Wednesday, June 27, 2018
An economist gets it, NOT as usual
Looking at the RCS headline on this article, I automatically assumed it would be the usual stewpot of delusions and reverse causations, because articles by "social" """scientists""" are always like that.
RCS Headline:
Bitcoin's Price Strongly Linked to Social Media
Nope. I was wrong.
These authors are firmly grounded in reality. They don't assume that Bitcoin is a currency that moves naturally in response to natural supply and demand. They assume ACCURATELY that Bitcoin is a scam to benefit its founders.
In other words: comments and tweets from very active users did not move Bitcoin's price much at all. Rather, the silent majority -- infrequent users who took the time to comment on the cryptocurrency's prospects -- moved prices more, as much as ten times more, when they posted positive comments. "They are the ones investors watch."The frontrunning investors know that the loud bots are cultists because the frontrunning investors are running the cult. They wait to see if their bots are persuading non-cultists. When a non-cultist decides to buy, the frontrunners know that their influence has moved some serious money. ¶ 12:43 AM
