Topic: FT (alphaville): pump and dumps are destroying bitcoin (Read 465 times)
The thing is that as a community we can't stop speculators from manipulating with the price. It's a free market. But as a community what we can do is continue to trust the potential of bitcoin and spread the word to encourage its use. As we set the fundamental right, eventually even the speculators will find it hard to trash the coin.
another scammer thread this is hilarious
we haven't seen this much damage control since nam
we haven't seen this much damage control since nam
"...at its fundamental level all a pump does is move around a finite pool of capital unequally between investors. For every owner to be able to cash out at the inflated price, a new entrant has to be willing to takeover his position at the same value. The more overvalued the price relative to the number of holders of the stock, the less likely all of them will be able to leave at the inflated price."
"But with Bitcoin the situation is even more twisted than that. On one hand you’ve got elements evangelising about the need to accelerate user and merchant adoption for real-world transactions, and on the other hand you’ve got a community of colluding speculators out to destabilise the very people whose loyalty and trust must be gained if the thing is ever to achieve real-world transaction currency status. In that sense, it’s the equivalent of a parasite stifling the host it depends on."
http://ftalphaville.ft.com/2015/01/16/2091482/how-to-corner-markets-bitcoin-style/
"But with Bitcoin the situation is even more twisted than that. On one hand you’ve got elements evangelising about the need to accelerate user and merchant adoption for real-world transactions, and on the other hand you’ve got a community of colluding speculators out to destabilise the very people whose loyalty and trust must be gained if the thing is ever to achieve real-world transaction currency status. In that sense, it’s the equivalent of a parasite stifling the host it depends on."
http://ftalphaville.ft.com/2015/01/16/2091482/how-to-corner-markets-bitcoin-style/
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