RE: Value , gold and bits and pieces17 Apr 2021 17:02
Goldgnome & Mr T
Your post reminded me that I wanted to respond to an earlier post from Mr T about bitcoin manipulation.
I created an account on Coinfloor some years ago to try out the technology since I can see a day when our 'official' money will be digital only. The BofE has already put that idea among the pigeons. Powell has said the US digital dollar will run alongside a hard dollar - until everyone no longer use the paper, no doubt.
Anyway, I never got round to using the Bitcoin account but noticed this week I can still log in. I only wanted to get about £10 worth but it seems I would need to add 0.01% of a bitcoin's worth of money into the account which must be in the £100s now. I don't want to do that - I'd rather buy Centamin shares!
But Bitcoin has indeed been manipulated in the past. I was going to buy in before the price hit it's first peak - around $19000 I think. The price at the time of my potential purchase was about £400. At that peak, some institution - I can't remember which - publically announced it was setting up shorting instruments on Bitcoin and the price duly dropped like a stone. Then, even more publically, it announced it had finished shorting and look at the price now. The short was taken off when Zuckerberg was testing the idea of a facebook run digital currency. It does, therefore, seem that governments are allowing the use of this technology for the moment until it suits them to intervene when they are ready to deploy their own currency.
I had to laugh last September when Buffett let the market know he'd bought Barrick shares. Barrick was on the way down after the August gold high, the same as other miners. The price of Barrick duly rose after the Buffet words as people bought in - I just knew what was going on. A while later, he then said he'd sold about one third of his Barrick holding. A nice little pump and dump if ever I saw one. Is it any wonder why he is rich?
Manipulation, manipulation everywhere and hardly a drop to drink. Hmm...that doesn't quite go, but you get my meaning.
It's lovely and sunny here; the plums and pears in my orchard are blooming but the mornings are frosty. The plums will be OK but the pears won't cope so well.
Sorry about the off topic and using ten words when one word would do, but you know me by now.
Aoife