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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

#31

Post by jacquesm »

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...

I've used it seriously. Paying people in countries without a functional banking system is a real problem and bitcoin nicely helped with that. I also collected some donations for reocities.com which helped to keep it alive. I never bought any, just mined a bit and I never sold any either.

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

#32

Post by buboard »

I can't find a link to the paper not here nor in other websites. Is this correlation passing as causation?

OTOH, this: "will be surprised to learn investors handed over billions to people they didn’t know and who faced little oversight"

will surprise nobody. It's exactly the reason why BTC was created

edit: I see the paper now https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066

"First, following periods of negative Bitcoin return, Tether flows from Bitfinex to Poloniex and Bittrex, and in exchange, Bitcoin is sent back to Bitfinex. Second, when there are positive net hourly flows from Bitfinex to Poloniex and Bittrex, Bitcoin prices move up over the next three hours, resulting in predictably high Bitcoin returns. The price impact is present after periods of negative returns and periods following the printing of Tether, that is, when there is likely an oversupply of Tether in the system. This phenomenon strongly suggests that the price effect is driven by Tether issuances"

I don't see if the researchers checked to see whether the wallets used were exchange wallets, and what happens to the coins exchanged. It could easily be bot actions that purchase altcoins when bitcoin is going down (poloniex having more altcoins than bitfinex), or just plain arbitrage bots. Is this evidence considered solid? It seems flimsy

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

#33

Post by tobltobs »

deweller wrote: post #18
richardwhiuk wrote: post #8

Earlier quoted context omitted.

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.

Again the question is "How tied?"

I tried to get some info on their page and about the fifth sentence is:

> In the unlikely case of a black swan event, the system will employ Emergency Shutdown, a last resort to guarantee the stable price.

Hmm, I didn't wasted my time reading any further.

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

#36

Post by [deleted] »

7777fps wrote: post #24
deweller wrote: post #17

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 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 a…

[deleted]

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

#39

Post by kozak »

vbezhenar wrote: post #3
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...

With current Bitcoin volatility it's crazy to store money with it. I really love tech which allows me to remember passphrase and having all money locked inside my brain, so I would certainly use it if it weren't so volatile.

Which is fine until you want someone to be able to inherit your money.
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