Silk Road forums
Discussion => Newbie discussion => Topic started by: vectorsalimundo on January 25, 2013, 04:27 am
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You don't have to work on wall street to see that the activity these past few weeks and especially today in the BTC exchange market reflect severe and rampant price manipulation by speculators and financial investors, not real users. If you look at any of the charts for the last day on a five minute candlestick interval you can see three distinct points where about 7K of BTC (nearly $120,000) was sold in a 5 minute period and they all took place when the price dipped below 18.5, 17.5, and 16.5. This happened last August and I remember I lucked out because I placed an order just before the end of the mania before the bottom fell out and was able to purchase a bit more than I originally bought coin for and this time around managed to get my order in last weekend before all this. In all seriousness there was very clear evidence of currency manipulation when it dipped back in august and there is just as conspicuous evidence now that the same kind of thing is happening. If you look at the charts nearly 2 million USD of BTC was sold in the past 30 hours or so. Someone or some people made A LOT of money.
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If this is true, it could be really bad for the bitcoin and therefore silkroad. What do you think the chances are of you being wrong? If you are right is there any way to combat such behavior?
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Best way to combat market manipulation is to boycott.
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Best way to combat market manipulation is to boycott.
If I boycott how do I score?
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yep
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fluctuated a lot today. was crazy
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I wasn't watching as closely as you, so i saw it coming from 2 miles away - didn't recognize
then caught a glimpse of it through passengers window as we drove by
then saw it in the rear view mirror after it dropped
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Today (Jan 24, 2013) was the single highest trade volume in BTC to date.
Though he may be correct, I'm not quite sure I agree with OP that it was intentional manipulation that caused this -- yes, there was a sale of ~$600,000, which would cause the demand to drop, as the buy orders were fulfilled, and this creates a domino effect of the short-game traders to sell, sell, sell, as they were intending to do at the peak of the assumed bubble. However, the change wasn't drastic enough to collapse the market, as it did last time. This was simply someone cashing out when they had the chance. If I was in a position to cash out for a guaranteed $600k, I reckon I might have done the same.
This appears to be the market simply working like it's supposed to, and has increased my confidence in BTC as a growing currency with enough stability to merit longer-term investments.
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Today (Jan 24, 2013) was the single highest trade volume in BTC to date.
Though he may be correct, I'm not quite sure I agree with OP that it was intentional manipulation that caused this -- yes, there was a sale of ~$600,000, which would cause the demand to drop, as the buy orders were fulfilled, and this creates a domino effect of the short-game traders to sell, sell, sell, as they were intending to do at the peak of the assumed bubble. However, the change wasn't drastic enough to collapse the market, as it did last time. This was simply someone cashing out when they had the chance. If I was in a position to cash out for a guaranteed $600k, I reckon I might have done the same.
This appears to be the market simply working like it's supposed to, and has increased my confidence in BTC as a growing currency with enough stability to merit longer-term investments.
I agree 100%. You and I are on the same page. If it had dropped to $2 again then that's something to talk about. But what I saw today was the price drop down from $19 to $15.60, and then immediately climb back up to $17.50. You know what that means? That means a couple assholes got their money out, and a bunch of others said "Oh shit. The price is down. BUY BUY BUY!" Then a few more assholes took their money out and it dropped down to $15.30, even lower than before. Then the buyers again said "LOW PRICES! BUY BUY BUY!" and now it's basically stable around $16.50. Given the larger trend, tomorrow it'll probably be back up over $17. I'm gonna call that right now. The market has confidence in Bitcoin. Today is just a weird day on a much larger chart showing general upward mobility. I'm not selling. Most of the people I've talked to today throughout all this aren't selling. And if it does drop to $2, I'm gonna buy up a fuckton.
If you go to the Bitcoin forums, people have been speculating on when the market would roll back since it first hit $15. We mostly thought it would roll back around $17 down to $14. And we were aaaaalmost right.
OP is right about one thing though. Somebody made some serious fucking dough off this. Looking at the chart, that much is certain. I wouldn't call it manipulation because that implies fraud. Just looks like somebody's lucky day.
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I knew as soon as it went up so fast, that it would make a sharp decline down. The same thing happened a little over a year ago.
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And you all knew it would climb to $147 then stabilize at 135 for a few days. MISS CLEO IN THIS BITCH!
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And you all knew it would climb to $147 then stabilize at 135 for a few days. MISS CLEO IN THIS BITCH!
Lots of hindsight. Just what drove the whole stock market day-trading fad a few years ago.
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lag in conversion is the only real danger to those of us on SR. Especially the sellers using escrow, although some of them have gained as well I suppose.
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i think so