it was designed as a clandestine money transfer not an investment, anybody that thought otherwise is a fool...
Posted on 03/22/2019 9:59:46 AM PDT by NRx
New research is casting even more doubt on the legitimacy of bitcoin trading.
An analysis published by Bitwise this week shows that 95 percent of bitcoin spot trading is faked by unregulated exchanges. The survey, first reported by The Wall Street Journal, echoes concerns by regulators that cryptocurrency markets are still ripe for manipulation.
Bitwise, an asset manager in the process of trying to list the first-ever bitcoin exchange traded fund, said it met with the Securities and Exchange Commission on Tuesday to discuss its application. As a part of the process, it submitted analysis that could help regulators cut through the noise.
"People looked at cryptocurrency and said this market is a mess, that's because they were looking at data that was manipulated," said Matthew Hougan, global head of research at Bitwise. "When you cut away the echo chamber of these nonsense numbers, it should be an efficient, well-arbitraged market."
The analysis showed that "substantially all of the volume" reported on 71 out of the 81 exchanges was wash trading, a term that describes a person simultaneously selling and buying the same stock, or bitcoin in this case, to create the appearance of activity in the market. In other words, it's not real.
Those exchanges report an aggregated $6 billion in average daily bitcoin volume. The study finds that only $273 million of that is legitimate.
(Excerpt) Read more at cnbc.com ...
Lol. Anyone warn Glenn Beck? From the sounds of it, he’s got a lot of $$$ tied up in that stuff. Him and his buddy tika tuwari or whatever the noodle hell the dude’s name is...
Who knew that this monopoly money was a scam? Tulip futures anyone?
Pssst. I have some bitcoin offsets I’ll sell you real cheap.
Depends when he got in. There are still quite a few whales that got in when bitcoin was under a hundred bucks, Beck may well be one. Folks it remains a fact if you did not buy bitcoin when it was cheap, Under 3 bucks was not that long ago, you missed the chance of a lifetime. There remains many people that are now very wealthy from a reletively small investment in Bitcoin.
Can anyone point me to a website or other public reporting mechanism that shows there is $6B in daily Bitcoin volume?
CNBC here is basically saying, “It is being reported that there is $6B in daily Bitcoin volume and our studies show that it is only 5% of that or $300M”
The weird thing is that every single thing I can find online about the daily volume of Bitcoin says that it is only about $300M.
It almost seems like other CNBC reports which say, “Trump was wrong when he said X” and then I find out that he never actually said “X”.
it was designed as a clandestine money transfer not an investment, anybody that thought otherwise is a fool...
what do they get out of faked transactions ??
... claims that the things are actually used (pretending it is a viable ‘currency’ to sell it to the ignorant) ???
And consider THIS is the most known cryptocurrency and there are a thousand ‘also rans’ out there.
Sorry Bitcoin Proponents, I dont do FADS and have an IQ higher than 60
Thanks for the link.
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