CFTC official in US just reported there is a "fair value" for Bitcoin??
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.
Thanks for sharing @davebrewer .
@davebrewer ! Nice information I find in your post and how can we manipulate the "fair value "?
@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