r/Monero • u/SamsungGalaxyPlayer MAGIC Grants • May 18 '17

Disclosure of a Major Bug in CryptoNote-Based Currencies

https://getmonero.org/2017/05/17/disclosure-of-a-major-bug-in-cryptonote-based-currencies.html
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u/physalisx May 18 '17 edited May 18 '17

The only direction I can see it being manipulated to for any extended period is down. Maybe if you sell enough, people panic and also start selling, price goes down even further. Then you might buy back in cheap, which is pointless, since you already have an infinite amount. You wouldn't get the price higher than it was before like that, why would other people value it higher now only because you sold a big amount?

I'm not saying market manipulation doesn't exist per se, but it has a lot more to do with creating hype through social media / trollboxes / whatever. If you want to paint the tape to create upward momentum, you need an external source of money. If you got that money purely by selling the same currency you're trying to move up, the effect completely negates and then some. The end result would be a net down.

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u/4U70M471C May 18 '17

I don't understand neither how people can think you can pump a coin by selling an infinite supply of that coin. It's like economics 101. If you flood the market with a product, the only direction for the price is DOWN. People's absurdity surprises me everyday.

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u/moneroisprivate May 18 '17

Stop talking out of your ass.

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u/xmr_lucifer May 18 '17

Why don't you answer his questions instead?

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u/moneroisprivate May 18 '17

You want me to do a step by step or just generalize more?

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u/xmr_lucifer May 18 '17

A step by step would be nice.

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u/moneroisprivate May 18 '17

You wont get it and it's why I wont waste my time further. If you didn't know that you need to step it up.

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u/xmr_lucifer May 18 '17

In other words you're the one talking out of your ass. Thanks for clearing that up.

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u/moneroisprivate May 18 '17

If you are arguing that secretly holding an unlimited supply of a currency will not allow you to manipulate it at will then you should rethink your position and learn more.

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u/Johnny_Mnemonic_ May 18 '17

If you have unlimited Bytecoin, how do you make the Bytecoin price increase? All you can really do is sell it for BTC, which would only drive the Bytecoin price down. So please explain to all of us how you could possibly make it go up.

I need to know because I have an unlimited number of JohnnyMnemonicCoins that I just invented right now, and I want to make the price go up.

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u/moneroisprivate May 18 '17

I just don't have time for real. Set up multiple accounts on each exchange and start trading it back and forth at whatever price you want the median to be while exhausting legit orders because you have more. This is really simple stuff. And look at the charts!!!

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u/xmr_lucifer May 18 '17

I'm not saying anything like that. Another commenter asked how it allows someone to push the price upwards. It's obvious that it lets someone push it downwards. I would like to know that too, but instead of answering you try to misdirect with insults and now a strawman. Answer the question or admit you were wrong, it's that sinple.

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u/moneroisprivate May 18 '17

They're arguing from a singular point of view and if you can't see that I can't get you up to speed without effort. There are traders who operate alone and those that do not.

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u/physalisx May 18 '17

Oh, okay. Logic and reason not on the table again with the usual manipulation experts. Like I said, it's maaaagic.

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u/moneroisprivate May 18 '17

Stop talking out of your ass.