Jump to content
Unexplained Mysteries uses cookies. By using the site you consent to our use of cookies as per our Cookie Policy.
Close X
Join the Unexplained Mysteries community today! It's free and setting up an account only takes a moment.
- Sign In or Create Account -
Raptor Witness

Why Bitcoin is Terrifying to the Bankers

57 posts in this topic

Recommended Posts

Area201

Following developments on r/cryptocurrency and they are giving out 800 Suicide Hotline pinned at the top yesterday. Bitcoin went under 10k taking along other "sh*tcoins" as some call. Here's some of the posts I've saved to help navigate. If you got in early and made a small fortune like winning the lottery, good for you, but this is more along the reality of the situation.

1. "How unregulated cryptocurrency markets are vulnerable to manipulation today.

This is a pretty simplified, but basically it works like this:

Let's say I have 1000 SeattleCoins which is a large percent of all the SeattleCoins out there. No one wants SeattleCoins since they aren't worth anything and few people seem to have them. If you looked at the market for them you would see few if any transactions, no information, and a very low price.

In order to change that I set up a series of companies. I sell my companies some SeattleCoins then have them start trading them between themselves. Say day 1 each sells 100 to another for $1 a coin, then day 2 it's $2 a coin and so on. I might have dozens of companies doing this all day long. I also might go on reddit and hype up SeattleCoins, or pay to have content placed on social media sites or other places. Maybe I'll set up some fake accounts on coin forums to talk about how great SeattleCoins are.

Now, if someone goes to look at the market they see that there is an average of 10,000 SeattleCoin transactions a day with an average price of $10 a coin up from $1 only a week ago. They also will see all the content I put up about how great they are. Ideally they think, wow, this might be the next big coin! I should get in on it.

People start buying and now my shell companies can sell to other people for real money. So I liquidate all my SeattleCoins and take my USD and run. Since all that activity I was doing stops, trading volume declines and since there is now much less demand, the price collapses. Buyers are left holding useless coins while I am left with lots and lots of real useful money."  u/mvea

 

2. "My friends dont get it. I've been in crypto way longer than them and they simply dont listen to me. They chase the hype coins, follow twitter trades and buy whatever they see tweeted, and shared. They cant tell me about the tech of any of their coins, they dont know the teams or the history behind the devs, they couldnt even link me to the gits if I asked.

I see people say stuff out into facebook groups like "Someone tell me where to put my $50k and make a million without doing anything" -- or "I just sold my car for crypto, what should I buy?"

I'm not surprised that people think its a cooperative sport, but I am embarassed for those people. Typically I lean towards supporting more consumer protections, but these people have invaded my mecca (there is some really really sound tech out there that I'm passionate about) and personally I wouldnt mind if it all crashed to 0.

(get ur tinfoil hat on) I have a conspiracy theory that the crypto market started ramping up most significantly following the most recent RU sanctions. (this is fueled by Putin personally endorsing Vitalik B. of ethereum and the subsequent explosion of crypto). Crypto is the perfect end around to those sanctions. The terms of the sanctions froze classic assets, so that drove them to the digital asset frontier and this massive marketcap is actually blood money being laundered by oligarchs.

Even if that conspiracy theory is ridiculous, its still worth remembering that the whales are out there, and theyre not there to play nice

 

3. "CryptoNick is deleting all of his BitConnect videos, and so are his buddies. Please never forget what he and his cohorts did to so many people, and how much money those people lost in the process thanks to CryptoNick, Trevon James, and Craig Grant!

We can't let these legendary affiliate scammers get away with what they did, and we have to show them all that we are the internet, and that we never forgive, and never forget.

**** these guys, and make sure you spread the word around about what they did, and continue to do with other Ponzi's like cloud mining. Go to their videos, and websites, and spread the warning.

These people don't get to just conveniently forget what has happened, and expect the rest of us to just forget about it too! **** them, and hopefully some more serious actions get taken against them for what they are responsible for, and please do your research before getting involved with any of these shysters too people.

You have a responsibility to protect yourself and your friends as well, and you are not exempt of all blame here either for falling for this **** if you did, so wake the **** up!

Edited by Area201
  • Like 1

Share this post


Link to post
Share on other sites
 
Gromdor

The bubble does seem to have popped.  Not sure it is dead though.  Ali Baba is opening up a mining division despite China's frowning on crypto-currencies. 

Share this post


Link to post
Share on other sites
Sooth Sayer

From what I noticed in trends for "investors" is only a few get wealthy becuase they "got in early". 

But they got wealthy from everyone that came in late. It looks to me like a ponzi scheme on steroids. 

All that's needed are stories that get circulated. That's all it takes to get people to pony up their savings. 

And people should always be leary when they hear lots of "great news" about something that the one or ones that invented it are ataying ailent about it. 

If it weren't shady, they would announce to the world what they have created.

Give it some time and the ugly truth about this online currency will come to light. And the fall out won't be pretty.

 

While I hate the idea of big banks I also hate the idea of giving money to something that does not have a long term proven track record.

Share this post


Link to post
Share on other sites
FFA

There is still room for it come down. It was way overbought. I expect a bottom to form at about 2000 and then flat trading for a long time. 

It crash time for the stock market too. Shes going down too. Watch and see.

If you don't think I know what I'm talking about, check my post #34 before the crypto crash.  You better be strapping down those 401k's and Ira's. Gold will sky rocket soon enough the dollar will deflate.

Its on China. Currency wars are on. They will take back seat to USA as the manufacturing center of the world one way or the other. 

 

 

 

Share this post


Link to post
Share on other sites
FFA

Bitcoin down over 1000 points in one day. It looks like a descending triangle is forming and is testing the 7100 resistance. The sellers and buyers are exhausting at about 6900. The nest big swing down will equate to about 800 to 1000 dollars and will be quick. Look for more bumps in the road this week. 

After the small investors are beat up and ran off and the price bottoms, the big banks will snatch it all up cheap before it rockets again. 

Share this post


Link to post
Share on other sites
cluey

well.....after the most dramatic fall of the DOW in history in the last 24hrs.........not only has affected world banks,super and investments.......if you own bit coins.....a week ago...they where about $19,000....a coin AU.....today....they are worth $7,000.......

Share this post


Link to post
Share on other sites
Gromdor

I think it drew too much government attention when it was near 20 grand as well.  I'm not seeing good things for it's future.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.