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There is almost definitely rampant sockpuppetry in the bitcoin community. One question I’ve been interested in: is there a way to trick algo traders into buying an altcoin? Perhaps by spamming twitter and Reddit with positive sentiment text about that altcoin?
Why does crashing the market make sense if it’s a good product?
This happens all the time even in well regulated markets. Whether it's tricky fund rules, hidden fee structures, selling bogus investment strategies, ponzi schemes, market manipulation, front running, or simply choosing a trading strategy that plays off of other trading strategies, if there is a way to separate the pigs and sheep from their money, someone will try it.
https://www.investopedia.com/articles/economics/08/wall-stre...
You may want to just accept the fact that Bitcoin is valuable because of what it offers as a store of value and system of trustless, censorship resistant exchange of value.
Bitcoin only has value because a bunch of nerds put a lot of real money into it and are convincing themselves and other suckers that it's actually got some sort of value, honest. At least other fiat has the backing of the economy and military of whatever nation backs it - at the end of the day, Bitcoin is a ticket you get stamped proving a bunch of electricity was wasted verifying the ticket with absolutely no backing if the whole thing goes tits up, and the fact that the prices are constantly in insane flux is all the proof needed to demonstrate that it's not a consistent store of value.
I realize that it may seem to have come out of nowhere, but the recent popularity is the culmination of years of hard work by people who are genuinely excited about it.
There may not be a single bad-actor, but rather a bad-actor friendly environment making this inevitable.
When everyone else is greedy, be scared.
There is almost definitely rampant sockpuppetry in the bitcoin community. One question I’ve been interested in: is there a way to trick algo traders into buying an altcoin? Perhaps by spamming twitter and Reddit with positive sentiment text about that altcoin?
Those algos, ideally should weigh the twitter handle. Or else it's a stupid algo. One need to spam through authoritative handles. Pretty much like tricking google ranking algorithm with site-farms and fake backlinks. But hey, a lot of people were able to do this before Google started to improve its algo.
If any bots are scraping twitter for altcoin signals, I would be pretty surprised if there were any checks other than num followers / join date / etc. Determining if a twitter account is a bot, even with minimal certainty, is NOT an easy project. And many of these crypto traders are not exactly John Carmack either.
> Fake news, facebook & twitter ads that influenced US elections proved that it's possible to do something like this. Why is it treated like some sort of revelation that the media influences elections, Russians notwithstanding.
> Fake news, facebook & twitter ads that influenced US elections proved that it's possible to do something like this. but Hillary lost. Facebook has identified $100,000 of ads that came from accounts associated with Russia. Clinton and Trump combined spent $81 million on Facebook. [1] [1] https://techcrunch.com/2017/11/01/russian-facebook-ad-spend/
It's amusing that this is being downvoted, when it's a very interesting point. People want to silence the facts they dislike.
Who spent $1.4B vs Dr. Trump's $957.6M
https://www.washingtonpost.com/graphics/politics/2016-electi...
including $3m on buying r / politics, via ShareBlue if /pol/ is to be believed
If you can convince 1000 people to invest $100M each with just $30M in advertising, you're some kind of marketing Einstein of our generation.
I actually did not mean to spend that 30M$ to get 1000 others. But yeah how do I convince 1000 others to invest 100M$ into this is a valid question. If I am the one with $100M, I will likely have enough connections to start the ball rolling.
That would be Einstein's Einstein. If you can convince 1000 people with 100 Million to do anything, you could accomplish ANYTHING.
Your plan is basically to create the ILLUMINATI, but instead of having it be a small circle of individuals, it would be the size of an army.
You may want to just accept the fact that Bitcoin is valuable because of what it offers as a store of value and system of trustless, censorship resistant exchange of value.
And everyone should also believe in God, because I say that God is real. Bitcoin only has value because a bunch of nerds put a lot of real money into it and are convincing themselves and other suckers that it's actually got some sort of value, honest. At least other fiat has the backing of the economy and military of whatever nation backs it - at the end of the day, Bitcoin is a ticket you get stamped proving a bunch…
You could say all this about gold, and it's still a reasonable investment. I can see BTC serving a similar purpose.