Was this week's crash caused by a loss of confidence in Ethereum or are cryptos being manipulated to fail?
Well we all heard about it. It even made "normie" news and everyone was talking about a "fake news" story wiping 7 billion off the value of Ethereum. But this wasn't the only story. It was actually a huge dump of tens of millions of dollars worth of Ethereum by one whale which temporarily reduced Ethereum to pennies.
Along with Ethereum's flash crash there was a total market crash, Poloniex was an absolute sea of red. Worse still, this was the second crash in a week and that's not forgetting Bitcoin's flash crash that took it down to almost $2000.
It seems these types of incidents are becoming more frequent.
Cryptocurrencies are being attacked on all fronts.
Aside from this crazy market instability, we saw that new legislation was being introduced in the U.S which would require people declare their cryptocurrency assets as they enter the country. This seems to be a shot across the bow by the U.S.A or the opening salvo of an all out currency war. After all the U.S.A has the most to lose, it having the world's reserve currency which has mitigated their crazy spending habits.
Actual war
The U.S.A is also widely believed to have bombed Libya back to the stone-age due to Gaddifi proposing a gold-backed currency to trade oil. It's also suspected to be involved in the ongoing blockade of Qatar after they started using the Chinese Yaun to trade oil.
I'll get to my point
Trading cryptos is mostly anonymous and anyone can make a fake news story anonymously. Are there powerful government forces behind Ethereum's instability of late? Or is it just a loss of confidence due to the earlier mini-crash that it was still recovering from?
I'm going to guess this is not just ordinary pump and dump tactics but something more malicious and powerful at work like a government entity. This is just my gut feeling based on reading modern history. Am I paranoid?
I think they are being manipulated. How can the average person afford to buy many of these coins at these prices? Remember, the cryptos are up hundreds-thousands of percents over the past couple of months. That is bubble territory. And I think governments and deep state is definitely getting involved at this point because there is so much involved in destroying the status of major centrally controlled currencies...
Yes, when you think about it logically they'd be stupid not to try and destroy cryptos, they have everything to lose.
Yupp, 100 billion dollars has technically been funneled out of the mainstream currencies into cryptos and its still expanding. ill take cryptos over the ponzi scheme currencies any day.
I look at it like this, at the moment I'm making money from cryptos so manipulation doesn't stop me, actually I benefited from last week's crazy market. But I'm going to stay diverse, not too much in one crypto and maybe a little gold/jewellery.
I wish I had enough to take advantage of last week's downturn...most cryptos have essentially recovered already. Ethereum is back over 300...and definitely gold and silver are surging the past couple of days because we are (unofficially) in a recession. It is going to get a lot worse, so crypto/precious metal adoption will become even more mainstream.
At this rate you'll get plenty more chances to buy low don't worry.
I hope youre right! Saving up! Get some gold and silver, they are more stable and people flock to them during seriously turbulent times. Also, I followed and upvoted you. lmk if you are interested in joining a steem engagement group!
It's just crazy. So is Vitalik dead? Or what's the story??
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No, someone just put out that he was, accompanied by a huge dump, the dumper then bought back at less than a dollar. The first photo is his proof of life.
Come on. Source...
https://www.foreignpolicyjournal.com/wp-content/uploads/2016/01/110402-France-client-gold-State-Dept.pdf
https://news.vice.com/article/libyan-oil-gold-and-qaddafi-the-strange-email-sidney-blumenthal-sent-hillary-clinton-in-2011
http://www.globalresearch.ca/hillary-emails-reveal-nato-killed-gaddafi-to-stop-libyan-creation-of-gold-backed-currency/5594742
https://wikileaks.org/clinton-emails/emailid/6528
A bit fringe, don't you think? Foreign Policy Journal (is not Foreign Policy) only shares one of these interesting mails. Then, the Global Research's article was republished from "A Sheep No More" that claims that "is no longer plugged into the Matrix like the many sheep who are still programmed to believe that they have correct information provided by a varied and “independent media.” Vice speculates without coming close to conclusion.
The email is from Hillary Clinton, you can read it yourself, who cares who published it?
Right, but one has to care and analyze , then look for solid proofs. https://www.metabunk.org/claim-hillary-clintons-emails-reveal-libyan-invasion-result-of-monetary-policy.t7188/
metabunk/snopes aren't proof of anything, they're just as biased as anyone. Just because I call myself a fact checker, doesn't mean I actually am. What's your issue with the email? Do you think Wikileaks faked it?
https://www.rt.com/news/economy-oil-gold-libya/
Well, it is just your opinion. Definitely you should adopt meaning of phrase "reliable and validated source". Btw, nearly 3 years UK's media regulator Ofcom said that RT's channel breached its legally binding Broadcasting Code on nine occasions. Controversies are more.
They would say that wouldn't they, Russia is the boogeyman, perhaps they should be "reliable and validated" like CNN.
Btw, I don't trust RT 100% either, I get news from many sources and try and work out what's going on. Everybody puts their spin on it, everyone has an agenda. There's no 100% "reliable and validated source".
everything is manipulated to some extent but you have to remember manipulation is expensive.
anyone 'dumping' millions of dollars worth of stock at the market is not interested in getting a good selling price.. you lose a lot of money doing this.
the recent price action looks like a normal market with some liquidity fluctuations. the price movement is normal.
the reality is their is trillions of dollars of normal currency looking for better value than the current system can offer. a small amount of this money flowing in or out of crypto will cause high volatility depending on the amount of liquidity in the crypto market.. it will stabilise as the cryptos get bigger.
They will get a good selling price if the promptly buy it back. Ethereum went to pennies briefly. Also, if a government agency was involved the goal may not even be to get a good price. The goal may be to disrupt and destabilise. Several million in Ethereum is nothing compared to how much central banks could lose if they can no longer print the nation's money supply. Nations destabilise other nation's currencies all the time, why wouldn't they do it to cryptos while they're still young and vulnerable?