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An anatomy of Bitcoin price manipulation

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Re: An anatomy of Bitcoin price manipulation

#53

Post by masona »

skilled wrote: post #31

Interesting tidbit: "An aside on NFTs Because they’re “unique” objects, NFTs are a perfect vehicle for wash trading. You can easily ensure you only wash trade to yourself. The common scheme is to wash trade with yourself until some credible dunce buys the NFT from you at your manufactured “fair” value, leaving you to walk away with real money." It's such a stupidly simple idea it's actually brilliant.

The fine art market has been doing this for decades by using auction records to set prices.

Re: An anatomy of Bitcoin price manipulation

#54

Post by fleddr »

It's a good and fair article. Even without media manipulation, there's a huge amount of futures trading on high leverage which tends to pile up. Then, all that is needed is a fuse and something spectacular will happen, either up or down.

The author could have picked from a series of other dates, where seemingly relevant/important news to Bitcoin is revealed, and somehow...price action does nothing on those dates.

Why not? Not enough leverage built up. So it's the nature of the trading making price so volatile. A small event can trigger a cascade of liquidations.

To a skeptic, this would be a reason to reject the asset. To a long term holder, it doesn't matter as they don't trade. To short term traders, it's the way to make a lot of money quickly, or to blow up your account and lose it all.

Re: An anatomy of Bitcoin price manipulation

#56

Post by mwattsun »

ahtihn wrote: post #29
mwattsun wrote: post #19

Earlier quoted context omitted.

He knows more than I do, is surrounded by people smarter than I am and has a track record of success and overcoming failures. If I thought I shouldn't listen to Elon Musk because I thought I knew better, then I think my chances of understanding anything about this would be greatly diminished.

> He knows more than I do What do you base this on? I mean, how are you assessing his level of knowledge in this domain?

> "I think I have a pretty deep understanding of what money actually is on a practical day-to-day basis, because of PayPal."

PayPal is a thing I actually use and it works well. He knows more than I do, which is not saying much, but I'm trying to learn. If Hacker News says he's doesn't know anything about crypto, that's a piece of information I can stick in my notes to consider.

Re: An anatomy of Bitcoin price manipulation

#59

Post by doopy1 »

skilled wrote: post #31

Interesting tidbit: "An aside on NFTs Because they’re “unique” objects, NFTs are a perfect vehicle for wash trading. You can easily ensure you only wash trade to yourself. The common scheme is to wash trade with yourself until some credible dunce buys the NFT from you at your manufactured “fair” value, leaving you to walk away with real money." It's such a stupidly simple idea it's actually brilliant.

I see this concept of NFT was trading posited all over the place, but it should be easy to prove, yet no one has been able to produce tangible evidence, besides the occasional single flashloan based sale... which eats a tone in gas. Sure there are probably some wash trades here and there, but why is it so hard for most folks to believe that this is in fact a huge market driven by speculation?
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