I get the sybil attack part. This seems plausible but I am not sure about the infinite money part.
- if they acquire 2 percent of supply I would assume price is a lot higher then (100k? 500k?)
- Not an expert on how much of a commodity’s supply is needed to move the price so dumping 2 percent of supply will reduce the price by (approx) how much?
- if the new price after dumping is still high enough and their wash trading is not able to create a higher price, miners will not have an incentive to move into bitcoin BR
- not sure how easy it is to wash trade a token to the moon. Technically, it is possible to detect this and I don’t expect other organizations(SEC?), including the ones with interest in bitcoin to be silent about it.
/ saksham
npub172…tcfr0
2023-07-22 18:55:00
in reply to nevent1q…x83m
Author Public Key
npub172ppwu2h2cnyqlsycgadm4ytttfnlhmjqnnszjysdjpuul48tnwqutcfr0Published at
2023-07-22 18:55:00Event JSON
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"content": "I get the sybil attack part. This seems plausible but I am not sure about the infinite money part.\n- if they acquire 2 percent of supply I would assume price is a lot higher then (100k? 500k?)\n- Not an expert on how much of a commodity’s supply is needed to move the price so dumping 2 percent of supply will reduce the price by (approx) how much?\n- if the new price after dumping is still high enough and their wash trading is not able to create a higher price, miners will not have an incentive to move into bitcoin BR\n- not sure how easy it is to wash trade a token to the moon. Technically, it is possible to detect this and I don’t expect other organizations(SEC?), including the ones with interest in bitcoin to be silent about it.",
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