Bitcoin Markets being manipulated by MtGox and Syndicate.
Fact: MtGox exchange was inflated by 20%. It was hovering right around $950 per coin when everyone else was at $800. They allowed deposits, bitcoin transfers but not cash withdraws to bank accounts. So even if you sold your bitcoin for higher amount at MtGox, it was just an illusion. Your money was permanently stuck. The current scenario: MtGox exchange rate is artificially about $150 less per Bitcoin than what you can buy one for somewhere else. So now instead of not being to transfer you money to your bank, they're not letting you transfer your bitcoin elsewhre-your bitcoin is trapped. So the only solution is to sell your coins for the cheaper exchange rate. And guess who is waiting to buy your hugely undervalued coins so they can take them to another exchange and sell them for a nice profit? Seriously, the writing is so clear. MtGox artificially inflated their exchange and didn't allow people to benefit from it by halting bank withdraws, thus tying up their money indefinitely. I use the word halt because essentially that's what happened even though MtGox said it would be at least 4 weeks for bank wires because of banking challenges...those four weeks turned into many months...no one got their money unless you were in on their scheme. Now they've currently reversed the scenario. MtGox exchange is artificially deflated and they won't allow people to benefit from the lower bitcoin price. MtGox has now halted bitcoins transfers thus tying up people's bitcoin. And their banking problems in the midst of all their hacking and technical problems they are claiming to have suddenly disappear?? Adventurous banks they've got, wouldn't you say? They want you to sell your bitcoin-it's $150 under market value so they can have their insiders take it to another exchange and sell it for a profit. What do you do to divert attention away from yourself? Cause a commotion. The other exchanges are not suffering the same problems MtGox is claiming to suffer from. They are suffering from denial of service attacks and the timing couldn't be more convenient and perfect. Nice distraction away from MtGox. If you analyze the actions and timing of the events, you will discover things didn't just happen by coincidence but was all cleverly orchestrated. MtGox announcements about the technical flaws in bitcoin, halting bank withdraws until after they crash their and the other exchanges with their coin dump and their "technical bad news" announcements MtGox reversed its exchange from being overly inflated to being overly deflated and now suddenly allowing bank withdraws but not bitcoin transfers. Their banking problems miraculously disappearing and the denial of service attacks on the other exchanges didn't all just happen by coincidence. We're talking about a huge orchestration that only an exchange like MtGox or someone with vast resources with insider ties could accomplish this. They cleverly planned and continue to plan to manipulate the bictoin market. Perhaps a govt entity wanting to destroy the cyber currency. Maybe. I suspect MtGox is associated with organized crime or became one. Anybody want to chime in for a discussion? PS I wrote in detail of about MtGox's plan on ripping off their account holders and how they were going to crash the exchanges...its here on reddit under MtGox
OP - Finnish Bank wrote (relatively) positive article about Bitcoin
Original source: https://www.op.fi/op/op-pohjola-ryhma/uutishuone/?id=80300&srcpl=1#/uutiset/8342/bitcoin_puhuttaa Translation (partially by google translator) Bitcoin a hot topic 02/12/2014 , News Diginatives use it , and investors want to get rich with it. What Bitcoin is all about? Programming point of view, five years ago, the Internet created an electronic currency bitcoin is a real tour de force . It is a currency that can be used anonymously so that the exchange takes place only for the seller and the buyer. Transaction is moving within bitcoin-network The difference between a credit card payment is clear. If you pay by credit card, payment always leaves a trace, and the transaction is ultimately between banks . Also bitcoin keeps a record of transactions, but if the receivers and senders electronic wallets are anonymous, no one knows between who transaction has taken place. There is also no government body that would regulate the value of Bitcoin or the movement . Bitcoin can not be forged . It is an electronic currency that is based on mathematics , prime numbers and standardized encryption algorithms . One Bitcoin is determined by the value of bitcoin-exchange sites that work just like the stock exchanges . The price is determined by supply and demand. Bitcoin can be get by purchasing them from online exchanges with ordinary money or by selling items or services. To be able to own bitcoins , a computer or mobile phone must have a virtual wallet , which store Bitcoins. Bitcoin have been joined by other virtual currencies such as the Litecoin , Dogecoin and Fair Quark. Use ? What is Bitcoin can be used? Depends on the environment in which you live in. If you do not live on the crest of the technology , you may have not faced Bitcoins at all. In that case you use euros and credit cards and have physical wallet If you are diginative and live in world of real-time communication and democratization of knowledge, you face bit coin stores and marketplaces online. Operations are global. Today, there are also firms that pay the salary of Bitcoin . As the online world there is no national borders , salary or commission paid as bitcoin transaction arrives within seconds. The risks? Is it right to warn of the risks , such as the Bank of Finland, European Central Bank and the European Banking Authority ( EBA) are doing? Bitcoin does not offer protection from hackers or digital thief’s because there is no outside entity turn to if things doesn’t work. Bitcoin value is based only on trust between users . Bitcoin users , each with their own actions determine how strong or weak the bitcoin evolves. Investment Property ? Bitcoin is also the investment. It depends on supply and demand , it rises and falls. Bitcoin value is already varied significantly. Its value has been launched under the dollar. At most, one Bitcoin value of more than $ 1,000. On February 12, Day one Bitcoin price MtGox service had fallen to $ 554 . Although value of one Bitcoin value is big, it is split into smaller and smaller fractional numbers , which can be traded . As like gold which has limited supply, the number of bitcoins stops once 21 million has been reached, aka all Bitcoins has been found by mining. Mining new bitcoins is for experts because it requires knowledge how to install mining program and create an bitcoin wallet. Guides how to do this can be found from Internet. And where to store bitcoins safely? Many have solved the issue by storing Bitcoin memory stick and moving the stick a bank safety deposit box .
$1B bitcoins on the move: MtGox vs SilkRoad origin and BTC price impact discussed
Preamble: it seems that my post was censored and removed on bitcoin... from now I will only publish my articles on btc and crosspost it. Freedom and freespeech matter to me. -- This is the 4th post of a series of articles dedicated to investigate $1B worth of bitcoins (111,114 BTC/BCH/... BXX) that were dormant since 2014 and started moving actively. The BTC coins were originally located at this address (1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a).
The facts that part of this funds (>13%) have been transferred in the past month to Bitfinex, Binance and Bitmex exchanges is discussed here.
The origin of the bitcoins was originally discussed here.
A deep-dive into the wallet activity was discussed here.
Today I am writing a short update to discuss the origin of the funds and some events that could be related both to this wallet and yesterday's price crash. Wallet's origin This question has been discussed a lot by the crypto community in the past year. Here is a summary of the most probable hypothesis for the 1933p wallet's origin:
Wizsec, a prominent Bitcoin security expert, seems to be pretty sure that the wallet belongs to a MtGox hodler and early investor, who is not a DPR or a SilkRoad user, per his Twitter post: https://twitter.com/wizsecurity/status/1037030003068653569 Finally, Wizsec and I agree that this wallet is not CSW`'s wallet despite it is mentioned in several court documents. Wizsec spent a lot of time debunking CSW's ownership claims earlier this year: https://twitter.com/wizsecurity/status/968337084837781504 What do you think about this wallet origin? ` BTC price crash Also, I wanted to report some events that could be related to this 1933p wallet activity:
$100M USDT were transferred (reported by u/whalecheetah) while the 1933f wallet owner was in the process of transferring approximately the same amount to several exchanges.
10,000 BTC buy order was filed last night on Bitmex with 8,030 BTC transferred from a Bitfinex user wallet while the 1933p wallet owner transferred approximately the same amount of BTC to Bitfinex since August, 24th.
Mtgox trustee: "Seeing how bitcoin price dropped it might be better to sell."
Apart from what is written on the report, the trustee mentioned that large claims in assessment could make it difficult for civil rehabilitation to continue moving forward, and also mentions that seeing how bitcoin price dropped it might be better to sell. He asked people in the room at the end who was for selling BTC (0% responded "for", ~20% responded "against") but mentioned he wouldn't be bound by this and would act in the interest of creditors with approval of the court. Documents distributed during the creditors meeting are available from the MtGox.com website.
[Anno 2014]However, exchanges are able to create paper bitcoin and as demonstrated by the leaked MtGox data, non-existent fiat currency was created in MtGox's database and used to run up the price of Bitcoin before the MtGox collapse.
Quote: "Bitcoin has not developed an options or derivatives market yet. However, exchanges are able to create paper bitcoin and as demonstrated by the leaked MtGox data, non-existent fiat currency was created in MtGox's database and used to run up the price of Bitcoin before the MtGox collapse. Bitcoin will likely become subject to the same manipulations and worse." "An exchange can add a Litecoin to an account in a database and then a user can sell that Litecoin. The litecoin may not exist and the exchange may have to buy the litecoin, to cover a withdrawal. An exchange with withdrawal limits or withdrawal fees, engaged in heavy manipulation, may be solvent indefinitely. An exchange, suffering insolvency may silently and secretly haircut a fraction of users balances and there is no indication to the user that it even occurred. There is no way to prove that reports of stolen funds are real, instead of an anonymous attack on honest exchanges by dishonest competitors." ...A project from 2014 over at Bitcointalk wrote that. The same line could be used now, 4 years later just with Tether.
How do we remove MtGox as the default price quote for Bitcoin?
I know its impressive looking, but we at very least need some kind of system. Either stop using MtGox to quote the price or always add either "BTC-E" or "Stamp" after your price. It makes people batty or confused.
I emailed wolframalpha and they responded - mtgox no longer used for Bitcoin price there finally
From: [email protected] To: [email protected] Date: Tue, 4 Mar 2014 23:32:51 +0000 (UTC) Subject: Wolfram|Alpha Feedback We have received your feedback regarding Wolfram|Alpha. The issue you reported has been fixed and will appear on the live site with the next update. Thank you for helping us improve Wolfram|Alpha. Best wishes, Joshua The Wolfram|Alpha Team www.wolframalpha.com
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Mycelium devs; Please remove MtGox from your "Bitcoin Price" calculations
At least allow the user to select from a list which exchange(s) to use in the calculations. Right now my balance says the average is $390. I can't use the "send USD" functionality right now because it's not trustworthy.
The system is collapsing. This shows the premium between paper PM prices in the west, and actual physical markets in Shanghai. Note the growing premiums. Arbitrage is pulling what physical metal is left in the west, to the east where prices are higher. (similar Bitcoin action before MtGox collapse)
The bulk of bitcoins are held by about 1000 people. There is a huge self-interest to keep the bitcoin price high. Given the price stability after mtgox imploded, I believe that bitcoin is, in fact, a highly manipulated Ponzi scheme.
Posting anything negative on /bitcoin causes it to be immediately deleted.
Bitcoin price vs volume graph for 2011-2016 suggests: (1) MtGox/Willy made price overshoot in late 2013; (2) Blockstream is making price undershoot since late 2014. This is easy to test, by sticking with Satoshi's plan. Anyone who opposes this test is anti-science, anti-markets - and anti-investors!
Bitcoin price and volume have been tightly correlated for years;
Price vs volume (ie, the size of actual blocks) became uncorrelated on only two occasions:
MtGox/Willy (late 2013) - when the price overshot
Blocktream / Core's refusal to increase / remove the 1MB artificial limit on "max blocksize" (Blockstream launched in Nov. 2014) - when the price is now undershooting
If you look really close, you'll also be tempted to formulate a rough estimate that:
If the correlation in the graph had continued, we would be at around $40 billion market cap now - instead of merely $6 billion market cap.
So, if the correlation in this graph had continued (ie, if Blockstream / Core hadn't started attempting to artificially suppress the blocksize, since their launch in November 2014), then 1 BTC would equal over 2,000 USD now. You can shout "correlation isn't causation!!!" all you want. All I am saying is: let's test it out. Let's allow the actual blocksize to continue to increase like it has been doing for the past few years - un-impeded by any artficial blocksize limit. Let's follow Satoshi's plan (where the price increased with the volume) and not Core / Blockstream's plan (where the volume is rising and hitting an artificial limit, and the price has been stagnating). We can easily test hypothesis (2) in the title of the OP (the claim that "Core / Blockstream is suppressing the price by suppressing the blocksize"), by simply increasing (or removing) the temporary artificial blocksize limit, thus allowing the natural blocksize to continue to grow unrestrained - and observing whether price and volume continue to grow together. This is what Satoshi wanted. Since he was right about everything else, we should do what he wants now. Those who would deny us the chance to continue this experiment (Core / Blockchain) are anti-science, anti-markets - and anti-investors. Info on MtGox/Willy here: https://duckduckgo.com/?q=mtgox+willy Info on Satoshi's plan to increase / remove the temporary 1 MB "max blocksize" anti-spam kludge here:
"The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. It never really hits a scale ceiling." - Satoshi Nakomoto
A scientist or economist who sees Satoshi's experiment running for these 7 years, with price and volume gradually increasing in remarkably tight correlation, would say: "This looks interesting and successful. Let's keep it running longer, unchanged, as-is."
The bankruptcy trustee for the defunct Mt. Gox exchange has denied that the sale of $400 million in BTC and BCH caused the recent drop in prices. After being postponed several times, the hacked Mt. Gox Bitcoin will finally be sent to the rightful owners of those BTC in 10 days' time, i.e., October 15, 2020. The last date of the rehabilitat Bitcoin prices and more! Bitcoin Price; Cryptocurreny Price List; Bitcoin Newsletter; Mt. Gox Trustee Rehabilitation Plan Extended Until Mid-December – October 15. By Alejandro Miguel / October 16, 2020 @ 8:58 am Bitcoin, Cryptocurrency, Daily, Ethereum 📈 30 Second Cryptocurrency Price Summary. Current Bitcoin Price: $11,372. Bitcoin price has maintained its position above the $11,300 ... Since the early days of bitcoin MtGox has been THE exchange to buy bitcoins with your grubby little bits of fiat US dollars. So dominant has MtGox been that many people have been happily using the MtGox price as a proxy for the bitcoin market in general. This includes me, for the charts on this blog, although it is getting harder to justify doing that lately due to price discrepancy between ... Bitcoincharts provides real-time USD price data of the Mt. Gox exchange including charts, orderbook and more.
MtGox Bitcoins to BTC Bitcoins in 50 seconds BITCOIN PRICE , BITCOIN FUTURE in doubt http://youtu.be/eO-yrpQpIT8 What is NAMECOIN BITCOIN'S First Fork http:/... More MtGox fishy scammery... This video is unavailable. Watch Queue Queue This video is unavailable. Watch Queue Queue. Watch Queue Bitcoin price shot up massively to over $9k after the postive news came out from G20 Summit. However, the bull run could not gain volume as FUD from Japan about Binance dropped the price again. Bitcoin Exchange Kraken Goes Down for 40 Hours, Drawing Mt. Gox Comparisons by BTC News What was meant to be two to three hours of late-night down time for cryptocurrency exchange Kraken h ...