Post
Topic
Board Economics
Merits 3 from 1 user
Re: How Bots Brought Bitcoin up from $150 to $1000
by
Hydrogen
on 30/09/2021, 20:19:43 UTC
⭐ Merited by The Pharmacist (3)
2013 was the year of silk road. Ross Ulbricht (aka Dread Pirate Roberts) ran a TOR marketplace (silk road) where users could purchase goods for bitcoin.

MtGox (Magic The Gathering Online eXchange) crypto exchange started out as a small hobbyist platform created by a MENSA member to trade magic the gathering cards. Due to lack of technical info, the exchange didn't scale well when it was expanded to suit a larger userbase, as it grew in size through support of crypto markets. I think all of MtGox's funds were stored in their hot wallet making it easy for hackers to steal millions from MtGox, without the theft being noticed for weeks / months.

MtGox was poorly maintained and poorly secured. I doubt they had the financial knowledge to pull off a bot based pump of anything.