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Bitcoin's Price Was Artificially Inflated Last Year, Researchers Say
A concentrated campaign of price manipulation may have accounted for at least half of the increase in the price of Bitcoin and other big cryptocurrencies last year, according to a paper released on Wednesday by an academic with a history of spotting fraud in financial markets. From a report, first shared to us by reader davidwr:
The paper by John Griffin, a finance professor at the University of Texas, and Amin Shams, a graduate student, is likely to stoke a debate about how much of Bitcoin's skyrocketing gain last year was caused by the covert actions of a few big players, rather than real demand from investors. Many industry players expressed concern at the time that the prices were being pushed up at least partly by activity at Bitfinex, one of the largest and least regulated exchanges in the industry. The exchange, which is registered in the Caribbean with offices in Asia, was subpoenaed by American regulators shortly after articles about the concerns appeared in The New York Times and other publications. Mr. Griffin looked at the flow of digital tokens going in and out of Bitfinex and identified several distinct patterns that suggest that someone or some people at the exchange successfully worked to push up prices when they sagged at other exchanges. To do that, the person or people used a secondary virtual currency, known as Tether, which was created and sold by the owners of Bitfinex, to buy up those other cryptocurrencies.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066 |
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| There are no conversations. |
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| John Wayne |
I never have really become accustomed to the 'John.' Nobody ever really calls me John... I've always been Duke or Marion or John Wayne. It's a name that goes well together, and it's like one word - John Wayne. |
| Morgan Fairchild |
I have a lot of stands on a lot of political issues. I'm very big on campaign finance reform. I still think most Americans aren't aware of how the dumping of big corporate dollars and private donor dollars has totally corrupted the political system and taken it away from them. |
| Vince Cable |
There was, of course, a global financial crisis. But our Labour predecessors left Britain exceptionally vulnerable and damaged: more personal debt than any other major economy; a dangerously inflated property bubble; and a bloated banking sector behaving as masters, not the servants of the people. |
| Bill de Blasio |
As N.Y.C. Public Advocate, I released a report that showed that stop-and-frisks of African Americans in 2012 were barely half as likely to yield a weapon as those of white New Yorkers - and a third less likely to yield contraband. Despite this evidence, the vast majority of those stopped are young black and Latino men. |
| Cindy Gallop |
If I ran the world, I would find a way to bring the wealth of human good intentions and corporate good intentions together - to activate them collectively into shared action against shared objectives that produces shared hard, tangible results. |
| Sigmar Gabriel |
In Germany it is good if as many people as possible join initiatives and peaceful demonstrations against the rule of the financial markets. Worshipping the unfettered freedom of global markets has brought the world to the brink of ruin. We now need social and ecological rules for the market economy. |
| Robert Darnton |
As a graduate student at Oxford in 1963, I began writing about books in revolutionary France, helping to found the discipline of book history. I was in my academic corner writing about Enlightenment ideals when the Internet exploded the world of academic communication in the 1990s. |
| Homaro Cantu |
According to the supermarkets, there is no such thing as 'out of season.' Berries in the middle of February? Why not? Seafood flown in from Japan? Sure. While it all adds up to appetizing and varied meals throughout the year, regardless of the weather, it comes with a price tag - both ethical and financial. |
| Vince Cable |
Small- and medium-sized businesses need access to a diverse range of finance options, including non-bank lending. These new forms of finance are still small in scale today but they should, over time, bring additional choice and greater competition to the lending market. |
| Jim Garrison |
Until as recently as November of 1966, I had complete faith in the Warren Report. Of course, my faith in the Report was grounded in ignorance, since I had never read it. |
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For the first time ever, the price of one bitcoin has surpassed the price of one ounce of gold. While today's swap can be attributed to a good day for bitcoin (up ~3%) and a bad day for gold (down ~1.3%), the big picture is that bitcoin has more than doubled in the last year (up ~185% from a year ago) while gold is essentially trading exactly at the price it was a year ago. Even though bitcoin and gold are both thought of as alternative assets, they don't usually trade in correlation. Still, it's notable that bitcoin has (at least temporally) surpassed the price of gold. Gold is quite literally the "gold standard" of alternative assets, often used by investors to hedge against potential losses in more traditional assets like real estate and the stock market.
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i bought $100 worth of bitcoin the other day for the first time. the price rose a bit and the price difference covered the taco bell i just bought.
neat.
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“There are only three requirements for success. First, decide exactly what it is you want in life. Second, determine the price that you are going to have to pay to get the things you want. And third, and this is most important, resolve to pay that price.”
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Is Google paying academics to only research topics it agrees with?
Google is being accused of using its funding power to push forward hundreds of research papers that support its agenda and business practices, particularly those that face criticism from regulators.
The Wall Street Journal (WSJ) has seen thousands of emails detailing financial relationships between Google and at least a dozen university professors from top-ranking universities in the world.
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Silk Road investigator gets more jail time for second Bitcoin theft
A Secret Service agent already convicted to 71 months in prison for swiping Silk Road Bitcoins will get another two years for a separate Bitcoin theft, Reuters reports. Shaun Bridges pleaded guilty to stealing 1,606 Bitcoins -- worth around $360,000 at the time and now valued at over $11 million -- from a Bitcoin wallet controlled by the Secret Service. The theft was discovered when the agency tried to return some of the coins after they were seized from the European BitStamp exchange.
That sounds crazy, but there's more. B...
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A Two-Part Tariff consists of charging an entry fee, and price per unit. Setting price per unit to maximize consumer surplus, then extract the surplus with the entry fee. Examples: bar cover fee, Costco.
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Understanding how buy and sell walls work, and why they indicate the opposite of what you think they do. This is market 101 stuff, but I think a lot of people don't understand this, so I'm going to help explain it.
I'm going to help explain this phenomena, because this is how big players enter or exit a market. This is how they create the liquidity they need, while eliminating the slippage which they don't want. I've had a few people lately that completely didn't understand this, and I figured there could be a lot of new investors (not just crypto, but market investors) that could benefit from a thorough explanation of this maneuver.
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Scientists Find Way To Make Mineral Which Can Remove CO2 From Atmosphere
An anonymous reader quotes a report from Phys.Org:
Scientists have found a rapid way of producing magnesite, a mineral which stores carbon dioxide. If this can be developed to an industrial scale, it opens the door to removing CO2 from the atmosphere for long-term storage, thus countering the global warming effect of atmospheric CO2. This work is presented at the Goldschmidt conference in Boston. Now, for the first time, researchers have explained how magnesite forms at low temperature, and offered a route to dramatically accelerating its crystallization. A tonne of naturally-occurring magnesite can remove around half...
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Climate Change Will Cause Beer Shortages and Price Hikes, Study Says
A new study from Nature Plants has identified the one climate-related issue that can unite people from myriad political backgrounds -- beer. From a report:
Led by Wei Xie, an agricultural scientist at Peking University, the paper finds that regions that grow barley, the primary crop used to brew beer, are projected to experience severe droughts and heat waves due to anthropogenic climate change. According to five climate models that used different projected temperature increases for the coming century, extreme weather events could reduce barley yields by 3 to 17 percent. Barley harvests are mostly sold as livestock fodde...
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Politics is an expensive game, but when an oligopoly is at stake, there's no price tag too high for Big Telecom. In Fort Collins, Colorado—a town of about 150,000 north of Denver—Big Telecom has contributed more than $200,000 to a campaign opposing a ballot measure to simply consider a city-run broadband network. It's the latest example of how far Big Telecom is willing to go to prevent communities from building their own internet and competing with the status quo.
This post is a comment.
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