bitcoin price manipulation

[Woodard]

Even stocks can be manipulated, so how we can wish an online gamble machine work fairly? No gov is behind this currency.

[GreenJesus]

dude he both bitcoin after the price dropped because of hes comments

speak English.

(Infracted) ~ Trolling

[ati87]

So China is going to shut down the internet? Because that's the only way to really "Ban" bitcoin.

No you can restrict (read ban) it's usage to make it worthless in essence.

If you can't use Bitcoin as a currency (so buy shit) then the only use left is for people to use it as a money laundering method. So they givebitcoin and get back real money...this would also be a hard to keep up and I can't think of anything else so maybe if somebody can correct me then that would be a good lesson for me.

[Strawberry]

No you can restrict (read ban) it's usage to make it worthless in essence.

If you can't use Bitcoin as a currency (so buy shit) then the only use left is for people to use it as a money laundering method. So they givebitcoin and get back real money...this would also be a hard to keep up and I can't think of anything else so maybe if somebody can correct me then that would be a good lesson for me.

No they can't. Not anymore.
Bitcoin was created on technology many don't understand even today. This is why so many here are shitting on it. They don't understand. People fear what they don't understand.
There's so much money and technology being poured into this that it's not going away.
Banks and governments are against it because they know it's a threat to the current system. But you can't shut down Bitcoin. In Japan for example, it's completely legal to use Bitcoin.
People need to understand that cryptocurrency is here to stay. Altcoins are taking off as well. This is the change many of us wanted. It's the digital revolution.

[Acidbaron]

I believe its value is often tied to a lot of criminals laundering money since they are often okay with a large amount of cost involved to wash money clean on top of how its value is determined normally ofcourse.

[ati87]

No they can't. Not anymore.
Bitcoin was created on technology many don't understand even today. This is why so many here are shitting on it. They don't understand. People fear what they don't understand.
There's so much money and technology being poured into this that it's not going away.
Banks and governments are against it because they know it's a threat to the current system. But you can't shut down Bitcoin. In Japan for example, it's completely legal to use Bitcoin.
People need to understand that cryptocurrency is here to stay. Altcoins are taking off as well. This is the change many of us wanted. It's the digital revolution.

Threat? As long as the government says ''only valid currency is our currency and every local transaction has to be in local currency'' their is no real threat towards lets say the dollar or euro.

It's about control and governments like to stay in control over their own currency, and before anybody mentions the euro the EU are it's countries.

[xenogear3]

Long term, all assets make HUGE profit, including gold and oil.

[Machismo]

Cheers to both not understanding what a pyramid scheme is, and cryptocurrency and how people are managing it.

I understand just fine, and I happen to agree with Mr. Dimon. The entire process is made to be abused. The supply is based off of a regressive asymptotic curve, meaning the cost will inevitably skyrocket, even with a steady demand. People will hoard the currency, and dump it... causing the bottom to fall out. Since it has no backing at all, there is no long-term stability to it. It's a pyramid scheme, because the people who got into it early, are the ones making the money off of those coming in later. When the bottom falls out of it, and the bottom will fall out, then those new people will lose their asses.

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No they can't. Not anymore.
Bitcoin was created on technology many don't understand even today. This is why so many here are shitting on it. They don't understand. People fear what they don't understand.
There's so much money and technology being poured into this that it's not going away.
Banks and governments are against it because they know it's a threat to the current system. But you can't shut down Bitcoin. In Japan for example, it's completely legal to use Bitcoin.
People need to understand that cryptocurrency is here to stay. Altcoins are taking off as well. This is the change many of us wanted. It's the digital revolution.

Cryptocurrency may be here to stay, but each one will have a limited life span. They are also very easily manipulated, and subject to fraud. The people who jump into a particular currency at the outset will be able to collect the lion's share, whilst those late to the party will be screwed. That creates artificial demand, and it's why most of the bitcoin transfers are investments (currency exchanges), and not used for actual purchases.

[lockedout]

Well, it's nothing more than a pyramid scheme, so it's not a matter of "if" it is manipulated and collapses, but "when" it's going to happen.

Can you explain HOW it's a pyramid scheme please?

[Machismo]

Can you explain HOW it's a pyramid scheme please?

Well, the people who buy into the market at the beginning are the ones profiting off of those entering late. It's not much different than the "emu eggs" fiasco from 30 years ago. The demand is largely artificial, based mainly on exchange between those who are investing within the product (without actually using that product). The supply opened up quickly at the beginning, then slowed based on a regressive asymptotic curve. That ensured a limitation of supply in the long term, and meant that those who were able to mine the coins in the beginning (the creator and his buddies), were standing to make the most profit. After that, we are in the phase of the mid-tier investors. They can still make money, but it involves a great deal of hoarding, which is what we are currently seeing. After that, you will have the fallout. People will jump into the system when it's too late, and those primary and secondary investors will dump their investments, and the bottom will fall out... all on the heads of others.

The model of most cryptocurrency calls for a slowing of the supply over time, and that will inevitably lead to the same result. Add in the fact that it has zero backing, and you are left with an intangible product with no long-term stability.

[Alydael]

every day every 5h another stupid news story that says bad things about bitcoin than the price drops after 20-40 min of that story stupid things like peoples opinion on it

So, when the price drops- you buy them. Then you sell them when the price goes back up. What is the problem?

A few years ago, they were 200-300$. I believe they peaked at 1800$ sometime last year (when Trump paranoia peaked). I sold mine before the peak, I didn't think they would top 1400$ and after buying them at 300$ or so, $1400 was a tidy profit.

It's not a long term game because, eventually, the government is going to move on them and if you are holding coin at that point it will be a total loss.

There is plenty of money to be made without much risk until that day.

[caervek]

Well, it's nothing more than a pyramid scheme, so it's not a matter of "if" it is manipulated and collapses, but "when" it's going to happen.

That would mean more if it wasn't (A) the same thing doomsayers have been saying for the past 5 years, and (B) nonsense.

[Deleted]

Obvious troll is Obvious!

[caervek]

Can you explain HOW it's a pyramid scheme please?

He can't because it isn't, that's just nonsense that the uneducated and those at risk of losing out to BTC (I.E bankers) have been saying for the last half decade

Some good articles on the difference here:
https://www.cnbc.com/2017/09/13/john...kepticism.html
https://www.quora.com/Why-is-Bitcoin...pyramid-scheme
https://www.ted.com/conversations/23...zi_scheme.html

[Karon]

Threat? As long as the government says ''only valid currency is our currency and every local transaction has to be in local currency'' their is no real threat towards lets say the dollar or euro.

It's about control and governments like to stay in control over their own currency, and before anybody mentions the euro the EU are it's countries.

You can pay with bitcoins in Germany. It's completely legal, just not really wide spread yet.

[schwarzkopf]

every day every 5h another stupid news story that says bad things about bitcoin than the price drops after 20-40 min of that story stupid things like peoples opinion on it

Bitcoin is having issues because of the split and because of China...

[therealstegblob]

He can't because it isn't, that's just nonsense that the uneducated and those at risk of losing out to BTC (I.E bankers) have been saying for the last half decade

Some good articles on the difference here:
https://www.cnbc.com/2017/09/13/john...kepticism.html
https://www.quora.com/Why-is-Bitcoin...pyramid-scheme
https://www.ted.com/conversations/23...zi_scheme.html

Bitcoins are innately different from a pyramid scheme, but Machismo makes some good points in how they're vaguely similar. It's a misnomer to imply that cryptocurrencies are a problem by design, though. It's not the concept's fault that people abuse it the way they do.

[Gilgallad]

JP Morgan is making Ethereum tools, and Ethereum is getting backing from several companies. To me, it looks logical that the guy from JP Morgan would try to scare people to go over to Ethereum, where his bank has started putting its hands on.

[chazus]

I understand just fine, and I happen to agree with Mr. Dimon. The entire process is made to be abused. The supply is based off of a regressive asymptotic curve, meaning the cost will inevitably skyrocket, even with a steady demand. People will hoard the currency, and dump it... causing the bottom to fall out. Since it has no backing at all, there is no long-term stability to it.

This stuff is all pretty much true, or at least partially true, or true because people, except for:

It's a pyramid scheme, because the people who got into it early, are the ones making the money off of those coming in later.

That part is completely false.

It's not a pyramid scheme in any form, factor, or design. It literally isn't.

While the RESULT might be similar from the outside, and whittled down to a simplistic "I'm going to ignore everything else involved to fit a statement", they're not the same, or similar.

[Machismo]

That would mean more if it wasn't (A) the same thing doomsayers have been saying for the past 5 years, and (B) nonsense.

You are talking about a span of five years, that's nothing. We'll see if bitcoin can last 50, or even 200 years. Plenty of pyramid schemes last a while, that doesn't mean that a ton of people aren't getting screwed.

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This stuff is all pretty much true, or at least partially true, or true because people, except for:


That part is completely false.

It's not a pyramid scheme in any form, factor, or design. It literally isn't.

While the RESULT might be similar from the outside, and whittled down to a simplistic "I'm going to ignore everything else involved to fit a statement", they're not the same, or similar.

Sorry, I'm going to side with Mr. Dimon and Howard Banks.