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I believe the price of Bitcoin is completely fixed by the exchanges themselves, so it doesn’t surprise me.

monero-xmr 4y ago
Given there are thousands of spot markets I find it absurdly unlikely that a cartel could fix the price let alone keep such a conspiracy secret.
- dwan128 4y ago
  I only know of Coinbase. It doesn’t really matter how many exchanges there are, its about the capital, any way you spin it they have more capital then their customers so they set the supply and demand. When they lose a lot of customers, they just burn cash to drive the price up. That’s why they keep failing.
  - monero-xmr 4y ago
    I think the fact you “only know of coinbase” proves you know very little about what you are talking about, and have formed an erroneous conspiracy theory based on inadequate knowledge.
    - dwan128 4y ago
      I don’t want to be antagonistic, but I have heard of many exchanges as I perused these forums through the years. FTX, Mt. Gox, Binance. So what probably should have said was, “It’s the only exchange I know that is still operating that I as a PNC bank customer can use, that I know of.”
- wmf 4y ago
  Allegedly whales set the price on Binance and arbitrage bots equalize the price on every other exchange.
  - capableweb 4y ago
    And this is based on what information? Sounds very theoretical
solumunus 4y ago
Literally impossible.
- dwan128 4y ago
  But many exchanges have been caught doing this already. FTX for example was clearly price fixing by using there own coins to prop up bitcoin.
  - DANmode 4y ago
    You'd have a more successful time arguing they were propping up Ethereum. Even then, what about the dozens if not hundreds of other places to trade for BTC...? And, to save you and others telling you, some time: exchanges are not the only markets. DEX is a huge factor.
  - overthrow 4y ago
    So you believe that globally, all of the thousands of exchanges in various jurisdictions all over the world are colluding, including Fidelity and every other regulated US exchange? What about bitcoin-only companies that don't do any business in altcoins? How are they managing to prop up the price? It's reasonable to believe the market price is crazy. But it's crazy to believe the market's mere existence is a huge conspiracy theory 15 years in the making. Just call the buyers irrational if you must. And don't forget FTX was an offshore shitcoin casino that held exactly 0 bitcoin when it collapsed. It's a stretch comparing that to regulated US exchanges.
    - dwan128 4y ago
      Over these thousands of exchanges relatively little fiat money actually flows. If the real value of BTC over the total market is $x and I’m Coinbase and I have > $x amount of real cash, I now can completely fix the price and the competition just becomes more parties to scam.
      - overthrow 4y ago
        > Over these thousands of exchanges relatively little fiat money actually flows. citation needed So you believe Fidelity and Coinbase have been lying in their corporate disclosures for the past 10 years, along with thousands of other companies all over the world, just so they could throw hundreds of billions of dollars of their own money into a black hole, to prop up a trillion-dollar asset class for 10 years running... why? Just for fun? Do you also believe the Nasdaq doesn't actually exist?

Given there are thousands of spot markets I find it absurdly unlikely that a cartel could fix the price let alone keep such a conspiracy secret.

dwan128 4y ago
I only know of Coinbase. It doesn’t really matter how many exchanges there are, its about the capital, any way you spin it they have more capital then their customers so they set the supply and demand. When they lose a lot of customers, they just burn cash to drive the price up. That’s why they keep failing.
- monero-xmr 4y ago
  I think the fact you “only know of coinbase” proves you know very little about what you are talking about, and have formed an erroneous conspiracy theory based on inadequate knowledge.
  - dwan128 4y ago
    I don’t want to be antagonistic, but I have heard of many exchanges as I perused these forums through the years. FTX, Mt. Gox, Binance. So what probably should have said was, “It’s the only exchange I know that is still operating that I as a PNC bank customer can use, that I know of.”
wmf 4y ago
Allegedly whales set the price on Binance and arbitrage bots equalize the price on every other exchange.
- capableweb 4y ago
  And this is based on what information? Sounds very theoretical

solumunus 4y ago

Literally impossible.

dwan128 4y ago
But many exchanges have been caught doing this already. FTX for example was clearly price fixing by using there own coins to prop up bitcoin.
- DANmode 4y ago
  You'd have a more successful time arguing they were propping up Ethereum. Even then, what about the dozens if not hundreds of other places to trade for BTC...? And, to save you and others telling you, some time: exchanges are not the only markets. DEX is a huge factor.
- overthrow 4y ago
  So you believe that globally, all of the thousands of exchanges in various jurisdictions all over the world are colluding, including Fidelity and every other regulated US exchange? What about bitcoin-only companies that don't do any business in altcoins? How are they managing to prop up the price? It's reasonable to believe the market price is crazy. But it's crazy to believe the market's mere existence is a huge conspiracy theory 15 years in the making. Just call the buyers irrational if you must. And don't forget FTX was an offshore shitcoin casino that held exactly 0 bitcoin when it collapsed. It's a stretch comparing that to regulated US exchanges.
  - dwan128 4y ago
    Over these thousands of exchanges relatively little fiat money actually flows. If the real value of BTC over the total market is $x and I’m Coinbase and I have > $x amount of real cash, I now can completely fix the price and the competition just becomes more parties to scam.
    - overthrow 4y ago
      > Over these thousands of exchanges relatively little fiat money actually flows. citation needed So you believe Fidelity and Coinbase have been lying in their corporate disclosures for the past 10 years, along with thousands of other companies all over the world, just so they could throw hundreds of billions of dollars of their own money into a black hole, to prop up a trillion-dollar asset class for 10 years running... why? Just for fun? Do you also believe the Nasdaq doesn't actually exist?