They were down again today.

Once again, i understand they are growing like crazy but they also make money like crazy and should be able to hire plenty of people just for the verification part.

Bitcoin has been pretty interesting to follow over the last month. Anyone here that follows HN/Ycombinator might find a post by PG interesting. It's titled: "Ask HN: Why would a government have created bitcoin?" Sorry can't post URLs yet. - Kind of surprised me that PG has little conspiracy theory spinning in that brain of his.

*note - not trying to get around rules or anything (no affiliate with HN, simply think it contributes to the discussion)*

What the hell are you talking about?

MtGox
UPDATE: We are waiting for technical confirmation, but it appears to be another strong DDos attack. We are attacked daily, but very soon we will be transitioning to a better service that will be a major improvement. Just getting ready for implementation.
Like · · Share · 24124 · 27 minutes ago ·

Yup, because it was close to reaching 100 dollars again. So time for certain people to destroy things again.

they can't even get ddos protection, nutty, they are partnered with prolexic, the best of the best on that. wow.

Meanwhile this is what Bitcoin.de are implementing

Yeah just read that :thumbsup

PG = Paul Graham, pretty influential guy in the tech scene right now, and he thinks perhaps a government created bitcoin. One of his theories is that maybe a government created it to destabilize currency in nations. Interesting, that's all.

And you expect us to know what or who pg is :)

:thumbsup:thumbsup:thumbsup

My bad :P One of those things where I see an acronym every day I assume other people know it too lol

Need another massive drop again today :)

Entirely possible...

Governments have wanted to get rid of paper currency for some time now, create a digital one and let it's users embrace it and watch it become more and more popular.

Remember we had national ID cards as a government proposal in the UK & EU pre 2005 and how much people campaigned against it. Then along came Facebook & Twitter a few years later and the death of privacy as most people where more than happy to share every detail of their lives with the entire world via their Facebook Wall or Tweets.

Now all intelligence agencies have teams dedicated to spying on people of interest through social media.

i found the original discussion

https://news.ycombinator.com/item?id=5547423

Damn, that sounds awesome!

i was thinking of this the other day, how we are being conditioned to volunteer what we do, when we do it and where we do it all day every day and its only going to increase with every generation. i am no conspiracy theorist but its a pretty ingenious plan and if it wasn't a plan, a very sweet deal for them to just happen. however bitcoins are so popular in part because they are anonymous, so if they can't be tracked then where is the benefit?

I've long suspected bitcoin was created by a government. Bulletproof protocols usually require peer review, yet there have been zero leaks from the reviewers. Pools of crypto guys who don't leak stuff are usually employed by governments.
The part that puzzles me is why a government would do this. I can imagine several possibilities:

1. To finance their own black operations.

2. Because they thought digital currencies were inevitable, and they preferred bitcoin to some potentially more malevolent form. (Could bitcoin have been worse from a government's point of view?)

3. A friend suggested this: because they felt their currency would never become the standard reserve currency, and they felt it was better that no one's be if theirs couldn't be.

4. A variant of the above: the US did it because it seemed inevitable that the dollar would eventually lose its place as the standard reserve currency, and better to have it replaced by bitcoin that the yuan.

I realize some of these explanations are pretty far fetched, but so is an individual cooking up bitcoin as an intellectual exercise. Whatever the explanation of bitcoin's origin turns out to be, it will probably be pretty weird.

Yeah, really interesting how things have changed. I remember 15 years ago most people wouldn't even want to put their full name on the internet. Now with the explosion of social media, many people have no problem sharing every little detail about their life. Very interesting how things have changed.

It's a Chinese plot.

i'm not so sure it is fully anon. i've been trying to understand that better, but each and every transaction on the chain is publicly viewable, every one. i've read that can be backtraced :winkwink: in some way to glean infos. i don't know how accurate that is but it is something i've come across

I like the drops as I sell off near the high, I can constantly buy back in during the drops for even more profit. Just as long as it doesn't start trending down.

I was reading the other day something about how to really be anonymous with it you need to essentially chop up your bitcoins and 'launder' them through different services. I forget the exact details, but it did sound like you could be truly anonymous with it.

You can trace the transactions but there are ways of making it very hard and possibly impossible to trace. There are services which jumble the bitcoins across 100+ wallets for a few hours then slowly spits the coins back out into multiple wallets in small denominations. As far as I know the actual bitcoin hash cannot be traced.

If you're really dedicated and want to search the blockchain for a few years you would eventually find where the bitcoins went.

I have a well written kit on how to launder money through bitcoin anonymously from a well known money launderer on SilkRoad. I used to "sell" my USD cash for bitcoins for a 15-20% profit.

Laws and trends happen just slow enough so your average person doesn't notice the change.

Look at the AML regulations banks have in the west and how little we're talking about before it's reported to some central reporting agency. Supposedly to protect against criminals etc when ironically the biggest crooks are the bankers etc

Take things like Twitter, you'd be mental to publish anything semi controversial on it, Christ even opinions are getting people sent to prison.

We're seeing increasing trends of people being arrested and sent to prison for some stupid comments they've posted on Twitter without thinking.

I should thank franck for getting my attention with this. I was into them long before but it was the last thing on my mind. Since his bitcoin hardon my buddy and about 35% of my money has bought and sold over 40 times now with a range of 11 dollars to 90 dollars profit per BC each time.
I know it sounds so easy but it goes up and down so much he has just bought low and sold higher every single time it went high and bought again when it goes back down. He got scared when it went past 160s and sold even though it went to 260 but bought again at 80. I'm talking over 1000 each time too. So google this shit and start with a grand and see what you can do.
So Franck if you ever make it back to America i'll buy you a bro drink and even give you a gun so you can protect yourself while here haha

Interesting post at the bitcoin forum

Quote from: Gatekeeper on Today at 05:14:42 PM
i reckon the ddos might be linked to that failed attempt last night to push the price down, they lost about 15k coins with the sell off and walls eaten, maybe they're desperate for their coins back cheaply. Seems quite heavy attacks today.

now comes the big fake walls trying to push the price down in the lag, this is the time when i'd be happy for gox to stop trading, then the idiots doing this can't benefit

------

I don't understand why someone would want to keep the price down. There's clearly someone or a group of people keeping it below $100. They slammed 4-5k coins into the rally yesterday that reached 98.5 pushing it down to 93-94. Then put up 25k worth of asks from 94-100. Those weren't old sells, half of them were from 94-98.5 that was just eaten. We know those were real because 5-6 hours later half the wall disappeared and someone dumped 11k of coins in 15 seconds into the bid wall trying to push it back. They put up ask walls trying to keep it down at 87.

That failed but they're still heavily protecting 95-100. I just don't really see why.

1) It's greatly decreasing volatility.
2) It's stabilizing the price
3) The longer it stays here the more people will actually believe this is a legitimate value for bitcoins (I'm not saying it is or isnt) Which does make it easier to rally it up (above $100) and rally it back up when it goes lower (then $90). Hard to believe someone is investing 2-3-4M to cement the physiological value of BTC.

Very little of that has to do with greed or making money at least short term. If they were greedy or wanted to make money they would have let the rally run to 110-120-130 then slammed the coins into it then and made a lot more money. It was clearly a goal to keep it under $100.

Can it really be some white knight of Bitcoin trying to stabilize the markets? The only big player who has the coins, has the money, who cares about the long term health of Bitcoin and the market, is MtGox.

Clearly someone is manipulating the market. And their goal isn't making money, at least in the short term. I just can't really figure the why or who part out. =)

what is a "wall"?

A wall in this sense is referring to a very large amount of bitcoins on the ask or bid which is used to try to prevent the price of bitcoin from going higher (if its on the ask) or prevent it from going lower (if it's on the bid). When the price of bitcoin hits one of those "walls" of say 10,000 bitcoins and there's just not enough buying pressure of people trying to buy 10,000 bitcoins at that price it bounces and drives the price back down.

In the stock market world we call it "Stock blocking" :o

i;ve got btc price jump alarms going off like crazy!


thx for that wall info:thumbsup

its like when 5 ugly chicks get together and dont allow their good looking friend to go home with you...in the meat market we call it "cock blocking"

haha what a fail. funny.