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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

#21

Post by maxerickson »

1123581321 wrote: post #6

What’s the difference between legitimate technical trading and propping up a market? Is it just volume?

Fraud.

Market participants are relying on the exchange to give them correct information about trades and to only issue orders that are backed by real assets. If the exchange puts in orders that aren't backed by assets, they eventually will not be able to close out all accounts (because there aren't real assets to do that with).

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

#22

Post by joosters »

superkuh wrote: post #2

First they ignore you, then they laugh at you, then they fight you, then you win.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.

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

#24

Post by phpnode »

scardine wrote: post #19
JohnJamesRambo wrote: post #5

If you haven't already, I recommend getting out of Bitcoin and into Ethereum immediately. There is a transfer of dominance rapidly happening. Market Cap Bitcoin $158,149,902,894 Ethereum $106,632,442,880

Does Ethereum has any immunity from pump-and-dump and other market manipulation schemes compared to Bitcoin or your comment has nothing to do with the subject?

> Does Ethereum has any immunity from pump-and-dump and other market manipulation schemes compared to Bitcoin

No.

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

#26

Post by ulrikrasmussen »

1123581321 wrote: post #6

What’s the difference between legitimate technical trading and propping up a market? Is it just volume?

This article talks about suspicions that Bitfinex has "printed" large amounts of Tether (a so-called stable token which is supposed to be backed 1-1 to a supply of real USD) to buy up Bitcoin and artificially inflate the price.

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

#28

Post by cptskippy »

ForRealsies wrote: post #11
jandrese wrote: post #7

“It’s a signal to the market of what those who have scrutinized the situation already believe: There is a problem here,” said Jill Carlson, a former trader at Goldman Sachs who now consults with a variety of virtual currency companies. “The dissolution of a relationship between an auditor and a company is very rarely a good sign that the company is behaving in accordance with market best practices.” When you're getti…

That or they're jealous.

Why not both?

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

#29

Post by amluto »

rebuilder wrote: post #23

Watch for a premium on the BTCUSD rate on Bitfinex. That'll be the market believing there's a significant risk of insolvency. I'm surprised there's no premium yet.

If Bitfinex or its sister company is engaging in outright fraud, I see no reason to believe its market data.

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

#30

Post by epmaybe »

jandrese wrote: post #7

“It’s a signal to the market of what those who have scrutinized the situation already believe: There is a problem here,” said Jill Carlson, a former trader at Goldman Sachs who now consults with a variety of virtual currency companies. “The dissolution of a relationship between an auditor and a company is very rarely a good sign that the company is behaving in accordance with market best practices.” When you're getti…

I know what you said is in jest, but did you read what you quoted? The individual in question worked at goldman sachs as an analyst/trader for maybe 3 years (AngelList), and hasn't worked there in at least two years.
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