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Author Topic: Is it just me or is the Bitcoin price nothing more than a puppet  (Read 214 times)
russelluk
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March 12, 2018, 04:34:25 PM
 #1

Not sure what others think but I am getting pretty sick of how the Bitcoin price just goes up and down 5 to 10 per cent with absolutely no external factors driving this. I know its been said before but this is just manipulation of the highest degree. So we all sit around and wait for few Whales to dump and all stupidly buy in so they get the money and lo and behold when it goes down 800 bucks they buy back in and we all follow like sheep to lose again. Seriously Bitcoin has to either start behaving like a store of value or have some practical application as a currency.
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March 12, 2018, 10:17:39 PM
 #2

The Bitcoin price is fairly easy to manipulate, since many of the major exchanges (such as Bitfinex) are poorly regulated.  There could be far more market manipulation than we would even imagine.

Also, since it's a new technology, new people tend to leap in very easily when the price rises, without really thinking about potential risks and dramatic price swings.

Still, what you're forgetting here is that there's plenty of speculation about manipulation in the gold market and mainstream financial markets as well.  It can be common on legitimised exchanges as well.

Even assets which behave "like a store of value" can still fluctuate in value, because there aren't many good ways of preserving the value of capital over a very long period.

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russelluk
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March 14, 2018, 07:05:06 AM
 #3

I take your point. My main concern with Bitcoin right now is that if you watch the price action it follow neat little jumps and drops that are almost square like.
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March 14, 2018, 04:18:32 PM
 #4

Not sure what others think but I am getting pretty sick of how the Bitcoin price just goes up and down 5 to 10 per cent with absolutely no external factors driving this. I know its been said before but this is just manipulation of the highest degree. So we all sit around and wait for few Whales to dump and all stupidly buy in so they get the money and lo and behold when it goes down 800 bucks they buy back in and we all follow like sheep to lose again. Seriously Bitcoin has to either start behaving like a store of value or have some practical application as a currency.

I agree there is manipulation but there's also a lack of liquidity that gives BTC its volatility and also other coins. If you are in a highstake position on BTC and it rises 500$, thats a great return per BTC especially if you're then also trading on margin/leverage. So if you have 100 BTC for example a 500$ would equate to a profit of $50k and thats in 1-2 days, if you're then on 5x leverage the profit is even more astonishing. So there are a lot of factors to keep in mind. Also people generally complain that the market is manipulated when it goes down but nobody thanks mr Whale for manipulating the market up even if its just for his own agenda, a lot of people profit on that, same goes for altcoins. Stock market is also heavily manipulated but most people here in crypto don't have a lot of experience with stocks. There are some big players that will cause a dip in the price of a commodity or stock to trigger stop losses and buy up all the shares to profit on them later when people start buying back into it.

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March 14, 2018, 04:55:43 PM
 #5

Not sure what others think but I am getting pretty sick of how the Bitcoin price just goes up and down 5 to 10 per cent with absolutely no external factors driving this. I know its been said before but this is just manipulation of the highest degree. So we all sit around and wait for few Whales to dump and all stupidly buy in so they get the money and lo and behold when it goes down 800 bucks they buy back in and we all follow like sheep to lose again. Seriously Bitcoin has to either start behaving like a store of value or have some practical application as a currency.
See it's not only about you or me, right now everybody is worried about the market conditions.

But trust me, smart people know how to perfectly make use of this manipulative market conditions.

It's the time to buy the coins now and hold the ones you already have.

In such a situation, instead of getting anxious, act smart and make thoughtful moves.

  

 
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March 14, 2018, 05:03:55 PM
 #6

I agree with you. Now the situation such a. All cryptocurrencies are used only as a speculative tool. But I believe that this situation will change after the issue of transactions is resolved. Until then, it is not profitable to use bitcoin as a currency. We all want to make money on the rise in price of coins. Therefore, we keep coins in our wallets and do not promote the development of bitcoin trading.
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March 14, 2018, 05:22:07 PM
 #7

Not sure what others think but I am getting pretty sick of how the Bitcoin price just goes up and down 5 to 10 per cent with absolutely no external factors driving this. I know its been said before but this is just manipulation of the highest degree. So we all sit around and wait for few Whales to dump and all stupidly buy in so they get the money and lo and behold when it goes down 800 bucks they buy back in and we all follow like sheep to lose again. Seriously Bitcoin has to either start behaving like a store of value or have some practical application as a currency.

So you're happy it broke out the range and it's crashing now?
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March 15, 2018, 01:30:26 AM
 #8

Not sure what others think but I am getting pretty sick of how the Bitcoin price just goes up and down 5 to 10 per cent with absolutely no external factors driving this. I know its been said before but this is just manipulation of the highest degree. So we all sit around and wait for few Whales to dump and all stupidly buy in so they get the money and lo and behold when it goes down 800 bucks they buy back in and we all follow like sheep to lose again. Seriously Bitcoin has to either start behaving like a store of value or have some practical application as a currency.
The price is being manipulated we all know that but that happens in all the markets so it is no really anything to be surprised about, the reason of why bitcoin is affected more by the manipulation has to do with its small size compared to other markets when bitcoin finally becomes big enough then the manipulation will still be there but the price will move less thanks to all the additional money and investors in the market.
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March 15, 2018, 01:33:20 AM
 #9

It has always been thus. As long as you're aware of what's happening then you're in a fine position. It's still the plaything of a small bunch of people. You either need to make your peace with that and wait for them to be drowned by increased demand, or throw in the towel.

The way to win is not to play. If you believe in Bitcoin long term then don't fall for these games, pace your buys and hope that the rest of the world catches on relatively soon.

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March 15, 2018, 01:59:17 AM
 #10

If you just hold long term you won't have to worry about it 
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March 15, 2018, 02:18:21 AM
Last edit: March 15, 2018, 09:31:33 AM by jaocoincrypto18
 #11

Not sure what others think but I am getting pretty sick of how the Bitcoin price just goes up and down 5 to 10 per cent with absolutely no external factors driving this. I know its been said before but this is just manipulation of the highest degree. So we all sit around and wait for few Whales to dump and all stupidly buy in so they get the money and lo and behold when it goes down 800 bucks they buy back in and we all follow like sheep to lose again. Seriously Bitcoin has to either start behaving like a store of value or have some practical application as a currency.

Big whales are already part of any investments either fiat platform or Bitcoin platform in which their presence is always there of course because of the money in which they can manipulate the price of commodities.Therefore we should used to it and always put in mind that these people are already part of the risk if we join the Bitcoin as investments.

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March 15, 2018, 04:56:50 AM
 #12

well, what is your proposal? you found the problem and surprisingly you found it now whereas the manipulation has been happening from day 1, specially it was happening during the rise too but by the time price was rising to the moon you weren't seeing manipulation because you were happy. but now that price is falling you see the manipulation!

in any case the problem is because of the way exchanges work. regulation is one part of it, the other is that they are still small despite what it looks like. dumping + some panic sells can crash the market easily. if you want to fix that you have to find a way to make price changes that much harder and that will only happen when people can trust exchanges more and leave open orders so that there is more resistance when a drop is happening for example.

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March 15, 2018, 06:26:16 AM
 #13

I have to quote the title for context.

Quote
Is it just me or is the Bitcoin price nothing more than a puppet

OP, welcome the the crazy world of Bitcoin. As you lose more and more money day trading a very volatile market, you will start calling it "Pinocchio". Hahaha.

In all seriousness, I believe the price is driven more by emotions. It shows, look at the volatility.


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March 15, 2018, 06:47:21 AM
 #14

Not sure what others think but I am getting pretty sick of how the Bitcoin price just goes up and down 5 to 10 per cent with absolutely no external factors driving this. I know its been said before but this is just manipulation of the highest degree. So we all sit around and wait for few Whales to dump and all stupidly buy in so they get the money and lo and behold when it goes down 800 bucks they buy back in and we all follow like sheep to lose again. Seriously Bitcoin has to either start behaving like a store of value or have some practical application as a currency.
No one can really rule out the infect of the external factors on the current bitcoin pricing. I will ever be blaming the politicians and governments to be behind what is happening now. The way bitcoin is getting dump is too amazing and many things wrong and the governments all over the world are working hard to pant cryotocurrencies in bad light.

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March 15, 2018, 06:55:10 AM
 #15

Right now we are the external factors affecting the price of Bitcoin, as humans are the once creating and determining the demand and price of it. And so as a lot of other things Stocks, Immovable Property (Real Estate or Houses), Cars all of their prices are creates by us humans. You might as well consider them as a puppet if you think it that way. We always question why Bitcoin has a value like this or like a value like that yet we fail to identify ourselves as the main determinants for its price.

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March 15, 2018, 07:13:38 AM
 #16

Its sad truth that bitcoin still didn't reach yet regulated markets level. Its still somewhat controllable by elite riches, or even wall street bankers with futures. We need bigger market cap to block this and crypto is still young for it.

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Reverse engineer from time to time


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March 15, 2018, 07:14:01 AM
 #17

What I hate about it, is how it follows the recovers and dump method. A dump occurs, price goes back up, but not to the previous high, then gets dumped back down, repeated over and over.

Also if hypothetically the price follows the same boom and bust cycle that some stock have exhibited, e.g of the dot com bubble, these stock still have not recovered their all  time high.

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March 15, 2018, 07:31:24 AM
 #18

There is no regulation nor overview keeping the exchanges to form cartels, insider trade on their own books, create money out of thin air etc.
Bitcoiners are naive enough to believe that all of these opportunities aren't practiced just because it isn't nice.

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BTC2USD: Why Would I sell the future for the past?


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March 15, 2018, 07:33:36 AM
 #19

Not sure what others think but I am getting pretty sick of how the Bitcoin price just goes up and down 5 to 10 per cent with absolutely no external factors driving this. I know its been said before but this is just manipulation of the highest degree. So we all sit around and wait for few Whales to dump and all stupidly buy in so they get the money and lo and behold when it goes down 800 bucks they buy back in and we all follow like sheep to lose again. Seriously Bitcoin has to either start behaving like a store of value or have some practical application as a currency.

The main advantage of bitcoin is decentralization but you can not get an "ideal decentralization system":

  • There can be a centralized network: The Bitcoin network is limited, a major attack by a government or a superpower will making it closed.
  • centralization in mining:The minners can control the network.
  • centralization in exchanges:The cash out process will cause centralized and highly reliant exchange platforms.

On the whole, all these factors affect the short-term.you can also profit from these fluctuations Wink

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March 15, 2018, 08:31:46 AM
 #20

" Is it just me or is the Bitcoin price nothing more than a puppet "

 Grin


It seems you're angry. well you expected what? People buy when the price is $ 100 and when the price goes up to $ 10,000, do you think everyone will hold? of course not! so who has a lot of money and bought when the price was 100 $ will sell and will buy when the price falls, in the world of bitcoin and altcoin is normal it.

Just to give an example, the case of the snapshots.

Whoever is the first to know the news of the snapshot and to buy the coin will be the winner at the end of the day and whoever delays will be the loser at the end of the day.

Now if you ask me if there is a solution for this? Hmmm, I confess that I do not know and I find it very difficult that there is a solution ... but one thing is for sure, the news channels should stop spreading panic, sometimes the news headlines are more to spread fear than serve your purpose of informing people about


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