Bitcoins are such a good currency

[Orruar]

Originally Posted by r00t [You must be logged in to view images. Log in or Register.]

I just elaborated how MtGox fixed the prices of bitcoin. They were the ones who artificially shot them up to $1000, and now claim to have had 99.7% of their stock stolen. If you can name any other legitimate reason why they shot from $50 to $1000 overnight I'd love to hear it. It's cool if you also profited from the massive fraud that has occurred.

So before you even Google to find out the real answer, you form some wild theory, post it on internet forums as fact, and then whine like a little bitch when your idiocy is revealed? Since I know how to use Google, I'll give you some help. Here is literally the first link if you Google "why did bitcoin spike".

http://moneymorning.com/2013/11/18/w...ll-keep-going/

TL;DR version: Chinese demand suddenly spiked when the Google of China said it would start accepting bitcoin as payment for its services and the Chinese government actively encouraged its citizens to invest in bitcoin. This seems like a much more likely reason than "ponzi scheme, market manipulation!"

Also, you don't seem to understand why the price was so much lower on Mt. Gox vs the other exchanges, and you seem to think that points to some kind of manipulation. The reason it was so much cheaper on Mt. Gox was that they froze the ability to withdraw bitcoins, leading many to speculate that they were all stolen and thus would never be able to be withdrawn (speculation that turned out to be true). Thus people who still had bitcoins there were willing to sell for much less than the actual price (as determined via the other exchanges). They could still withdraw cash, and so they were willing to take a haircut on the price for the assurance of actually getting something out of it.