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brooklynite

(94,598 posts) Thu Jun 14, 2018, 07:35 AM Jun 2018

Bitcoin price spike in 2017 was artificially manipulated, study says

Source: https://www.axios.com/bitcoin-ethereum-price-spike

At least half of last year's price boom for Bitcoin and other cryptocurrencies was prompted by price manipulation, according to a new University of Texas study reported by the New York Times.

Why it matters: The paper — authored by John Griffin, "an academic with a history of spotting fraud in financial markets," and graduate student Amin Shams — raises questions about whether 2017's spiking prices truly reflected investor demand for cryptocurrencies.

Read more: Axios

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Bitcoin price spike in 2017 was artificially manipulated, study says (Original Post) brooklynite Jun 2018 OP

Oh. I. am. shocked. Maeve Jun 2018 #1

Until it's fully convertible to all currencies, taxed, universally accepted bucolic_frolic Jun 2018 #2

Maeve

(42,282 posts)

1. Oh. I. am. shocked.

Reply to brooklynite (Original post)

Thu Jun 14, 2018, 07:37 AM

Jun 2018

Who could have imagined such a thing?

bucolic_frolic

(43,182 posts)

2. Until it's fully convertible to all currencies, taxed, universally accepted

Reply to brooklynite (Original post)

Thu Jun 14, 2018, 07:42 AM

Jun 2018

it's play money. It's a barter system. Anything could take its place: onions, golf balls, spark plugs.

It's an end run around the existing banking and clearing system. Investors are scalping a piece of the
clearing fees, much like PayPal, GPay, and all the others.

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