Meet ‘Spoofy’. How a Single entity dominates the price of Bitcoin.

Yes it’s IMPOSSIBLE to get USD into Bitfinex if you live in the U.S. or a country dominted by the U.S. banking system. Hong Kong is where traders opened accounts to arbitrage when Bitfinex had higher prices then rest of market due to people leaving. If you read Wells Fargo reason it has nothing to do with you losing money, I mean wash trading, and everything to do with KYC risk every Bitcoin exchange has and no amount of regulation will change that.

The SEC doesn’t regulate crypto currency trading so it’s not even illegal. Bittrex and poloniex are both U.S. based entities and micro cap altcoins are completely controlled by pump dump groups, insider trading by devs ect. and by “whales” or spoofy as you named him here and they need very little money in comparison to what is needed to manipulate Bitcoin. Dodd Frank didn’t regulate crypto, and spoofing happens on Wall Street everday, haven’t heard of a single case of anyone being charged with it.

  • Most traders worth their salt don’t look at order books, they are meaningless. They use charts and technical analysis. Yes maybe some noobs look at buy/sell orders and use that to try and figure out worldwide supply and demand for Bitcoin on every exchange and trade accordingly but they don’t have enough money or experience to move markets let alone survive long enough to impact price.
  • spoofy singled handedly prevented $3,000 on GDAX by a constantly re-filling sell order just under $3,000 before he finally let it drop.” thought we were talking about Bitfinex? And if he put that sell order anyone was able to buy through it nobody did. That’s akin to saying the price wold be higher if there weren’t short sellers they are manipulating the market.
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