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It seems convenient for governments to have cryptocurrency become volatile so they are rendered useless for trading as an actual form of currency. They provide privacy that our global surveillance state does not like and it makes sense they would do everything in their power to stop people form using it.
All I know is that Bitcoin is mostly controlled by Chinese investors ( still a Japanese company ) and they have destroyed it's value to my knowledge. Speaking of which there was such a thing as the dog coin. Whatever happen to that?
The volatility wasn't engineered by governments, any investment that isn't based on the actual value of an underlying something is inherently volatile.
No. Low liquidity. The more liquidity, generally the less volatile, less some specific event that drives volatility.
Look at the forex markets. Most liquid markets in the world. Generally, low volatility.
But is the crypto market rigged? Yes. Why low volatility. Doesn't take much money to move it.
They rigged the stock market too, but it required central bank assets to do it.
If the value of bitcoin fluctuates so much, it's usefulness as a currency becomes diminished right? If the government can rig the stock market, why couldn't they rig this? It's giving the illegal drug and weapons trade a way to bypass government oversight and bitcoin is impossible to tax because it's completely anonymous. I bet Wannacry created enough public backlash for them to justify this. Just seems fishy to me.
Meh. It's really a made-up concept. Nobody entirely understands it and that makes the people trading in it nervous. They startle easily as a result especially when prices are stupid-high. I don't think anyone's manipulating it in any meaningful way.
Cryptocurrency is inherently unstable, simply because of the nature of the beast. It doesn't take outside influence for it to bubble and burst. In this case, however, a lot of the issue seems to be stemming from the fact that more than one currency exchange has been hacked, with the latest resulting in the loss of $530 million dollars. Cryptocurrency is not insured, so this loss is just that: a complete and total loss. That would make any semi-intelligent investor consider some new places to put their money.
The only value of bitcoin is as a method of moving 'value' clandestinely. It has literally no useful purpose outside of that.
Here is the problem with bitcoin that EVERYONE JUST IGNORES as organized crime and 'investors' pump and dump units of it over and over.
The guy/person/organization/crime family that originated this computer algorithm can create a limitless number of slightly different clones with EXACTLY THE SAME PARAMETERS as the original program, just a different set of coded numbers so that today's 'bitcoins' can't be run on the same set of digital 'books' as bitcoin2, bitcoin3, or bitcoin34687457. Each of these will have a maximum number of 'bitcoin2' or whatever units, just like the original, and can be mined just like the original, and can be easily stolen from brokerages, just like the original.
Bitcoin's value is currently about 99.9999% speculative and 0.0001% actual as an accounting method.
Imagine Apple or Alphabet stock trading at $10,000,000 per share. That's bitcoin right now. Reality has been completely left behind, but fat cats are mining YOUR money with it.
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