Who broke the crypto market and BTC - Mark Dow is who!

in #cryptocurrencies5 years ago

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And there was me thinking it was a plain - honest selloff.


I must admit I did smell a rat last January when speculators were allowed a space in the USA to speculate against or for BTC without even owning any. It coincided with BTC falling through the floor from the all time high around $19k.
It now turns out one single man that used to work for the government in America in finance is the sole contributor to the downfall of BTC and crypto as a whole.

You can forget the class law suit action against google and facebook ura-soul, as I looked at that and it was more like a unknown coin offering to me (just my humble and all).. Link for you to decide for your selves https://steemit.com/steem/@ura-soul/usd300-billion-class-action-lawsuit-against-facebook-and-google-for-causing-crypto-price-crash-in-2018-sign-up-here.

From one of the links I read today below.

The Trader Who Nailed the Bitcoin Top Just Covered His Short

Just as the euphoria surrounding Bitcoin was peaking last December, Mark Dow decided to short the leading digital currency. Almost a year to the day, and after a more than 80 percent decline from its record high price, Dow has closed out the trade.

“I’m done. I don’t want to try to ride this thing to zero,” Dow said in a phone interview Tuesday. “I don’t want to try to squeeze more out of the lemon. I don’t want to think about it. It seemed like the right time.”

Dow, a former International Monetary Fund economist who manages a family office in Southern California, bet that Bitcoin would decline in value right after Bitcoin futures began trading, pushing the price to a high of $19,511 exactly one year ago. Dow, who announced Tuesday on Twitter that he’s "saying goodbye" to the short, took profits twice already this year, he said. Full source.


The story that led me to Mark is below.


In late December, Mark Dow, a trader who shorted Bitcoin (BTC) from its all-time high at $19,500 all the way down to $3,500, said that if Bitcoin fails to recover beyond $6,000 in the short-term, the market is in trouble.

“Still a beautiful chart. If bitcoin can’t bounce to at least $5k – $6k soon, it’s a really bad sign for the cyberbulls. And if it breaks down thru the yellow line at any point, even the HODLers need to GTFO,” Dow said at the time.
Trend Hasn’t Changed

Essentially, Dow suggested that the trend in the cryptocurrency market has not changed and crypto winter is still in full effect. Full source here.


The part that worried me when I found out people could after December 2017, crash the price of BTC without even owning any, like they do with gold, silver and company shares, is they do not feel the effects of what they are doing to investors who actually own the thing they are shorting and or destroying for profit and or greed.

It is easy to not feel the pain when you are detached, though how about all the people that bought BTC at almost 20k that have now lost their shirt?. Just business you want to tell me? Look at the knock on effect to your/our stake here. It has taken a direct hit on all cryptos as when BTC goes up they all go up, when it goes down they all go down.

Trading in bitcoin futures began a week ago on Cboe Global Markets Inc. Its bigger rival, CME Group Inc., began offering a competing product on Dec. 17. The trading is a milestone in the acceptance of the digital currency by the world of mainstream investing, spurred in part by bitcoin’s meteoric rise this year. Skeptics still abound, however, including executives at some of the world’s largest banks. For the doubters, at least there’s this silver lining: Futures trading may add an opportunity to burst what they see as a bubble. Source link December 17 2017

So there you have it, one man can take down all crypto on his own now.

Mark Dow

Mark Dow is a proprietary global macro trader and author of the blog Behavioral Macro. Previously, he worked as a policy economist at the U.S. Treasury and the International Monetary Fund. Source.

If you think anything I wrote is incorrect please feel free to let me know. @shepz1 wishes you a perfectly pleasant evening, my image was from pixabay.

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How does shorting Bitcoin apply downward pressure to demand?
Isn't it a bit bold to assume that one person could crash the market?
Doesn't Bitcoin already have a long history of bubble/bust?

The information how is in the links my friend, it is the same way George Soros shorts global currencies like when he broke the bank of England in 1992 and then Thailand after that. Word of mouth within the elites it seems is all it takes according to Soros himself.

Interesting. So do we want Bitcoin to be $20k right now? How about 40k? Personally I'm fine with these prices. Buy low, sell never.

I tend to buy and sell when I reach a target. I am not much for holding, though each to their own. I do own BTC from a few years ago, and some dogecoin from before it was worth anything plus some iota & xrp ripple, though realistically could never lose on it unless it dies flat dead. :-) No matter what happens to those that sit in my nano s I have already made enough to not worry what they do now.

All too true. People were saying it before the future market opened and then it did just what they were saying. Bastarts

Bartards indeed and all the usual suspects, IMF linked and the fed.

A list as long as your arm...

Indeed. And the central bank here in Poland were caught in the act of bribing famous youtubers here with a lot of money to talk trash about cryptos, bankers hate it, and Mark worked for the IMF.

Seems like a stupid idea to open up crypto to futures/derivatives trading, it allows for market manipulation by people with no personal stake in the game. If exchanges adhere to banking rules they can trade while holding only 10% of the actual asset. Geez, no idea why that could ever go wrong when the trade only exists in the books of an exchange.

That is exactly what was allowed to happen, and they knew how it would go from the off.

Yeah it sounded too much of a drop for just sellers but is there even more to it than that . The futures were a bad idea in the first place .

Well Mark used to work for the IMF and I can think of nobody else that would want crypto dead and buried than them and the fed, but wait, he advised them too. :-)

Wonder how much he gained from the short! Crazy money .

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Maybe , possibly, who knows, but billions it could well be.

Interesting

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I knew there was more to it than just holders selling.

Duh! So frustrating.

All we can do is keeping building and hope that enough people jump on to counteract all these finance jerks.

Well even with them shorting BTC it is still worth $4000 of them useless fire starters backed by nothing, so yeh there is hope.

Don't we have to assume that the reason it hit $20k in the first place was from the same kind of manipulation?

I would think so, and those that stood to gain the most were the winklevoss twins, soooooo!!!!!!!!

lol yeah... go go Gemini :/

silly winklevi

I've watched a video but I did not understand - I think it is because I do not know the Red Dragon, the White Dragon and so on...

Maybe you can make sense of it?

This report focuses on the world financial system and the geopolitical and financial changes that are presently occurring.

I have never heard of any of them, so pure histrionics I would think.

I know all about it and what is going on, it is for the better, hang in there my friend, I will say more at a later date.

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