This week in bitcoin: Do we blame the bots?


In this week’s bitcoin review, we take a look at whether bots were to blame for bitcoin’s astronomic rise late last year and how everything somehow ties back to MtGox.

Willy and Markus

When bitcoin prices jumped from $200 to $1,200 at the end of the last year, there was mad speculation about who was to blame: did bitcoin finally catch on? Is this its true value? Maybe it’s just the Chinese or Wall Street manipulating the markets? A new report released on Sunday seems to point the finger (and at least partial blame) at two bots: Willy and Markus.

Published anonymously, the “Willy Report” asserted that the two bots spent much of 2013 repeatedly and predictably creating new MtGox accounts and buying up large sums of bitcoin. The total of their buys was “suspiciously close” to the 650,000 bitcoins MtGox CEO Mark Karpeles claims the company lost, the report…

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