I really want bitcoin to succeed because it really is a great way to take back the power from corporations and the plutocracy we find ourselves in today. The fixed pool of bitcoins is slightly problematic.. would it not be better if the pool increased at 1% a year or so..? Gold made sense as a reserve since it formed a quorum among the various economies. The dollar makes sense now but so does bitcoin. The only issue I can't resolve is the deflationary impact of hodling since there will only by 21 million coins.
Worries Grow That the Price of Bitcoin Is Being Propped Up
31–40 of 72 posts
Re: Worries Grow That the Price of Bitcoin Is Being Propped Up
#32Earlier quoted context omitted.
Your cryptocurrency is a security. That means you could go to jail over wash trading.
Not sure if joking or...
Why shouldn't we follow the example to its logical conclusion? He's clearing trying to demonstrate that it's the wild west. It's really only the wild west until the SEC starts to enforce existing laws.
Re: Worries Grow That the Price of Bitcoin Is Being Propped Up
#33Earlier quoted context omitted.
To spread FUD so that prices are lowered and they can buy coins cheap? Edit: So looks like attempt at humor lacked the /s tag attracting downvotes. So let me clarify, the answer to the above post asking "what will do they next?" If they believe in cryptocurrencies they will buy more if the prices are cheaper.
This reads like a conspiracy theory but please pause for a moment and consider why a financial company involved in cryptocurrencies would spread concern to a highly read news outlet. Either they: 1) Are scared that tethers can crash the market and want to flush things sooner than later or 2) It's part of a disinformation strategy to move the market where it's more profitable. There are very few rules and regulations…
or
3) it's a single individual sharing their opinion
or
4) they believe it will help their overall reuputation after a crash, so customers who bought and got crushed will think "man if only I had listened to them"
or
5) it's someone with a personal grudge against crypto -- they made a private market short with an accepting party
or
6) it's space aliens who know crypto is the secret to super-luminal space travel and they want to sabotage humanity's efforts to reach the stars.
There is very limited evidence to prove that it wasn't space aliens. That's all I'm sayin'.
Re: Worries Grow That the Price of Bitcoin Is Being Propped Up
#34Reposting from another thread: I recently created my own cryptocurrency, UCaetanoCoin (UCC), with a supply of 100 trillion and one coins, all owned by me. I sold one to a friend of mine for $0.01 yesterday, which made me not only the richest person in the world, but also the first trillionaire, as the coins I own are valued in $1T USD. And my UCC has a total market cap of $1T USD (and one cent). Then I exchanged a si…
I know you're just joking, but...
I DO WANT TO INVEST!!!
Re: Worries Grow That the Price of Bitcoin Is Being Propped Up
#35Tether's market cap is around $2b... the crypto market as a whole clocks in at over $500b right now... what kind of effect could Tether really have, beyond the inevitable panic that will ensue?
Market cap is not the same as actual money that has flowed into the space. Tether claims that 2B actual USD exist in reserves.
Re: Worries Grow That the Price of Bitcoin Is Being Propped Up
#36No way. When you look at the daily volume of the Bitfinex exchange, it is large... but not that large.
Re: Worries Grow That the Price of Bitcoin Is Being Propped Up
#37Tether's market cap is around $2b... the crypto market as a whole clocks in at over $500b right now... what kind of effect could Tether really have, beyond the inevitable panic that will ensue?
The fallacy around marketcap is well explained the above post. Or check the link:
Re: Worries Grow That the Price of Bitcoin Is Being Propped Up
#38Tether's market cap is around $2b... the crypto market as a whole clocks in at over $500b right now... what kind of effect could Tether really have, beyond the inevitable panic that will ensue?
Small amounts of money can have outsized effect on a market if it’s thinly traded, which crypto markets tend to be.
Re: Worries Grow That the Price of Bitcoin Is Being Propped Up
#39I really want bitcoin to succeed because it really is a great way to take back the power from corporations and the plutocracy we find ourselves in today. The fixed pool of bitcoins is slightly problematic.. would it not be better if the pool increased at 1% a year or so..? Gold made sense as a reserve since it formed a quorum among the various economies. The dollar makes sense now but so does bitcoin. The only issue…
In reality, a small number of early adopters are trying to set up a new crypto-plutocracy with themselves at the top. You're the sucker at the table.
Re: Worries Grow That the Price of Bitcoin Is Being Propped Up
#40So what is the likely outcome of the fallout of Tether and Bitfinex? I'm guessing the price of Bitcoin will fall drastically?
As bitcoin is quite impossible to value via traditional methods it's very hard to say where the price could end up after a tether pop.
I've heard many in the cryptocurrency space throw figures around such as $1,000.
I fear that the crash would be far lower. The argument is that the entire run up is fake therefore a realistic price would be back around $100.