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RE: The Wolf in Sheep's Clothing - BTC compromised by banks while Chinese miners prepare to crash the markets
The crypto market dropped by 70bil in 24 hours (the majority of that drop being from btc) a few days ago and since then has more then recovered. Because of this I think if someone did dump $11bil worth of btc it might not have the outcome they expect since btc has already shruged off larger dumps then that without much damage at all. Also in my opinion btc will not be a vehicle of exchange in the long run and will be more seen as a long term store of value so its high fees and slower transaction times may not really matter much in the long run. I guess only time will tell.
It doesn't take $1 of Bitcoin to crash the market by $1… There's a multiplier effect when done strategically and automatic sell orders and trading bots will do a lot of the heavy lifting for you.
I agreed but again the crypto market cap dropped by $40bil in 10 mins a few days ago from that type of chain reaction, and overall it didn't do much damage at all. I agree that if they time a 11bil dump at the same time as a difficulty adjustment in a coordinated effort accross multiple major exchanges it can cause a lot of havoc, but it may not be as long term a drop as the dumpers might expect. There are a HUGE amount of $ waiting on the sidelines to buy into BTC if it did drop down to 2-5k, so I think they may/will have a hard time knocking BTC out of competition. I could be wrong but I tend to think beyond the US banning BTC outright, it prob isn't going anywhere, at least in the short/med term.
Really interesting to read this exchange. Thanks to you both! Have learned so much in the last few days...
to bring down a price in a liquid market it generally takes $10 to move $1 everyday is harder and harder to effect bitcoin like this expect any volatility to be skyward