Re:How the Bitcoins Were Stolen from Mt. Gox [video]
by nodamage on Sunday September 17, 2017 @11:23PM
(#15273174)
Is there anything stopping exchanges (or other parties) from manipulating the price of Bitcoin by having millions of bots repeatedly buy/sell coins amongst themselves? If not, is there any way of detecting whether this is or isn't happening right now?
[ Parent
| on HN ]
Re:How the Bitcoins Were Stolen from Mt. Gox [video]
by iakh on Sunday September 17, 2017 @11:56PM
(#15273290)
Sure, the same as what prevents anybody from single handedly moving the price of any asset. Liquidity.
Re:How the Bitcoins Were Stolen from Mt. Gox [video]
by nodamage on Monday September 18, 2017 @02:00PM
(#15278036)
How sure are you about this? Karpeles has admitted at trial to running bots on Mt. Gox, and such bots are implicated in the rise of Bitcoin's price up to $1000 in 2013:
https://cointelegraph.com/news/mt-gox-trial-update-karpeles-...
https://cointelegraph.com/news/new-wizsec-report-points-to-d...
If Mt. Gox successfully manipulated the price of Bitcoin using bots how do we know other exchanges aren't doing the exact same thing right now?
Re:How the Bitcoins Were Stolen from Mt. Gox [video]
by ceejayoz on Monday September 18, 2017 @09:11AM
(#15275518)
That doesn't always work.
http://www.nytimes.com/2013/07/21/business/a-shuffle-of-alum...
> The story of how this works begins in 27 industrial warehouses in the Detroit area where a Goldman subsidiary stores customers’ aluminum. Each day, a fleet of trucks shuffles 1,500-pound bars of the metal among the warehouses. Two or three times a day, sometimes more, the drivers make the same circuits. They load in one warehouse. They unload in another. And then they do it again.