Of Conspiracy Theorists & bitcoin price fixing
Pardon me for not quoting the article i am responding to but i'll drop the link below so you can read it in your free time..
My reponse;
Tales by moonlight...anyone with an above average understanding of how commodities markets operate can explain why the market is in a slump.
The basis behind a market is demand and supply, price is always relative but newbies never realize that. They jump in headlong without doing the basic math..
(1) every major commodity market on this planet has a power bloc who have a reasonable amount of money and can influence the market but that influence is limited to specific situations over a specific time frame.. (Economics 101)
for a supposed cartel to operate and exist on the level of this writer's imagination they would have to control at least 75% of the market share (that would be a monopoly and no longer a free market as we understand it.
(2)Price manipulation is as old as time ...I'm pretty certain the legal term for that is "insider trading".. It didn't start with bitcoin, gold or silver...it started with cowries and ancient dynasties. Quite frankly once futures trading becomes available on a market ,price manipulation possibilities spike by 5-20%..the two of them go hand in hand
(3) the writer spent so much time talking about gold and silver but said absolutely nothing about oil which has the biggest cartel on earth (OPEC) and how they have struggled in terms of manipulating or controlling oil prices despite all their input..
the oil market is even more volatile than crypto and a lot of OPEC members would prefer to keep the price high unfortunately its not gone over $100 a barrel in almost 4 years despite their best efforts...no one has wondered how this is possible despite the presence of the cartels and all the big players..DYOR
(4) the myth that a lot of conspiracy theorists love to throw around is that the governments are trying to keep the masses down using all sorts of funny regulations, taxes and tarrifs.. Riddle me this ....how come the US, Chinese , Russian and Korean governments have been so effective at curtailing the growth of the crypto market but cannot get along when it comes to something as simple as nuclear disarmament for north Korea ?
The best place to hide something precious is always in plain sight where everyone can see it but no one wants to be labeled a thief by attempting to grab it.
If you let go of your conspiracy theorists state of mind for a while you'd realize there are a lot of glaring similarities between the state of the crypto markets and the conventional stock markets right now.
Ever since bitcoin got listed on the commodities exchange it has come under the same attack which other commodities have experienced in the market.
Maybe if you spent a little less time on blogs,vlogs and social media in general and a little more time on conventional business news sources like Blomberg & co you might get a clearer picture of what's happening to the market.
In conclusion, conspiracy theorists say the FBI & the mob joined forces to assassinate JFK but over 50 years later and despite all the documents being declassified they can't prove this...are these the people you should seriously be listening to?