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posted by mrpg on Thursday June 14 2018, @04:39AM   Printer-friendly
from the fake-money-fake-news dept.

The price of Bitcoin went on a tremendous bull run that peaked in late 2017. The New York Times is reporting that an academic paper suggests that the price of Bitcoin was being manipulated. They argue that the sudden gain in value in Bitcoin and other virtual currencies in the last year was caused by a small group of participants, particularly the cryptocurrency exchange Bitfinex.

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.

This paper follows another paper published in 2017 that tied the sudden and large increases in Bitcoin value seen in late 2013 to manipulation by the currency exchange M. Gox.


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  • (Score: 0) by Anonymous Coward on Thursday June 14 2018, @06:30PM (2 children)

    by Anonymous Coward on Thursday June 14 2018, @06:30PM (#693092)

    What would you rather use? Currency promulgated and controlled by imperialists, the international capitalist system and its banks (such as the IMF), or a decentralized, democratized currency?

    Additionally, are you suggesting that BitCoin represents the End of History for cryptocurrencies?

  • (Score: 0) by Anonymous Coward on Thursday June 14 2018, @10:45PM

    by Anonymous Coward on Thursday June 14 2018, @10:45PM (#693222)

    *crickets*

  • (Score: 0) by Anonymous Coward on Thursday June 14 2018, @11:01PM

    by Anonymous Coward on Thursday June 14 2018, @11:01PM (#693233)

    How about... idiotCoin!!? What is stopping this person from coming up with their own perfect currency that everyone will love?