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That's nonsense. Bitcoinica have virtually no effect on the market.
by kiba 14y ago
That's nonsense. Bitcoinica have virtually no effect on the market.
- cygal 14y agoCare to elaborate?
- kiba 14y agoWhen bitcoinica shut down operation, there wasn't any signficant change in the price of bitcoin in either direction. Also, it's a really bad idea to use ad-hoc reasoning after-the-fact to explain why the price rose or goes down. There could be multiple reasons and multiple events why the price of bitcoin rose as it did. Sometime, there's no reason at all.
- csomar 14y agoNo it did. The shorting stabilized prices, and if you don't have any economical background, you can check out Khan Academy videos on economics. The price of Bitcoin started to raise since Bitcoinca ended operations. Certainly, it won't skyrocket in 24 hours. It'll take many days (and maybe weeks) to visualize the trend.
- kiba 14y agoNonsense, as there were shorting tools that were available after bitcoinica shut down.