Can anyone answer this?
Is it possible that the bitcoin buy rate can be artificially manipulated between any related parties who own substantial amounts of Bitcoin and this is the reason why its value has exponentially increased 1000's of times ?
The scenario goes like this : Bill owns a 10000 Bitcoins while his friend owns 6000 . Bill agrees to buy all his friends bitcoins and pays his friend slightly more than the listed current buyer rate for his Bitcoins.This is automatically recorded in the Bitcoin system. In reality though Bill receives an unrecorded cash payback from his friend at the correct nominal listed buy rate. This would then artificially increase the value of Bitcoin since the dubious transaction has been recorded and fed into the system.
Its harder to manipulate cash currencies in the same way as their is a central bank whereas Bitcoin is entirely decentralized.
Is it possible that the bitcoin buy rate can be artificially manipulated between any related parties who own substantial amounts of Bitcoin and this is the reason why its value has exponentially increased 1000's of times ?
The scenario goes like this : Bill owns a 10000 Bitcoins while his friend owns 6000 . Bill agrees to buy all his friends bitcoins and pays his friend slightly more than the listed current buyer rate for his Bitcoins.This is automatically recorded in the Bitcoin system. In reality though Bill receives an unrecorded cash payback from his friend at the correct nominal listed buy rate. This would then artificially increase the value of Bitcoin since the dubious transaction has been recorded and fed into the system.
Its harder to manipulate cash currencies in the same way as their is a central bank whereas Bitcoin is entirely decentralized.
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