Former CFTC regulator Bart Chilton has strong words for the cryptocurrency industry: accept oversight or die.
The former commissioner of the Commodity Futures Trading Commission (CFTC) called in 2016 for then-President Obama to regulate cryptocurrencies. He is now claiming that bitcoin-holders with deep pockets are manipulating the bitcoin price. He noted that bitcoin price had climbed more than $800 following its dip below $3,000. He stated:
There’s no rational reason for such moves other than some are efforting (successfully, to date) to buoy prices and calm otherwise edgy and excitable bitcoin investors.
Ignore the bad grammar. Is "efforting" even a word? My spell checker says no.
Doesn't the claim that bitcoin price is "manipulated" imply that there should be some way to establish a "fair value" for bitcoin, other than the price that the market will bear?
In my understanding, bitcoin price is set by the market, 24 by 7, 365 days per year, whatever price the market decides to trade bitcoin at is essentially the "fair value".
In order to manipulate, you have to manipulate away from "fair value".
The manipulators are either forcing price higher or lower than what it otherwise should be at so-called fair value.
It may seem mundane, but this seems like a major breakthrough. Or a major moment in bitcoin transition to mainstream.
When a former US financial regulator implies that there is a "fair value" for bitcoin, we just had a major breakthrough.
Certainly not consistent with Jamie Dimon view of bitcoin as being worth nothing.
STEEM On!!
DaveB
As if the US Dollar and other currencies aren't manipulated to the hilt!
Full upvote for stating the obvious, which many miss since it is right in front of our faces but still often not seen.
Hey, thanks! This little minnow appreciates it. :) And, YUP!
I know, right?
Sad isn't it?
bart chilton failed to stop comex manipulation so his comments are irrelevant. Of course that never stops the main stream media...
I think it will get to a point where Bitcoin will not be affected by all these things going on and will rise again and maintain a stable rate instead of increasing so fast and having a fall then
Increased price stability will imply it has moved closer to being mainstream. Gold went through similar behavior decades ago.
Time heals all
I suggest that he take a long walk on a short dock.
Perhaps during a hurricane.
I should put you down as a Jamie fan? LOL
I don't THINK so..
A fair value for Bitcoin is hard to say, as there is already other coins out there that far outweight Bitcoin's utility. If you ask me it has been a hype and therefore influenced by the market for a long time... Still love BTC nonetheless ^.^
I agree that fair value for BTC is not easy to estimate. I'm not sure how to do it actually.
Well it would have many factors, but the utility (so technology and implementation) should be the top priorities when valueing a currency.
I have expressed some concerns about this issue last week. With all the bad news coming from china and dimons remarks the price of Bitcoin stayed fairly stable after the initial drop. That says that either Bitcoin can no longer be affected which is amazing and i hope is the case but on other hand it may mean that the price is not the 'real' price as it is currently being manipulated which i hope is not the case because if true investing in Bitcoin would become extremely risky.
@davebrewer ! Nice information I find in your post and how can we manipulate the "fair value "?
I tend to think it is becoming hard to tame Bitcoin; it has a natural way of remaining relevant in today's digital money markets. The price may change but the value will continue increasing manipulation notwithstanding! Thanks for your insights on the trends.
Thank you so much for sharing all this information! that's great! All the best! Waiting for more posts! :)
@davebrewer - Sir, this is a very useful information. Market manipulation happens in every where. So, it's a common thing Sir. Nice you decided to share this Sir. <3 :*
+W+ [UpVoted & ReSteemed]
The manipulators will try to play with it again and again
Thanks for sharing @davebrewer .
I think a lot of people have quite a bit of disdain for Bart after he did nothing in the face of smoking gun evidence of manipulation in the silver market.
I find it odd that he's going after btc though.
Still, as you guys have pointed out, what isnt manipulated these days?
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Thank You
@davebrewer,
Personally I believe top investors are manipulating the BTC market price! I saw some top investors are manipulating alt prices and same thing happens here too! Anyway if we do forex, we can see market manipulations there too. So why it's blame only for BTC! Nah everything is under certain limits of manipulation! And BTC is one of them only!
Thanks for reviewing his post and writing a perfect viewpoint about it!
Cheers~
Congratulations @davebrewer
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Exceptional analysis and excellent review about "Bart Chilton's" statement.
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When I read your post I was thinking about all the different things the regulators have under them:
Isnt Forex regulated? We saw that manipulated.
Commodities are regulated? We saw gold manipulated.
Banks are regulated? Many went under because they loaded up on mortgage backed securities
Bernie Madoff was under their noses when he bilked investors out of billions.
Sorry but their track record really isnt that impressive.
As to your point, yes I think there is a value to bitcoin...it is what the market says it is. Value is agreed upon between a buyer and seller.
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Jamie Dimon is a financial manipulator and current uncertainty is largely due to his attack , i would say the fair price in current circumstance would be $4300 or above.
can it ever be sustainable like now we know it should be up above 3000$ i know its not correct but still sense of sanctification
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