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(Fortune)   Somebody is manipulating Bitcoin? This is my shocked face   (fortune.com) divider line
48
    More: Asinine, Fraud, Commodity Futures Trading Commission, Cryptocurrency, Sales, Currency, High school, Bankruptcy, Bitcoin  
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48 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
Pocket Ninja [TotalFark] [OhFark]
2023-02-05 9:43:43 AM  
Subby, they're not "manipulating" Bitcoin. Don't be ridiculous. They're just maintaining it, keeping it shiny and new so that it's attractive to any marks -- er, sorry, investors -- out there who might still want to take a bite at the ol' apple. Would you say someone that someone trying to sell a house was "manipulating" the housing market by doing things like staging the inside so it looks real nice, paying groundskeepers to make everything look perfect, painting everything in neutral colors, etc.? No, of course not. And it's exactly the same thing here. Making something look nice so people see it in a favorable light is not and should never be a crime.
 
ColleenSezWhuut
2023-02-05 11:07:08 AM  
Manipulated straight into a paywall.
 
Meat's dream [OhFark]
2023-02-05 11:07:55 AM  
ftfa: "After the Great Financial Crisis, Griffin became a devout Christian. He has since dedicated..."

Stopped reading there.  I'd sooner trust a crypto bro.
 
Wireless Joe
2023-02-05 11:21:55 AM  

Meat's dream: ftfa: "After the Great Financial Crisis, Griffin became a devout Christian. He has since dedicated..."

Stopped reading there.  I'd sooner trust a crypto bro.


"Prayer, the last refuge of a scoundrel."

pbs.twimg.comView Full Size
 
Phil McKraken [OhFark]
2023-02-05 11:38:29 AM  

Meat's dream: ftfa: "After the Great Financial Crisis, Griffin became a devout Christian. He has since dedicated..."

Stopped reading there.  I'd sooner trust a crypto bro.


Have they tried putting Jesus Christ on blockchain? Blockchain needs a miracle.
 
Rapmaster2000 [TotalFark]
2023-02-05 11:40:18 AM  
Wash trading is legal in cryptocurrency because it's not regulated by the stupid government.  The libertarian paradise is a series of scams.
 
sirrerun
2023-02-05 11:43:37 AM  

Phil McKraken: Meat's dream: ftfa: "After the Great Financial Crisis, Griffin became a devout Christian. He has since dedicated..."

Stopped reading there.  I'd sooner trust a crypto bro.

Have they tried putting Jesus Christ on blockchain? Blockchain needs a miracle.


Fark user imageView Full Size
 
Phil McKraken [OhFark]
2023-02-05 11:46:57 AM  

sirrerun: Phil McKraken: Meat's dream: ftfa: "After the Great Financial Crisis, Griffin became a devout Christian. He has since dedicated..."

Stopped reading there.  I'd sooner trust a crypto bro.

Have they tried putting Jesus Christ on blockchain? Blockchain needs a miracle.

[Fark user image image 750x827]


Hallelujah!
 
tricycleracer
2023-02-05 11:52:42 AM  

Rapmaster2000: Wash trading is legal in cryptocurrency because it's not regulated by the stupid government.  The libertarian paradise is a series of scams.


Libertarian economics is two guys falling through the sky fighting over a single parachute but the parachute was packed by a cross-eyed orphan.
 
thornhill
2023-02-05 11:56:13 AM  
Honest question: how much of bitcoin is actually held by retail investors vs institutional and wealthy individuals?
 
Sim Tree [OhFark]
2023-02-05 12:04:27 PM  

thornhill: Honest question: how much of bitcoin is actually held by retail investors vs institutional and wealthy individuals?


I don't know if it's still true. But as of a couple years ago, more than 90% of Bitcoin were owned by precisely 10 people. Nine of which got in on the ground floor before Bitcoin became generally known. It was suggested that they are slowly selling to avoid crashing the price.
 
TedCruz'sCrazyDad
2023-02-05 12:05:01 PM  

Wireless Joe: Meat's dream: ftfa: "After the Great Financial Crisis, Griffin became a devout Christian. He has since dedicated..."

Stopped reading there.  I'd sooner trust a crypto bro.

"Prayer, the last refuge of a scoundrel."

[pbs.twimg.com image 640x480]

Fark user imageView Full Size

Jesus was a Socialist.
 
TedCruz'sCrazyDad
2023-02-05 12:08:11 PM  

Sim Tree: thornhill: Honest question: how much of bitcoin is actually held by retail investors vs institutional and wealthy individuals?

I don't know if it's still true. But as of a couple years ago, more than 90% of Bitcoin were owned by precisely 10 people. Nine of which got in on the ground floor before Bitcoin became generally known. It was suggested that they are slowly selling to avoid crashing the price.


Fark user imageView Full Size


As of June 2020, roughly 18.6 million Bitcoin has been mined. We break that 18.6 million Bitcoin down into three buckets based on its movements to date:

Roughly 60% of that Bitcoin is held by entities - either people or businesses - that have never sold more than 25% of Bitcoin they've ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment.

Another 20% hasn't moved from its current set of addresses in five years or longer. We consider this lost Bitcoin.


That leaves just 3.5 million Bitcoin - or 19% of all mined Bitcoin - that moves frequently, primarily between exchanges, which we label as Bitcoin used for trading.
 
downstairs [TotalFark] [OhFark]
2023-02-05 12:15:30 PM  

TedCruz'sCrazyDad: Sim Tree: thornhill: Honest question: how much of bitcoin is actually held by retail investors vs institutional and wealthy individuals?

I don't know if it's still true. But as of a couple years ago, more than 90% of Bitcoin were owned by precisely 10 people. Nine of which got in on the ground floor before Bitcoin became generally known. It was suggested that they are slowly selling to avoid crashing the price.

[Fark user image 850x316]

As of June 2020, roughly 18.6 million Bitcoin has been mined. We break that 18.6 million Bitcoin down into three buckets based on its movements to date:

Roughly 60% of that Bitcoin is held by entities - either people or businesses - that have never sold more than 25% of Bitcoin they've ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment.

Another 20% hasn't moved from its current set of addresses in five years or longer. We consider this lost Bitcoin.


That leaves just 3.5 million Bitcoin - or 19% of all mined Bitcoin - that moves frequently, primarily between exchanges, which we label as Bitcoin used for trading.


That's nice.  Still probably worth $0 when it is all said and done.
 
wildsnowllama
2023-02-05 3:18:06 PM  
The 6-foot-2 former high school football star

So Uncle Rico thinks BitCoin is in the midst of a conspiracy?  He can hop on his time machine, go back, and see if that's true.
 
kdawg7736 [TotalFark] [OhFark]
2023-02-05 3:34:40 PM  
I still don't understand that crap at all.
 
Fursecution [BareFark]
2023-02-05 3:35:57 PM  

Phil McKraken: Meat's dream: ftfa: "After the Great Financial Crisis, Griffin became a devout Christian. He has since dedicated..."

Stopped reading there.  I'd sooner trust a crypto bro.

Have they tried putting Jesus Christ on blockchain? Blockchain needs a miracle.


We got The Jesus And Mary Chain. Sounds better too.
 
dyhchong
2023-02-05 3:36:10 PM  
i.kym-cdn.comView Full Size
 
Ivo Shandor [TotalFark] [OhFark]
2023-02-05 3:41:17 PM  

kdawg7736: I still don't understand that crap at all.


preview.redd.itView Full Size
 
AsparagusFTW
2023-02-05 3:55:31 PM  

kdawg7736: I still don't understand that crap at all.


You'll fit in nicely here on the /bus tab.
 
Lord Bear
2023-02-05 4:14:07 PM  

Sim Tree: thornhill: Honest question: how much of bitcoin is actually held by retail investors vs institutional and wealthy individuals?

I don't know if it's still true. But as of a couple years ago, more than 90% of Bitcoin were owned by precisely 10 people. Nine of which got in on the ground floor before Bitcoin became generally known. It was suggested that they are slowly selling to avoid crashing the price.


That has been thoroughly disproved.

Anyone can look at the top bitcoin wallets here:
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

The top 10 addresses currently account for about 5% of the bitcoin.  And those 10 addresses are mostly known to be wallets of exchanges, so really it's just being held in custody for their millions of clients.  That goes for most of the rest of top 100 addresses too.
 
Eddie Hazel's E string
2023-02-05 4:26:21 PM  

Lord Bear: Sim Tree: thornhill: Honest question: how much of bitcoin is actually held by retail investors vs institutional and wealthy individuals?

I don't know if it's still true. But as of a couple years ago, more than 90% of Bitcoin were owned by precisely 10 people. Nine of which got in on the ground floor before Bitcoin became generally known. It was suggested that they are slowly selling to avoid crashing the price.

That has been thoroughly disproved.

Anyone can look at the top bitcoin wallets here:
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

The top 10 addresses currently account for about 5% of the bitcoin.  And those 10 addresses are mostly known to be wallets of exchanges, so really it's just being held in custody for their millions of clients.  That goes for most of the rest of top 100 addresses too.


Who says that an individual can't own more than one address or wallet? You haven't "disproved" anything. Granted, the other person didn't "prove" their assertion either.

There's no way to actually answer thornhill's question. But it's a smart question to ask.
 
Ishkur [OhFark]
2023-02-05 4:32:45 PM  

TedCruz'sCrazyDad: Sim Tree: thornhill: Honest question: how much of bitcoin is actually held by retail investors vs institutional and wealthy individuals?

I don't know if it's still true. But as of a couple years ago, more than 90% of Bitcoin were owned by precisely 10 people. Nine of which got in on the ground floor before Bitcoin became generally known. It was suggested that they are slowly selling to avoid crashing the price.

[Fark user image 850x316]

As of June 2020, roughly 18.6 million Bitcoin has been mined. We break that 18.6 million Bitcoin down into three buckets based on its movements to date:

Roughly 60% of that Bitcoin is held by entities - either people or businesses - that have never sold more than 25% of Bitcoin they've ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment.

Another 20% hasn't moved from its current set of addresses in five years or longer. We consider this lost Bitcoin.


That leaves just 3.5 million Bitcoin - or 19% of all mined Bitcoin - that moves frequently, primarily between exchanges, which we label as Bitcoin used for trading.


A currency where 60% is hoarded and 80% is not moving at all is a terrible farking currency.
 
Olympic Trolling Judge
2023-02-05 4:38:49 PM  
The trading volume is so thin compared to real commodities, securities, and Magic: The Gathering cards that it's practically impossible not to manipulate.  You can't so much as buy a pair of alpaca socks without moving the price 500 points.
 
Lord Bear
2023-02-05 4:51:13 PM  

Eddie Hazel's E string: Who says that an individual can't own more than one address or wallet? You haven't "disproved" anything. Granted, the other person didn't "prove" their assertion either.

There's no way to actually answer thornhill's question. But it's a smart question to ask.


There isn't of course, and some exchanges own more than one on that list.

The #1, 4, 9 and 16 wallets on that list are both controlled by Binance, which is the world's largest exchange.  That accounts for about 2.5% of the supply right there.

90% of bitcoin is split up between millions of addresses at this point.  If a few entities owned that, it would be a gargantuan effort to keep track of it.

Saying that "90% of bitcoin is held by a few entities" is far less accurate than saying same as saying "90% of US cash is owned by banks and not by people".  It's a misunderstanding on the whole concept of custody.
 
Lord Bear
2023-02-05 5:06:53 PM  

Olympic Trolling Judge: The trading volume is so thin compared to real commodities, securities, and Magic: The Gathering cards that it's practically impossible not to manipulate.  You can't so much as buy a pair of alpaca socks without moving the price 500 points.


Sure Jan.  Binance trades around 10B in bitcoin alone every day, 4% of the market cap.  And that's just one exchange.  The volume isn't thin at all.  The supply is what is thin at times.

These are numbers a quick search away, but Fark loves to trot out facts from 10 years ago as if they were somehow applicable today.

Brute force market manipulation of an asset worth ~500B isn't an easy task unless you have very deep pockets.  There are much cheaper ways to manipulate.  It's being primarily done through the media.  We just had a solid year of negative bitcoin stories in the media.  Unsurprisingly the price tanked during 2022.  But since around Christmas, we've seen quite a few positive stories, and the negative ones have mostly disappeared. The result is that bitcoin is up 30% or so since then.

The negative media affects the stock market too.  We've been hearing about a recession any minute now for 18 months.  The stock market reacted accordingly.  No recession arrived and things are starting to bounce.  There are far cheaper ways to manipulate than to do it on the market.  You just need a mass media voice of some sort.
 
Olympic Trolling Judge
2023-02-05 5:56:32 PM  

Lord Bear: Brute force market manipulation of an asset worth ~500B isn't an easy task unless you have very deep pockets.  There are much cheaper ways to manipulate.  It's being primarily done through the media.  We just had a solid year of negative bitcoin stories in the media.  Unsurprisingly the price tanked during 2022.  But since around Christmas, we've seen quite a few positive stories, and the negative ones have mostly disappeared. The result is that bitcoin is up 30% or so since then.


It's the liberal media's fault the crypto market got spooked when all those stablecoins and exchanges collapsed?
 
dyhchong
2023-02-05 6:11:25 PM  

Lord Bear: Olympic Trolling Judge: The trading volume is so thin compared to real commodities, securities, and Magic: The Gathering cards that it's practically impossible not to manipulate.  You can't so much as buy a pair of alpaca socks without moving the price 500 points.

Sure Jan.  Binance trades around 10B in bitcoin alone every day, 4% of the market cap.  And that's just one exchange.  The volume isn't thin at all.  The supply is what is thin at times.

These are numbers a quick search away, but Fark loves to trot out facts from 10 years ago as if they were somehow applicable today.

Brute force market manipulation of an asset worth ~500B isn't an easy task unless you have very deep pockets.  There are much cheaper ways to manipulate.  It's being primarily done through the media.  We just had a solid year of negative bitcoin stories in the media.  Unsurprisingly the price tanked during 2022.  But since around Christmas, we've seen quite a few positive stories, and the negative ones have mostly disappeared. The result is that bitcoin is up 30% or so since then.

The negative media affects the stock market too.  We've been hearing about a recession any minute now for 18 months.  The stock market reacted accordingly.  No recession arrived and things are starting to bounce.  There are far cheaper ways to manipulate than to do it on the market.  You just need a mass media voice of some sort.


So what you're saying, is that the largest crypto exchange, in an unregulated market, who just ran a targeted attack to destroy their only real competitor, who now basically has monopoly control, and holds a huge quantity of the market cap, with very deep pockets, will benefit greatly from growth in the market and could manipulate the market on a whim is just casually trading multiple percentage points daily but totally not manipulating the market?
 
dustman81
2023-02-05 6:23:54 PM  
The 6-foot-2 former high school football star

Did he score four touchdowns in a single game playing for Polk High?
 
HempHead
2023-02-05 6:25:32 PM  

Ishkur: TedCruz'sCrazyDad: Sim Tree: thornhill: Honest question: how much of bitcoin is actually held by retail investors vs institutional and wealthy individuals?

I don't know if it's still true. But as of a couple years ago, more than 90% of Bitcoin were owned by precisely 10 people. Nine of which got in on the ground floor before Bitcoin became generally known. It was suggested that they are slowly selling to avoid crashing the price.

[Fark user image 850x316]

As of June 2020, roughly 18.6 million Bitcoin has been mined. We break that 18.6 million Bitcoin down into three buckets based on its movements to date:

Roughly 60% of that Bitcoin is held by entities - either people or businesses - that have never sold more than 25% of Bitcoin they've ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment.

Another 20% hasn't moved from its current set of addresses in five years or longer. We consider this lost Bitcoin.


That leaves just 3.5 million Bitcoin - or 19% of all mined Bitcoin - that moves frequently, primarily between exchanges, which we label as Bitcoin used for trading.

A currency where 60% is hoarded and 80% is not moving at all is a terrible farking currency.


Wait until you find out how much gold is hoarded.
 
chitownmike
2023-02-05 6:25:35 PM  

Ishkur: TedCruz'sCrazyDad: Sim Tree: thornhill: Honest question: how much of bitcoin is actually held by retail investors vs institutional and wealthy individuals?

I don't know if it's still true. But as of a couple years ago, more than 90% of Bitcoin were owned by precisely 10 people. Nine of which got in on the ground floor before Bitcoin became generally known. It was suggested that they are slowly selling to avoid crashing the price.

[Fark user image 850x316]

As of June 2020, roughly 18.6 million Bitcoin has been mined. We break that 18.6 million Bitcoin down into three buckets based on its movements to date:

Roughly 60% of that Bitcoin is held by entities - either people or businesses - that have never sold more than 25% of Bitcoin they've ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment.

Another 20% hasn't moved from its current set of addresses in five years or longer. We consider this lost Bitcoin.


That leaves just 3.5 million Bitcoin - or 19% of all mined Bitcoin - that moves frequently, primarily between exchanges, which we label as Bitcoin used for trading.

A currency where 60% is hoarded and 80% is not moving at all is a terrible farking currency.


Fark user imageView Full Size
 
OptionC [TotalFark]
2023-02-05 6:57:10 PM  

HempHead: Ishkur: TedCruz'sCrazyDad: Sim Tree: thornhill: Honest question: how much of bitcoin is actually held by retail investors vs institutional and wealthy individuals?

I don't know if it's still true. But as of a couple years ago, more than 90% of Bitcoin were owned by precisely 10 people. Nine of which got in on the ground floor before Bitcoin became generally known. It was suggested that they are slowly selling to avoid crashing the price.

[Fark user image 850x316]

As of June 2020, roughly 18.6 million Bitcoin has been mined. We break that 18.6 million Bitcoin down into three buckets based on its movements to date:

Roughly 60% of that Bitcoin is held by entities - either people or businesses - that have never sold more than 25% of Bitcoin they've ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment.

Another 20% hasn't moved from its current set of addresses in five years or longer. We consider this lost Bitcoin.


That leaves just 3.5 million Bitcoin - or 19% of all mined Bitcoin - that moves frequently, primarily between exchanges, which we label as Bitcoin used for trading.

A currency where 60% is hoarded and 80% is not moving at all is a terrible farking currency.

Wait until you find out how much gold is hoarded.


Gold is also a terrible currency
 
Lord Bear
2023-02-05 7:01:33 PM  

dyhchong: So what you're saying, is that the largest crypto exchange, in an unregulated market, who just ran a targeted attack to destroy their only real competitor, who now basically has monopoly control, and holds a huge quantity of the market cap, with very deep pockets, will benefit greatly from growth in the market and could manipulate the market on a whim is just casually trading multiple percentage points daily but totally not manipulating the market?


Binance is the biggest exchange, and it holds something like 2% of supply.  You're stretching the definition of Monopoly pretty hard there dude.
 
Lord Bear
2023-02-05 7:08:02 PM  

Olympic Trolling Judge: It's the liberal media's fault the crypto market got spooked when all those stablecoins and exchanges collapsed?


No, but they made some pretty big mountains over some molehills.  They made it sound like a huge percentage of bitcoin holders lost all their money, when it was a fairly tiny percentage.

If you haven't noticed, the way news is reported these days is pretty hyperbolic.  Especially when its around something the general public doesn't have much understanding of.  Finance, Cypto, Defense, Vaccines... you name it.

The average American (And farker) has a shocking lack of understanding on how value and money work.  You see extremely misinformed comments in every thread about finance, crypto and inflation.
 
ChibiDebuHage
2023-02-05 8:12:08 PM  
Lord Bear:
If you haven't noticed, the way news is reported these days is pretty hyperbolic.  Especially when its around something the general public doesn't have much understanding of.  Finance, Cypto, Defense, Vaccines... you name it.

Hyperbolic my ass! The deregulated crypto shiatshow has been non-stop slow motion trainwreck for a LONG time now.

Do Kwon's Luna Coin
Bank-Friedman and co's FTX
COUNTLESS stories of scams, cons, hacks, rugpulls, locked accounts, bankruptcies, manipulated  and lies --- and there are still many stories that never got out!

The list incredibly long, and continues growing at a fast clip.

Anybody that reads even a fraction of the stories out there, some of which are collected on https://web3isgoinggreat.com/ would see how shameful it is to brush aside everything that has happened and been reported as "hyperbolic".

Have you no shame?

No. of course you don't, your endless unfounded conceit won't allow it.

Go ahead, tell us again how you know better than everybody else, how so many people just "doesn't understand".

You know who ACTUALLY doesn't understand anything these days? For starters, the people that have killed themselves after losing everything to your "hyperbole". But also, all the MANY impoverished El Salvadoran children whose public education and quality of life  continue to be severely underfunded in their formative years because their "president" insists on spending so much of the country's (borrowed) money on farking "Bitcoin HODL" bullshiat. --- Which, by the way, you've been giddy as a schoolgirl about.

For shame. SHAME! Children's well-being and education is what can pay endless dividends as they grow, not "lambos to the moon".

But go ahead, put your baseless conceit into overdrive, tell us again how people just "don't understand" as you cover your ears and eyes to everything that everyone else has clearly seen been going on.
 
Thank You Black Jesus! [BareFark]
2023-02-05 8:25:51 PM  

Phil McKraken: Meat's dream: ftfa: "After the Great Financial Crisis, Griffin became a devout Christian. He has since dedicated..."

Stopped reading there.  I'd sooner trust a crypto bro.

Have they tried putting Jesus Christ on blockchain? Blockchain needs a miracle.


bLoCkcHaiN!
 
mofa [TotalFark]
2023-02-05 8:38:56 PM  
More than 50% of Bitcoin transactions are wash sales.

https://www.forbes.com/sites/javierpaz/2022/08/26/more-than-half-of-all-bitcoin-trades-are-fake/?sh=2fafc95c6681
 
Phil McKraken [OhFark]
2023-02-05 9:00:16 PM  

TedCruz'sCrazyDad: Wireless Joe: Meat's dream: ftfa: "After the Great Financial Crisis, Griffin became a devout Christian. He has since dedicated..."

Stopped reading there.  I'd sooner trust a crypto bro.

"Prayer, the last refuge of a scoundrel."

[pbs.twimg.com image 640x480]
[Fark user image image 550x308]
Jesus was a Socialist.


Jesus believed the state should own or control the means of production?
 
ColleenSezWhuut
2023-02-05 9:10:47 PM  

Phil McKraken: TedCruz'sCrazyDad: Wireless Joe: Meat's dream: ftfa: "After the Great Financial Crisis, Griffin became a devout Christian. He has since dedicated..."

Stopped reading there.  I'd sooner trust a crypto bro.

"Prayer, the last refuge of a scoundrel."

[pbs.twimg.com image 640x480]
[Fark user image image 550x308]
Jesus was a Socialist.

Jesus believed the state should own or control the means of production?


Yeah, Marx 3:16.
 
Shaggy_C
2023-02-05 9:19:40 PM  

ChibiDebuHage: Hyperbolic my ass! The deregulated crypto shiatshow has been non-stop slow motion trainwreck for a LONG time now.

Do Kwon's Luna Coin
Bank-Friedman and co's FTX
COUNTLESS stories of scams, cons, hacks, rugpulls, locked accounts, bankruptcies, manipulated  and lies --- and there are still many stories that never got out!


How many of these are Bitcoin issues vs crypto issues? Any asshole can create a new cryptocurrency or NFT out of thin air and make money off of it by convincing others to jump in on the ground floor. And so they do.

But whereas many shiatcoins have led to fraud, rug pulls, and pump and dump schemes, none of them are Bitcoin.

It has its own issues, yes, but don't lump it in with the cheap imitations.
 
Phil McKraken [OhFark]
2023-02-05 9:23:26 PM  

Shaggy_C: ChibiDebuHage: Hyperbolic my ass! The deregulated crypto shiatshow has been non-stop slow motion trainwreck for a LONG time now.

Do Kwon's Luna Coin
Bank-Friedman and co's FTX
COUNTLESS stories of scams, cons, hacks, rugpulls, locked accounts, bankruptcies, manipulated  and lies --- and there are still many stories that never got out!

How many of these are Bitcoin issues vs crypto issues? Any asshole can create a new cryptocurrency or NFT out of thin air and make money off of it by convincing others to jump in on the ground floor. And so they do.

But whereas many shiatcoins have led to fraud, rug pulls, and pump and dump schemes, none of them are Bitcoin.

It has its own issues, yes, but don't lump it in with the cheap imitations.


Bitcoin might be a sincere project, but that doesn't make it good or useless for crime.
 
Ishkur [OhFark]
2023-02-05 9:28:26 PM  

HempHead: Wait until you find out how much gold is hoarded.


Gold isn't a currency.
 
Jim_Tressel's_O-Face
2023-02-05 9:37:46 PM  

Thank You Black Jesus!: Phil McKraken: Meat's dream: ftfa: "After the Great Financial Crisis, Griffin became a devout Christian. He has since dedicated..."

Stopped reading there.  I'd sooner trust a crypto bro.

Have they tried putting Jesus Christ on blockchain? Blockchain needs a miracle.

bLoCkcHaiN!


Fark user imageView Full Size


"BLOCKCHAIN!"
 
Shaggy_C
2023-02-05 9:38:51 PM  

Phil McKraken: Bitcoin might be a sincere project, but that doesn't make it good or useless for crime.


Agreed fully. I don't own any, never plan to own any, and really don't see any practical reason for its existence that can't be solved in any number of other ways.

The point is more about lumping all crypto together whenever bad news comes out. The whole FTX crash, for instance, was caused by the fact that the company was leveraging itself based on the FTT shiatcoin that it had itself created. AFAIK the company didn't even hold a substantial amount of Bitcoin. Yet people will point to that as an example of why Bitcoin is terrible and can't be trusted.
 
Ishkur [OhFark]
2023-02-05 11:01:19 PM  

Shaggy_C: The point is more about lumping all crypto together whenever bad news comes out. The whole FTX crash, for instance, was caused by the fact that the company was leveraging itself based on the FTT shiatcoin that it had itself created. AFAIK the company didn't even hold a substantial amount of Bitcoin. Yet people will point to that as an example of why Bitcoin is terrible and can't be trusted.


There are a lot of reasons why Bitcoin is terrible and can't be trusted.

The FTX crash is not one of them.
 
Priapetic [BareFark]
2023-02-05 11:07:28 PM  

Ishkur: TedCruz'sCrazyDad: Sim Tree: thornhill: Honest question: how much of bitcoin is actually held by retail investors vs institutional and wealthy individuals?

I don't know if it's still true. But as of a couple years ago, more than 90% of Bitcoin were owned by precisely 10 people. Nine of which got in on the ground floor before Bitcoin became generally known. It was suggested that they are slowly selling to avoid crashing the price.

[Fark user image 850x316]

As of June 2020, roughly 18.6 million Bitcoin has been mined. We break that 18.6 million Bitcoin down into three buckets based on its movements to date:

Roughly 60% of that Bitcoin is held by entities - either people or businesses - that have never sold more than 25% of Bitcoin they've ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment.

Another 20% hasn't moved from its current set of addresses in five years or longer. We consider this lost Bitcoin.


That leaves just 3.5 million Bitcoin - or 19% of all mined Bitcoin - that moves frequently, primarily between exchanges, which we label as Bitcoin used for trading.

A currency where 60% is hoarded and 80% is not moving at all is a terrible farking currency.


Well at least it's a predictable store of value.
 
Olympic Trolling Judge
2023-02-06 1:02:46 AM  

mofa: More than 50% of Bitcoin transactions are wash sales.

https://www.forbes.com/sites/javierpaz/2022/08/26/more-than-half-of-all-bitcoin-trades-are-fake/?sh=2fafc95c6681


That sounds low.
 
Ishkur [OhFark]
2023-02-06 7:14:14 AM  

Priapetic: Well at least it's a predictable store of value.


Well make up your minds.

Is it a store of value or a currency?
 
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