Bitcoin ETF?

Nickel Relives The Failed Attempt By The Hunt Brothers To Corner Silver
Tim Treadgold Contributor Oct 20, 2019

Attempts to “corner” a metal market invariably end in tears, if not jail time, which is what happened with silver in 1980 and copper in 1995, so when the market in nickel “inverted” last week warnings were issued that an old game was being played in one of the new generation of battery metals.......
https://www.forbes.com/sites/timtre...nt-brothers-to-corner-silver/?sh=4d6ef44b1406
 
Pekelo said:
Since you don't like to google:

1. In 1955, two onion traders, Sam Siegel and Vincent Kosuga, cornered the onion futures market on the Chicago Mercantile Exchange. The resulting regulatory actions led to the passing of the act on August 28, 1958. As of July 2023, it remains in effect. >>>aka no onion futures anymore

(In the fall of 1955, Siegel and Kosuga bought so many onions and onion futures that they controlled 98% of the available onions in Chicago.)


2. The Hunt brother successfully cornered the silver market, price went from 11 to 50. The freaking US government had to step in and change the rules of the game and that is what screwed the Hunts over. But their original play was a great success.

So your assumption that a futures market can not be cornered is not based on history.
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They successfully accumulated a lot of contracts. The fact that they had a 100-million-dollar margin call that they couldn't meet says that most of their buying was at the top. They just drove the price up on themselves. The market controlled them, not the other way around. If they had had enough cash to meet the margin call (and subsequent calls if the price continued to drop) they might have controlled the silver supply. But they couldn't make margin and would have been jailed for their sizable debt that couldn't be paid if the other banks hadn't bailed them out. This wasn't successful in any form. They definitely influenced a rise in price but they didn't profit from it.

The onion market was probably a thin market. I'll have to read about it.
 
There is this myth that everything revolved around the brothers. Nonsense.

They had a lot of backers from the Middle East. And they got burned in this.
 
The_Krakenite said:
There is this myth that everything revolved around the brothers. Nonsense.

They had a lot of backers from the Middle East. And they got burned in this.
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All this talk about the hunt brothers and all the bs manipulation and the bail out is exactly why Bitcoin exists. The banks and the government can't stand that they don't control it and can't manipulate it.

Their only option is to grin and bear it or if you can't beat em, joined em.
 
long said:
I just don’t know enough about it, I also don’t believe in it as a potential currency because it it isn’t backed by anything physical and it isn’t recognized as currency by any major governments. Zero is a real possibility in my mind.
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Go talk to the people in Valenzuela about zero.
 
long said:
just because Venezuela quit using it doesn't mean that it went to zero there. They could have easily sold it for dollars or something.
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Hyper inflation rendered their currency worthless...you can see videos of them throwing money in the streets.
 
wxytrader said:
Hyper inflation rendered their currency worthless...you can see videos of them throwing money in the streets.
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What does that have to do with BTC? I was interpreting the prior post like they were using BTC and then left it for fiat. Did that not happen?
 
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