Pinboard (jm)
https://pinboard.in/u:jm/public/
recent bookmarks from jmThe “Bart” — sudden hundreds-of-Bitcoin pumps or dumps, to burn the margin traders2018-12-18T12:43:02+00:00
https://davidgerard.co.uk/blockchain/2018/12/17/the-bart-sudden-hundreds-of-bitcoin-pumps-or-dumps-to-burn-the-margin-traders/
jmFinance journalists need to stop treating crypto as an efficient market that responds to concerns. It’s a thinly-traded unregulated playground for whales, out to wreck the margin traders. A $400 dip in fifteen minutes is not a “market signal” — it’s a deliberate dump to manipulate the price.
Though there’s still downward pressure on the price — all the suckers from the bubble have gone home, so they’re not buying … but the miners still have to sell coins for actual money to pay for their electricity.
And even more so now that the price of mining one bitcoin is at — or above — what you could get for selling that bitcoin.
So one minute you’ll see a sudden $100 increase in the price that cost 130 BTC of dollars — and those are actual dollars going in — followed the next minute by a matching $100 drop that came from selling only 30 BTC. It’s much easier to drop the price than raise it.
]]>investing bitcoin via:harikunzru cryptocurrency pump-and-dump barts finance margin-traders currencies fraudhttps://pinboard.in/https://pinboard.in/u:jm/b:8013d3ae0499/