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It should be noted that OP is a staunch BTC skeptic and a proponent of MMT. This seems to be one of his many attacks on BTC.
https://www.singlelunch.com/2018/10/01/bad-economics-shame-o...
As for BTC, yes, I hate it and am vocal that PoW cryptocurrencies should stop existing. But this piece isn't focused on that.
Curious - does anyone not think Bitcoin or any other cypto coin is being manipulated?
What coin is not being manipulated? Even USD is being manipulated by the fed. All the countries manipulate their coins. So the real question is whether a coin is being manipulated, but what kind of manipulation you can accept.
> So the real question is whether a coin is being manipulated, but what kind of manipulation you can accept.
The NYSE is a better comparable. In the US we have the SEC which does regulate against market manipulation: https://en.wikipedia.org/wiki/Market_manipulation I do believe there is some level of market manipulation not captured by the SEC, however there is at least some baseline level of control against it.
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, is surrounded by people smarter than I am and has a track record of success and overcoming failures. He's also got a track history of being massively wrong at times on things that aren't inside his wheelhouse, like confidently predicting the end of COVID by April 2020.
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?
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.
Because it would pop out of nowhere and nobody has ever heard of you. So just like in the traditional art world, you need to be visible and networked.
It's very educational to simply browse the big marketplaces. You'll notice that the typical NFT gets zero offers. Almost all trading happens within a tiny scope of hot projects.
Earlier quoted context omitted.
...because Musk bought PayPal, he can speak authoritatively on Bitcoin?
This is a bit of misunderstanding of history. He started X.com which would later become PayPal.
Earlier quoted context omitted.
But Bitcoin options on e.g. LedgerX.com are securities (edit: regulated ones, that is), and anything that affects Bitcoin’s price is going to affect those derivatives’ prices.
Seems trading firms largely facilitate trading it btc and other cryptos. If they’re not legally regulated as securities then it may be time for that regulation. Or simply being disallowed for such trading firms.
(Sorry, forgot to mention it in the first comment -- that was the whole point of bringing it up in this context.)
Although bitcoin might also be used to honeypot hackers through bitcoin exchangers, so I don't know...
I'm even starting to believe insurance companies might work with crypto folk and lobby government so that insurance companies keep paying for ransomware.
The price is nothing but down, down, down. it is not manipulation but just ppl dumping at every opportunity, like bank stocks in 2007-2008 or dotcom stocks in 2000-2002. Would not want to own this.
As the great Andreas Antonopoulos said, everyone gets the Bitcoin price they deserve.