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Easier to read format: https://threadreaderapp.com/thread/1470792736626331659.html https://threadreaderapp.com/thread/1470792736626331659.html This quote from

by miles 5y ago

Easier to read format: https://threadreaderapp.com/thread/1470792736626331659.html https://threadreaderapp.com/thread/1470792736626331659.html This quote from the thread is not accurate: > "I own #Bitcoin because it's the one thing they can't manipulate or control." Manipulating Bitcoin is certainly possible, even by non-state actors, e.g., How Much Would it Cost to 51% Attack Bitcoin? https://braiins.com/blog/how-much-would-it-cost-to-51-attack-bitcoin https://braiins.com/blog/how-much-would-it-cost-to-51-attack... PoW 51% Attack Cost https://www.crypto51.app https://www.crypto51.app

techdragon 5y ago
Two words “wash trading”. It doesn’t even have to be a 51% attack to manipulate a cryptocurrency.
- deleted 5y ago
  [deleted]
- tromp 5y ago
  one more word: Tether.
- ChainOfFools 5y ago
  two more words: front running. exchanges know everything about the short term moves its users can and cannot make, as well as a significant partial signal of their total market position based on where all their orders are, the amount of actual fiat money parked in their account, where their stop losses and other triggers are set and what exposures to different coins they have on the platform
thebean11 5y ago
This is super misleading, from the linked website: > Nicehash does not have enough hashing power for most larger coins, so we also calculated what percentage of the needed hashing power is available from Nicehash. For Bitcoin, that percentage is zero which renders the dollar cost 100% meaningless. For Ethereum, it's 7% so it's also nowhere near vulnerable from the attack vector this website is calculating a price for. Even forgetting about that glaring issue, purchasing hashing power on NH would..drive the price of hashing power up. You would not be able to buy all the hashing power at the price that it currently trades, just like you wouldn't be able to buy all BTC or GOOG shares at the price they currently trade. This should be obvious.
Apofis 5y ago
Why does everyone think Wallstreet are amateurs? This is hilarious.

by miles 5y ago

techdragon 5y ago

Two words “wash trading”. It doesn’t even have to be a 51% attack to manipulate a cryptocurrency.

deleted 5y ago
[deleted]
tromp 5y ago
one more word: Tether.
ChainOfFools 5y ago
two more words: front running. exchanges know everything about the short term moves its users can and cannot make, as well as a significant partial signal of their total market position based on where all their orders are, the amount of actual fiat money parked in their account, where their stop losses and other triggers are set and what exposures to different coins they have on the platform

thebean11 5y ago

This is super misleading, from the linked website: > Nicehash does not have enough hashing power for most larger coins, so we also calculated what percentage of the needed hashing power is available from Nicehash. For Bitcoin, that percentage is zero which renders the dollar cost 100% meaningless. For Ethereum, it's 7% so it's also nowhere near vulnerable from the attack vector this website is calculating a price for. Even forgetting about that glaring issue, purchasing hashing power on NH would..drive the price of hashing power up. You would not be able to buy all the hashing power at the price that it currently trades, just like you wouldn't be able to buy all BTC or GOOG shares at the price they currently trade. This should be obvious.

Apofis 5y ago

Why does everyone think Wallstreet are amateurs? This is hilarious.