#bitcoin IRC log: A pirate leads a flock of sheep over a cliff.

[CecilNiosaki]

I just read the log, and I'm confused as to what the big deal is. Are you telling me that, if you had the funds available in USD, you wouldn't push the price up (which I don't see a log of pirate saying he's doing), and then if the price raises above your comfortable level, you wouldn't sell off the BTC for a $1-2 profit per coin and then buy back, ensuring you can pay back your lenders while also making a killing for yourself?

Hell, I would say it's healthy for the market. With all of the buying last night, there was another bubble in progress, and for my business, I'm not really interested in seeing that happening.

[smoothie]

I wouldn't be surprised if he did this to make us all think that he is "always" in control of the market. If he succeeds in getting people to think that then he can get you to buy and sell when he wants.

People don't be stupid. The market is much much bigger than pirate himself and his massive ego.

[sadpandatech]

I wouldn't be surprised if he did this to make us all think that he is "always" in control of the market. If he succeeds in getting people to think that then he can get you to buy and sell when he wants.

People don't be stupid. The market is much much bigger than pirate himself and his massive ego.

QFT

[RyNinDaCleM]

Boo on editing.

Hear ya. Feel free to upload a raw logfile for posterity.

If I had a raw logfile, I wouldn't be complaining.  If you can tell me which channel this was I might be able to look one up.

Here is a copy of one I picked up around the way! http://pastebin.com/PthgrzDS

[Gomeler]

I wouldn't be surprised if he did this to make us all think that he is "always" in control of the market. If he succeeds in getting people to think that then he can get you to buy and sell when he wants.

People don't be stupid. The market is much much bigger than pirate himself and his massive ego.

Keep in mind the market is also larger than the #bitcoin IRC channel. Maybe it was Pirate pumping and dumping the exchanges. Maybe it was someone out having a bit of fun. Regardless, it doesn't matter who it was due to the vast majority of the market having no care who Pirate is.

[Tomatocage]

Has it even been confirmed that the user was the real Pirate?

[CecilNiosaki]

Has it even been confirmed that the user was the real Pirate?

I don't believe so.

[elux]

Has it even been confirmed that the user was the real Pirate?

I don't believe so.

Well, here's an unedited log from #btcst just now.

19:46 <jcpham> http://www.reddit.com/r/Bitcoin/comments/wpcdv/confused_about_the_7895_btcusd_bubble_answers/
19:46 <jcpham> you is fgamous now
19:47 <Clipse> this is sorta a reason ppl shouldnt discuss how they play the market
19:47 <Clipse> ppl requote it and eventually a ton of ppl who would buy btc just doesnt
19:47 <jcpham> i agree
19:47 <jcpham> let's all be xtra secretive
19:47 <farfi> isnt that what he wanted?
19:48 -!- zefir_ is now known as zefir
19:48 <jcpham> i wouldn't content to know anything
19:48 <jcpham> but I will say I am surprised
19:49 <Clipse> i dont know what he wanted
19:49 <farfi> nothing surprises me in bitcoin anymore
19:49 <Clipse> but if you want to make your edge as high as possible in any zerosum game
19:49 <Clipse> you give out as little information as possible
19:49 <jcpham> i agree
19:49 <jcpham> don't tell the plebes you are selling the estate
19:50 <farfi> but you could use disinformation
19:50 <jcpham> let the new owners tell them
19:50 <Clipse> lol this market is far too new for disinformation
19:50 <Clipse> any new potential bitcoin user reading that will shit their pants
19:50 <Clipse> and not look at bitcoin anymore
19:50 <Clipse> wether its true or not
19:50 <farfi> even not new users probably did
19:51 <pirateat40> The point I made yesterday was to show the general community that if someone want to wreck the market by playing it for greed we'd all be left holding the bag.
19:51 <jcpham> i get that
19:51 <jcpham> maybe most people are stupid and do not realize what happens when one person can control a large supply of coin
19:51 <Clipse> we all know what happens
19:51 <pirateat40> So until the market can stand on its own, there needs to be someone that can counter just anyone moving in.
19:51 <jcpham> you just outed yourself though
19:51 <Clipse> it turns into fiat
19:52 <jcpham> i suppose pirateat40
19:52 <Clipse> pirateat40 : thats fine
19:52 <Clipse> but you sit with potential issue now
19:53 <Clipse> if mtgox knows your mtgox account there is allways the potential of locking you out, market manipulation is illegal and since mtgox and various other exchanges now state they comply with this/that law, I would be very carefull about posting about this.
19:53 <pirateat40> My business isnt about rattling the trees of coins.  Its about keeping a steady price channel and making the money doing it.
19:53 <Clipse> they may just turn on the moral code switch
19:53 <jcpham> i think all the lenders know what is at stake by now
19:53 <jcpham> the non-lenders probably just got a wake up call
19:53 <jcpham> and don;t like it
19:55 <Clipse> im all for what you are doing thats not my concern, I just think you should play it in the shadows rather before some random person decides to kill your exchange accounts and taking everything with it.. This is a real possibilty based on how you trade.
19:55 <Clipse> Magicaltux even had the trade engine run on manual for a while due to your trades
19:55 <Clipse> they do that when they see potential trading anomolies
19:55 <Clipse> and well yeh none of us want you to go down heh.

http://pastebin.com/DZTh9w8T

[miscreanity]

Hell, I would say it's healthy for the market. With all of the buying last night, there was another bubble in progress, and for my business, I'm not really interested in seeing that happening.

Yes!

Most people are missing the point. Pirate applied the brakes because the vehicle was getting out of control and heading for a crash - a real one. It doesn't matter that he isn't as big as the Bitcoin economy: he just has to nudge it from time to time so it stays healthy.

Only gamblers thrive in casinos. No sensible business will make use of an unstable foundation, and Bitcoin is still vulnerable to long-term dismissal as a viable option if excessive capital flows cause too much volatility.

Steady growth is absolutely critical for Bitcoin's future if it is to be universally adopted!

[SkRRJyTC]

>maybe most people are stupid and do not realize what happens when one person can control a large supply of coin

...

Maybe I am stupid, but I am not afraid of a free market...  one person can be overtaken by general market forces, and if he cant... well then the market was never going to grow up to be big and strong anyway.

[rebuilder]

Here's a graph of the action with some of the pirateat40 comments from the IRC log correlated approximately.

http://i45.tinypic.com/2ngzj47.png

[adamstgBit]

Here's a graph of the action with some of the pirateat40 comments from the IRC log correlated approximately.

http://i45.tinypic.com/2ngzj47.png

If what pirate was saying is true, he's feeding a stronger bull.

exactly, IMO pirateat40 is stuck in an impossible situation

idk I'm most likely wrong, but what he did yesterday shows us his game plan and we see that its not a good plan

 

[austonst]

Here's a graph of the action with some of the pirateat40 comments from the IRC log correlated approximately.

http://i45.tinypic.com/2ngzj47.png

Nice graph. It's interesting to see how it all matches up.

[miscreanity]

idk I'm most likely wrong, but what he did yesterday shows us his game plan and we see that its not a good plan

Good for whom? Pure speculators? Traditional businesses? Consumers?

[elux]

Here's a graph of the action with some of the pirateat40 comments from the IRC log correlated approximately.

The timestamps from pastebin are UTC +1 btw. Not sure if you accounted for that.

[rebuilder]

Here's a graph of the action with some of the pirateat40 comments from the IRC log correlated approximately.

The timestamps from pastebin are UTC +1 btw. Not sure if you accounted for that.

Elux: That's what I figured as the ticker numbers matched up with the graph with that assumption. Meant to mention that but forgot.

[adamstgBit]

exactly, IMO pirateat40 is stuck in an impossible situation

idk I'm most likely wrong, but what he did yesterday shows us his game plan and we see that its not a good plan

Can you clarify?

pirateat40 has taken a stand 9$ is the top, and hes got to convince everyone to fallow him back down bellow 7

even if he gets it going down (even below 6!), he will need to buy back. He'll be trying to buy back on the cheap along with everyone else,  and who's going to sell us all these coins?

maybe hes been trying to keep the price down ever since 6 point crazy....

I hope he is able to push the price down, I would love to buy another few hundred coins below 6 ( I have a few friends that want in if it goes back down )

The liquidity on the ask side simply isn't their for him to buy back on the cheep. i might get lucky and be able to grab a few hundred  tho  

[S3052]

Here's a graph of the action with some of the pirateat40 comments from the IRC log correlated approximately.

http://i45.tinypic.com/2ngzj47.png

If what pirate was saying is true, he's feeding a stronger bull.

exactly, IMO pirateat40 is stuck in an impossible situation

idk I'm most likely wrong, but what he did yesterday shows us his game plan and we see that its not a good plan

 

+1

The market is already to big for him to control it.

[elux]

Here's a graph of the action with some of the pirateat40 comments from the IRC log correlated approximately.

http://i45.tinypic.com/2ngzj47.png

If what pirate was saying is true, he's feeding a stronger bull.

exactly, IMO pirateat40 is stuck in an impossible situation

idk I'm most likely wrong, but what he did yesterday shows us his game plan and we see that its not a good plan

+1

The market is already to big for him to control it.

Were you asleep yesterday?

[notme]

pirateat40 has taken a stand 9$ is the top, and hes got to convince everyone to fallow him back down bellow 7

Are you sure?  People thought the sun orbited the earth at one point, until they improved their mental model.

As pirate said on irc, it was the very short term price increase ("bubble") forming with the run up to btcusd=9.5 that triggered his correction.

The real question you should ask is, who was the pumper driving the price up, causing the panic buying?

(wasn't me.)

Why would we ask relevant questions when we can just talk about pirate some more?