so where is the paper ?
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066 https://whartonliquidity.files.wordpress.com/2018/09/is_bitc...
Thanks but that is their past paper and not the latest one as I understand
Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
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Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#22BitCoin 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.
That attention was generated by the skyrocketing price, though. No one in the general public or news media really cared until it had already shot up substantially.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#23Earlier quoted context omitted.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066 https://whartonliquidity.files.wordpress.com/2018/09/is_bitc...
Thanks but that is their past paper and not the latest one as I understand
It is that paper. It isn't properly published yet, and is still under review.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#24Clickbait 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 wer…
You're implying a single exchange moving the market needs cash to move it.
If the ecosystem has decided one exchange is the lead price, then they manipulate the price without needing the underlying assets.
Furthermore, bitcoin is one of the only markets I've seen which rewards "whales" instead of punishing them, because in most markets moving the market you will lose money to slippage. The market price will retract after you bump it. In bitcoin markets if you move out the price no-one is trading the 'fundamentals' so it just stays at the new price. Instead of losing money to slippage you gain money from it.
Magic internet money indeed!
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#25Bitcoin 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 t…
The problem is that tether allows one private entity to effectively control the market for everyone else. There is no real price discovery going on here if they can just be printed and used as if they were real dollars. It makes the whole market a lie.
Which it arguably is anyway with at least 95% of reported exchange trade volumes being fabricated.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#26The 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
faild.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#27Exchanges had to literally stop registration, because they couldn't scale, apparently of the same user creating accounts. Seriously this is a terrible article.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#28The Bitcoin rally of 2017 was caused by Ethereum, specifically the rise of ICOs.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#29Clickbait 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 wer…
It's possible a single entity was behind massive world wide promotion campaign. But unlikely. More likely many players who had to gain something on speculation all contributed to the campaign on their own.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#30BitCoin 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.
There was certainly hype and hysteria -- but ultimately every time it would look like it was going to turn down, more USDT would magically appear and prop the price up.
It's really a textbook study in how to manipulate markets -- and yes, it was probably one entity doing it. Now who that entity is may be a matter of speculation, but it's likely bitfinex/tether, which are really the same company run by the same people.