{"id":134009,"date":"2018-09-19T15:59:33","date_gmt":"2018-09-19T19:59:33","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=134009"},"modified":"2018-09-19T15:59:33","modified_gmt":"2018-09-19T19:59:33","slug":"loose-keys-cost-coins","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/09\/loose-keys-cost-coins\/","title":{"rendered":"Loose Keys Cost Coins"},"content":{"rendered":"
September 19, 2018<\/div>
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By\u00a0Amie Parnaby<\/em><\/strong><\/p>\n

Reddit and its devotees are becoming <\/i><\/em> keyboard detectives, gossip-mongers and conspiracy theorists at the merest hint of large numbers of coins moving around the crypto space. The very fact that all transactions are public has made everyone into curtain-twitchers without having to be surreptitious about it.<\/i><\/em><\/p>\n

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Whales on the move, but really what does that mean?<\/h2>\n

No one with an interest in Bitcoin and cryptocurrency will have missed the rumours flying around cyberspace, relating to the dormant wallet that suddenly started moving large amounts of coins around to different exchanges.<\/p>\n

This never happens when people, countries or companies start moving their money around because those transactions are private and (usually) kept so by the banks involved. If some country suddenly started selling large amounts of US dollars for Euros and it was public knowledge, it would cause the forex industry to unravel completely. Big public corporations and companies do have the need to keep things above board, legal and transparent, but they don\u2019t have to publish everything as and when it happens. Do we really need to \u2018know\u2019 what everyone is doing with their holdings? Does everyone really need to know that I spent 2 BTC on new computer components for my spouse? Because those addresses will be approximately traceable.<\/p>\n

Continual speculation fuels fake news<\/h2>\n

So, firstly we had the dormant wallet \u2013 potentially linked to the Silk Road and \u201cDread Pirate Roberts\u201d \u2013 then there was the news about Goldman Sachs backtracking on their crypto dealing desk (not true), and all the while Bitcoin was losing ground quickly.<\/p>\n

By no means am I suggesting that the reason Bitcoin lost value was that of nosy parkers with too much time on their hands. However, the constant and detailed analysis of a single wallet coin redistribution is enough to fuel paranoia within the realms of the crypto space.<\/p>

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The news that 50,500 BTC had been moved from a wallet to several exchanges was enough to create the idea that someone would be selling large amounts of BTC and BCH, enough to cause some to start selling. It was also enough to start speculating on internal Bitcoin sabotage and cause the sell-off to escalate.<\/p>\n

Frustrated detectives and watercooler gossip.<\/h2>\n

When it comes to our investments, we become extremely focused. In a world still reeling from a financial disaster, where retirement funds were slashed and decimated, and savings requisitioned to offset bailouts, it is understandable that we are significantly more cautious.<\/p>\n

It\u2019s part of the human condition to speculate, question, and judge. We are so very curious, that when something interesting happens, we have a tendency to look deeper. In some ways, it is a good thing. However, with the digital age came the internet and now whatever we find out we can share it with millions of others around the world, irrespective of the validity of our discovery.<\/p>\n

I can\u2019t detract from the impressive detective work displayed by the redditor who first announced the dormant wallet activity. The impressive galaxy-like diagrams representing coin movements in the crypto space were very interesting, the analyses of the coin movements were articulate and considered. However, the significance of the coin movement means nothing unless you know the motivation behind it.<\/p>\n

Making allusions to the Silk Road is libellous (if untrue), and potentially damaging to a person or group. The owner of this wallet is probably doing everything they can to get every coin away from this over-watched address. Can anyone blame them? Then there are the conspiracy theorists (who have just got worse since the internet became a ubiquitous commodity), speculating on bitcoin sabotage, market manipulation and more.<\/p>\n

Where the report about Goldman Sachs\u2019 reversal of interest in a Bitcoin trading platform came from is probably down to someone getting overexcited by the news of development, but frustrated by the lack of a definitive timeline for the project.<\/p>\n

Curiosity Killed the Coin<\/h2>\n

Speculation among the crypto community is rife and for a good reason. Everyone involved is looking for the edge that will see their investment in this fledgeling market blossom into a fortune. No one can blame the curious crypto-investor for keeping close tabs on their investments.<\/p>\n

However, some people don\u2019t feel the need to verify their discoveries or suppositions before creating a tidal wave of speculation on the internet.<\/p>\n

I wonder if any of the keyboard warriors, perpetuating rumour and gossip in their search for the \u2018truth\u2019, realised they were fuelling the \u201csell\u201d tide? Perhaps they did. Maybe they were just waiting for the nadir of the trough before picking up Bitcoin that little bit cheaper. It is possible that the originators of \u2018fake news\u2019 and bad-news rumours are the very people manipulating the markets for their own gains.<\/p>\n

What is certain is that perpetuating rumours of sabotage, manipulation and messages of gloom and doom across the community is one way of guaranteeing the failure of the cryptocurrency project. The only way that crypto will prevail is by welcoming and inviting new investors and adopters to the community.<\/p>\n

Terrifying newcomers to the crypto space with the knowledge that anyone with the know-how can spy on your wallet spending habits, or spreading theories of market manipulation, is not the way to grow the community of cryptocurrency adopters and enthusiasts.<\/p>\n

About the Author:<\/strong><\/em><\/p>\n

Amie Parnaby is a professional writer and her experience spans a broad range of industries, from I.T. to training and optics to banking. Currently, Amie is the content writer for\u00a0Terrexa<\/a>\u00a0\u2013 your entry point for crypto.<\/p>\n

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By\u00a0Amie Parnaby Reddit and its devotees are becoming keyboard detectives, gossip-mongers and conspiracy theorists at the merest hint of large numbers of coins moving around the crypto space. The very fact that all transactions are public has made everyone into curtain-twitchers without having to be surreptitious about it. Whales on the move, but really what […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-134009","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/134009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=134009"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/134009\/revisions"}],"predecessor-version":[{"id":134012,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/134009\/revisions\/134012"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=134009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=134009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=134009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}