Is Gox to be blamed?

[stellar69]

Last year when MtGox apparently got "hacked" we saw bitcoin coming down to $100(for a few minutes) from $1200.
Since then bitcoin has been constantly going down 👇.
If gox thing didn't happen do you think that bitcoin still would have been at around $1000?
So is gox to be blamed for this downfall?

[newIndia]

Bitcoin reached 1200 due to willybot. That was an inflated price. Read more about it here => http://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/

[stellar69]

Bitcoin reached 1200 due to willybot. That was an inflated price. Read more about it here => http://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/

I agree that at that time gox was manipulating the prices a lot, but still they were able to make bitcoin reach 1200$ and this price automatically got reflected on other exchanges too.
But it wasn't "just" the willy bot that caused this, at that time halvening also happened and that reduced the dumping in the exchanges.

Still if gox was still there I believe that the price would not have gone down to such disastrous figures.
Just wanted to know people's view.

[fildza]

Bitcoin reached 1200 due to willybot. That was an inflated price. Read more about it here => http://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/

I agree that at that time gox was manipulating the prices a lot, but still they were able to make bitcoin reach 1200$ and this price automatically got reflected on other exchanges too.
But it wasn't "just" the willy bot that caused this, at that time halvening also happened and that reduced the dumping in the exchanges.

Still if gox was still there I believe that the price would not have gone down to such disastrous figures.
Just wanted to know people's view.

Yes you can say that gox effect much for the bitcoins prices to fall down but that not only cause of price increase or decrease. The number of demand from other peoples are the major cause I think

[stellar69]

Bitcoin reached 1200 due to willybot. That was an inflated price. Read more about it here => http://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/

I agree that at that time gox was manipulating the prices a lot, but still they were able to make bitcoin reach 1200$ and this price automatically got reflected on other exchanges too.
But it wasn't "just" the willy bot that caused this, at that time halvening also happened and that reduced the dumping in the exchanges.

Still if gox was still there I believe that the price would not have gone down to such disastrous figures.
Just wanted to know people's view.

Yes you can say that gox effect much for the bitcoins prices to fall down but that not only cause of price increase or decrease. The number of demand from other peoples are the major cause I think

What kind of demand are you talking about? The buying demand of the people? If that would have been there then the prices would have increased instead of falling down.

[tokeweed]

blame is not the right word for it i think.  anything traded in the open market are subject to certain economic laws and market manipulation.  so naturally BTC will trend up, down, go sideways, go smooth, go choppy, etc, etc...

[stellar69]

blame is not the right word for it i think.  anything traded in the open market are subject to certain economic laws and market manipulation.  so naturally BTC will trend up, down, go sideways, go smooth, go choppy, etc, etc...

But running away with 100thousands of bitcoin wasn't a part of the "economic laws" and market manipulation,that's what I was talking about. It made the bitcoin to crash suddenly and there wasn't enough room for it so stand up.

[tokeweed]

blame is not the right word for it i think.  anything traded in the open market are subject to certain economic laws and market manipulation.  so naturally BTC will trend up, down, go sideways, go smooth, go choppy, etc, etc...

But running away with 100thousands of bitcoin wasn't a part of the "economic laws" and market manipulation,that's what I was talking about. It made the bitcoin to crash suddenly and there wasn't enough room for it so stand up.

if that's the case then yes.  just like the financial crisis of 2005, there were certain players to be blamed.

[Q7]

I would say, yes they are to be blamed. There was a manipulation on the price and basically I don't know how they managed to get it up so fast until it reached 1200. And after that it's natural that the price adjusted itself lower to reflect the actual market supply and demand factor.

[TinEye]

Gox should be thanked for manipulating the prices up to $1200. If it wasn't for them it still would have been floating between $50 and $200.
Its coming down to its correct level, but the rally created a lot of free publicity and it is several times more well known now.

[tokeweed]

but think about where BTC was 2 years ago.  still looking good despite all the bad shit happening imo.

[BitCoinNutJob]

Last year when MtGox apparently got "hacked" we saw bitcoin coming down to $100(for a few minutes) from $1200.
Since then bitcoin has been constantly going down 👇.
If gox thing didn't happen do you think that bitcoin still would have been at around $1000?
So is gox to be blamed for this downfall?

At this stage i would say mtgox has little impact, any newbies to bitcoin stupid enough to not get involved due to mtgox aren't that useful to bitcoin at the current stage we are at.  They do bring some money, so we have lost some dumb money.

[stellar69]

Gox should be thanked for manipulating the prices up to $1200. If it wasn't for them it still would have been floating between $50 and $200.
Its coming down to its correct level, but the rally created a lot of free publicity and it is several times more well known now.

So you mean 250-300$ is the correct level? I guess no, there are hundreds of newcomers joining the bitcoin world everyday and that is certainly increasing the demand of the coin. If dumpers(mining equipment manufacturers who mine a lot themselves) start to hold bitcoins as bit then I guess the price would increase drastically and then it would be correct bitcoin's price.

[stellar69]

but think about where BTC was 2 years ago.  still looking good despite all the bad shit happening imo.

But also think how many people have joined since then? Also take into notice that how many services have started using bitcoin! We have come a long way. This wasn't supposed to happen. Its a black swan.

[tokeweed]

Gox should be thanked for manipulating the prices up to $1200. If it wasn't for them it still would have been floating between $50 and $200.
Its coming down to its correct level, but the rally created a lot of free publicity and it is several times more well known now.

So you mean 250-300$ is the correct level? I guess no, there are hundreds of newcomers joining the bitcoin world everyday and that is certainly increasing the demand of the coin. If dumpers(mining equipment manufacturers who mine a lot themselves) start to hold bitcoins as bit then I guess the price would increase drastically and then it would be correct bitcoin's price.

that would be a nice scenario yes.  

why you want BTC to go up so badly if you don't mind me asking?  you bought high?

[stellar69]

Gox should be thanked for manipulating the prices up to $1200. If it wasn't for them it still would have been floating between $50 and $200.
Its coming down to its correct level, but the rally created a lot of free publicity and it is several times more well known now.

So you mean 250-300$ is the correct level? I guess no, there are hundreds of newcomers joining the bitcoin world everyday and that is certainly increasing the demand of the coin. If dumpers(mining equipment manufacturers who mine a lot themselves) start to hold bitcoins as bit then I guess the price would increase drastically and then it would be correct bitcoin's price.

that would be a nice scenario yes.  

why you want BTC to go up so badly if you don't mind me asking?  you bought high?

Well no, I didn't buy it when the price was high. I got few when the price was around 311$.
Why would someone would not want their investments to give out nice returns?
Although I am going to wait till another halvening and I expect the price to go to at least 1500$. If bitcoin hits that price, ill sell.

[1Referee]

Many people blame gox for their manipulation when Bitcoin reached over $1000.

But people must look in the mirror and admit that they bought in at a horrible moment.

Doing a bit research and reviewing the current market would have prevented people from buying Bitcoin over $1000.

[picolo]

Last year when MtGox apparently got "hacked" we saw bitcoin coming down to $100(for a few minutes) from $1200.
Since then bitcoin has been constantly going down 👇.
If gox thing didn't happen do you think that bitcoin still would have been at around $1000?
So is gox to be blamed for this downfall?

1200$ was only of gox and localbitcoins and 100$ was only on gox but there was a lot of Bitcoin skepticism because of gox and there has a lot of skepticism now because of bitstamp. If bitstamp only lost 19 000 BTC and can prove they are solvent, the price should recover.

[fildza]

Bitcoin reached 1200 due to willybot. That was an inflated price. Read more about it here => http://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/

I agree that at that time gox was manipulating the prices a lot, but still they were able to make bitcoin reach 1200$ and this price automatically got reflected on other exchanges too.
But it wasn't "just" the willy bot that caused this, at that time halvening also happened and that reduced the dumping in the exchanges.

Still if gox was still there I believe that the price would not have gone down to such disastrous figures.
Just wanted to know people's view.

Yes you can say that gox effect much for the bitcoins prices to fall down but that not only cause of price increase or decrease. The number of demand from other peoples are the major cause I think

What kind of demand are you talking about? The buying demand of the people? If that would have been there then the prices would have increased instead of falling down.

Did you read I said price increase or decrease?

[picolo]

Bitcoin reached 1200 due to willybot. That was an inflated price. Read more about it here => http://willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/

I agree that at that time gox was manipulating the prices a lot, but still they were able to make bitcoin reach 1200$ and this price automatically got reflected on other exchanges too.
But it wasn't "just" the willy bot that caused this, at that time halvening also happened and that reduced the dumping in the exchanges.

Still if gox was still there I believe that the price would not have gone down to such disastrous figures.
Just wanted to know people's view.

Yes you can say that gox effect much for the bitcoins prices to fall down but that not only cause of price increase or decrease. The number of demand from other peoples are the major cause I think

What kind of demand are you talking about? The buying demand of the people? If that would have been there then the prices would have increased instead of falling down.

Did you read I said price increase or decrease?

We could have more new buyers but more sellers too