Bitcoin Price Thread

[johnarb]

And who will they steal money from, themselves ????? Only when general public “suckers” get involved in droves, there are money to be made.

So, they push the prices up using fake $$$ USDT, but then they have to wait for dumb money to buy so they can sell and steal their money.

Bitcoin is decentralized, so not sure what you mean by insiders. There are whales, maybe that's what you meant. I'm not an insider, although I mined a few bitcoin years ago, not enough to write home about and I bought more, maybe I'm what you call dumb money, but I made money so maybe you're not referring to me.

Anyway, good luck to you. You should use your trading knowledge and short bitcoin CME futures as it's about to crash soon, per your analysis, or maybe try to short on Bitmex with leverage up to 100x.

 

[HolyGrailSeeker]

So let me get this straight, the bitcoin price is kept higher and pushed higher (like yesterday) because quite simply it's very easy using fake volume and fake USDT created out of thin air, then now you're saying needs dumb money (why???) to push it higher, coz no money no honey.

Very clear explanation. lol.

If they create USDT out of thin air they dont even need dumb money to come in. They can just sell their usdt for btc then btc to usd. After awhile of this charade, USDT would reflect this supply/demand and crash, while there were some minor scares it has not happened and it always reverted to the $1 usd peg.

Anyways, im not saying USDT isn't shady. I do think they are not completely honest and they could be operating like a fractional reserve perhaps. They might not have 100% cash equivalent to back it up but by and large I do think they have the cash and assets to back it.

If you think about it, banks with fractional reserve are also propping the stock markets the same way and they state that legally they need to only back 10% with cash and if the markets crash they can always bailout themselves. So in a way they are gambling and devaluing your monopoly money in the bank.

 

[maxinger]

yesterday volume traded through CME was > 10k which is significant.
typically daily volume is about 2 to 3 k.

well. there might be people who entered order then withdrawn it subsequently
for whatever reasons.
anyway it doesn't bother us because we only look at nearest bid offer row.

 

[johnarb]

If they create USDT out of thin air they dont even need dumb money to come in. They can just sell their usdt for btc then btc to usd. After awhile of this charade, USDT would reflect this supply/demand and crash, while there were some minor scares it has not happened and it always reverted to the $1 usd peg.

Anyways, im not saying USDT isn't shady. I do think they are not completely honest and they could be operating like a fractional reserve perhaps. They might not have 100% cash equivalent to back it up but by and large I do think they have the cash and assets to back it.

If you think about it, banks with fractional reserve are also propping the stock markets the same way and they state that legally they need to only back 10% with cash and if the markets crash they can always bailout themselves. So in a way they are gambling and devaluing your monopoly money in the bank.

Red Duke's claim is that they pump the price of btc so they can attract and steal dumb money that comes pouring in, however for someone who's been on ET for 10 years, he doesn't understand how markets work. There's so many ways to arbitrage a bitcoin market that he describes and make boatloads of $$$ given the current market adoption that bitcoin currently has.

Heck, buy up a bunch of CME bitoin futures, pump the price to $10K (really no reason to stop at this price), have an army across the world start spending bitcoin on gold, cashout at bitcoin ATM's, buy real estate properties with bitcoin, etc.

Bitcoin can be used at Walmart, Target, any hotel, any airline, Morton's steakhouse, Wholefoods Groceries, etc, etc, but if all everyone reads are the naysayers here on ET, they will think it can only be used on very few coffee shops in major cities.

 

[sle]

Too much evidence came out by now that the price is a mirage manipulated by insiders. talk about fake.....

It's very unlikely that the whole market cap has been supported by insiders since the very beginning. There are obvious pockets of manipulation on one hand, there are some real deals on the other hand. FWIW, the most recent news about fake volume has little to do with price manipulation but rather an attempt attract customer flow the exchanges.

A lot of the scams in the crypto world are identical to the antics we saw in the US stock market relatively recently, like in the 70s and 80s. Anyway, cryptos are a nascent market, similar to let's say stock market in Ethiopia or something along these lines. There will be a lot of shady stuff but that does not invalidate the idea completely. The idea of digital assets is an obvious one and it's just a matter of acceptance. The newer generations readily accept the idea of an intangible asset (as a matter of fact, we do too - why do we keep yelling at China for stealing our intellectual property).

 

[gkishot]

"Electricity will be the next barrier. Block reward is too high to support a higher price. The world produces about 20000 TWh per year. At 5 cents per kWh, that would be 1000B to buy all that electricity.

If BTC was 100K, the equivalent of 65.7B worth of electricity would be burned for mining purposes per year. Forget about Skynet, this would be the real threat to humanity. You can't burn 6% of humanity's power and claim this is more efficient than central banks."

IMHO, the price of BTC does not come from the spent energy to mine a new block but from the total energy spent to mine all previous blocks.

 

[Trader Curt]

Yes the bulls have finally taken over. Everything should go north from here

 

[RedDuke]

So, they push the prices up using fake $$$ USDT, but then they have to wait for dumb money to buy so they can sell and steal their money.

Bitcoin is decentralized, so not sure what you mean by insiders. There are whales, maybe that's what you meant. I'm not an insider, although I mined a few bitcoin years ago, not enough to write home about and I bought more, maybe I'm what you call dumb money, but I made money so maybe you're not referring to me.

Anyway, good luck to you. You should use your trading knowledge and short bitcoin CME futures as it's about to crash soon, per your analysis, or maybe try to short on Bitmex with leverage up to 100x.

Yes, whales who control exchanges, USDT and etc. Why would I ever trade a product that I think is not real???? I have enough to take care off in the real markets with my algos.

 

[RedDuke]

Red Duke's claim is that they pump the price of btc so they can attract and steal dumb money that comes pouring in, however for someone who's been on ET for 10 years, he doesn't understand how markets work. There's so many ways to arbitrage a bitcoin market that he describes and make boatloads of $$$ given the current market adoption that bitcoin currently has.

Heck, buy up a bunch of CME bitoin futures, pump the price to $10K (really no reason to stop at this price), have an army across the world start spending bitcoin on gold, cashout at bitcoin ATM's, buy real estate properties with bitcoin, etc.

Bitcoin can be used at Walmart, Target, any hotel, any airline, Morton's steakhouse, Wholefoods Groceries, etc, etc, but if all everyone reads are the naysayers here on ET, they will think it can only be used on very few coffee shops in major cities.

I very much understand how markets work. Bitcoin is not a real market it is a dream, hype or whatever else you can call it.

 

[RedDuke]

Everything I am saying here is my opinion only. Which can absolutely be incorrect. It is based on evidence presented thus far. And the evidence clearly shows how fake Bitcoin market is.