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Spoofy Bitcoin manipulation
7 years ago by steevc (73)
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You can bet that there are a few whales who have a great influence on the bitcoin market whether they are doing it on purpose or not.
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People like the Winkelvoss twins control massive amounts of Bitcoin. They can push it whatever way they like
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It's easy to forget that there are still quite a few power players who could essentially "Buy bitcoin" and take a huge huge share of it.
Or satoshi could reappear, for good or for evil, and tank the whole thing.
We're far from "stable" on a macro, global scale... it's still cutting edge tech in my eyes.
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Someone could take over Steemit if they could find enough available Steem. It's a risk, but I hope it becomes too big for that soon. We already have enough whales, but I'm grateful enough when they decide to vote for me.
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This is not an issue confined only to Bitcoin Barclays suspends currency traders but it does raise an interesting thought.
Money manipulation and stock market influencing are illegal pretty much world wide so if there were such a practice going on I wonder why the authorities such as SFO (Serious Fraud Office UK) are not investigating it. Maybe they still think Bitcoins is funny money? ;-)
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The amounts involved seem serious to us, but may just be an expense claim for your average politician. I see at least the Inland Revenue is considering Bitcoin. It's a whole new can of worms for them
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I hate doing this as it ruins the comments thread. How can I discuss something I've seen on Steemit privately with you? I think I've come across someone telling porky pies. It's not life threatening by the way.
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You can reach me via Google chat as before. People here tend to use the Steemit chat site. If we use busy.org with our Steemit accounts then they have private chat there
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On busy.org now
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Hi @steevc. I read about Spoofy in the morning as well. Shocking how one person, or one colluded group of people, can have such an influence on the market.
I think Bitfinex should be held accountable for the manipulation it is allowing. Furthermore, how do we know that the rise in the value of Bitcoin is real?
Something should be done.
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I expect this is going on a lot when there is so much money to be made. We see some coins suddenly rise 1000% and then disappear. Some people don't care whether there's real technology behind a cryptocurrency if they can cash in on such changes. I expect there is even less regulation than in more established markets
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I heard that too. There are large pump and dump groups. These people buy a big share of a coin, pump the price and then dump it.
People who buy on high prices are destroyed because the coin never recovers from the dump. I have done two mistakes in the last week of July. Synx and RNS coins. I bought at high prices. Sold one at loss. The other one is 7 times below the price I bought at.
I have no option other than waiting for it to recovery losses.
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yeah, crypto technology is new, the process of monitoring, controlling and regulaating the coin are all still in process. This, and the fact that crpytos are in essence trying to form their own economy makes them pretty much non important to any government. The sole reason cryptos came was to ''remove the money from the hands of the greedy governments'' but in reality, we have made it more susceptible to manipulations from the dark side.
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Governments will be interested in taxing any sort of business. They may have issues proving that it happened in their jurisdiction
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The value of an altcoin is strongly linked to btc value but not only. If it has a strong "background" (community, devs, marketing, wether it bring something new technologically and to the people..) like Steemit. Then it can grow almost independantly of bitcoin value.
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That's how it should be, but it seems some investors do not check too deep. I hope the value of Steem will eventually reflect the quality of the tech
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Steevc, there is manipulation at every turn that's for sure, I've always been skeptical about the supposed invisibility of bitcoin, although that could be my mind trying to hope.
Markets are manipulated the world over, and it isnt helping that the price of over 1000 cryptos depend heavily on the price of bitcoin.
Like you rightly said though, the price of steem can and should sway with a little press coverage.
Its been long steevc, hows the music been going?
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We hear about manipulation of other markets all the time. We shouldn't expect crypto to be different. Greed is universal.
I'm still having fun with music. I need to write some new songs some time.
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Ya, well if you need help with any lyrics, I'm game!
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This has been the case since the beginning - and the manipulation is even greater in the alts (including Steem) because they're easier to move.
That's what happens when there is no regulation - nothing anyone can do about it unless they want to go down the route of regulated exchanges.
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I thought part of the point is that crypto is not regulated. Freedom comes with risks attached
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It's true that we can learn a lot from bloggers here on Steemit, thanks for the links to those articles @steevc
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Hey there .. all I know is at some point with the ups and downs BTC and Steem are still great investments.
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Let's hope so, but nothing is ever certain :)
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Stuff Like Spoofy is normal in the Equity Markets, I am not surprised to see this happen in the Crypto Space too.
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i think with AI added into the mix and people paying for super computer access it's only a matter of time before we see pockets of those with the power using it against things like crypto. it's how the community deals with that, with their own white hat AI i guess! let the battle of the AI trading bots begin!
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I wonder if the Bitcoin charges and slow transactions could affect this, but they may be using 'virtual trades' just to spook others into buying or selling. With free and fast transactions on the Steem blockchain it may be possible to flood the system.
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even i too don't understand much about the market but i like how BTC is going ;)
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We don't always know why it is rising. There's a lot of hype. I think any long term predictions are just guesses
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My mind has kharab with poloneix!! Daily my account is going down and polo has suffered with technical issues!!
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That's another issue. We may have problems selling our crypto if the exchanges cannot cope.
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Altcoin dry bitcoin not fly . when altcoin fly you also see bitcoin flying too up up
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of course some large player is playing with the Bitcoin Price
its so evident.
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I'm on steepshot viewing your post so I just see photo
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Not much point when it's a text post :)
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And not sure about this since I am a beginner, but if your post is upvoted after the payout, I saw somewhere that you still get steem power reward.
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I don't think you do, but I may be wrong. We used to get paid after 1 day and again after 30, but now it's a single time after 7 days.
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I mean if you can vote for a post even after the pay period (wether it be 1 or 7 or x days), it must be because you still give something somehow to the poster. Or else it would have been disabled (upvote button grayed or something like that), isnt it ?
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It may still influence reputation, but there will be no more rewards. It would be great to get rewards for old posts, but I suspect it's too much work to process it
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