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Worries Grow That the Price of Bitcoin Is Being Propped Up

nytimes.com

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Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#61

Post by dang »

HN15718653 wrote: post #59
dang wrote: post #58

Earlier quoted context omitted.

Could you please stop posting unsubstantive comments to Hacker News?

Top post, which I was replying to, was about a trillion-dollar bitcoin offering. I trust that you scolded him as well, dang. > 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 val…

I've chided that comment for some things, but pointing at the other person when asked not to break the site rules is kind of an antipattern here. You've posted a few unsubstantive comments; that's not what this site is for; so please don't do it. If you stick to the quality level of your more substantive comments you'll be fine.

https://news.ycombinator.com/newsguidelines.html

Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#63

Post by atomical »

sjg007 wrote: post #31

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…

http://www.businessinsider.com/40-percent-of-bitcoins-are-he...

> According to AQR Capital Management, about 1,000 people own 40% of the world's bitcoins.

Take back the power? How? Power is still concentrated in the hands of a few.

Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#65

Post by CamelCaseName »

atarian wrote: post #57

@dang, this story was on the front page and then just disappeared. Was it removed intentionally? And if so, what was the reason?

Bitcoin stories generally seem to disappear from the front page rather quickly.

If this weren't the case, HN may find itself completely buried by this topic, as well as the spammers that come with it.

Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#66

Post by ucaetano »

dang wrote: post #60
ucaetano wrote: post #8

Reposting 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…

Please don't copy and paste from other threads. The comment itself is sort of a rehashing of by now ultra tedious material, too. You're far from the only one rehashing it—pun intended—but it would be good if everyone doing it would stop. Repetition is the leading anti-value of this site.

It isn't re-hashing, I actually copied and pasted my own comment, verbatim. And with good reason.

Despite the humorous tone, my comment is about how easy it is to manipulate prices in unregulated, anonymous markets. It might sound like a joke, but it isn't, and it relates to the article in question.

But I'll put it in different wording: in an anonymous, unregulated market, it is very hard to validate transactions as being between unrelated parties, and therefore easy to manipulate prices.

Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#67

Post by scott_s »

mattcaldwell wrote: post #21

Tether'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 world economy was much larger than the market for US mortgage bonds, but when US mortgage bonds failed, the entire world economy tanked. It's not about relative sizes, it's about how intertwined the relationships are.

Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#68

Post by sudouser »

cdetrio wrote: post #22

The article links to tetherreport.com > We vary N from 1 to 24 hours and examine the p-values. [.....] there are a number of periods where the p-values are significantly below 0.05 and we reject the null hypothesis for those periods. Is it p-hacking to vary N and find low p-values? If its not p-hacking, but a valid analysis with predictive power, then wouldn't it make a good trading strategy to watch the tether walle…

just look at the weekly chart and you’ll see a peak pattern. another pattern can be seen in the daily chart, flat periods that don’t exist on stocks like Nike or apple

Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#69

Post by sudouser »

ucaetano wrote: post #8

Reposting 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…

hi me and a group of investors, 1000 to be exact, want to acquire 40% of the coins. we can take the value of UCC to us$19999 dollars, contact me for further details

Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#70

Post by username223 »

sjg007 wrote: post #31

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…

> The only issue I can't resolve is the deflationary impact of hodling since there will only by 21 million coins.

It's even worse than that, since people will continue to lose bitcoins. They've already lost 3 million or so: http://fortune.com/2017/11/25/lost-bitcoins/. It's as if the Federal Reserve promised to print $21 million in dollar bills, then never print any more. Maybe someday "bitcoin mining" will mean digging through landfills and scanning old hard drives for lost wallets.

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