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Utopia Talk / Politics / Bitcoin (OT)
Tue Jan 16 13:27:08

Researchers find that one person likely drove Bitcoin from $150 to $1,000

"Researchers Neil Gandal, JT Hamrick, Tyler Moore, and Tali Oberman have written a fascinating paper on Bitcoin price manipulation. Entitled “Price Manipulation in the Bitcoin Ecosystem” and appearing in the recent issue of the Journal of Monetary Economics the paper describes to what degree the Bitcoin ecosystem is controlled by bad actors.

"To many it’s been obvious that the Bitcoin markets are, at the very least, being manipulated by one or two big players. “This paper identifies and analyzes the impact of suspicious trading activity on the Mt. Gox Bitcoin currency exchange, in which approximately 600,000 bitcoins (BTC) valued at $188 million were fraudulently acquired,” the researchers wrote. “During both periods, the USD-BTC exchange rate rose by an average of four percent on days when suspicious trades took place, compared to a slight decline on days without suspicious activity. Based on rigorous analysis with extensive robustness checks, the paper demonstrates that the suspicious trading activity likely caused the unprecedented spike in the USD-BTC exchange rate in late 2013, when the rate jumped from around $150 to more than $1,000 in two months.”
Tue Jan 16 13:28:06
Russia And Venezuela Plan Cryptocurrencies


"Venezuela and Russia have announced plans to launch their own cryptocurrencies, trying to imitate the recent success of bitcoin. Venezuela has dubbed its version the petro. Analysts say cryptocurrencies may be a way for both Venezuela and Russia to sidestep financial sanctions. We're joined in the studio now by Monica de Bolle. She's senior fellow at the Peterson Institute for International Economics. Thanks so much for being with us."

Tue Jan 16 13:29:03
Bitcoin plunges—now down 42 percent from December peak


Every major cryptocurrency has seen double-digit losses in the last 24 hours.

"Bitcoin's value plunged on Tuesday, falling to $11,300—the lowest value the virtual currency has seen in 2018. Bitcoin's value is down more than 20 percent over the last 24 hours, and down 42 percent from December's all-time high of around $19,500.

"Bitcoin's fall was part of a broader crypto-currency selloff. Every major cryptocurrency has suffered double-digit losses over the last 24 hours, according to CoinMarketCap. Ethereum is down 21 percent. Bitcoin Cash is down 25 percent. Litecoin is down 20 percent, while Dash is down 21 percent, and Monero is down 25 percent."

Tue Jan 16 14:03:34
Got a nice paycheck out of the scam. Put in $2k at Christmas in Eth/IOTA/XRP, pulled out a straight $4k this weekend. Could have gotten out at almost $6k but got greedy on the HODL train. After a couple days of seeing nothing but red on Binance, hard to justify sticking around.
Tue Jan 16 14:09:22
Without standardized energy costs to tie cryptocurrency valuation to, the system is never going to be stable.

Value is determined by activity, so both transactions as currency (which bitcoin is designed for) and speculative trading both increase value.

Because every business student in the world is treating cryptos as stock, this likely contributed to the unprecedented rise over the last year or more.

But at the same time, it's also easy for small groups or individuals to use that as a mechanism to drop the price, by refusing to sell and continue the trading activity that drove it up, essentially hording coins at increasingly lower costs before unloading them to start it all over.

At least that's how I think it'd working. Fuck should I know, they have crypto coins for medical records now so fuck knows what is behind valuations for shit like that or the new Kodak coin.

Like I said, unless we tie coin values to energy costs they' just hold a make believe value... Like commodities, stocks, or fiat currency.

You have built in scarcity, so theyre closer to commodities like gold I suppose. But i reiterate that standardized mining equipment to normalize energy cost would allow us to tie coin value to energy and offer the most consistent, none speculative currency to date.

Multiple coins could then be employed, with consistent exchange rates indexed to relative coin cost (energy)
Tue Jan 16 21:32:54
Only digital coin I own is XRP by Ripple. It's the only one of the biggest players that I can see that has some kind of guidance toward a use case goal with some level of successful implementation.

If it stays low as it is until my next pay check I'll probably buy some more and then call it a long term gamble and just let it ride until it's either 0 or I can pay off my car.
Tue Jan 16 22:12:03
Anyone buying meme coins at this point deserves to lose all their money.
Tue Jan 16 23:08:38
The past 10 years have shown otherwise. But yeah, it's possible.
Wed Jan 17 11:28:04
In the last 10 years middle aged house wives in Minnesota were not investing their indulgent husbands money in Bitcoins because Mary Sue mentioned them at the last ice cream social.

Now they are. You always want to get off the gravy train when that starts happening.
Anarchist Prime
Wed Jan 17 13:36:24
BitConnect, Anonymously-Run Crypto Exchange, Crashes After States Issue Cease and Desists

Wed Jan 17 16:36:51
"In the last 10 years middle aged house wives in Minnesota were not investing their indulgent husbands money in Bitcoins because Mary Sue mentioned them at the last ice cream social."

It's not so much stepford wives across the midwest but lots of the new money in the Chinese middle class and other enriched but retarded places across the world. The income from mining is literally a multiple of what a person can make in a month in most of the world's rural areas.

And while it's true that it will crash eventually, it hasn't yet so if you want to gamble; you can ride the wave and hope not to crash.

Fun Side Note: I went to my local Fry's to buy some parts and ALL the 3d cards were gone. I looked online and all of my cards are going for several hundred more than what I bought them for.

Nice latent income I guess.
Fri Jan 19 04:36:52
The real reason for the bitcoin crash:


Egypt’s top Islamic cleric has issued a fatwa against bitcoin
The Children
Fri Jan 19 05:51:50
cuckhat, bitcoin is 4bidden in china. next time at least get ur facts straight!

in fact, all the bitcoin whales r probably japs and white devils.
Fri Feb 09 15:41:05

Russian security officers have arrested several scientists working at a top-secret Russian nuclear warhead facility for allegedly mining crypto-currencies.

The suspects had tried to use one of Russia's most powerful supercomputers to mine Bitcoins, media reports say.
Mon Feb 12 12:24:10

Energy riches fuel bitcoin craze for speculation-shy Iceland

KEFLAVIK, Iceland (AP) — Iceland is expected to use more energy “mining” bitcoins and other virtual currencies this year than it uses to power its homes.

With massive amounts of electricity needed to run the computers that create bitcoins, large virtual currency companies have established a base in the North Atlantic island nation blessed with an abundance of renewable energy.

The new industry’s relatively sudden growth prompted lawmaker Smari McCarthy of Iceland’s Pirate Party to suggest taxing the profits of bitcoin mines. The initiative is likely to be well received by Icelanders, who are skeptical of speculative financial ventures after the country’s catastrophic 2008 banking crash.
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