Urban75 Home About Offline BrixtonBuzz Contact

Bitcoin discussion and news

lt35 said:
My theory for what's hapenning: people have been putting their christmas savings to take advantage of the bubble, but will slowly withdraw them over the next two weeks to buy gifts and we'll see a more stable price around $700 in the following months - any thoughts?
Click to expand...
possibly, but bitcoin is that up and down, i wouldn't trust putting my xmas pressy money in there in case it went down suddenly.
 
lt35 said:
My theory for what's hapenning: people have been putting their christmas savings to take advantage of the bubble, but will slowly withdraw them over the next two weeks to buy gifts and we'll see a more stable price around $700 in the following months - any thoughts?
Click to expand...

The proportion of funds invested by people who would need to reduce their investments in order to buy Christmas presents must be vanishingly small.
 
bi0boy said:
The proportion of funds invested by people who would need to reduce their investments in order to buy Christmas presents must be vanishingly small.
Click to expand...
fair point, I suppose it's all about speculators with large disposable incomes at this stage
 
The demand spike for bitcoin has come from China. The biggest exchange in the world is in china and it was only set up in June. China has very strict currency and capital controls and bitcoin not being subject to any form of exchange control is where the demand is coming from.
 
lt35 said:
My theory for what's hapenning: people have been putting their christmas savings to take advantage of the bubble, but will slowly withdraw them over the next two weeks to buy gifts and we'll see a more stable price around $700 in the following months - any thoughts?
Click to expand...

Interesting idea, but not sure how much the Chinese notice Christmas.
 
I've been spending a bit too long keeping an eye on the trading patterns recently, and I reckon there's some serious market manipulation going on, with relatively tiny amounts of trades (for currency traders) resulting in near instantaneous significant swings in the price.

For example on 18th Nov 1750 bitcoin trades trigger a 40% rise, 19th Nov, 1500 bitcoin trades worth £750k triggered a near immediate 25% reduction in value, then nearly as many again resulting in a 20% rise, prior to a further 30% fall until on the 20th 1250 bitcoins, total value of just £375k of trades kickstarted the rally that ended up with prices going back up 70%... and then 1200 trades pretty much ended that rise.

By my reckoning that's probably the same trader or traders who've just manipulated the market to cash out £750k, use half of that to then buy nearly the same number of bitcoins again a day later at around a 40% reduction in price, then flog them again when they'd risen 60%.

There also seem to be a lot of shorter term patterns of people triggering reductions and rises of a few percent within the space of a few minutes with similarly sized trades.

Basically the market size seems to be so small that it takes less than a million quid to trigger huge swings in the market, and more than double their money inside a week.

Thing is, people have to have also been buying all the bitcoins they flog at the top of the market, so the person manipulating the market has effectively knowingly ripped them off, knowing full well that they're intending to flog enough rapidly to trigger a rapid fall in the price so they can then buy the same number back again at a huge discount shortly after... probably a fair few of them from the same people who're panic selling after seeing themselves lose 25-40% in the space of a few hours.

So if you've got a million or so to manipulate the market with, then there's probably no quicker way to double your money... if not, then I guess you can try to ride on their coat tails, but beware that you could well be buying from the traders who've just caused the big rise and is cashing out to deliberately cause the market to crash.
 
free spirit said:
I've been spending a bit too long keeping an eye on the trading patterns recently, and I reckon there's some serious market manipulation going on, with relatively tiny amounts of trades (for currency traders) resulting in near instantaneous significant swings in the price.

For example on 18th Nov 1750 bitcoin trades trigger a 40% rise, 19th Nov, 1500 bitcoin trades worth £750k triggered a near immediate 25% reduction in value, then nearly as many again resulting in a 20% rise, prior to a further 30% fall until on the 20th 1250 bitcoins, total value of just £375k of trades kickstarted the rally that ended up with prices going back up 70%... and then 1200 trades pretty much ended that rise.

By my reckoning that's probably the same trader or traders who've just manipulated the market to cash out £750k, use half of that to then buy nearly the same number of bitcoins again a day later at around a 40% reduction in price, then flog them again when they'd risen 60%.

There also seem to be a lot of shorter term patterns of people triggering reductions and rises of a few percent within the space of a few minutes with similarly sized trades.

Basically the market size seems to be so small that it takes less than a million quid to trigger huge swings in the market, and more than double their money inside a week.

Thing is, people have to have also been buying all the bitcoins they flog at the top of the market, so the person manipulating the market has effectively knowingly ripped them off, knowing full well that they're intending to flog enough rapidly to trigger a rapid fall in the price so they can then buy the same number back again at a huge discount shortly after... probably a fair few of them from the same people who're panic selling after seeing themselves lose 25-40% in the space of a few hours.

So if you've got a million or so to manipulate the market with, then there's probably no quicker way to double your money... if not, then I guess you can try to ride on their coat tails, but beware that you could well be buying from the traders who've just caused the big rise and is cashing out to deliberately cause the market to crash.
Click to expand...

Wow... you mean, speculators speculate in bids to exploit the speculations of other speculators? :eek:

How has no one noticed that money can be used like this, does this happen in Forex trading too??? Why hasn't this sort of thing been banned!???

And obviously every time these ruffians embark on their dastardly manipulations they can be guaranteed that the market will behave in precisely the manner in which they intend because as everyone knows markets are completely predictable and there is absolutely no risk in any crazy money-making strategy each speculator in a room full of speculators might choose to employ against each other speculator going awry for the busy busy speculators over the course of their daily speculatings.

If only people had the choice to not speculate, but alas... bitcoin doesn't allow it, not-speculating is a feature that you need to buy a plug-in for that has not yet been coded. :(
 
Last edited:
camouflage said:
Wow... you mean, speculators speculate in bids to exploit the speculations of other speculators? :eek:
Click to expand...
what I mean is that the amounts needed to cause massive market fluctuations are fucking tiny compared to virtually any other commodity a speculator might normally decide to speculate on.

It's certainly not a recipe for a stable currency when a trade of less than £1 million can cause the price to fluctuate one way or the other by 40% within hours.

And obviously every time these ruffians embark on their dastardly manipulations they can be guaranteed that the market will behave in precisely the manner in which they intend because as everyone knows markets are completely predictable and there is absolutely no risk in any crazy money-making strategy each speculator in a room full of speculators might choose to employ against each other speculator going awry for the busy busy speculators over the course of their daily speculatings.
Click to expand...
Actually, the point in this is that yes they can be pretty much certain that the market will rise dramatically if they buy in that sort of volume, and that the rise they trigger will be reinforced by other speculators piling in, and that they can then flog their bitcoins at a significant profit to the jonny come latelies who don't realise the top of the peak has just been called, and you're offloading so much volume that the price will almost inevitably crash.

If you like markets where rich speculators can easily rig them to make artificial profits off those without the means to do the same, then I guess we'll have to agree to differ. Me, I just see it as someone scamming a quick million quid or so off the more gullible who're getting sucked in to gambling on the bitcoin market but don't realise how rigged it is.
 
Please could someone cyrptocoin savvy pm me about some questions I have on litecoin wallet, I just bought some. (don't worry, it's money I am prepared to lose)
 
free spirit said:
what I mean is that the amounts needed to cause massive market fluctuations are fucking tiny compared to virtually any other commodity a speculator might normally decide to speculate on.

It's certainly not a recipe for a stable currency when a trade of less than £1 million can cause the price to fluctuate one way or the other by 40% within hours.


Actually, the point in this is that yes they can be pretty much certain that the market will rise dramatically if they buy in that sort of volume, and that the rise they trigger will be reinforced by other speculators piling in, and that they can then flog their bitcoins at a significant profit to the jonny come latelies who don't realise the top of the peak has just been called, and you're offloading so much volume that the price will almost inevitably crash.

If you like markets where rich speculators can easily rig them to make artificial profits off those without the means to do the same, then I guess we'll have to agree to differ. Me, I just see it as someone scamming a quick million quid or so off the more gullible who're getting sucked in to gambling on the bitcoin market but don't realise how rigged it is.
Click to expand...
In the context of a barely usable, in beta, highly volatile crypto currency market - what is 'artificial profit'?
 
Idaho said:
In the context of a barely usable, in beta, highly volatile crypto currency market - what is 'artificial profit'?
Click to expand...
I take your point, but I mean profits that they've achieved purely by using their financial clout to game the system and manipulate the market into an artificial spike / crash / spike situation where this wouldn't have happened without their actions.

I'd view it really as scamming the unwary who they know will pile in on the rise they've triggered, then be left holding the bitcoins when the crash happens.

FWIW though, I'm fundamentally against speculation of this type in any form where those with greater levels of capital are able to manipulate the market to enable them to rack up huge 'artificial' profits. At least in this situation it's not basic food stuffs / energy prices that are being manipulated in this way I suppose.
 
It's certainly possible if bitcoin became the world's dominant store of value, surpassing gold. How likely it is, now that's the question. It only needs to be >0.1% chance for the current price to be a +EV bet.
 
Crying my eyes out. Lost passsphrase to my btc wallet.
Gutted.
It was going to help towards money troubles.
Im feeling really distressed and wanna give up. :facepalm: :(
 
.
panpete said:
Crying my eyes out. Lost passsphrase to my btc wallet.
Gutted.
It was going to help towards money troubles.
Im feeling really distressed and wanna give up. :facepalm: :(
Click to expand...


ouch! :(

Don't stress, it's in there somewhere... you might recall it out of the blue just as you're about to fall asleep or something. Discount btc as a solution for money issues for now, assume Plan B sort of thing. Hope your issues bounce instead of smash!
 
camouflage said:
.



ouch! :(

Don't stress, it's in there somewhere... you might recall it out of the blue just as you're about to fall asleep or something. Discount btc as a solution for money issues for now, assume Plan B sort of thing. Hope your issues bounce instead of smash!
Click to expand...
I can't stop crying. I know its only money, but it was gonna go towards much needed stuff.
I feel so insecure about my future.
I try to put it to the back of my mind, but it comes out in other ways, when I am not aware, like bad moods, etc
I'm really struggling at the moment.

I just haven't got a clue what it could be, and the more I try to remember, the more distressed I get.
 
free spirit said:
I take your point, but I mean profits that they've achieved purely by using their financial clout to game the system and manipulate the market into an artificial spike / crash / spike situation where this wouldn't have happened without their actions.

I'd view it really as scamming the unwary who they know will pile in on the rise they've triggered, then be left holding the bitcoins when the crash happens.

FWIW though, I'm fundamentally against speculation of this type in any form where those with greater levels of capital are able to manipulate the market to enable them to rack up huge 'artificial' profits. At least in this situation it's not basic food stuffs / energy prices that are being manipulated in this way I suppose.
Click to expand...


You have a tendency to assume it's all run by a shady gang of golfers in some million-dollar club somewhere who think all this stuff up in their oak-varnished study while smoking cigars, sipping port and guffawing at the clueless shufflings of the little people. But most large bitcoin holders are just crypto-geeks that stumbled into bitwealth by luck, or libertarded 'sound-money' Mises Acolytes of the 'Cold Dead Hands' variety who's sociopathic hatred of society-as-community rather than market-arena means that they are loath even to breath-out, let alone flog off valued finite assets in return for sweaty fistfuls of the state-stamped chartalist "money" (they would say with a sneer) that they hate so much.

You are right though, but the understanding of bitcoin that people who love the idea have means that they aren't in it for the kind of short term quick-buck gains were they could be neatly chopped up by big-monied speculators you're talking about. Doubtless there are victims like that who wandered in but what can you do. Speculators who see dollars as the real wealth and don't have the same understanding of bitcoin as the 'lovers' do may wander into the market like lambs into an abattoir thinking there's easy-money to be had, but the lovers understand the situation differently and would be a lot less prone to getting swooped in the manner you describe. The speculators who are deep-lovers of btc in my opinion consider making out with more bitcoins then they previously had as being the only successful outcome for interactions in that market. So it's like you have it back-to-front in relations to people wearing bitcoin-goggles because you're not connecting with the point of view of the people whose choices and actions have actually developed the value we see in bitcoin today (by fiat of the interested parties I'd say, which is nicely ironic I think).

So you see some guy walking off with a bag of dollars after a transaction and think him the winner while the other person is 'left holding' a bunch of bitcoins, but even if she bought on a peak she may well consider herself the winner, able to eat the time needed for her new btc to become a profit. It's totally about values in my opinion. You're assuming people who are in it for the bitcoin just don't know what they are doing because you don't see any value in them. It's one of these basically...

Spinning_Dancer.gif


And yes dollars are well and good but dollars and their near-zero interest rates simply don't compare to the kind of deflationary gains in value seen with bitcoin that the deep-lovers like, argue-for, beleive will persist over-all and have been busily developing-up from the thousands-on-the-dollar-days till now. The lovers want to hold bitcoin, and see the current price as just a mediator of how many they might hold in ten years time. You think bitcoins are the silly money in this thing because you don't value them. But the protocol remains strong (scammy middlemen and wonky front-end services notwithstanding). People who don't see the value of bitcoin beyond the dollar price probably shouldn't offer themselves up to the chopping block, like the old legend "those who don't know what they stand for will fall for anything" sort of thing.

Hope any of that made sense.
 
Last edited:
panpete said:
I can't stop crying. I know its only money, but it was gonna go towards much needed stuff.
I feel so insecure about my future.
I try to put it to the back of my mind, but it comes out in other ways, when I am not aware, like bad moods, etc
I'm really struggling at the moment.

I just haven't got a clue what it could be, and the more I try to remember, the more distressed I get.
Click to expand...

Maybe stop trying to remember for a bit? God it's hard to say something useful in these kind of circumstances, but I hope you can regain the kind of perspective where the memory will just barge its way back into your mind at some point, you would have chosen it carefully after all, maybe tied it to a clue or something. Can you give yourself like a week to remember and then try not to think about it until the week is up?
 
panpete said:
I can't stop crying. I know its only money, but it was gonna go towards much needed stuff.
I feel so insecure about my future.
I try to put it to the back of my mind, but it comes out in other ways, when I am not aware, like bad moods, etc
I'm really struggling at the moment.

I just haven't got a clue what it could be, and the more I try to remember, the more distressed I get.
Click to expand...
Do you know if you used a long password, or a password with upper case, lower case, numbers, special character, etc?
Find out what complexity requirements were. That might help you remember what you used
 
Hi

I don't have a clue.
I feel that it's nigh on impossible to forget it.

I cannot even remember setting a passphrase for it, that is the weird thing about it.
I do have wallet.dat on file, I wonder if my private keys are in there.
If they are, and I can access them, I can make a new wallet.
Dunno how to open .dat file though.
I have all detailed transaction records from bitbargain where I bought them, but I donno if the private keys are on there.
I keep trying to calm down but I am worried about my mental state, cos this is just more shit piled ontop of the big pile of shit I have already.
Thanks so far.
 
panpete said:
Hi

I don't have a clue.
I feel that it's nigh on impossible to forget it.

I cannot even remember setting a passphrase for it, that is the weird thing about it.
I do have wallet.dat on file, I wonder if my private keys are in there.
If they are, and I can access them, I can make a new wallet.
Dunno how to open .dat file though.
I have all detailed transaction records from bitbargain where I bought them, but I donno if the private keys are on there.
I keep trying to calm down but I am worried about my mental state, cos this is just more shit piled ontop of the big pile of shit I have already.
Thanks so far.
Click to expand...
where was the wallet? on one of the online website wallet places?

If you have your wallet.dat file you might be ok...
install this
http://bitcoin.org/en/download
let it syncronise.. might take a day or so..
then copy your wallet.dat file in to it.

for godsake - email your wallet.dat to you self or back it up somewhere..
 
joustmaster said:
where was the wallet? on one of the online website wallet places?

If you have your wallet.dat file you might be ok...
install this
http://bitcoin.org/en/download
let it syncronise.. might take a day or so..
then copy your wallet.dat file in to it.

for godsake - email your wallet.dat to you self or back it up somewhere..
Click to expand...
it was on bitbargain
I do have wallet.dat but dunno if it is for litecoin
How can I tell please?
 
imageone.jpg Image2.jpg Here's some screenshots of my two flash drives.
The bitcoin wallet was made around April, I know that much.
Pleaseeeeeeeeeeeeee I hope that wallet dat is amongst that lot.
I dunno why the files have been renamed. honeyletter is my bitbargain user name.

thanks so far
 
Last edited:
You must log in or register to reply here.

Similar threads

Protag
Israel-Iran conflicts - news and discussion
6 7 8 9 10
Replies
277
Views
15K
krtek a houby
krtek a houby
PR1Berske
Hamas/Israel conflict: news and discussion
520 521 522 523 524
Replies
16K
Views
677K
belboid
belboid
WhyLikeThis
Mpox - news and discussion
9 10 11 12 13
Replies
387
Views
22K
Cerv
C
emanymton
Good news! Silvio Berlusconi dead
Replies
16
Views
1K
gentlegreen
gentlegreen
Yuwipi Woman
The Good News Thread
Replies
5
Views
891
platinumsage
platinumsage
Back
Top Bottom