Cryptocurrency is just penny stocks (before regulation). Same pump-and-dump manipulation occurs. Why is this surprising?
Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
51–60 of 377 posts
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#52The 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...
It's like cash, i frankly don't care about value either but a form of payment that is not tied to me specifically where I can exchange the money for goods and services is crucial to me. Not much different from a cash giftcard i can use to pay for things online
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#53Earlier quoted context omitted.
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.
One way is to use the BitShares model together with stop-loss orders, like this:
https://intercoin.org/economics.pdf
In order for that to happen, it has to be trading on multiple exchanges and for it to fail, all the exchanges’ stop-loss orders must fail at once.
Nothing can be pegged with absolute certainty, though, unless you liquidate everyone’s position before the peg breaks. Look at how Soros broke the Bank of England.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#54The 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.
Similarly, I try to add it to all my side-projects that accept payment. I looked at a few payment providers and settled on OpenNode, as they had the right mix of an easy API, quick support and good documentation, though I would like it if they supported more cryptocurrencies.
If you want cryptocurrencies to succeed, you need to make them widespread as a form of payment. I already lament Steam and Stripe removing Bitcoin support because of the rampant speculating, let's not do more of that.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#55Earlier 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.
Put the secret key in a safe deposit box and inherit the key
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#56"research". As with all things crypto, by no means there is an expert or authority that you can actually trust.
Is it any different for stock exchange / company news though? It's all written with an agenda, even the time of publication matters. Bloomberg is a party that tries to be neutral in that regard, but even there, whoever gets and absorbs the news the fastest will have an edge over the rest of the market.
Anyway it's neither here nor there what the research says to be honest; there's major, wealthy players that see (saw?) an opportunity in crypto, pumped up the price (if it happened via Tether then it was via freely generated, pre-mined coins), then gradually cashed out again but in real dollars this time from the somewhat lagging "plebs" who wanted to follow the upwards rollercoaster.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#57The 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...
>Not even argentinians, that just buy as many dollars they can.
A friend from Argentina was lamenting to me that's not very much after new currency controls were imposed through December.
https://markets.businessinsider.com/news/stocks/argentina-el...
On Monday, the Central Bank of the Republic of Argentina moved to limit the amount of dollars that can be purchased to stanch large outflows of foreign reserves from the country and keep the peso steady, according to Al Jazeera. Dollar purchases are now restricted to $200 per month via bank accounts and $100 per month in cash until December. It's a huge cut from the $10,000 limit and currency controls imposed in September to protect the economy following the August primary election, where a surprise sweep by Fernandez sent Argentina's stocks, bonds, and currency sliding.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#58BitCoin 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.
It was a self-reinforcing snowball effect, because news coverage of BTC was pretty constant for a good while. Feedback loop kinda thing.
I for one am sure people are being paid to hype up or report on BTC so that the people paying for those "news" reports can profit from the increased price.
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#59The 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...
It's like cash, i frankly don't care about value either but a form of payment that is not tied to me specifically where I can exchange the money for goods and services is crucial to me. Not much different from a cash giftcard i can use to pay for things online
Except it's not like cash because it isn't subject to relatively stable long-term economic policy but instead to market speculation.
How would you like the dollar bills you have in your pocket to hold a completely random value tomorrow?
Re: Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says
#60Clickbait 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…
Sounds like bitfinex to me.