Re:The Limits to Blockchain Scalability
by rapsey on Sunday May 23, 2021 @04:00PM
(#27258034)
The price is manipulated by hedge funds and/or whales to fleece unsophisticated investors. Wyckoff pattern has described BTC this tear to a t.
[ Parent
| on HN ]
It's genuinely concerning how 1:1 the Wyckoff pattern is for BTC at the moment [1].
That was a month ago and it has since diverged, the same youtuber is performing even more mental gymnastics to try to explain the divergence
As anyone who was around to see the advent of “crypto TA” c. 2012 can attest, TA in the Bitcoin space started out as quantitative-themed narrative pumping, and it remains so to this very day. Crypto TA chartists self-promote and advertise coins in a furtive attempt to bolster speculation. They can then point to “trading volume” and speculation-fueled transactions to further boost perceptions of credibility — “$X zillion dollars were settled on this blockchain I’m invested in”.
Re:The Limits to Blockchain Scalability
by Freestyler_3 on Sunday May 23, 2021 @08:16PM
(#27259863)
He mentioned pretty early that he bought at 60k.
hindsight 20/20 I guess.
> The price is manipulated
Clearly. Watch the price after Musk's announcements.
> fleece unsophisticated investors
Someone speculating in an unregulated asset that's seen massive growth in the past year should have no expectation of not being on the bad side of a trade.
> Someone speculating in an unregulated asset that's seen massive growth in the past year should have no expectation of not being on the bad side of a trade.
And yet some people dump their life savings into it.
Re:The Limits to Blockchain Scalability
by MomoXenosaga on Monday May 24, 2021 @05:55AM
(#27262595)
Crypto adherents generally don't study history. I remember when in the late 90s everyone was investing in the stock market bubble. Some people made big but most were left holding the bag. None of this is new.
The price isn't manipulated - the price was overheated and we're closer to bear than most realize.
Which is good because crypto is a lot more fun in bear markets.
I suspect they are following sentiment analysis on social media and also have demand details on the exchanges.
I assume that soon they will let it drop to 9k and leave it there for a few years and the start the whole thing over again, with the next round of "investors". These "Maximalists" are unintentionally helping them set a floor.
A friend who trades crypto tells me altcoin prices are all manipulated - the buyer and seller are the same person.
What's the point of ownership if the value of the stuff that is owned is centralized?