Topic: Will you not get mad if I say Bitcoin is the multi-billion dollar pump and dump? - page 2. (Read 356 times)

it is interesting how you contradicted yourself within a few weeks!

you started this topic telling us that YOU believe that bitcoin is a pump and dump scheme, then today you are using technical analysis on the thing you believe is a pump and dump!

so which one is it? if it is a pump and dump then the comment i quoted is a total nonsense. if it isn't and you know TA works on it then this topic is a total nonsense...

Pay attention to this level

could we say that the noble thing about bitcoin is only good at the paper but it could not transcend to its practice.

Its like communism , good at the idea but never seen the on its implementation

(apology to my analogy)

Bitcoin has gone well beyond the ability of even the whales to completely control. However, because most of the people buying and selling bitcoin are unsophisticated investors, they are easy to manipulate. The recent panic we saw had most retail investors selling straight to the whales at $6k. Those same whales have made a fortune on just the bounce back. There is no evidence though of it being a pump and dump operation. This was just banks and other big players taking advantage of a panic. If anything when bitcoin was hitting $20k banks were trying to tell everyone bitcoin had gotten ahead of itself and not to buy.

there are brilliant  things/inventions that are noble in their conception but not practical to use.
Should we fall in love to its beauty and that we know it will break our heart later?

everyone is entitled to their opinion guys.
Bitcoin is something that came out of brilliant mind/s that made it.  and it somehow paved the way to soooo many potential uses and advantages.
It's been said, it's revolutionizing the digital world..and with that anyone that has internet access can get their hand on it.
but of course it is not new that a few hands on deck can control it, just like any other currencies.

Bitcoin should not be more than $100 if it has to be used for payments/currency.

How many people buy Gold at $1350/ounce ??

Long time traders have learned to live with it. Its obvious that a few people with enough btc can sway the market to their preference and us little fishes should learn how to simply swim with the tide they create. Fuds, government bans, regulations, all this i'm sure has little effect on these people who are simply observing how weak hands react

I'm sure many of us would want to tell you off straight off the bat, but to think objectively, I would have to say that you're partly correct. Bitcoin is at the mercy of many pumps and dumps and price manipulation.

The good news is, as BTC's price continues to rise, it's getting far more difficult to pump and dump it like they do alts. It's not easy to buy thousands of bitcoins when one bitcoin becomes $50,000 in value.

But it will always be in demand the more people find out about it. It's the first worldwide payments system that's free of governmental control. The government would have to shut down or restrict the internet in all countries in order to fully control bitcoin. It's not easy to find out if someone has a paper wallet... it would be an invasion of privacy to figure it out.

Think about it. It's a sophisticated, secure way to send money around the world instantly without banks or governments interfering. That's quite revolutionary. For bitcoin to suddenly lose any value is ridiculous.

And if you'd like to talk about pumps and dumps... see the US dollar. It's massively manipulated. The US gov has been in debt for the longest time. We're still in debt to China in the trillions! The banks raise or lower interest rates to control whether we spend or save dollars to control inflation and prevent deflation.

Did you know every fiat that stopped being backed by gold or silver has failed? Well the US dollar has been in trouble ever since Nixon took it off the gold standard. Now the US dollar is simply backed by "the full faith and credit of the US." <-- what kind of BS is that? No one in their right mind would believe in the value of the US dollar if they read that line.

There's literally nothing backing up the US dollar except for a fake reputation that the whole world wants to uphold because the whole world's different fiats are baked by the US dollar now.

The real reason why the government is scared of crypto is because it's about to pull the curtains from the lies and fake grandeur that the US dollar and other relying fiats have been pulling over everyone's eyes! THE US DOLLAR IS LIKE BITCOONNNEECT.

Do you want to know the real reason why bitcoin's price kept going up? Because it couldn't be suppressed by banks and governments just like they were suppressing gold and silver by shorting exchanges en masse.

For once, we have an actual currency that's true and backed by real value. Bitcoin and other cryptos will revolutionize the world... and I fear it will be either ugly or magnificently beautiful. But from the way the world is reacting to crypto... it will be ugly.

Those who invest in bitcoin will really find a way how to get some profit out of it.  Other may say there are strategies  The pump and dump sounds that not a good word when you talk about millions of money that are involved into it.  Considering the small investor who is just waiting the speculation themselves than those investors who tend to manipulate the game. 

respect to you

Not at all! I will respect your opinion. It makes a lot of sense as well. We're at the mercy of whales, who can collude with each other and start a massive snowball of sell-offs to kill the public's perception of Bitcoin. Once it gets overtaken by ETH or pretty much anything else, I doubt it would be easy to get back up. Are whales going to do that though? Nope, as you said, because they make a killing out of Bitcoin, and no one will want to kill their goose that lays golden eggs. They're not going to want others to kill it either.

Pump and dump is such an ugly term, but I can't deny that either. We know that market manipulation exists to some level and it's certainly being used for profit.

Unfortunately people still look on bitcoin as an investment, and that will not change anytime soon. People that invested high amount of money into bitcoin want to make profit from that, and those huge investment will have small impact on bitcoins price. Only if large number of people decide to sell, that could affect price on larger scale.
If people with serious money started investing into bitcoin, that means they have seen potential in it and want to participate. Even if its only because of profit, they indirectly support bitcoin.

Well said!

 

fair play to you

I don't get mad when people tell me what an idiot I am, or how my work is not recognised, or how everything I've ever done for work and career isn't specialised. I don't get mad especially on this forum, where I expect all the time to be exposed and proven wrong by the very smart people who visit.

Will you not get mad if I say that the multi-billion dollar pump and dump that you might think Bitcoin is, is nothing compared to the hundreds of billions of dollar pumps and dumps that have been happening for decades on other currencies/assets? Should we even compare?

Objectively, I will unfortunately have to agree that almost everyone here sees Bitcoin as an investment and by degree of that view are speculators, and by degree of them holding it cannot afford to be anything else. Those who only see its "noble" aspirations tend not to have much, as they use and spend it for all purposes intended. Price is not of any consequence to them.

don't take this as personal question. take this objectively and look what on the other side of the coin.

Bitcoin is a noble project to admire, but is this for everyone to get involve or just  for speculative investment and limit only to few?

the other thread was asking if Bitcoin will survive in 2018. My answer, 'definitely it will survive because someone (few) will make a killing again'.