On Saturday (January 14, 2022), John Reed StarkA digital regulatory compliance skilled with 15 many years of practical experience as an SEC enforcement lawyer, explained why he thinks the cost of Bitcoin has improved more than the previous couple of days.
The president of John Reed Stark Consulting LLC, which “manages government and private sector projects on cybersecurity projects and investigates incident response,” would seem to feel that the only purpose for the BTC cost raise in current days due to industry manipulation:
Bitcoin cost is increasing for one particular purpose: industry manipulation. A current Forbes examination of 157 crypto exchanges identified that 51% of reported day-to-day bitcoin trading volume is probably fake (and that is just the tip of the iceberg). David Gerard explains: https://t.co/0j3MBw4u6N
—John Reed Stark (@JohnReedStark) January 14, 2023
On LinkedIn, he Written:
“A recent Forbes analysis of 157 crypto exchanges found that 51% of reported daily bitcoin trading volume is likely fake (and that’s just the tip of the iceberg). https://lnkd.in/gKu77V_Q
“Matching transactions, washed out transactions, sock puppets and other scams artificially inflated bitcoin, which is not just a vague, meaningless, artificial “digital asset,” fake and meaningless, but also incorporates no stability sheet, no income movement, no earnings, no net revenue, no losses or any other indication of financial worth.
“Meanwhile, the bitcoin market operates amidst a huge and dangerous regulatory vacuum of epic proportions with no oversight, no consumer protection, no audits, no inspections, no reviews. , no net capital required, no insurance, no licensing. – no, no, there is no US government custody or supervision of any kind. https://lnkd.in/gyW8mdAf
“It is clear that bitcoin will always be a mathematical computing conversation, offering no product, service or other financial benefit of any kind. Not only the emperor has no clothes, bitcoin traders are betting on an elf’s fashion taste. It was a pretty big fight.“
A week in the past, this is what he Written about Silvergate-bound crypto financial institution:
“Silvergate is part of a small club of small banks that provide custody, remittance, security, and other services to the crypto ecosystem that not only operates in a large regulatory vacuum but lies in the middle of a large regulatory gap. cunning and fraud. To me, Sivergate is like The Continental in John Wick and looks like it’s going to fall apart.“
Image credits
The picture is chosen through Pixabay
