/biz/ - Business & Finance

600m on a 10-100x margin isalot of pump

>>4482883
>>4482895
literally an NSA meme

FUCK OFF NSA

for the last time
market cap means nothing
liquidity does
problem is not in tethers but that they are used to inflate price of btc without influx of real cash

>>4482911
wrong.

>>4482911
>>4482931

>>4482911
>>4482931
Explain
>>4482895
So people used that 600m to buy up 60B worth of bitcoins at artificially increased prices is what you're saying?

https://www.reddit.com/r/btc/comments/7eenzt/apparently_tether_blacklisted_the_30000000_usdt/

It was a failed bitfinex pump (as they have been doing all year), after which they claimed "hack".

>>4482895
How are they leveraging though? You cant just put 20 million in a margin at 100x leverage...

>>4483010
Wash trade (since they collect the fees themselves, so it's free) to push up the price on order books. You don't even have to use leverage. Just wash trade all day.

One of the executives at finex is on record boasting about (margin) trading on his own platform (rad flag). Another is on record (bitcointalk) straight proposing scams (red flag). Every big bitcoin pump this year was directly preceded by the issuance of tether (red flag).
Ignore the NSA retard. He's hoping to cash out before the bank run.

>>4482945

Retard here, can you explain how tether would cause the inflation of btc or other coins prices, and by how muxh?

Check coinbase volume for the past few months, USD going in is at ATH. New accounts have been increasing too. The growth here is organic, USDT issuances is only a small part of the pump.

>>4483110

Can you link? How much fiat is actually moving in to crypto?

I habent put fiat into exchanges after the small initial investment, and since then just move my stack around from coin to coin so to speak, so i dont have a good sense of what people are actually doing

>>4483059
BTC is basically propped up by the idea that it'll always be inflating and gaining value. Thus far, it hasn't failed. Even now there are people here thinking it'll continue forever until it hits $1m+, regardless of any rumours of it failing.

So whenever a relatively small amount of money gets injected into the market whenever there's a down-turn, it appears if there's confidence that some higher-up whale is pushing for BTC to succeed. That just breeds more and more confidence, and the price goes up as naturally.

Add unregulated wash trading to make it seem like there's huge volume of trade, and well, we have BTC as currently.

House of cards will get brought down when BTC owners slowly but eventually cash it out into real money and there's nothing actually holding them up.

>>4482945
Bitcoin traded $4,497,980,000 in 24 hours. Pretty sure it's quite high liquidity.

>>4483150
fuck off nsa

>>4483173

What does that amount mean? That btc was sold or bought with total 4billion dollars of fiat?

Or the total number of bitcoin traded multiplied by the current "price"(be that price inflated or not, i dont know) ?

>>4483223
>What does that amount mean? That btc was sold or bought with total 4billion dollars of fiat?
Well every buy is also a sell. It means that 4 billion dollars changed hands.
>Or the total number of bitcoin traded multiplied by the current "price"(be that price inflated or not, i dont know) ?
No, that's market cap not volume.

>>4483223
Latter most likely. It's still a fair definition of market liquidity, but illogical in this argument. Who has actual numbers on how much BTC was actually used for goods / cash?

Otherwise we might as well be swapping bottlecaps really quickly between each other and that'd also be very liquid.

>>4482883
Because liquidity does not equal volume. If someone were to buy $20 million worth of BTC in one swoop, the market cap wouldn't increase by $20 million, it'd increase more than that.
Back in the day the Markus and Willy bots on Mt. Gox bought $100 million worth of BTC, which moved its price from $200 to $1200. $100 million of buy orders added several $ billions to BTC's market cap.

>>4483253
High volume (not marketcap) does indicate high liquidity though. When calculating liquidity in stocks they use either the trade volume or the bid-ask spread.

>>4483253

How did people find out about the bots?

>>4482895
THIS.

>>4482883
pic related

>>4483253
this. a manipulation like this happened before orchestrated by mtgox.

right now we are witnessing probably the biggest scam in btc history. I dont know what could stop it and when but it surely will at some point

>>4482883
op cannot into market cap
look at liquidity.

market depth for 30M where will that take the price?

>>4483346
fuck off nsa!!!!

>>4483306
It was because of data that was leaked to the public a few months after Mt. Gox collapsed.
https://www.coindesk.com/bot-named-willy-did-mt-goxs-automated-trading-pump-bitcoin-price/

>>4483384

u look dumb with ur nsa comments.

>>4483298
High volume doesn't mean anything if you can wash trade. Bitfinex allows you to buy your own sell order and vice versa. Kraken also allows this on their USDT/USD market. Bots are continuously trading with themselves to give the illusion there is high volume.

>>4483223
BTCUSD is the highest-traded pair in the crypto market. Not BTCUSDT, not BTCETH, not USDTUSD. At the very least, you can say that BTC is being traded into and out of USD held in hermetically sealed environments on exchanges. But with USDT activity unable to sustain any kind of BTC price pump the worst case scenario is that the BTC-USD-USDT triangle trade is being carried out covertly, within one bust exchange.

>>4483384
I certainly hope you at least get paid to do this. If not, this is truly one of the most pathetic shilling attempts I've ever seen. It's also very counter intuitive to do this as people will become more skeptical about the whole Tether situation the more you do this.

>>4483149
Last time I checked crypto MC was 200b, now it's 240
In a month or so

>>4483490
The last of the dirty money / laundry services is exiting bitcoin. This is good for the ecosystem.

>>4482895
Not reflected on the market cap of any USDT pair. There's no way for you to prove this

If any of you happen to know Dutch, the top comment on this article provides an overview.

https://tweakers.net/nieuws/132055/cryptovalutabedrijf-tether-claimt-verlies-van-30-miljoen-dollar-na-diefstal.html