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RE: Attention: Cartels are controlling the price of Bitcoin.
Nonesense. It was a typical bubble. Please read my take on this and stop spreading conspiracy theories. https://steemit.com/cryptocurrency/@crypticat/what-s-happening-meow-crypto-bubble-bursts
I agree with his view on the point that treats the value of money as something subjective, but should remember that each type of currency has its value in relation to quantity, that is, subjective value can not disrespect the rule of supply and demand, something that is unquestionable. We can not have a currency like Iota having the same value of Bitcoin both with the same market capitalization, Iota's offer is far superior to that of Bitcoin taking into account its demands.
In addition, do not believe in a prerelease bubble burst yet, the retail market panicked with the start of the manipulation.
My text is not a conspiracy theory; it is a brief review of various evidence that I would not argue with. The big problem is not believing in the cartels' influence on Bitcoin, just as it did in gold and so many other assets.
So do you think the cartel is operating in Ethereum, Ripple, and other blockchains or just Bitcoin? Also why would smart and wealthy people control an asset that is virtual, decentralized and can easily be replicated if people realize it?
First, from the moment you can manipulate Bitcoin, you can affect all other digital currencies, this is very clear for anyone who goes on to analyze the digital coins.
answering the second question: Everything is about money control. Bitcoin is seen as a threat by these large financial entities, as soon as the digital market starts to grow dramatically, people's capital will begin to flow to these assets, as a result, "fiat" money will become a certainty it is useless, because fiat money is also about something with subjective value, that is, its value depends on the trust people have in the person who issued the title. With this, these great institutions will no longer have the control they had over people, something that today is possible through "fiat" money.
Contrary to what you think, such manipulation is not something people notice easily, many individuals in this and many other markets are not even sure how they work. People do not know that many things that are around us have no intrinsic value, that is, that asset only has that certain value due to the sums of various subjective tastes that resulted in that.Thus, making it easy to manipulate things, and most people understand them as conspiracy theory.
Note: Such market manipulations that are driving down prices cause investors to act in the same way as they would in a recession in the economy, ie, liquidity preference starts to operate in the market, causing people to sell their active due to the panic created.