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

[elux]

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.)

Same guy. Size of the initial pump and later dump orders that were executed at market value match. Bid wall size matches. Walls taken down, moved around, etc.

It was just one guy. He made literally no effort to hide that.

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[adamstgBit]

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.)

it was himself!

he pulled out all his asks, bought it up, only to sell into the new bids. ( I'm just guessing, but post above would seem to agree with me )

The real question is who will you sell your coins too? sell to the bull now and hop onto the pirate ship if you want to.

[miscreanity]

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

Not really. If anyone understands that a growing market can't be manipulated down in perpetuity, it's Pirate. The objective is not to keep forcing prices lower, only to stabilize. The previous weeks were punctuated by an early rise, then leveling off for the duration. That kind of stable growth is critical for businesses to be comfortable with using Bitcoin as a primary financial service.

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

Again, there is no need to control it - only influence. This is a stabilization effort by a heavily invested party attempting to maintain the quality of the investment. What's happening is similar to gold, only gold is viewed as a limiting factor by financial industry participants whereas Bitcoin is viewed as a liberating factor by the equivalents.

JPM is the traditional financial giant, viewing gold as a mere trading instrument that limits its flexibility. Pirate is a Bitcoin financial giant, seeing the system as a vehicle that enhances economic potential.

This requires a perspective shift - the old paradigms do not properly apply here.

[Bro]

LOL, what a joke
I guarantee this IRC guy is not manipulating the market

[sadpandatech]

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.

HAHA, I love the way you explain things. ;p Did your sister write that one for you? *looks around* this isn't the insult thread?

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.

he wishes... The only thing he has proven to have done sucessfully with last nights market so far is convincing everyone that it was him.....

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

(wasn't me.)

That was him.. then someone got smart on him and sold into him early. Which happens to corelate with him 'stating' it was him several minutes after the fact.

/tinfoil hat

[adamstgBit]

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

Not really. If anyone understands that a growing market can't be manipulated down in perpetuity, it's Pirate. The objective is not to keep forcing prices lower, only to stabilize. The previous weeks were punctuated by an early rise, then leveling off for the duration. That kind of stable growth is critical for businesses to be comfortable with using Bitcoin as a primary financial service.

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

Again, there is no need to control it - only influence. This is a stabilization effort by a heavily invested party attempting to maintain the quality of the investment. What's happening is similar to gold, only gold is viewed as a limiting factor by financial industry participants whereas Bitcoin is viewed as a liberating factor by the equivalents.

JPM is the traditional financial giant, viewing gold as a mere trading instrument that limits its flexibility. Pirate is a Bitcoin financial giant, seeing the system as a vehicle that enhances economic potential.

This requires a perspective shift - the old paradigms do not properly apply here.

Meh, when push comes to shove is Pirate (or his heavily invested party ) really going to take money out of their pocket to keep the price "stable"?

jump to 9.50, back down to 7.50, and now 8.50 ya really good job stabilizing the market.

[matthewh3]

I think this does show Pirate is getting unnerved by this growth in the BTC/$ value.  I expect him to decrease interest rates in his HYIP if prices go above $9 again and stay there at the least.  In the worse case he disappears with everyone principles and people start telling you "I told you so". 

[CecilNiosaki]

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

Not really. If anyone understands that a growing market can't be manipulated down in perpetuity, it's Pirate. The objective is not to keep forcing prices lower, only to stabilize. The previous weeks were punctuated by an early rise, then leveling off for the duration. That kind of stable growth is critical for businesses to be comfortable with using Bitcoin as a primary financial service.

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

Again, there is no need to control it - only influence. This is a stabilization effort by a heavily invested party attempting to maintain the quality of the investment. What's happening is similar to gold, only gold is viewed as a limiting factor by financial industry participants whereas Bitcoin is viewed as a liberating factor by the equivalents.

JPM is the traditional financial giant, viewing gold as a mere trading instrument that limits its flexibility. Pirate is a Bitcoin financial giant, seeing the system as a vehicle that enhances economic potential.

This requires a perspective shift - the old paradigms do not properly apply here.

Meh, when push comes to shove is Pirate (or his heavily invested party ) really going to take money out of their pocket to keep the price "stable"?

jump to 9.50, back down to 7.50, and now 8.50 ya really good job stabilizing the market.

Ah, but the real question you need to ask is did it stop a larger price increase from happening? Without intervention, whose to say that the price wouldn't have jumped far past $9.5. With the steady climb today, it looks as if it's stable to me. Stable does not mean stagnant always.

[matthewh3]

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

Not really. If anyone understands that a growing market can't be manipulated down in perpetuity, it's Pirate. The objective is not to keep forcing prices lower, only to stabilize. The previous weeks were punctuated by an early rise, then leveling off for the duration. That kind of stable growth is critical for businesses to be comfortable with using Bitcoin as a primary financial service.

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

Again, there is no need to control it - only influence. This is a stabilization effort by a heavily invested party attempting to maintain the quality of the investment. What's happening is similar to gold, only gold is viewed as a limiting factor by financial industry participants whereas Bitcoin is viewed as a liberating factor by the equivalents.

JPM is the traditional financial giant, viewing gold as a mere trading instrument that limits its flexibility. Pirate is a Bitcoin financial giant, seeing the system as a vehicle that enhances economic potential.

This requires a perspective shift - the old paradigms do not properly apply here.

Meh, when push comes to shove is Pirate (or his heavily invested party ) really going to take money out of their pocket to keep the price "stable"?

jump to 9.50, back down to 7.50, and now 8.50 ya really good job stabilizing the market.

Ah, but the real question you need to ask is did it stop a larger price increase from happening? Without intervention, whose to say that the price wouldn't have jumped far past $9.5. With the steady climb today, it looks as if it's stable to me. Stable does not mean stagnant always.

I think he has scared off a lot of new money coming into bitcoin for a few days with his show of price manipulation.

[adamstgBit]

Weather pirtate is about to get short squeezed

or

Hes trying to keep the price stable, to make bitcoin more attractive to new comers


They're Both Bullish signs 

[miscreanity]

Meh, when push comes to shove is Pirate (or his heavily invested party ) really going to take money out of their pocket to keep the price "stable"?

In order to maintain the viability of the investment, yes. It's part of the cost of doing business. There is still a long way to go before capital flows into Bitcoin can no longer make that profitable, or the system becomes stable on its own.

jump to 9.50, back down to 7.50, and now 8.50 ya really good job stabilizing the market.

Intraday volatility shakes out the day-trading gamblers. It does nothing for weighted averages. The ending exchange rate was virtually unchanged from the beginning of the rally.

I think this does show Pirate is getting unnerved by this growth in the BTC/$ value.  I expect him to decrease interest rates in his HYIP if prices go above $9 again and stay there at the least.  In the worse case he disappears with everyone principles and people start telling you "I told you so". 

I think he has scared off a lot of new money coming into bitcoin for a few days with his show of price manipulation.

Good! Would you want another grueling six month decline after an unsustainable bubble formed on nothing but vapor? Do you think any business would touch Bitcoin at that point, even those that are enthusiastic about it? Long-term investor exhaustion is much more dangerous than short-term trader tantrums. Lasting wealth comes from the former.

[matthewh3]

Weather pirtate is about to get short squeezed

or

Hes trying to keep the price stable, to make bitcoin more attractive to new comers


They're Both Bullish signs 

I think doing that publicly will only scare off new investment into btc.

[matthewh3]

I think he has scared off a lot of new money coming into bitcoin for a few days with his show of price manipulation.

Good! Would you want another grueling six month decline after an unsustainable bubble formed on nothing but vapor? Do you think any business would touch Bitcoin at that point, even those that are enthusiastic about it? Long-term investor exhaustion is much more dangerous than short-term trader tantrums. Lasting wealth comes from the former.

I think I would have rather settled with the new money coming into bitcoin.  There was no vapour this time just growth and the market is more mature.  I think lots of other larger actors would have started dumping post $10.  This was just Pirate trying to protect his HYIP.  Yes I would prefer steady growth but not at the cost of market manipulation.

[smoothie]

Pirate's announcement of interest rates cut for August 1st and beyond tells me that his profit margin is either getting diminished or he wants to up his profit margin to have more "pull" in the market.

Either way these next 6 weeks should be interesting in bitcoin price terms.

I say at the end of August we will have hit $12-$15/bitcoin.

[the joint]

I'd like to quote myself from July 5...

I don't think Pirate himself is concerned so much with BTC as he is with USD.  By the way, he has a lot of that and his sum is increasing.  BTC can't pay his bills or buy him awesome shit, but USD can.  Pay some attention to the bid/ask walls in relation to what Pirate said about the danger of the BTC price increasing too quickly.   Think about the impact that a rapid price increase would have on the USD he's holding, and think of where he got that USD from, etc.   Also consider that Pirate needs USD to purchase BTC for interest payments, and check out the interesting "support" walls after a rally.  Like Pirate said, when there's a rally, people panic buy but new buy orders don't immediately rush in, but rather people eat away at the outstanding supply.  When there's a crash, people panic sell and buy orders are removed.

The relative stability we've seen is no coincidence.  We're riding a cycle. 

Shoulda listened to me.

Thanks for the extra money, Pirate!!  Yesterday was a blast.

[oakpacific]

Why couldn't it be the other way around? He could be tricking all the people into selling, and make even more money, what makes you to suppose he was being honest?

[dancingnancy]

Why couldn't it be the other way around? He could be tricking all the people into selling, and make even more money, what makes you to suppose he was being honest?

I agree.  Why does anyone even trust this guy again?

[notme]

Why couldn't it be the other way around? He could be tricking all the people into selling, and make even more money, what makes you to suppose he was being honest?

I agree.  Why does anyone even trust this guy again?

BTCBTC BTCBTC

[myrkul]

Why couldn't it be the other way around? He could be tricking all the people into selling, and make even more money, what makes you to suppose he was being honest?

I agree.  Why does anyone even trust this guy again?

BTCBTC BTCBTC

Yup. Greed, pure and simple.

[Tomatocage]

So that's how Pirate is making all that money.