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Worries Grow That the Price of Bitcoin Is Being Propped Up

nytimes.com

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Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#11

Post by atomical »

olivermarks wrote: post #5

"Long before news of the subpoena, Bitfinex, which is believed to host more trading than any other Bitcoin exchange in the world, had gained a reputation for a lack of transparency and a confusing structure, with European executives, offices in Asia and registration in the Caribbean." Oh boy this sounds like the banking system I was hoping cryptocurrencies would supersede...

http://www.businessinsider.com/40-percent-of-bitcoins-are-he...

> According to AQR Capital Management, about 1,000 people own 40% of the world's bitcoins.

I'm not sure having bitcoin oligarchs will work out great.

Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#12

Post by atomical »

thisisit wrote: post #7
AznHisoka wrote: post #3

Earlier quoted context omitted.

... and they happen to own several crypto hedge funds.. wonder what their strategy is if they think something suspicious is happening.

To spread FUD so that prices are lowered and they can buy coins cheap? Edit: So looks like attempt at humor lacked the /s tag attracting downvotes. So let me clarify, the answer to the above post asking "what will do they next?" If they believe in cryptocurrencies they will buy more if the prices are cheaper.

Keep your FUD accusations off Hacker News. This really is a cultish behavior in the cryptocurrency community.

Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#13

Post by wmf »

ErikAugust wrote: post #9
brosirmandude wrote: post #4

If tether pops, what happens? Do people try to cash out immediately or do they flock to the "stable" coins like BTC or ETH? To my knowledge the only thing you can trade tether for is other cryptocurrencies.

We have Coinbase/GDAX, and now Robinhood and Square Cash doing BTC (and other currencies) to USD, so that's becoming a legitimate option. I've always wondered though - how do you move multiple hundreds of thousands of dollars worth out to fiat in a single instance? Is that possible?

how do you move multiple hundreds of thousands of dollars worth out to fiat in a single instance?

Doing a trade of that size is no problem; you just enter it. Getting the money out via ACH or wire would require being pre-verified and upping your limits. AFAIK Gemini has higher limits than Coinbase/GDAX.

Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#14

Post by yeukhon »

ucaetano wrote: post #8

Reposting from another thread: I recently created my own cryptocurrency, UCaetanoCoin (UCC), with a supply of 100 trillion and one coins, all owned by me. I sold one to a friend of mine for $0.01 yesterday, which made me not only the richest person in the world, but also the first trillionaire, as the coins I own are valued in $1T USD. And my UCC has a total market cap of $1T USD (and one cent). Then I exchanged a si…

I won’t charge you for consultation here. You should make a token system so people can earn token (somehow) and get rewards like iPhone and perhaps even a stack of American Dollar. Let’s partner with resturants, airlines, gyms and hotels. Every bite, every mile equals some arbitrary token that will expire in 180 days. We will develop a mobile game called crytoGo in which users can earn our token by mobbing Central Park and Settale Centeal Library.

The more active users are physically in the real world, the more trading happens. We will make our users live like a hamster running on a wheel. We give people incentive to live and make money! No more sitting in the office 9-10 anymore! They get social and outdoor life, and we make our money.

This will take off. Don’t waste your time on Facebook. Any crytocurrency marketer tells you to invest in facebook campaign is stealing your money. Listen - find some viral YouTubers and Instagram users to back you. We will make an awesome logo like the Grumpy Cat.

Contact me privately if you would like a quote for a complete proposal. I am happy to work out the details with you. We can refine the bots for sure.

Everything is done behind Tor - even more secure than ever! Our servers are located in Sweden so do not worry about!

Just so you know: I have patented the idea and design of this system. So don’t think about copying. Trust me. My name is yeukhon. I have a B.S in Computer Science. K?

Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#15

Post by hyprCoin »

thisisit wrote: post #7
AznHisoka wrote: post #3

Earlier quoted context omitted.

... and they happen to own several crypto hedge funds.. wonder what their strategy is if they think something suspicious is happening.

To spread FUD so that prices are lowered and they can buy coins cheap? Edit: So looks like attempt at humor lacked the /s tag attracting downvotes. So let me clarify, the answer to the above post asking "what will do they next?" If they believe in cryptocurrencies they will buy more if the prices are cheaper.

This reads like a conspiracy theory but please pause for a moment and consider why a financial company involved in cryptocurrencies would spread concern to a highly read news outlet. Either they:

1) Are scared that tethers can crash the market and want to flush things sooner than later

or

2) It's part of a disinformation strategy to move the market where it's more profitable.

There are very few rules and regulations around cryptocurrency so I'm betting on #2.

Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#16

Post by MekaiGS »

brosirmandude wrote: post #4

If tether pops, what happens? Do people try to cash out immediately or do they flock to the "stable" coins like BTC or ETH? To my knowledge the only thing you can trade tether for is other cryptocurrencies.

What I think would happen is people with Tether stuck on those exchanges would start trying to get out by two ways:

1) Cashing out to fiat, I don't know these exchanges well enough to determine if people actually managed to cash out their Tethers with real money in a meaningful sum.

2) Buying crytocurrencies available on these Tether based exchanges in order to get off these exchanges, which would actually cause prices to go up, but only in terms of USDT, not USD.

After that it really depends on what those folks would do next, they might choose to hold onto the coins or try to liquidate to fiat which would cause prices of coins on non-Tether exchanges to go down.

Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#17

Post by jinfiesto »

ucaetano wrote: post #8

Reposting from another thread: I recently created my own cryptocurrency, UCaetanoCoin (UCC), with a supply of 100 trillion and one coins, all owned by me. I sold one to a friend of mine for $0.01 yesterday, which made me not only the richest person in the world, but also the first trillionaire, as the coins I own are valued in $1T USD. And my UCC has a total market cap of $1T USD (and one cent). Then I exchanged a si…

Took me a second to get the white paper joke lol...

Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#19

Post by ucaetano »

yeukhon wrote: post #14
ucaetano wrote: post #8

Reposting from another thread: I recently created my own cryptocurrency, UCaetanoCoin (UCC), with a supply of 100 trillion and one coins, all owned by me. I sold one to a friend of mine for $0.01 yesterday, which made me not only the richest person in the world, but also the first trillionaire, as the coins I own are valued in $1T USD. And my UCC has a total market cap of $1T USD (and one cent). Then I exchanged a si…

I won’t charge you for consultation here. You should make a token system so people can earn token (somehow) and get rewards like iPhone and perhaps even a stack of American Dollar. Let’s partner with resturants, airlines, gyms and hotels. Every bite, every mile equals some arbitrary token that will expire in 180 days. We will develop a mobile game called crytoGo in which users can earn our token by mobbing Central Pa…

Actually, my next step is tying UCC into a game of collectible, organic Tarot cards. I call it crypto-Tarot.

It's the future.

Re: Worries Grow That the Price of Bitcoin Is Being Propped Up

#20

Post by sekh60 »

atomical wrote: post #11
olivermarks wrote: post #5

"Long before news of the subpoena, Bitfinex, which is believed to host more trading than any other Bitcoin exchange in the world, had gained a reputation for a lack of transparency and a confusing structure, with European executives, offices in Asia and registration in the Caribbean." Oh boy this sounds like the banking system I was hoping cryptocurrencies would supersede...

http://www.businessinsider.com/40-percent-of-bitcoins-are-he... > According to AQR Capital Management, about 1,000 people own 40% of the world's bitcoins. I'm not sure having bitcoin oligarchs will work out great.

You will like this headline from The Onion: https://www.theonion.com/bitcoin-on-path-to-functioning-just...
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