BITCOIN

bugbyte_2

Bitcoin is a commodity not a security.

And it is unregulated.

And most people are not under US jurisdiction.

And isn't the whole point of crypto that you can all be libertarians.

I find it interesting that you keep mentioning Bitcoin as a scam, while no one else does. It is what it is - there is capacity to make money with its fluctuation in price. The mental gymnastics on here is quite immense to try and prove it is anything other than a fairly secure finite string of numbers that people want to trade because they believe the price will go up.

Section62

adindas said:

GameStop/AMC is hedgies against (WSB/the apes & retail investors) which are retail investors like the one who will buy BTC in small quantity. The Hedgies who control many shares got Squeezed. There are a million of retailers lots of retailer investor getting involved If the whales do not have a great control they might end up like Game stock/AMC, losing money from short squuze that is what I have said. Let alone if it is BTC with US$1T market cap how much money do they need ?

Who is involved and how is irrelevant.  You asked "How could it be possible 1000 people to collaborate together?? Have ever heard 1000 people collaborate each other in the history of the stock market to move the asset price?"

My answer is "Yes".  We've seen how easy it is for people to collaborate together using the internet, and how they (or just one person in other cases) are quite capable of moving the asset price.

This shouldn't be a bone of contention.  It is patently obvious from recent history that people have the power to do this, if they so wish.

adindas said:

Mentioning Game stock or "Gamestonk!" shows great degree of dislike like people who still believe that those WSB who get involved in Game stock are naives. The few naives are the one who bought it when it already got squeezed, FOMO buying.

What on earth leads you to that conclusion?  I mentioned it because GameStop is an obvious example of something you were suggesting was not possible/unheard of.

I mentioned "Gamestonk!" for reasons which should be obvious to anyone who is familiar with the subject you raised - i.e. "Whales".  Is that not easy to see?

adindas said:

I might stop discussing with those who still believe that the earth are flat, who still believe that BTC are a scam because Warren Buffest / Charlie Munger are saying so. It turns to become the dialogue of the deaf.

I'm not sure how that is relevant to my post you were replying to.  In case of doubt, I don't believe the Earth is flat, nor do I think BTC is a scam.  I've also got very little interest in anything "Warren Buffest / Charlie Munger" say. One of them I've never heard of.

adindas said:

Securities Exchange Act of 1934

SEC. 9. (a) It shall be unlawful for any person, directly or indirectly, by the use of the mails or any means or instrumentality of interstate commerce, or of any facility of any national securities exchange, or for any member of a national securities exchange—

(2) To effect, alone or with 1 or more other persons, a series of transactions in any security other than a government security, any security not so registered, or in connection with any security-based swap or security-based swap agreement with respect to such security creating actual or apparent active trading in such security, or raising or depressing the price of such security, for the purpose of inducing the purchase or sale of such security by others.

So you've chosen US law as the basis for your claim?  What is the territorial extent of US law in relation to cryptocurrency transactions?

And more importantly - the issue you didn't address - "how do you propose the authorities could keep tabs on who is selling and buying what in order to 'detect' what you believe to be illegal?"  A major selling point of cryptocurrency has been the impossibility for the authorities to intervene in or block transactions.  Are you now suggesting this isn't true?

adindas

bugbyte_2 said:

Bitcoin is a commodity not a security.

And it is unregulated.

And most people are not under US jurisdiction.

And isn't the whole point of crypto that you can all be libertarians.

I find it interesting that you keep mentioning Bitcoin as a scam, while no one else does. It is what it is - there is capacity to make money with its fluctuation in price. The mental gymnastics on here is quite immense to try and prove it is anything other than a fairly secure finite string of numbers that people want to trade because they believe the price will go up.

There are a few people on this thread. If you browse it.

A few are saying because Warren Buffet and Charlie Munger are saying it is a scam. That is why I posted what WB ad CM are saying.

Also there are other threads on MSE

https://forums.moneysavingexpert.com/discussion/6262770/beware-bitcoin-scam

https://forums.moneysavingexpert.com/discussion/5819294/bitcoin-scam

https://forums.moneysavingexpert.com/discussion/comment/75353900#Comment_75353900

bugbyte_2

You do realise the three links you posted ARE scams?

Zola.

https://twitter.com/BitcoinMagazine/status/1455645031356829696

Thrugelmir

Zola. said:

https://twitter.com/BitcoinMagazine/status/1455645031356829696

Banks simply want to make profits for their shareholders.  They've identified an opportunity.  

Zola.

Yes, gradually, then suddenly.. if all the major banks start offering this service to stay competitive it will lead to a massive supply squeeze.

Bitcoin has never seen such mainstream adoption so quickly. Its future looks very bright. 

adindas

Thrugelmir said:

Zola. said:

https://twitter.com/BitcoinMagazine/status/1455645031356829696

Banks simply want to make profits for their shareholders.  They've identified an opportunity.  

                       PUT TOGETHER ON THE SAME GRAPH WITH BITCOIN (BTC)

                  PUT TOGETHER ON THE SAME GRAPH WITH ETHEREUM (ETH)

(Mind you, you might need magnificent glass or to Zoom In, to be able to see LLOY and NWG)

The banks owned by the taxpayers. Lucky you shareholders.

In many cases, the shareholder’s money is used to pay the fat cat executive pays to pay the bonus/incentive, to pay dividend (for a bribe) even their banks make a loss.

The executives try to maximise the short-term performance to look good and to maximise the bonus; even it will mean the long-term performance will suffer. When they are about to be taken accountable, they have already left

Compare it to large cap, mega Cap Tech company executive pays in cash.

adindas

This is what happen if you do not have good control and you try to move the price.

Mind you this these people are multi billionaires.

But hundreds of millions of people might do individual action which s/he thinks the best course of action to preserve their assets based on physiological pressure. Hundreds of millions of people bound by psychological tied and they might just follow the crowd, in the same way the mass are behaving the middle of the crowd; in the same way they act in case of market crashes.

Would you count the price movement in any market crashes in the history as a scam, a price manipulation, a P&D?? If you browse some people on this thread are comparing the move by people on Wall Street Bets similar to a P&D, a scam.

Keep in mind the people action is based on their own individual decision which they believe the best course of action for themselves; not a collusion, to act in coordinated way. It is similar when you see an advertisement, a campaign, it is entirely up to you to decide.

If the whales do not have a great control, they might end up like multi billionaires who were shorting TSLA, short squeeze case in GME, AMC, VW, losing money.

Main crypto such as BTC has around US$1T+ market cap, ETH has around $US525b+. With such market caps if the price manipulators are acting rationally (do not want to take a very risky decision), they will only be risking huge amount of money when they could dictate the outcome. P&D case is frequently found with penny stocks with, micro/small market cap, especially with low float. With penny stocks like this you only need relatively small amount of money to move the price, and you will have a great chance of success

Below is the distribution of people who own BTC and ETH

You will never know at what price the other people you do not have control of will be adding their position, the new comers will enter the market enter, pushing the price up again!!!

What Michael Burry and other multi billionaires are doing with Tesla; What hedgies like in GME, AMC, VW case are doing (apart from naked shorting which is yet to be proven), are not illegal as there is no evidence of collusion. However they are also risking their own money and you have seen how they have ended up. It is not uncommon people make or lose money in a casino and casino is not illegal..

https://www.youtube.com/watch?v=DeYiMRkpsxU

RolandFlagg

First minute of this interview Mark Yusko nails it.

https://www.youtube.com/watch?v=6XhIpKoi5dY&ab_channel=CNBCTelevision

As for the banks. They know what's coming. 
First they ignore us, then they mock us, then they join us.

If they don't embrace crypto they are going to be this generations equivalent to Blockbuster Video.

Evolve or Die.