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The sock puppet liquidity argument, which I have agreed with for almost the entire time that I've been around crypto, now unfortunately well past 10 years, may
by ChainOfFools 3y ago
The sock puppet liquidity argument, which I have agreed with for almost the entire time that I've been around crypto, now unfortunately well past 10 years, may finally get its first no BS test due to pending liquidation action by the Mt.Gox government trustee.
This individual appears to be largely outside the influence of the cartel, at most couple hundred people with a further concentric core of four dozen or so, who control all the liquidity levers and self-reported "usage" and "transaction" metrics in the whole system. These would be the large, long-established and highly publicity-averse miners and the pools they (pretend not to) control, the only group that can afford to burn transaction fees the prop up usage metrics, because they are actually paying a substantial share of those fees to themselves.
Obviously the payout to the people impacted by the gox hack has been perpetually delayed, and there's no guarantee it will happen anytime soon, but certain legal milestones have been reached that will make it quite difficult to delay past this year. When it does happen, we'll see a genuine liquidity event - something north of 120,000 Bitcoins - happen over a very short time, although the trustee has not disclosed how they will manage to do this without completely tanking the market or otherwise introducing slippage that privileges the earliest recipients of the payout over later recipients. This isn't tge same as a in-on-the-game joker like Musk talking about buying and selling a billion dollars in crypto in the past tense, where there is no way to measure his words against the market. The addresses that hold the gox coins are known and monitored.