BSV's Price & Trading: Checking-in by John Pitts BSV's pri…
BSV's Price & Trading: Checking-in
by John Pitts
BSV's price is still made-up.
No need for precision, just using your eyeballs on the chart pictured below, and brain-addition/math will tell you that 99% of BSV trading is total nonsense, and BSV's real volume in the last 24 hours (a weekday in an epoch which "crypto" has never been hotter) is less than $1 million.
Hints:
Ignore the Korean Won trading, as it's a mistake.
USDT is pretty much all wash-trading to push the price where certain exchange leaders want it.
When you see a big move up or down, that's likely a REAL buyer or seller coming into BSV and using a far-too-large order amount compared to the real volume. And by "far" I'm only talking like $50 to $100k, since that would be 5-10% of today's volume.
To trade effectively and fairly, an entity is best on ONE exchange; in fact, this happens naturally as it's the nature of liquidity and markets historically.
Ironically, the BEST exchanges to possibly buy/sell BSV would be the Korean exchanges; IF,
a) You deal in the Korean Won fiat
b) You have access to Korean exchanges
c) you only trade a thousand dollars or two of BSV in a single day.
There is one other on this list (below) that's interesting, and it's Bit Trade (Japan). However, Bit Trade has been acquired by Justin Sun's Huobi, so you wanna stat as far away from that one as you can.
Otherwise, you need to be an institution, and trade on FalconX which is likely where any REAL volume is, and even there you're likely dealing with their "market maker" who will snip a goodly sum from your order in percentage terms for themselves.
Retail purchasers are left with Rock Wallet, and having to use Kraken or Coinbase in the United States to obtain the shaky Tether or USDC to trade BSV there, and their all-in fees are quite high as a percentage of trade value (double-digits by my estimate). Rock should lower those, but that would require an entire change of strategy at a high level, so not holding breath there.
The good news is, all one can really do if a retail customer in the US looking to get BSV, is either:
Mine it: https://gorillapool.com/ @292
Earn it: https://www.slictionary.com/wordbounty
Can you define Phoenix? $4.00 in BSV to the winner.
You can also make money betting on sports if you already have some BSV and are good at picking winners, here:
https://www.lilb.it/register?ref=815
Replies
U been barking this since 4 yrs now. In this business if you are early, you are wrong. just cut your losses and take the L.
No need to be in a blockchain cult. I was there since 2019. I know you all are in a cult. I was one of you. There are ways to make money.
Only been barking it for 2.5 years now.
But it's true I've been thinking BSV is a decent speculative investment since April 2019. It's actually up about 100% since then— not exactly my finest call, but it hasn't hurt and the rate of return beat T-bills since then.
Here's an old article about timing and pricing:
https://medium.com/@equitydiamonds/pittsenberg-investment-uncertainty-principle-d85cb08ead91
If you get even one right, generally you do well. It's the holy grail to get both right at the same time, but that's EXTREMELY hard to do, or we'd all be boasting higher rates of return than Rennaisance Medallion Fund (which are the best in the world for a diversified fund).
Also, I'm not done in BSV— haven't sold any. And frankly, when people tell me advice like you just gave, it generally reassures me that I'm not getting out; although, only my right/wrong meter makes this decision ultimately. My right/wrong meter hasn't gone to wrong yet, so here I still am.
The catalyst for getting rid of the price rigging is at least near-term, with CZ's sentencing late this month, then time to re-evaluate.
And bro, I've been looking for "cult stocks" my entire career. There's nothing better than a cult stock, so if there was a membership form to be in the cult, tell me where so I can put my giant John Handcock on it.
There's no better way to make money, than to stick to what you believe in, pass or fail. Pass and you make alpha. Fail and you learn something about the world or yourself which money won't buy.
u are smart man John. just sad to see u be deep in cult and loose all your rationality.
Ironically any exchange could use BSV blockchain to verify their trading volume truly exists if they'd store data to the chain.
Well, it could still be spoofed actually. We would need true identity to make sure the transactions aren't washes, which is the whole point of banking KYC/AML rules. The offshore cryptocurrency exchanges just don't have them, and that's why they get out of the USA, and also why they don't usually have geographic locations.
As the Felon who invented Bitcoin would say, identity is firewalled in bitcoin.
I'm building a service like Money Button where the user can provice KYC/KYB data, and which then can be used in a limited manner by external services. This service will have identities connected to BSV addresses.
But an exchange could do something different. :-) Two ideas:
1. An exchange could automatically store to the BSV blockchain their BTC, BCH, ETH etc. wallet addresses, for example once per 10 minutes. Thus anyone could verify the balances and how much on-chain trading volume has occurred.
2. An exchange probably doesn't do on-chain transactions very much simply because it's too expensive (for example using BTC and ETH). That means when a trade happens, the exchange will change the balances of individual accounts inside their own database. So funds are not actually moved anywhere until the account owner withdraws funds. This of course leads to all kinds of shady practices. An exchange who doesn't want to look shady could do this:
Use BSV for all trading-related bookkeeping -- all trades could be saved to the BSV blockchain for example in batches once every 10 minutes.
Cool! (on ID version of MB)
Until we have better data on how Binance makes their sausages (which we MAY get once CZ is sentenced this year, and monitor is appointed), I don't know how they wash their trades, only that they definitely do.
It can be as easy as two servers in the same room, moving a billion dollars in one transaction, between two accounts owned by the same person, separated only by shell company designations.
So that's why KYC/AML exists in equity markets for instance, so that not only can 9/11-style attacks be thwarted by seeing WHO is shorting the airlines ahead of the attack, and covering them after the attack, but also to see if bad actors are artificially creating volume to change the volume-wieghting of daily prices to screw up trading algos and create deception of liquidity where none actually exists.
In the movie the Sting, the room is filled with people, who all appear to the MARK to be independent players, but in reality everyone in the room is "in on it", in on the scam right down to the cigarette girl and the fake cops, except the MARK. This is why KYC is more than just identity, it's a complicated system of understanding who works for who, and why. There are known real trades (like between two enemies for instance), unknown status trades (where the "Know" in KYC is limited), and known fraudulant trades (two shell companies moving coins back and forth to boost volumes and/or change the price. Company A makes money on the trade, and Company B loses money on the trade, but A + B = 0 and A = B, thus A = 0 and B = 0 thus the trades aren't real trades).