Is Bitcoin now Pump and Dump? - page 7.

Pearls Before Swine

sr. member

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Merit: 306

You've got this thread in the wrong section. You should move it to either the speculation section or bitcoin discussion, because it's not about altcoins.

Quote from: nanaimogold on December 16, 2019, 04:56:55 PM

But recently, I have also gotten another perspective that bitcoin might just be a tool in the hands of a few whales, manipulated for quick and short gains on daily bases.

There are whales, certainly. I don't think they're actively trying to manipulate the market tho. The market cap is high enough that it takes a *lot* of bitcoin to move it. And if the price of bitcoin goes up, it's going to take more fiat to keep moving it.

There has always been speculation about these anonymous whales, but I never see any hard proof, just theories. If anyone has any good evidence that whales are manipulating the market for whatever reason I'd like to see it.

jossiel

hero member

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Merit: 625

How long you have been sitting on your chair and watching the swinging of bitcoin from time to time? you have understood it that its price is determined by the supply and demand and yet you are now thinking that it is a pump and dump coin.

Why compare bitcoin to those pump and dump coins? those coins after pumping will certainly be dumped and can go to nearly zero volume. And traders have to profit, so it is usual to see people dump bitcoin for profit and rebuy afterwards.

DarkDays

legendary

Activity: 2030

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Well I really don't think you understand what pump and dump means if you're accusing Bitcoin of being one.

Usually, a pump is a short, sharp spike in price which is designed to pull in retail investors and noobs, further pumping the price and allowing those that bought in early to cash out at a profit (dump).

Nothing about Bitcoin's current price action can be considered short and sharp.

nanaimogold

sr. member

Activity: 661

Merit: 251

I have watched this space for a couple of years and while on it, I felt that bitcoin prices are usually driven by global supply and demand which is a factor of real world usage. But recently, I have also gotten another perspective that bitcoin might just be a tool in the hands of a few whales, manipulated for quick and short gains on daily bases. If that's the case, as we near $6500/btc and even lesser as analysts suggest, when then do we see $100k/btc or its just a hoax to keep the pump and dump pendulum swinging

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