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Author Topic: _Who_ is causing the large swings in Bitcoin value?  (Read 45 times)
soy39
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July 10, 2018, 04:43:42 PM
 #1

I've been a bitcoin owner for years.  I discovered a block pool mining with my then new Mercury.  As mining became less profitable I used my best Bitmain product to mine and reduce heating bills.  I was a hodl until this year.

Last year I was elated to see the rise up to December and had visions of buying a house for myself and one of my sons (the other doing very well).  Then that slide from 12/17/2017.  I held on through slides before, like when btc was down in the low hundreds but the steady drop at a rate of roughly 5%/week was just too much and I almost fully cashed out.  Of course the buildup and fall was due to futures trading.  Capitalism at its worst.  In economics we learned futures were started in the Chicago Mercantile, betting on acts of God, the weather.  But futures on other than crop yields is suspiciously like powerful forces in trading saw they had the power of gods to control future prices through media.  And they did and do.  Even Bill Gates said he could short Bitcoin and drive it down, but then his grandfather's family, Maxwell, owns one of the largest banks in the northwest.  I wonder if that bank is bitcoin friendly.

So, I'd been watching the drop.  It looked like someone was pumping value out of the ecosystem.  Was it Bitmain?  Not having confidence in the coins it mines?  Mining and cashing in?  But it wasn't just cashing in.  There would be a big drop in value, then sometimes a relatively stable period, then a big jump up.  Like catch me if you can, buy low and sell high.  But the trend was always down, that 5% per week.

Then recently, June 29, the big drops changed to big jumps.  Twice on June 29, once on July 2 and again on July 7.  I couldn't bring myself to trust the rise because it wasn't due to a confidence change but due to big money pumping it up.  Then yesterday a big drop.  Who the heck is going to put confidence in coin that visibly being bounced around by some manipulator?

My question was Who is it?  But maybe the subject should be Is it possible to ban bitcoin futures?  If futures trading is what's pumping money to the top 1% so steadily then bitcoin with futures trading is no better than fiat.

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soy39
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July 10, 2018, 04:54:32 PM
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or Bitcoin as a means to store value defeated!
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July 10, 2018, 08:01:08 PM
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Very interesting article thank you.
On your question who Huh I think nobody has the answer. And we do not know. Perhaps this is one of the 10 richest people in the world who jokes so much)))
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July 10, 2018, 08:32:17 PM
 #4

I've been a bitcoin owner for years.  I discovered a block pool mining with my then new Mercury.  As mining became less profitable I used my best Bitmain product to mine and reduce heating bills.  I was a hodl until this year.

Last year I was elated to see the rise up to December and had visions of buying a house for myself and one of my sons (the other doing very well).  Then that slide from 12/17/2017.  I held on through slides before, like when btc was down in the low hundreds but the steady drop at a rate of roughly 5%/week was just too much and I almost fully cashed out.  Of course the buildup and fall was due to futures trading.  Capitalism at its worst.  In economics we learned futures were started in the Chicago Mercantile, betting on acts of God, the weather.  But futures on other than crop yields is suspiciously like powerful forces in trading saw they had the power of gods to control future prices through media.  And they did and do.  Even Bill Gates said he could short Bitcoin and drive it down, but then his grandfather's family, Maxwell, owns one of the largest banks in the northwest.  I wonder if that bank is bitcoin friendly.

So, I'd been watching the drop.  It looked like someone was pumping value out of the ecosystem.  Was it Bitmain?  Not having confidence in the coins it mines?  Mining and cashing in?  But it wasn't just cashing in.  There would be a big drop in value, then sometimes a relatively stable period, then a big jump up.  Like catch me if you can, buy low and sell high.  But the trend was always down, that 5% per week.

Then recently, June 29, the big drops changed to big jumps.  Twice on June 29, once on July 2 and again on July 7.  I couldn't bring myself to trust the rise because it wasn't due to a confidence change but due to big money pumping it up.  Then yesterday a big drop.  Who the heck is going to put confidence in coin that visibly being bounced around by some manipulator?

My question was Who is it?  But maybe the subject should be Is it possible to ban bitcoin futures?  If futures trading is what's pumping money to the top 1% so steadily then bitcoin with futures trading is no better than fiat.

soy39

Well thanks for going extra mile and think about something which most of us are keen to know, I think big whales have invested into bitcoin at the early stage and now manipulating it's price for their benefits.

   
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jaysabi
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July 10, 2018, 08:48:58 PM
 #5

I've been a bitcoin owner for years.  I discovered a block pool mining with my then new Mercury.  As mining became less profitable I used my best Bitmain product to mine and reduce heating bills.  I was a hodl until this year.

Last year I was elated to see the rise up to December and had visions of buying a house for myself and one of my sons (the other doing very well).  Then that slide from 12/17/2017.  I held on through slides before, like when btc was down in the low hundreds but the steady drop at a rate of roughly 5%/week was just too much and I almost fully cashed out.  Of course the buildup and fall was due to futures trading.  Capitalism at its worst.  In economics we learned futures were started in the Chicago Mercantile, betting on acts of God, the weather.  But futures on other than crop yields is suspiciously like powerful forces in trading saw they had the power of gods to control future prices through media.  And they did and do.  Even Bill Gates said he could short Bitcoin and drive it down, but then his grandfather's family, Maxwell, owns one of the largest banks in the northwest.  I wonder if that bank is bitcoin friendly.

So, I'd been watching the drop.  It looked like someone was pumping value out of the ecosystem.  Was it Bitmain?  Not having confidence in the coins it mines?  Mining and cashing in?  But it wasn't just cashing in.  There would be a big drop in value, then sometimes a relatively stable period, then a big jump up.  Like catch me if you can, buy low and sell high.  But the trend was always down, that 5% per week.

Then recently, June 29, the big drops changed to big jumps.  Twice on June 29, once on July 2 and again on July 7.  I couldn't bring myself to trust the rise because it wasn't due to a confidence change but due to big money pumping it up.  Then yesterday a big drop.  Who the heck is going to put confidence in coin that visibly being bounced around by some manipulator?

My question was Who is it?  But maybe the subject should be Is it possible to ban bitcoin futures?  If futures trading is what's pumping money to the top 1% so steadily then bitcoin with futures trading is no better than fiat.

soy39

The crash was just the market coming back to reality. Everyone was out of their damned minds last year, and if thought $15,000 or even $19,000 was a reasonable price for Bitcoin, you were too. It was clear to anyone not drinking the Kool Aid that Bitcoin had long since entered bubble territory. There's no conspiracy here to crash the market or keep the prices low. This is just much nearer the proper price (though in my own opinion, still seems greatly inflated) than it was last year during the irrational exuberance. Bitcoin is dominated by traders, not investors. There's a big difference. Investors want price appreciation. Traders don't care what happens to the price as long as their is back and forth volatility. Because Bitcoin is dominated by traders, they create volatility. Bitcoin isn't a proper investment asset, it's a speculative vehicle. Could make you money, but is just as likely to lose you money. Trying to derive meaning out of the movements is a fruitless endeavor.


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July 10, 2018, 08:55:40 PM
 #6

It's impossible for any of us to point out who or what is playing with the market. It could be manipulation, altcoin market movers cashing out, just the market being unsure about what to do, people waiting for regulations to kick in, etc. That's directly the beauty of this market, we can all guess as much as we want, but no one has a clue what's really going on. Traditional market experts and analysts are constantly wondering why the heck their logic doesn't apply to this market, and they probably won't find out why that is for a couple of more years. Even we don't know what the heck is going on from time to time. Holding is the safest option if you want to be part of it....
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July 29, 2018, 09:17:05 AM
 #7

It's impossible for any of us to point out who or what is playing with the market. It could be manipulation, altcoin market movers cashing out, just the market being unsure about what to do, people waiting for regulations to kick in, etc. That's directly the beauty of this market, we can all guess as much as we want, but no one has a clue what's really going on. Traditional market experts and analysts are constantly wondering why the heck their logic doesn't apply to this market, and they probably won't find out why that is for a couple of more years. Even we don't know what the heck is going on from time to time. Holding is the safest option if you want to be part of it....
I do not think it is the individual, but the organization that made these changes. One individual, including a whale, does not affect the market except for its producers. And certainly one thing these organizations are to shake the whole market they know the level of the market when the release.
Their purpose is to capture the whole market.

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