Topic: Bitcoin Whales Are Selling BTC Before Market Crash: Peter Schiff - page 6. (Read 898 times)

Haha... Always about personal gains. That is also an economic strategy but in crypto business, is kind of, spread the fud/fear and wait for a drop to scoop. Is unfortunate that hodlers will keep failing. For my view, hodlings in bitcoin is safer so I won't buy into such trick.

Bingo.

Big players use their influence to manipulate the market to improve their own position, and yet every time they do, people fall for it. Peter Schiff, who is all in on gold, says bitcoin is a bubble and people should sell and buy gold instead. Well, color me shocked! Big bankers, whose fortune depends on the fiat system, warn people not to buy bitcoin. Well I never!

These people with an audience of thousands or even millions use their influence for their own gain. They don't care about the weak hands losing money - in fact, they are counting on it, so they can profit. Stop doing what they want you to.

The whales in the market is a mystery that no one can figure out and you will hear about them only when you see a massive rally or correction in the market and yet no one can figure out the so called ghosts in the market  . Everyone likes a good conspiracy theory and the flash market movement are still a mystery and during those time the magical whales will be blamed for the movement because it is impossible to figure out the real reason .

This reminds me of December 2017 and January 2018 - loads of "important people" like Jamie Dimon of JP Morgan popped up to say bitcoin was a bubble and it was about to crash and so on.

Turns out they all had shorts in place and were talking their book.

When the crash finally happened, they popped up again to say they were making bitcoin investing available to their clients.

Bottom line: these types of people are always talking their book. Always ask what their agenda is. They're not making these statements because they care about the little people.

Any market that is not regulated, is prone to manipulation! Crypto market is also not beyond the reach of such risk! Especially when cryptos don't have much real world applications, majority of the cryptos are being used either in gambling or in trading! That's how the market and its participants are surviving! And the fluctuation jn price actually provides lot of opportunities to a trader to make profit if he/she knows how to play it right! But you know, loosers will always complain!

If you really want to thrive in crypto economy, you must cut down listening to all type of speculations from different people. Stay focused and use your own brain!

Well, since I don't day trade, the time scales I tend to think in are years rather than days or weeks, and so I'm pretty much permanently bullish about bitcoin on a several year timescale. And since Schiff is a perma-bear on everything that isn't gold, there's so far been a 100% correlation between him being bearish on bitcoin and me being bullish on bitcoin.

But you're right, and I do generally ignore everything he says. His name just keeps popping up on this forum every month or two, so it's always useful to point out that he ignores the facts and has just said the same thing on repeat for 10 years despite being constantly wrong.

I don't know about that.  He'll probably say it whether we should be bullish or not.  I think it's best just to tune him out altogether.

Yawn. When are people going to stop listening to Schiff?

In October 2012, when gold was around $1,700 he said it was going to $5,000 within 2 years: https://www.cnbc.com/id/49550053. Not only did it not hit $5,000, but it never went higher than the $1,700 it was when he made his prediction. In fact, all gold did over the next two years was slowly lose value down to around $1,200.

In December 2015, having been proved monumentally wrong, he made the same prediction that gold was heading for $5,000: https://www.cnbc.com/2015/12/17/gold-is-still-going-to-5000-peter-schiff.html. Now, 4 years on from that, again not only has gold not hit $5,000, but it has never gone higher than the $1,700 it was when he made his original prediction 7 years ago, and is currently sitting around $1,500.

Having been proved completely wrong again, earlier this year he made the same prediction yet again: https://schiffgold.com/videos/peter-schiff-gold-will-go-much-higher-than-5000-video/. Let's see how that turns out for him.

Looking at his predictions for bitcoin, in July last year when bitcoin was around $6,000, he said bitcoin was heading for $1,000 and would then collapse entirely: https://hacked.com/peter-schiff-tells-joe-rogan-bitcoin-price-will-hit-1000/. Needless to say we never came close to $1,000, and yet again the exact opposite of what he has predicted has happened, and we are up 50% from when he made his prediction.

Even last month he said we had hit a "major top" and were rapidly heading for $4,000: https://twitter.com/PeterSchiff/status/1176577713412419589. Yet again, wrong.

He is so completely invested in gold that he rubbishes anything and everything that isn't gold, and refuses to see past his catalogue of errors. I would hate to think what his returns over the last decade have been since he is so consistently wrong all the time. If you did the exact opposite of what he said over the last 10 years, you would be sitting on a nice profit.

TL;DR: If Schiff says bitcoin is going to collapse, that makes me bullish.

Peter Schiff is a gold bug, not an economist
About the manipulation stuff, yes, it is a legit concern since many exchanges are not regulated. Economists like to echo the "95% of reported bitcoin trading volume is fake" article. Hence, we will have this debate over and over if the situation doesn't change, i.e., not all (major) market regulated.

Trying to guess what caused the pump or the dump is useless in this "mixed" market since there is severe asymmetric information in the inefficient market.

Source

Undeniably price manipulation often happens in unregulated crypto markets. Do you agree in this economist statement or do you oppose? Do you believe that recent price surge is cause by manipulation or natural demand?