A Biased View of Bitcoin Shop

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The self-regulatory organization FINRA and the North American Securities Administrators Association have issued investor alerts about bitcoin.177178

An official investigation into bitcoin traders was reported in May 2018. The U.S. Justice Department launched an investigation into possible price manipulation, including the techniques of spoofing and wash trades.180181182 Dealers in the U.S., the U.K, South Korea, and maybe other countries are being investigated. Brett Redfearn, head of the U.S.

The U.S. federal investigation was prompted by concerns of potential manipulation during futures settlement dates. The final settlement price of CME bitcoin futures contract is determined by costs on four exchanges, Bitstamp, Coinbase, itBit and Kraken. Following the first shipping date in January 2018, the CME asked extensive detailed trading information however a few of the exchanges refused to provide it and afterwards provided only limited information.

 

 

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State and provincial securities authorities, coordinated through the North American Securities Administrators Association, are investigating"bitcoin scams" and ICOs in 40 jurisdictions.185

 

 

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Academic study published in the Journal of Monetary Economics concluded that price manipulation occurred during the Mt Gox bitcoin theft and that the market remains vulnerable to manipulation.186 The background of hacks, fraud and fraud involving bitcoin dates back to 2011.187

 

 

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Research by John M. Griffin and Amin Shams in 2018 indicates that trading related to increases in the amount of the Tether cryptocurrency and associated trading in the Bitfinex exchange account for about half of the purchase price increase in bitcoin in overdue 2017.188189

 

 

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J.L. van der Velde, CEO of both Bitfinex and Tether, denied the claims of price manipulation:"Bitfinex nor Tether is, or has ever, engaged in any sort of market or price manipulation. Tether issuances cannot be used to prop up the amount of bitcoin or any other coin/token on Bitfinex. "190

 

 

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The Bank for International Settlements outlined several criticisms of bitcoin in Chapter V of their 2018 annual report. The criticisms include the lack of stability in bitcoin's price, the high energy consumption, high and variable transactions costs, the poor security and fraud at cryptocurrency exchanges, vulnerability to debasement (from forking), and the influence of miners.191192193.

 

 

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The Economist wrote in 2015 that these criticisms are unfair, predominantly because the unethical image may induce users to forget the capacities of the blockchain technology, but also on account of the fact that the volatility of bitcoin is changing in time.194

Bitcoin and other cryptocurrencies have been identified as economic bubbles by eight Nobel Memorial Prize in Economic Sciences laureates, including Robert Shiller,195 Joseph Stiglitz,196 and Richard Thaler.19713 Noted Keyensian economist Paul Krugman wrote in his New York Times column criticizing bitcoin, calling it a bubble and a fraud;198 and professor Nouriel Roubini of New York University called bitcoin that the"mother of all bubbles. "199 Central bankers, including former Federal Reserve Chairman Alan Greenspan,200 investors such as Warren Buffett,201202 and George Soros203 have stated similar opinions, as have business executives such as Jamie Dimon and Jack Ma.204.

Bitcoin has been criticized for the amount of electricity consumed by mining. As of 2015update, The Economist estimated that even if all miners utilized modern facilities, the combined power consumption would be 166.7 megawatts (1.46 terawatt-hours annually ).133

At the end of 2017, the global bitcoin mining activity was estimated to consume between one and four gigawatts of power.205 Politico noted that the even high-end estimates of bitcoin's overall consumption levels amount to only about 6 percent of the total energy consumed by the international banking sector, and even when bitcoin's consumption levels increased 100 fold from the current levels, bitcoin's consumption would still only amount to about 2% of global power consumption.206.

 

 

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To reduce the costs, bitcoin miners have put up in areas like Iceland where renewable energy is economical and cooling Arctic air is liberated.207 Bitcoin miners are known to utilize hydroelectric power in Tibet, Quebec, Washington (state), and Austria to reduce electricity costs.206208209210 Miners are attracted to providers like Hydro Quebec that have energy surpluses.211 According to a University of Cambridge study, much of bitcoin mining is done in China, where power has been subsidized by the government.212213.

Various journalists,207214 economists,215216 and the central bank of Estonia217 have voiced concerns that bitcoin is a Ponzi scheme. In 2013, Eric Posner, a law professor at the University of Chicago, said that"a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion. "218 A 2014 report from the World Bank official website concluded that bitcoin was not a willful Ponzi scheme.219:7 The Swiss Federal Council220:21 examined the concerns that bitcoin might be a pyramid scheme; it concluded that,"Since in the example of bitcoin the typical promises of gains are lacking, it cannot be assumed that bitcoin is a pyramid scheme" In July 2017, billionaire Howard Marks referred to bitcoin as a pyramid scheme.221.

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