4 ms·

What's driving the price surge?

by postingawayonhn 6y ago

bufferoverflow 6y ago
Paypal and large companies buying large amounts.
- arcticbull 6y ago
  lol the narrative of “institutional buying” has been beaten to death for about 5 years now, time to let it go. It’s a drop in the bucket compared to the manipulative buying. Square bought $50mm of Bitcoin. Tether prints $2B fake dollars per month.
  - kneel 6y ago
    https://bitcointreasuries.org/ https://bitcointreasuries.org/
    - arcticbull 6y ago
      Those are very small numbers. Square’s $50m makes it third on the list.
      - kneel 6y ago
        14 billion is very small numbers. sure
        arcticbull 6y ago
        These aren’t institutional buyers. Its a few bucket shops and square. On the list square is the only one dumb enough to put their own money on the line, the rest are just holding an aggregate pile of other people’s poor life choices.
elevenoh 6y ago
I kinda find this to be odd question. Can anyone definitely put their finger on what's causing price rise a global market like crypto? no Can they do this probabilistically? perhaps.
sdenton4 6y ago
Bots and pump+dump schemes?
- LittlePeter 6y ago
  Through what mechanism would bots drive up the price? Are you claiming there are simplistic momentum bots out there with seemingly more cash than other bots that just buy up bitcoin causing it to rise, which causes them to buy more of it, ad nauseam? For pump and dump schemes, aren't we past that stage for Bitcoin at least? Isn't Bitcoin too big and too "mainstream" to be pumped in some Telegraph channel? Maybe you can clarify what pump-and-dump strategy you think is being used here?
- BenoitP 6y ago
  You'd need a lot of resources for pumping right now. Or maybe it's already happened quite a few times and everybody is doing it now, sort of like a meme?
arcticbull 6y ago
Billions of dollars of new Tether ($2B per month, $18B total now and counting) being printed with no backing bank account and used to buy Bitcoin, triggering fomo buying at “legitimate” exchanges. I’d wager the NYAG would agree, their lawsuit certainly points in this direction.
- knocte 6y ago
  Speculating, so downvoted.
  - arcticbull 6y ago
    I mean the $2B per month you can see on the coinmarketcap chart for Tether alongside the $18B total. As for not having the money... [1] their own lawyers admitted in court they aren’t fully capitalized. At the time the article was written it has a measly $2.5B market cap (net of what the Fed’s seized, at least $350MM [2]). They had a bunch tied up in the separate scam that is Crypto Capital. As for their banking relationship I believe after a few years of Where in the World is Carmen Sandiego’s proceeds of money laundering (Taiwan, Poland, among others) their most recent statement was that it was at Deltec Bank in the Bahamas who is clearly on the up and up [3,4] Let me ask you, can you with a straight face tell me this is a company legitimately holding eighteen billion dollars? And that two BILLION dollars a month in new money is rolling in like clockwork for a year and a half? [1] https://www.google.com/amp/s/www.forbes.com/sites/stevenehrlich/2019/05/02/after-an-850-million-controversy-what-everyone-should-know-about-bitfinex-tether-and-stablecoins/amp/ https://www.google.com/amp/s/www.forbes.com/sites/stevenehrl... [2] https://www.google.com/amp/s/cointelegraph.com/news/bitfinex-cries-fraud-as-crypto-capital-executive-indicted-by-us/amp https://www.google.com/amp/s/cointelegraph.com/news/bitfinex... [3] https://www.google.com/amp/s/www.cryptoglobe.com/latest/2018/11/additional-bribery-case-found-for-tethers-new-bank-deltec/amp/ https://www.google.com/amp/s/www.cryptoglobe.com/latest/2018... [4] https://www.bloomberg.com/news/articles/2018-11-02/bank-tied-to-tether-goes-quiet-on-relationship-with-crypto-firm https://www.bloomberg.com/news/articles/2018-11-02/bank-tied...
    - knocte 6y ago
grey-area 6y ago
USDT and a blow off near the end of a speculative bubble.
Lordarminius 6y ago
Historic and epic US dollar inflation. Global economic uncertainty. A rush to safe havens.
- LittlePeter 6y ago
  The "economic uncertainty" sounds like something everyone would agree on. "Yes we are in uncertain times right now". Then again, at any point in time, there would be agreement that economy is in uncertain times. It is a meaningless argument because in my opinion it is always true. Here is a Google Trend for "economic uncertainty", where nothing seems to have changed much except maybe little blip during Spring of 2020: https://trends.google.com/trends/explore?date=all&q=economic%20uncertainty https://trends.google.com/trends/explore?date=all&q=economic... Edit, found a link which actually does show heightened economic uncertainty: https://fred.stlouisfed.org/series/USEPUINDXD https://fred.stlouisfed.org/series/USEPUINDXD perhaps contradicting myself.
- deleted 6y ago
  [deleted]
BenoitP 6y ago
The price surge being news, and the news driving the price surge, IMHO. Maisie Williams asked her 2.7M followers recently [1]: "should i go long on bitcoin" Maybe that was a paid tweet, maybe not. 900k people answered in the poll still; and day after day it seems the mainstream is getting more and more exposed to it. [1] https://twitter.com/Maisie_Williams/status/1328784499061223428 https://twitter.com/Maisie_Williams/status/13287844990612234...

What's driving the price surge?

bufferoverflow 6y ago

Paypal and large companies buying large amounts.

arcticbull 6y ago
lol the narrative of “institutional buying” has been beaten to death for about 5 years now, time to let it go. It’s a drop in the bucket compared to the manipulative buying. Square bought $50mm of Bitcoin. Tether prints $2B fake dollars per month.
- kneel 6y ago
  https://bitcointreasuries.org/ https://bitcointreasuries.org/
  - arcticbull 6y ago
    Those are very small numbers. Square’s $50m makes it third on the list.
    - kneel 6y ago
      14 billion is very small numbers. sure
      - arcticbull 6y ago
        These aren’t institutional buyers. Its a few bucket shops and square. On the list square is the only one dumb enough to put their own money on the line, the rest are just holding an aggregate pile of other people’s poor life choices.

elevenoh 6y ago

I kinda find this to be odd question. Can anyone definitely put their finger on what's causing price rise a global market like crypto? no Can they do this probabilistically? perhaps.

sdenton4 6y ago

Bots and pump+dump schemes?

LittlePeter 6y ago
Through what mechanism would bots drive up the price? Are you claiming there are simplistic momentum bots out there with seemingly more cash than other bots that just buy up bitcoin causing it to rise, which causes them to buy more of it, ad nauseam? For pump and dump schemes, aren't we past that stage for Bitcoin at least? Isn't Bitcoin too big and too "mainstream" to be pumped in some Telegraph channel? Maybe you can clarify what pump-and-dump strategy you think is being used here?
BenoitP 6y ago
You'd need a lot of resources for pumping right now. Or maybe it's already happened quite a few times and everybody is doing it now, sort of like a meme?

arcticbull 6y ago

Billions of dollars of new Tether ($2B per month, $18B total now and counting) being printed with no backing bank account and used to buy Bitcoin, triggering fomo buying at “legitimate” exchanges. I’d wager the NYAG would agree, their lawsuit certainly points in this direction.

knocte 6y ago
Speculating, so downvoted.
- arcticbull 6y ago
  I mean the $2B per month you can see on the coinmarketcap chart for Tether alongside the $18B total. As for not having the money... [1] their own lawyers admitted in court they aren’t fully capitalized. At the time the article was written it has a measly $2.5B market cap (net of what the Fed’s seized, at least $350MM [2]). They had a bunch tied up in the separate scam that is Crypto Capital. As for their banking relationship I believe after a few years of Where in the World is Carmen Sandiego’s proceeds of money laundering (Taiwan, Poland, among others) their most recent statement was that it was at Deltec Bank in the Bahamas who is clearly on the up and up [3,4] Let me ask you, can you with a straight face tell me this is a company legitimately holding eighteen billion dollars? And that two BILLION dollars a month in new money is rolling in like clockwork for a year and a half? [1] https://www.google.com/amp/s/www.forbes.com/sites/stevenehrlich/2019/05/02/after-an-850-million-controversy-what-everyone-should-know-about-bitfinex-tether-and-stablecoins/amp/ https://www.google.com/amp/s/www.forbes.com/sites/stevenehrl... [2] https://www.google.com/amp/s/cointelegraph.com/news/bitfinex-cries-fraud-as-crypto-capital-executive-indicted-by-us/amp https://www.google.com/amp/s/cointelegraph.com/news/bitfinex... [3] https://www.google.com/amp/s/www.cryptoglobe.com/latest/2018/11/additional-bribery-case-found-for-tethers-new-bank-deltec/amp/ https://www.google.com/amp/s/www.cryptoglobe.com/latest/2018... [4] https://www.bloomberg.com/news/articles/2018-11-02/bank-tied-to-tether-goes-quiet-on-relationship-with-crypto-firm https://www.bloomberg.com/news/articles/2018-11-02/bank-tied...
  - knocte 6y ago

grey-area 6y ago

USDT and a blow off near the end of a speculative bubble.

Lordarminius 6y ago

Historic and epic US dollar inflation. Global economic uncertainty. A rush to safe havens.

LittlePeter 6y ago
The "economic uncertainty" sounds like something everyone would agree on. "Yes we are in uncertain times right now". Then again, at any point in time, there would be agreement that economy is in uncertain times. It is a meaningless argument because in my opinion it is always true. Here is a Google Trend for "economic uncertainty", where nothing seems to have changed much except maybe little blip during Spring of 2020: https://trends.google.com/trends/explore?date=all&q=economic%20uncertainty https://trends.google.com/trends/explore?date=all&q=economic... Edit, found a link which actually does show heightened economic uncertainty: https://fred.stlouisfed.org/series/USEPUINDXD https://fred.stlouisfed.org/series/USEPUINDXD perhaps contradicting myself.
deleted 6y ago
[deleted]

BenoitP 6y ago

The price surge being news, and the news driving the price surge, IMHO. Maisie Williams asked her 2.7M followers recently [1]: "should i go long on bitcoin" Maybe that was a paid tweet, maybe not. 900k people answered in the poll still; and day after day it seems the mainstream is getting more and more exposed to it. [1] https://twitter.com/Maisie_Williams/status/1328784499061223428 https://twitter.com/Maisie_Williams/status/13287844990612234...