Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says

bloomberg.com

Post reply on HN
Print view View original

11–20 of 377 posts

Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says

#11

Post by seibelj »

Bitcoin is worth what someone will pay for it. While printing tethers is lame, I don’t really see how it’s different from a central bank printing trillions of USD to prop up bonds, housing, etc. other than it’s the antithesis of what Bitcoin is supposed to be.

If tether was truly under attack it would trade for under $1 against trusted stablecoins like USDC, but it hasn’t yet. This has happened before, but it isn’t today.

Crypto traders simply don’t care, they appreciate USDT because it’s sketchy. Something that is more regulated would make them less likely to use it.

Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says

#15

Post by biolurker1 »

iagovar wrote: post #2

The more I know about cryptos, the more I remain skeptical. The only people I know that uses cryptos seriously are acquaintancies from latin america, and none of them for storing value, with the exception of Venezuelans. Not even argentinians, that just buy as many dollars they can. IMO this is a thread worth reading on this topic: https://www.reddit.com/r/worldnews/comments/dj2jro/the_large...

soon in a Starbucks near you though. Look it up..bakkt

Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says

#16

Post by nroets »

BitCoin was mentioned at nearly every party at the end of 2017. Google Trends showed massive growth in the search term. Many unsophisticated investors poured money in solely based on past performance.

It was not a single whale. It had all the hallmarks of bubble like tulip mania or Internet stocks in 1999.

Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says

#17

Post by deweller »

Clickbait title. The subtitle is probably more accurate:

"The series of $1,000 days that brought BTC to a record above $19,600 could have been the work of one entity"

I'm very skeptical. It is certainly possible that a single entity may have encouraged the rally. But there is no way that a single entity actually moved the markets this much. The amount of cash required would be significant.

During this time, there were shops in Korean cities advertising cryptocurrency sales in their store windows. This was not entirely the work of a single whale.

Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says

#18

Post by deweller »

richardwhiuk wrote: post #8
throwaway8212 wrote: post #7

Earlier quoted context omitted.

You can use DAI ( https://makerdao.com/en/ ) or BUSD ( https://www.binance.com/en/lending , 2.5% interest anually) which are tied to the USD value.

How tied? How much do you trust the company doing the backing? If you want to be tied, why not just track the dollar directly?

Makerdao DAI is decentralized and not backed by a company.

Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says

#19

Post by tectec »

tokai wrote: post #14
strasse86 wrote: post #10

so where is the paper ?

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066 https://whartonliquidity.files.wordpress.com/2018/09/is_bitc...

That paper is from 2018, so I don't think it's the new one the article talks about
Post reply on HN