Was Bitcoin actually just a Pump and Dump?

[picolo]

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"

Alt-coins make 100s of thousands of dollars to their dev at most; if you create Bitcoin and you see it can succeed you stand to make tens billions by being honest and not creating alt-coins.

[ninjaskip]

What if I told you that life itself was one big pump and dump? How would you respond?

Doesn't everyone pump and dump everytime they go to eat and then use the toilet? 

Haha, yeah and then you flush the toilet and it's gone. Long gone 

[LOBSTER]

What if I told you that life itself was one big pump and dump? How would you respond?

Doesn't everyone pump and dump everytime they go to eat and then use the toilet?  

Haha That's a good argument

As I said before, also the life is pump and dump...

[panju1]

I think that Bitcoin primarily is not an investment and it is not a way how to make more non-Bitcoins (USD, EUR, ...). Of course, people who treat Bitcoin as get-rich-quick (or get-rich-slowly) scheme have a problem.

I agree that Bitcoin is not an investment. The side effect of increasing adoption of Bitcoin as a payment mechanism is an increase in price of bitcoin. This has led people to treat bitcoin as an investment also.

The problem is, a lot more people know about the rapid increases in price of bitcoin than about its salient features. Once people truly discover the massive advantages that Bitcoin has over fiat, its adoption would really take off.

[bitLeap]

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

how is his english all broken up as some have said?! the guy is native english speaker. I find all this game playing being done by bitcoin creaters really out of hand they crossed the stupidity line long ago. you got so many clues taking this project to stanford and darpa. also I rather trust an altcoin I know it's origins and it's players rather than being played like a fool by the bitcoin guys who btw own much more than 1 million coins! 'investing' in bitcoin imho is the craziest idea!

[picolo]

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

how is his english all broken up as some have said?! the guy is native english speaker. I find all this game playing being done by bitcoin creaters really out of hand they crossed the stupidity line long ago. you got so many clues taking this project to stanford and darpa. also I rather trust an altcoin I know it's origins and it's players rather than being played like a fool by the bitcoin guys who btw own much more than 1 million coins! 'investing' in bitcoin imho is the craziest idea!

Bitcoin is safer than fiat and having your BTC in a secured wallet is safer than having fiat anywhere. It is one of the reason Bitcoin is superior. Everything created by man can be criticized and it can be healthy to criticized but the Bitcoin system is superior to the fiat system.

[gkv9]

Smells to me, somebody lost something huge during the Winter Sales....

[ninjaskip]

The pump started with bitcoin to around 200US dollars, this is when investors started to pump it, they obviously had(and still have) millions of bitcoins to dump in a period of , let's say, a couple of years.

It all started over a year ago, in November 2013, from 200 US dollars to 1143 US dollars in 30 days.
I wouldn't invest in Bitcoin until it reaches 100US dollars or below.

[leex1528]

The pump started with bitcoin to around 200US dollars, this is when investors started to pump it, they obviously had(and still have) millions of bitcoins to dump in a period of , let's say, a couple of years.

It all started over a year ago, in November 2013, from 200 US dollars to 1143 US dollars in 30 days.
I wouldn't invest in Bitcoin until it reaches 100US dollars or below.

If it goes down to $100, I wouldn't invest, for fear of crashing at that point(Which is a possibility despite what everyone says)  Anyway heres to hoping this back up next year.

[ninjaskip]

The pump started with bitcoin to around 200US dollars, this is when investors started to pump it, they obviously had(and still have) millions of bitcoins to dump in a period of , let's say, a couple of years.

It all started over a year ago, in November 2013, from 200 US dollars to 1143 US dollars in 30 days.
I wouldn't invest in Bitcoin until it reaches 100US dollars or below.

If it goes down to $100, I wouldn't invest, for fear of crashing at that point(Which is a possibility despite what everyone says)  Anyway heres to hoping this back up next year.

My prediction is 80US dollars low.

[botany]

The pump started with bitcoin to around 200US dollars, this is when investors started to pump it, they obviously had(and still have) millions of bitcoins to dump in a period of , let's say, a couple of years.

It all started over a year ago, in November 2013, from 200 US dollars to 1143 US dollars in 30 days.
I wouldn't invest in Bitcoin until it reaches 100US dollars or below.

If it goes down to $100, I wouldn't invest, for fear of crashing at that point(Which is a possibility despite what everyone says)  Anyway heres to hoping this back up next year.

My prediction is 80US dollars low.

I don't think it will ever go to 80 USD. That boat has sailed.
When the price drops further, it would provide wonderful buying opportunities to people like Tim Draper. This will provide additional support.

[ninjaskip]

The pump started with bitcoin to around 200US dollars, this is when investors started to pump it, they obviously had(and still have) millions of bitcoins to dump in a period of , let's say, a couple of years.

It all started over a year ago, in November 2013, from 200 US dollars to 1143 US dollars in 30 days.
I wouldn't invest in Bitcoin until it reaches 100US dollars or below.

If it goes down to $100, I wouldn't invest, for fear of crashing at that point(Which is a possibility despite what everyone says)  Anyway heres to hoping this back up next year.

My prediction is 80US dollars low.

I don't think it will ever go to 80 USD. That boat has sailed.
When the price drops further, it would provide wonderful buying opportunities to people like Tim Draper. This will provide additional support.

We will have to wait and see, bitcoin price still heading to 10k Draper said< big fail.

[BillyBobZorton]

The pump started with bitcoin to around 200US dollars, this is when investors started to pump it, they obviously had(and still have) millions of bitcoins to dump in a period of , let's say, a couple of years.

It all started over a year ago, in November 2013, from 200 US dollars to 1143 US dollars in 30 days.
I wouldn't invest in Bitcoin until it reaches 100US dollars or below.

If it goes down to $100, I wouldn't invest, for fear of crashing at that point(Which is a possibility despite what everyone says)  Anyway heres to hoping this back up next year.

My prediction is 80US dollars low.

I don't think it will ever go to 80 USD. That boat has sailed.
When the price drops further, it would provide wonderful buying opportunities to people like Tim Draper. This will provide additional support.

We will have to wait and see, bitcoin price still heading to 10k Draper said< big fail.

It doesn't even matter if it crashes to 1$. It's in everyone's mind (everyone that is half intelligent) that bitcoin will be a disruptive technology in the future. 1$ would just mean another lifetime change to not miss the boat again and enter big time, just a re-distribution of bitcoins from non believers to believers.

[socoban]

Guys this site is tracking every single bitcoin related article from top news sites http://www.cryptoreading.com/ with updates every hour from google news.  It says there were 38,000 unique articles about bitcoin last 12 months tracked by google news. Google news takes articles only from very serious sources. This means 38,000 serious articles last 12  months. This is huge. BTC is huge. Doesn't matter if BTC was pump&dump, it will not die, not now. It is getting mainstream with few articles published every hour in top media. This is the future, and the price drop is just a correction after huge pump from last november.

[ninjaskip]

I'm sure if that's true. Bitcoin already dead by now 
But, there are already many people accept & use bitcoin as currency

And i think Pump & Dump just because good & bad news only.
Our life is Pump & Dump too

WITH STOCKS, (AND THIS APPLIES TO BITCOIN) WHEN A PUMP AND DUMP HAPPENS THAT STOCK IS DEAD.
WHY?
BECAUSE WHOEVER PUMPED AND DUMPED GETS TO WALK AWAY WITH A BIG PROFIT AND GETS TO KEEP A LOT OF STOCKS (OR BITCOINS IN THIS CASE) SO NO OTHER INVESTOR WILL PUT THEIR MONEY DOWN, AS THE STOCK IS UNDER CONTROL OF THE FIRST INVESTOR.
THE ONLY THING THAT THEY CAN DO IS TRY TO SELL IT TO THE MASSES, SO TO US.
ALL THE PUBLICITY, MEDIA, ACCEPTANCE OF BITCOIN IS JUST SELLING POINTS, AS PART OF THE INVESTMENT TO SELL.
WE WILL SEE BITCOIN GOING DOWN AND WHOEVER IS HOLDING WILL ALSO GO AROUND SUPPORTING IT, IS NATURAL.
BUT REALITY IS THAT IS ON THE DOWNSIDE FOR GOOD.

[egghead123]

No ..bitcoin is here to stay

[ninjaskip]

No ..bitcoin is here to stay

That is true, Bitcoin will be around forever, no doubt.
Even if it looses all its value  will still be around.

[DOGEYOLO]

Disagree that plan extended all the way from SR...

but you'd have to be dumb not to believe that wealthy individuals accumulated, pumped, and dumped BTC. The different Altcoins were also pretty obvious in that they were created to deceive folks into buying what could be the next BTC.

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"

[thejaytiesto]

I'm sure if that's true. Bitcoin already dead by now 
But, there are already many people accept & use bitcoin as currency

And i think Pump & Dump just because good & bad news only.
Our life is Pump & Dump too

WITH STOCKS, (AND THIS APPLIES TO BITCOIN) WHEN A PUMP AND DUMP HAPPENS THAT STOCK IS DEAD.
WHY?
BECAUSE WHOEVER PUMPED AND DUMPED GETS TO WALK AWAY WITH A BIG PROFIT AND GETS TO KEEP A LOT OF STOCKS (OR BITCOINS IN THIS CASE) SO NO OTHER INVESTOR WILL PUT THEIR MONEY DOWN, AS THE STOCK IS UNDER CONTROL OF THE FIRST INVESTOR.
THE ONLY THING THAT THEY CAN DO IS TRY TO SELL IT TO THE MASSES, SO TO US.
ALL THE PUBLICITY, MEDIA, ACCEPTANCE OF BITCOIN IS JUST SELLING POINTS, AS PART OF THE INVESTMENT TO SELL.
WE WILL SEE BITCOIN GOING DOWN AND WHOEVER IS HOLDING WILL ALSO GO AROUND SUPPORTING IT, IS NATURAL.
BUT REALITY IS THAT IS ON THE DOWNSIDE FOR GOOD.

Calm down on the caps there buddy. Listen, if someone cash outs big time, so what? that means these Bitcoins went to someone else. Yeah, the price keeps going down, but we have intelligent people that think low term such as me, so whenever Bitcoin goes TOO LOW people like me will go in big big time pushin the price up again.

[botany]

No ..bitcoin is here to stay

That is true, Bitcoin will be around forever, no doubt.
Even if it looses all its value  will still be around.

If you don't have miners to process your transaction and bitcoin can't be sent to another address, then effectively it is dead.
I guess if it loses all its value, this will happen.