The world’s largest cryptocurrency, Bitcoin, is facing a new criminal challenge from the US Justice department, as if the value of Bitcoin dropping further from the early year highs this month wasn’t bad enough for crypto-investors.
An investigation has been opened into illicit trading across the Bitcoin network by the US Justice department, alongside the Commodity Futures Trading Commission (CFTC). It’s main goal is to root out traders that are set on manipulating the market in their favour through nefarious actions. According to insiders, Bitcoin, and various other cryptocurrencies including Ether, which runs the Ethereum network, could be manipulated easily, and may already be subject to illegal trading tactics.
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These nefarious actions, all with fairly hilarious nicknames but very serious outcomes, are common to financial markets. For example there's 'spoofing,' which is when traders manipulate the market to create a false outlook and use this to their benefit at the expense of others. Then there's 'pump and dump,' where an investor spreads misplaced confidence in a security, and then sells their own shares for profit while the security tanks.
You've also got 'churning,' where a trader puts in many buy and sell orders for the sole reason of attracting further investors due to the flurry of activity and increasing value; and similarly, 'wash trading,' which is the act of doubling down on securities to increase prices off the back of false activity.
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