You were never buying into a rebellious asset class, but instead one that was jimmy rigged by a VC, then picked up by absolute faggots. Tonight the crypto universe is being greeted with a most acrimonious sell off, partly due to China blocking crypto currency platforms, and partly because prices are overdue a severe lashing.
Might I remind my market veterans out there — do not fear the lash — become it.
Tech Crunch is reporting on a recent study that was done which proved wanton chicanery took place in Bitcoin, from $150 up to $1,000. If you recall, during that time the VC world was just getting involved and buying dips and having a grand old time. This is called manipulation.
To many it’s been obvious that the Bitcoin markets are, at the very least, being manipulated by one or two big players. “This paper identifies and analyzes the impact of suspicious trading activity on the Mt. Gox Bitcoin currency exchange, in which approximately 600,000 bitcoins (BTC) valued at $188 million were fraudulently acquired,” the researchers wrote. “During both periods, the USD-BTC exchange rate rose by an average of four percent on days when suspicious trades took place, compared to a slight decline on days without suspicious activity. Based on rigorous analysis with extensive robustness checks, the paper demonstrates that the suspicious trading activity likely caused the unprecedented spike in the USD-BTC exchange rate in late 2013, when the rate jumped from around $150 to more than $1,000 in two months.”
The team found that many instances of price manipulation happened simply because the market was very thin for various cryptocurrencies including early Bitcoin. “Despite the huge increase in market capitalization, similar to the bitcoin market in 2013 (the period examined), markets for these other cryptocurrencies are very thin. The number of cryptocurrencies has increased from approximately 80 during the period examined to 843 today! Many of these markets are thin and subject to price manipulation.”
The manipulation happened primarily via two bots, Markus and Willy, that seemed to be performing valid trades but did not actually own the bitcoin they were using. During the Mt. Gox hack a number of these bots were able to create fake trades and make off with millions while manipulating the price of BTC.
In the real world, Dow futures are +186.
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How is this a surprise? This is how just about everything has traded for several years now, probably longer.
President Shithole will fix it…now that he’s pardoned the banks and moved on from DACA he’s free to focus on cleaning this up. Stable genius is the only one who fix this yup.
Name one investment banker, loan wrapper, hedge fund trader that 0bama imprisoned after the CDS debacle in 2007.
No surprise to anybody who ever traded penny stocks. Obviously a huge surprise to the majority of these gender confused, useless, marxist, one dimensional snowflakes living in their mom’s basement a.k.a. safe space.
fuck crypto.
long live the equity index ramp!
SHOCKING! Lolz
fake news