Now that word is out that cryptocurrency exchange Bitfinex is missing $850 million that it may or may not ever see again, parent company iFinex is trying to raise $1 billion by selling a new exchange token to be called a LEO.
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Must-reads for September 27, 2018: Fake volume, low volume, and other bad choices
Here are the crypto stories you should be watching today
Crypto’s Open Secret: Its Multibillion-Dollar Volume Is Suspect (Bloomberg via Yahoo Finance) Nearly two months ago, we wrote about BitForex, the Singapore-based exchange with suspicious trade volumes and a horrible logo. Bloomberg has finally caught up to Modern Consensus and they have some more details about it. Why would BitForex do it? “Transaction mining, also known as trade mining, is a controversial practice. On BitForex, users earn the equivalent of $1.20 in digital tokens issued by the exchange for every $1 they pay in transaction fees. It’s a system that critics say is tailor-made to encourage wash trading — in which a trader, or a team of traders, buy and…
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Must-reads for August 27, 2018
Here are the crypto stories you should be watching today
This little-talked about correlation suggests bitcoin may end year ‘explosively higher’: Tom Lee (CNBC) Fundstrat’s Tom Lee may use shoddy analysis. He may even make absurd claims of bitcoin prices reaching $10 million in a couple of decades based on shockingly flimsy correlations between Millennial income power and the price of bitcoin over a few months during the bubble last year. But you know what he’s really, REALLY good at? Getting repeatedly booked on CNBC. On Friday, the former JP Morgan’s Chief Equity Strategist was at it again, this time spouting the idea that emerging markets may power BTC toward his $25,000 year-end price target, a prediction made earlier this…
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Wall Street’s biggest bitcoin bull unveils “Bitcoin Misery Index”
Buy when the bulls are miserable, sell when they’re satisfied
The “bitcoin misery index” is the newest stat for crypto traders to agonize over. This financial metric was designed by Fundstrat Global Advisors co-founder and famous bitcoin megabull Thomas Lee. It claims to predict when to buy or sell bitcoin by ascribing a number to how “miserable” it is to own bitcoin at any given moment. The index does this by measuring the 90-day consistency of bitcoin’s price and a few other variables, then spitting out a misery number between 0 and 100. The guideline is to buy when the index is below 27 (investors are trending miserable) and to sell when the index is above 67 (investors are trending…
