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Speculation on /r/buttcoin is that this is either someone dumping coins and hiding it in the chaff, or a DNM exit scam and someone hiding it in the chaff. The
by davidgerard 11y ago
Speculation on /r/buttcoin is that this is either someone dumping coins and hiding it in the chaff, or a DNM exit scam and someone hiding it in the chaff.
The other interesting thing is that the price went up even though the network was literally unusable. The spam demonstrated that the price of Bitcoin is literally detached from any form of utility whatsoever. The exchange price appears to be dictated by day traders only.
- ikeboy 11y ago>The spam demonstrated that the price of Bitcoin is literally detached from any form of utility whatsoever. Why should the price track current utility as opposed to expected? If the market as a whole doesn't expect this spam to have a long-term effect, it won't affect the price.