Not at all. You won't know what being skullfucked is until sometime this fall. Meanwhile that unpleasant sensation you are having is just your body adjusting to the lack of schadenfreude in your bloodstream. Withdrawals will be hard and that's why we are prescribing denial. Denial will help you through these next months as you focus on all the positive things in your life. Like Doritos, the basement, hot pockets. Those things will all be available to you for free or for actual money for a long time.
The first Crypto bubble was the first Bitcoin Halvening in late 2012... price rose to ~$230, and then dropped to ~$70. Second is commonly attributed to Willybot - ~$1200 to $250 over a year. Third is the Second halvening, or the rise of Ethereum or both. This time its not just bitcoin... But if past patterns are correct - Bitcoin will drop precipitously from whatever high it achieves to 20-40% of its value. In current terms - from $4500 to $1500? If it were to happen it would suck all alts down as well - Monero back to $25-50 range? Discuss, please.
The lack of a convincing explanation for the current bitcoin price surge, as well as the obvious use of pumping bots at OKCoin and Huobi make it quite clear this is an artificial bubble that will eventually pop, creating a major crash. Question is, at what price will that happen? Options are:
Conspiracy Theorists: What are all the illegal or very shady things exchanges have done and gotten away with thus far?
Been casually reading up on the history of cryptocurrency exchanges, and stories like this one of the WillyBot at Mt. Gox I find really fascinating. It's piqued my interest to find out more about other (either confirmed or rumored) things exchanges have done. I know exchanges like HitBTC have been accused of withholding user's funds without explanation (and perhaps worse). But what about other things, perhaps shady growth tactics. Like for example, last NovembeDecember Kucoin really exploded onto the scene. Granted this was during the major bull-run of last year, but seemingly every new coin they were listing seemed to explode in price. Speculatively wondering how much of that was real, as opposed to Kucoin themselves buying up the asks of coins getting listed on their own exchange to pump the price, and entice more traders in turn to notice them and sign up. There's nothing in theory preventing them from doing that, correct? Alternatively, what's to stop exchanges from publishing fake volume data via their api for cmc to report to the rest of, and in turn encourage us to sign up chasing better coin liquidity. Is there anyway to confirm that? Maybe you guys know of other things exchanges have done and/or are doing, both confirmed or rumored. Would love to read more about this. Thanks in advance.
Can someone please explain the 2013 bubble, willybot, MTGOX, and any other significant players during that time frame?
In 2013 I started seeing that magic Internet money ad on reddit. Checked out the sub. Didn't understand what was going on. Ended up buying some when the price was around 980. Heard about MTGOX and willybot. Something about the willybot made the price skyrocket. That's a about all I know. I feel like this was a significant time in bitcoin's life and I walked in when the party was just ending. Can someone explain what happened?
Hey, i just crossed over the Willybot article back from 2014 and i was wondering if something similar could be done today as well on chinese exchanges ? http://www.coindesk.com/bot-named-willy-did-mt-goxs-automated-trading-pump-bitcoin-price/ But what i don't understand is how is it even possible at all to manipulate a price upwards ? I mean you still have to find real buyers at some point so you wont be able to sell at all ? And since the volume is so huge on chinese exchanges with not just insiders trading but also regular people, how can you get over them? They will buy your shorts or sell your longs and if not, you won't make profit. So the only method i can think of right now is to trigger certain TA sell/buy points and do the exact opposite and push the price in the other direction again. But therefore you need a ton of money and even then, whats the problem with that ? This is just regular trading and if you risk a lot of money you should also be allowed to profit if you move was good. What are your experiences as a regular trader on chinese exchanges ? Anything odd happened to you ? How do these chinese exchanges make money at all btw ?
OKcoin and other Asia based exchanges are very likely manipulating the price of bitcoin on a regular basis.
In my opinion zero/low fee Asian exchanges are manipulating the price of bitcoin on a regular basis. By Asian exchanges I'm referencing the ones specifically that offer zero fee trading. (BTCChina is reputable in my opinion) Many people question why Bitcoin has fallen so sharply from $1000+ and bring up the willybot as an excuse for that rise. As many have pointed out including the person who discovered willy, Mtgox had minimal involvement in the rise and it was rather massive orders placed through Asian exchanges. I have absolutely no proof this is the case, but you have to take a step back and think to yourself, what would the incentive be for these exchanges to act honestly. Bitcoin trading is not even regulated, individuals are free to attempt to manipulate its value as much as they please. Exchanges like OKcoin can view the full order-book of its futures traders and place fake trades that they know will force liquidations and use that to profit off traders. Obviously OKcoin & others have acted dishonestly in the past and feature a ZERO fee on futures trades, you have to wonder if that's for good reason. This is coupled with the fact that over the past few months anyone who's traded has seen ridiculous and illogical trades, both dumps and buys taking place on these exchanges and forcing mass liquidation. I think anyone who trusts exchanges such as Huobi, OKcoin, and Bitfinex are toxic towards the health and future of Bitcoin. I'd compare this situation towards a bitcoin dice site offering a low or 0% house edge and then rigging rolls through a lack of proper provable fairness. We need to push for these exchanges to somehow become "provably fair" or abandon them for more reputable exchanges such as Gemini (if it ever comes). tl;dr :I find it unlikely that an exchange that participates in money laundering & forgery would look away from the persistent opportunity to steal millions in a completely undetectable manner. EDIT: I was somewhat misinformed with regards to zero fees, however I feel the point still stands.
Lets not kid ourselvrs: Price is up because of Willybot 2.0 in China
I call bullshit on BTCChina's Bobby Lee's explanation regarding the recen rise in the price of bitcoin. It has nothing to do with VAT in Europe and there's no proof of increase usage. The only two facts that are beyond question are:
The price began to rise shortly after Gemini was open for business.
The price surge has been very clearly been led by chinese exchanges.
I'll add a third factor: Reddit users caught two bots being used in OK Coin and Huobi leading the rally. The Hiobi bot seems to be reacting to the OK Coin bot. This can only mean one thing: we're witnessing Willybot 2.0. Don't get me wrong. I like the price to go up. But once these new bots are done pumping up the price there's going to be a huge crash. Just like in 2013. So be prepared. Get your coins ready to sell at the exchange of your choice, because the more the price rises, the hardest it will crash.
370! Thank you OKCoinBot. Thank you HoubiBot. May we sell when the next crash begins.
My sincere thanks to the assholes pumping the price of bitcoin with their OKCoinBot HuobiBots. Thank you so very much. THe price is going up nice and artificially, but this time I have my coins at Coinbase Exchange and I'll be ready to sell as soon as the next crash starts. VAT? Capital controls? MEH! This is WillyBot 2.0. But this time we're not going get screwed like last time. This time is ON biotch.
The result will be Bitcoin declining in price to possibly $5,000 as predicted by Mr. Demeester. Let's try to predict which price will be the lowest for BTC before the halving event? $5,000 or $3,000? Write in the Comments Section! About the author. Vladislav Sopov. WillyBot is almost as notorious for Bitcoin users and MtGox itself. This bot operated as a trading bot, much to the concern of most traders on MtGox. ... because if Bitcoin’s price was -at the ... In addition, 1/8 of the Bitcoin stock was “stolen” by the infamous Willybot, who manipulated prices around the world. Wu summarized: In general, Bitcoin-2018 is much healthier than Bitcoin-2014. $160,000 by August 2023? Reports show that the bot was able to purchase approximately 250,000 bitcoin. Some reports even show that the Willy bot accounted for 30 to 50% of Mt. Gox’s entire trading volume – which is a significant amount, to say the least. It suggests that someone was carefully manipulating the price of bitcoin on the exchange. Bitcoin is plunging right now. The price of the digital currency went under $7,500 today, according to major exchanges like Coinbase. Bitcoin was hitting $20,000 in December, 2017.
BITCOIN PRICE PLUMMETS IN MINUTES! WHAT IS NEXT FOR BTC?
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