Our friends at Open Intelligence have sent us another interesting alert by way of the Bitcoinowl suggesting that the Bitcoin markets may be being victimized by corrupt players. Serge Schouterden wrote in this article on Bitcoinowl that CoinDesk might itself be guilty of trying to manipulate the market.- BitcoinWarrior
Open Intelligence Alert:
The gloves are off
We know that a primary function of Bitcoin is speculation on its future value, which makes it less attractive as a medium of exchange where volatility is actually a problem.
Here, one major Bitcoin news source is accusing major sources of misreporting events in order to depress the price of Bitcoin for their own gain.
We should not be surprised that some speculators want to rig markets, it was always thus. The only defense is vigilance and informed trust. Either Bitcoinowl is doing the time-honoured critical work of an investigative media, or it is liable to end up in court. There is no law against reading what they say.
In our previous articles we have explained how people shouldn’t just act on unconfirmed “rumors” and how to check their validity. People have to always be wary when any “news agency”, like CoinDesk for example, writes loads and loads of articles about these so called “unconfirmed rumors”. It’s not a problem that a writer reports on a potential “rumor”. It becomes a problem when that writer is going to spin that “rumor” in such a way that people are going to believe that it is a genuine “official” message. That isn’t good reporting, that is just manipulative behavior but to what end? Has CoinDesk a stake in a low Bitcoin price? Is CoinDesk bought out by a bank or a lobby group that is against crypto currencies?
Also other “not so nice questions” can be asked about the true motives of CoinDesk’s sudden change of heart. It is rather odd that, over a 3 week period, CoinDesk went from “YEAH BITCOIN IS THE BEST THING” to “Bitcoin will crash and burn” without giving any substantial evidence to validate their shift. Some people are even claiming that CoinDesk went over to “the dark side”. A reasonable claim since their behavior speaks volumes. Maybe they have been bought out or paid to badmouth Bitcoin a bit for reasons unknown. If it isn’t so then it’s up to CoinDesk to prove to the community that they are still good.
So what is this all about? The reason to keep bashing Bitcoin and other crypto currencies with the same old tunes and fraudulent practices that have plagued the modern economy for years, is done because certain people can buy Bitcoin and other currencies at a very low price. After a while, a couple of months, the price of Bitcoin starts climbing again and it can reach the 1000 dollar mark again.