi's ~million coins are as yet untouched and people are constantly monitoring his addresses but the fact is nobody would be able to do a thing if he decided to dump. (Well maybe those in the know could decide to get rid of their own coins the minute his coins move).

[deisik]

It is the biggest pump and dump in human history, could last for hundreds of years, and when it is pumped up enough high, fiat money will get dumped, that is a fundamental difference

Fiat money is an instrument of governmental control (and in the case of the US dollar it is also an instrument of world domination). Why would any government consciously and intentionally want to substitute the currency they control with something they cannot ultimately control?

[randy8777]

It is a pump dump. Anything which is unregulated and generate profit like this will be so.
With that said, it is just not pump and dump. The volatility may make it look bad but its still a new technology and it will take time for it to gain adoption.

we love bitcoin for its amazing technology, but there is nothing wrong with the volatility now as we're still in the very beginning.
it's a win win. supporting bitcoin and getting nice profits from the volatility.

[johnyj]

It is the biggest pump and dump in human history, could last for hundreds of years, and when it is pumped up enough high, fiat money will get dumped, that is a fundamental difference

Fiat money is an instrument of governmental control (and in the case of the US dollar it is also an instrument of world domination). Why would any government consciously and intentionally want to substitute the currency they control with something they cannot ultimately control?

In China maybe, but as I understand, western governments are very poor, they all have heavy debt and fiat money is the tool that banks control them

[deisik]

It is the biggest pump and dump in human history, could last for hundreds of years, and when it is pumped up enough high, fiat money will get dumped, that is a fundamental difference

Fiat money is an instrument of governmental control (and in the case of the US dollar it is also an instrument of world domination). Why would any government consciously and intentionally want to substitute the currency they control with something they cannot ultimately control?

In China maybe, but as I understand, western governments are very poor, they all have heavy debt and fiat money is the tool that banks control them

But who controls banks? Right, a central bank. But the central bank is most certainly controlled by the government. For example, the seven members of the Federal Reserve Board of Governors are appointed by the president of the US and then confirmed by Senate...

[aso118]

But who controls banks? Right, a central bank. But the central bank is most certainly controlled by the government. For example, the seven members of the Federal Reserve Board of Governors are appointed by the president of the US and then confirmed by Senate...

Central banks are usually independent. They are not controlled by the government, but accountable to it.
For example, the Federal reserve has its objectives - maximum employment and stable prices. It is accountable to the Congress if there is perceived failure to meet these objectives.