5 ms·
Sure, let's discuss things no one seems to be talking about. How is pump-and-dump even possible in an ecosystem such as Bitcoin? Pumping is easy, sure, just l
by yuvadam 14y ago
Sure, let's discuss things no one seems to be talking about.
How is pump-and-dump even possible in an ecosystem such as Bitcoin?
Pumping is easy, sure, just load heaps of cash into all exchanges, buy every single wall that is put up, price explodes. But how is the pump-and-dumper supposed to get her money out when she decides to dump? All exchanges have a hard limit on how much cash they can divulge on each given day.
This is an impossible scenario with Bitcoin, as it is today.
- codesuela 14y agoI think the more likely scenario is to cause panic to scoop up cheap bitcoins and then let them rise to new heights
- dragontamer 14y agoHow hard is it to setup multiple accounts on Mt. Gox using Tor? 300 accounts would give you access to $3 Million USD. And Mt. Gox has a simple API that you could coordinate all of your accounts together.
- argonaut 14y agoAccording to Mt. Gox, users of Tor are subject to having to submit additional anti-money laundering documentation.
- brazzy 14y ago> Pumping is easy, sure, just load heaps of cash into all exchanges, buy every single wall that is put up, price explodes. That is NOT how the "pump" part of pump-and-dump works. You get gullible people to put their money into the asset.That way you still sell at a win well into the collapse.
- dragontamer 14y agoI just checked a few things. There were 110 transactions between April 8 and today that were all larger than 200 BTC. They include this bugger: https://data.mtgox.com/api/1/BTCUSD/trades?since=1365455018650400 https://data.mtgox.com/api/1/BTCUSD/trades?since=13654550186... In fact, transaction id 1365379200 converted 1000 BTC into USD, in a single massive sell order worth $180,000 USD. Your baseline assumption is wrong. Someone cashed out on $180,000 USD during this event in a single transaction.