The Bitcoin rally of 2017 was caused by Ethereum, specifically the rise of ICOs.
Because Bitcoin is great for ICOs?
it was/is the #1 pair in exchanges.
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
#42Clickbait 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…
If by cash you mean Tether tokens, maybe.
A bit strange how tether tokens are printed into existence to save the day for the other cryptos.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#43The Bitcoin rally of 2017 was caused by Ethereum, specifically the rise of ICOs.
The last spike in 2017, $10k-$19k, is what this article refers to as „the rally. That was not caused by ICOs, but likely by a single entity (I was witnessing it in real-time back then on multiple exchanges and the price action definitely looked like one entity with ultra deep pockets was running a buying bot with no limits whatsoever - I had this theory back then already, although I got the exchange wrong, I thought the action originated from GDAX, but the paper here says Bitfinex).
However, the ascent from $500 upward, which mostly happened in the entirety of 2017, was clearly caused by free money on the streets in the early ICO craze. That drove people into cryptos, mostly Ethereum as an on-ramp to ICOs, but subsequently also Bitcoin and all the others.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#44Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#45Bitcoin 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…
> If tether was truly under attack it would trade for under $1
You’re assuming efficient markets. (Also, Bitfinex has admitted in court filings that Tether isn’t fully backed.)
I have capital, have spent my career trading securities and think Tether is a scam. But I’m not going to short it, for a variety of reasons, one big one being the main places it trades are controlled by Bitfinex.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#46No link to the original paper. There's really no excuse for that kind of sloppiness.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#47Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#48Clickbait 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…
Perhaps started the rally and lets the media take it from there?
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#49Earlier quoted context omitted.
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.
Well, that would be stupid from your part if you kept wealth that should be inherited in Bitcoin-form, not a Bitcoin shortcoming. Just like it is not a shortcoming of cash that you can bury it in a hole in the desert and tell no one about it and expect it to be inheritable.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#50The 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.
Listen, really, for storing large amounts, why would you not want to have any backups?
Look at Shamir Secret Sharing and consider hiding the keys in multiple locations that only you would know. You would need N of them from any of N x 3 friends and 1 of them from you.
Remembering where you stored one key is easier than remembering the seed phrase or whatever.
For good measure, watch the beginning of The Bourne Identity.
The rest is strictly optional
If you are worried about forgetting even the location you stored the backup key, you might want to have an additional safeguard, that if you don’t “phone home” for a year, then afterwards you announce on a public platform that you are OK, then the machine storing one of the Shamir keys (the one which only you know) will also copy it to an account that anyone can open using your biometrics.
That means, to steal your money, they have to kidnap you for a year, then go get N of your friends to give up your keys and also use your body to fake your biometrics and somehow get you to publicly announce you are OK (this last requirement would be well known to everyone around you, so if you forgot, anyone could tell you the personal key recovery procedure).
The biometrics must include M of N things that remain stable over years, like your eyes, cardiac pattern etc.