what was that all about? I hate to call it a pump as peercoin doesn’t pump
Today, Peercoin pumped. :))
what about NBT/PPC on CCEDK? Our custodians may be attacked by this behavior.
If I am attacker, I’ll pump PPC high@BTC-E and sell lots PPC for NBT@CCEDK, tomorrow, I’ll dump PPC@BTC-E to very low price and buy lots PPC @CCEDK.
Because BTC-E is the main exchange for PPC, when I manipulate PPC price on BTC-E, I control PPC/NBT pair.
The custodian funds have already lost so much value, and there is not much left to take. CCEDK NBT/PPC used to have 160000 PPC liquidity. Now it has about 15000 PPC, less than 10% of the original amount. With so little supporting the peg, it’s no longer cost-effective to try to manipulate the PPC price just to capture swings on the small amount of peg funds.
This is just my opinion, and I could be wrong.
I’ve never looked into leveraged peercoin trading, but it’s possible to do that on btce right? If this is so, then it’s possible that this was a stop-loss hunting / short squeeze thing. I guess some of you won’t believe me, but from a technical stand point, price didnt cross the mean. It did however clean out aggregate short positions. I’ve not studied the charts close enough (I’m on vacation) but I would study the charts to look for evidence of short covering. When you trade the foRex markets, this is kind of what happens all of the time (short “rarandom” spikes, cleaning out crowded trades). Anyway you look at it, I think it’s a stretch of the imagination to call it "organic demand ". If there is no big news about Po erecting soon (in which case this was insider buying) I think it’s note worthy that the spike happend during a dull time. If anything, price is getting ready to fall off a cliff (major head n shoulders on chart stretching back to the inception). Anyway I’m only guessing here and have no more info then most people. I do hope we don’t see more of this in the futurE. One thing though, true peercoin believers should hedge the peercoin bet, accuaccumulate on depressed prices and remove coins from exchanges.
BTCe allows naked short of PPC, yesterday’s pump was probably a stop loss hunt by BTCe insiders who saw a massive short position on PPC.
I was wondering where the hell all those PPC sold in the past month between 0.00135 and 0.00160 were coming from since PPC has very low inflation, now we know that probably a not so well capitalized bitcointard was short selling PPC, he got what he deserved yesterday.
[quote=“Chronos, post:4, topic:3317”]The custodian funds have already lost so much value, and there is not much left to take. CCEDK NBT/PPC used to have 160000 PPC liquidity. Now it has about 15000 PPC, less than 10% of the original amount. With so little supporting the peg, it’s no longer cost-effective to try to manipulate the PPC price just to capture swings on the small amount of peg funds.
This is just my opinion, and I could be wrong.[/quote]
Remember, dividend distributions were paid in PPC. While the market devaluation certainly hurt, at least 45k NBT in PPC was moved off that market for the dividend (the rest was BTC traded for PPC across markets). Not really a silver-lining, but it helps explain the variation to some degree.
@Ben Good point. Dividends explains where a portion of the funds went. Falling PPC value explains another portion.
@Thireus Thanks for this analysis. Very interesting.
[quote=“LeChatNoir, post:7, topic:3317”]BTCe allows naked short of PPC, yesterday’s pump was probably a stop loss hunt by BTCe insiders who saw a massive short position on PPC.
I was wondering where the hell all those PPC sold in the past month between 0.00135 and 0.00160 were coming from since PPC has very low inflation, now we know that probably a not so well capitalized bitcointard was short selling PPC, he got what he deserved yesterday.[/quote]
On btce You Trade against btce when you’re leveraged right? (unlike bitfinex where you borrow). That could mean that btce did the pump. I’m not saying that they did, only that it’s in the realm of possibilities. (this practice happen allot on foRex exchanges).
Edit: actually bitfinex is also trading on insider info according to what I’ve heard (and the owner is not denying it I’ve heard)
[quote=“pillow, post:11, topic:3317”][quote=“LeChatNoir, post:7, topic:3317”]BTCe allows naked short of PPC, yesterday’s pump was probably a stop loss hunt by BTCe insiders who saw a massive short position on PPC.
I was wondering where the hell all those PPC sold in the past month between 0.00135 and 0.00160 were coming from since PPC has very low inflation, now we know that probably a not so well capitalized bitcointard was short selling PPC, he got what he deserved yesterday.[/quote]
On btce You Trade against btce when you’re leveraged right? (unlike bitfinex where you borrow). That could mean that btce did the pump. I’m not saying that they did, only that it’s in the realm of possibilities. (this practice happen allot on foRex exchanges).
Edit: actually bitfinex is also trading on insider info according to what I’ve heard (and the owner is not denying it I’ve heard)[/quote]
On BTCe when you short sell they lend you PPC from customers’ deposits at 0% interest rate, then you place your sell order directly on the main orderbook.
They clearly operate on fractional reserve, if there is a huge short position opened and enough customers asks for their PPC back they could find themselves unable to deliver.
Bitcon said that one of the mods of BTC-e was urging him to sell.
A few minutes later the pump happened.
Not sure if the mods, but what is for sure is that people were waiting for him to sell his big bag. He was driving the market down for a while and struggling to sell at a decent price because people knew he had a lot of coins.
So when he sold his last one, someone organized a big party, and there was no one that was able to prevent Peercoin to be pumped hard (no decent sell wall until $0.8 or more).
Basically Bitcon created a huge gab between $0.3 and $0.8. And everyone knows what happens when a sell pressure disappears…
Wow, very interesting I didn’t know about all of this. So there is even info about who this guy was? How on earth did people get to know about that? Did btc-e mods out him?
Well we can still investigate with bitcon. Not sure if this is the best thing to do in public though…
Just to be clear we are talking about this trader’s motivations and the reasons why and how he managed to beat the market. We are not accusing anyone, but raising some hypothesis. It could be someone who was quietly waiting and just aware of bitcon’s holding (bitcon leaked a lot of info and hints). What is for sure is that this trader was holding more than $160K on BTC-E, which is not a big amount of FIAT for this platform.
Well we can still investigate with bitcon. Not sure if this is the best thing to do in public though…
Just to be clear we are talking about this trader’s motivations and the reasons why and how he managed to beat the market. We are not accusing anyone, but raising some hypothesis. It could be someone who was quietly waiting and just aware of bitcon’s holding (bitcon leaked a lot of info and hints). What is for sure is that this trader was holding more than $160K on BTC-E, which is not a big amount of FIAT for this platform.[/quote]
So bitc0n has more info about this? What is it with these whale dudes and all the info they got. Is there some sort of club that you get invited to as soon as you become a big hoarder? 
I’m kind of mostly interested in this because of the “popcorn-factor”. I think the drama is a big part of the big fun with cryptos.
While on the topic of short selling… did you know that the first short seller was an inside trader, trolling the very first stock that was issued and that as a result, the very first stock dividend was issued? True story: http://www.podcastchart.com/podcasts/npr-planet-money-podcast/episodes/598-the-very-first-short
DISCLAIMER: This post is for informational purpose only.
[size=12pt]The Bitcon Saga[/size]
Lost Faith
bitcon anyone want 300k ppc? will sell for lessd than i paid
bitcon will sell for 300k$
bitcon thats a 50% discount
bitcon keeps getting worth less
bitcon going to dump my 330k ppc
bitcon lost $450k on ppc
bitcon guess i’m losing faith in crypto altogether
The Background
Thireus bitcoin just sold about 50K of his 350K PPC holding and broke the buy support… still 300 to go. >_<
bitcon wasnt me. i swear
bitcon i sold 60k about 18 hours ago
pillow bitcoin do you have like 300K peercoins? that’s an incredible sum 
bitcon had. 270k now
pillow are you like an early bitcoiner who divested or perhaps mined the coins very early?
bitcon i bought them in sepptember
bitcon has gone down ever since
bitcon gonna have to find a job now 
The Big Pump
Thireus nice 100K sold
Thireus I guess it’s bitc0n
Thireus bitc0n said he’s selling PPC that he bought at $1.60
Thireus so I think he’s still dumping
Thireus so my guess is that he probably sold a big part today
bitcon FML
bitcon it pumped at hour after i sold at .30
bitcon i just got tired of no volume on ppc, so i was going back to btc
mably still no logical explanation, a news we are missing?
bitcon god hates me. only logical explanation
bitcon this is cruel. i cant watch
bitcon i’m sure glad i sold 200k @ .30
bitcon all i know is someone got my cheap coins and made $$
bitcon congrats to anyone who made money today.
bitcon buy your wives something nice
bitcon and tell them its from bitcon…lol
The Conclusion
bitcon buying !
bitcon now i’m buying it wont pump again
bitcon i killed the pump
pillow I think it was a pump n dump too. short squeez… i hope I’m wrong wrong.
bitcon told you i’d kill the pump
Thireus but it is true that bitcon sold his last coin 30min before the pump started
bitcon
bitcon yes
bitcon my last 150k coins
Thireus maybe someone was secretly monitoring him 
Thireus imagine BTC-E admins can see your balance…
Thireus they quietly waited for your last coin to be sold
bitcon i think so. i mean what are the odds?
bitcon thats probably what happened.
Sentinelrv It’s possible, exchanges trading against their customers. We can’t really know.
bitcon one of their mods was advising me to sell too… said he had inside info on some ppl going to dump ppc
Sentinelrv That sounds kinda fishy.
bitcon stinks to high heaven
Thanks DigiX for that! I didn’t have the bravery to make a compilation of his statements. I’m pretty sure there are more clues here too: http://trollboxarchive.com/search/username/bitc0n/
Anyway… profiling bitcon is that easy (sorry buddy, I have nothing against you, just explaining the situation). So, I won’t be surprised if anyone did the same to play against him.
In any case, I’m really sad for what happened.
[quote=“Thireus, post:19, topic:3317”]Thanks DigiX for that! I didn’t have the bravery to make a compilation of his statements. I’m pretty sure there are more clues here too: http://trollboxarchive.com/search/username/bitc0n/
Anyway… profiling bitcon is that easy (sorry buddy, I have nothing against you, just explaining the situation). So, I won’t be surprise if anyone did the same.[/quote]
Yup, the above post is for information purpose only.
Not trying to single out one investor.