Worries Grow That the Price of Bitcoin Is Being Propped Up

#1

Post by ganlad » Thu, Feb 01, 2018, 2:08 PM UTC

Worries Grow That the Price of Bitcoin Is Being Propped Up
nytimes.com

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

#2

Post by superkuh » Thu, Feb 01, 2018, 3:35 PM UTC

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

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

#3

Post by fancyfacebook » Thu, Feb 01, 2018, 3:45 PM UTC

superkuh wrote: post #2

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

What a meaningless platitude, I'm sure it's the sort of thing was repeated in the 1930s a lot.

This is the reason organizations exist to regulate things around trade, otherwise you can get shady exchanges quoting bogus prices with zero accountability. Lots of people are going to get scammed before this gets better.

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

#4

Post by berbec » Thu, Feb 01, 2018, 3:46 PM UTC

In other news, water determined to be wet.

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

#5

Post by JohnJamesRambo » Thu, Feb 01, 2018, 3:48 PM UTC

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

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

#6

Post by 1123581321 » Thu, Feb 01, 2018, 3:49 PM UTC

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

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

#7

Post by jandrese » Thu, Feb 01, 2018, 3:49 PM UTC

  “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 getting dunked on by Goldman Sachs for being unethical, you know you have a problem.

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

#8

Post by ceejayoz » Thu, Feb 01, 2018, 3:50 PM UTC

superkuh wrote: post #2

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

I'm sure this quote gets spread around a lot at the lower floors of ponzi/MLM schemes.

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

#9

Post by thisisit » Thu, Feb 01, 2018, 3:51 PM UTC

Discussed earlier:

https://news.ycombinator.com/item?id=16279300

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

#10

Post by serg_chernata » Thu, Feb 01, 2018, 3:51 PM UTC

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 agree with your sentiment but come on. It's not like there are instances where GS would say "this seems slightly unethical, but so are we".

You're implying they ever admit wrongdoing.