jm + margin-traders   1

The “Bart” — sudden hundreds-of-Bitcoin pumps or dumps, to burn the margin traders
Finance 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  fraud 
4 weeks ago by jm

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