Wednesday, October 23, 2019

CFTC Commissioner Admits US Gov't Manipulated Bitcoin in 2017

Ed.'s note: Bitcoin price was intentionally manipulated. What is "pro market" about the government stepping in and popping any bubble in the market? It is because bitcoin was massively undervalued  compared to the amount of fiat money that has been created. These people tossed derivatives into a market where there are buyers and sellers to manipulate the price is illegal in commodity law. They did this because the fed is printing massive amounts of fiat currency. The level of corruption and illegal activity is right off the charts. In this interview Christopher Giancarlo gave up "the secrets." Derivatives are a financial weapon used to destroy competition. These corrupt people have completely destroyed what fair market value and an honest exchange in an open market. These people manipulated the market of cryptocurrencies with derivatives to keep their fiat money printing scam going. This is rigging markets. It is illegal and President Trump, or the people around him allowed this to happen with Giancarlo just admitting they destroyed people's wealth who bought into cryptocurrencies prior to the bubble in 2017. These people are criminals.

Source: coindesk

Trump Administration Popped 2017 Bitcoin Bubble, Ex-CFTC Chair Says

By Brady Dale | Oct 23, 2019

SAN FRANCISCO — The Trump administration acted to deflate the bitcoin bubble of 2017 by allowing the introduction of futures products, a former official said Monday.

Christopher Giancarlo, who left the U.S. Commodity Futures Trading Commission (CFTC) at the end of his five-year term as chairman in April, told CoinDesk in an interview:
"One of the untold stories of the past few years is that the CFTC, the Treasury, the SEC and the [National Economic Council] director at the time, Gary Cohn, believed that the launch of bitcoin futures would have the impact of popping the bitcoin bubble. And it worked."
In a speech at the Pantera Summit in San Francisco on Monday, Giancarlo elaborated further, saying bitcoin's dramatic price run-up in December 2017 was the first major bubble following the 2008 financial crisis. That's why the Trump administration acted in concert to address it in a pro-markets manner, he said.

Bitcoin futures listed by the Chicago Mercantile Exchange (CME) and the CBOE Futures Exchange (CFE) were announced by the CFTC on Dec. 1, 2017 and went live on Dec. 18. Bitcoin’s price peaked at nearly $20,000 one day earlier, on Dec. 17, before falling dramatically in subsequent weeks."

“We saw a bubble building and we thought the best way to address it was to allow the market to interact with it," Giancarlo told the crowd gathered at the Ritz-Carlton on Nob Hill.

Of course, there are different views on what ultimately brought bitcoin prices back down to Earth, reaching lows in the $3,000 range in late 2018. However, Giancarlo cited research by the San Francisco Federal Reserve that also credits the introduction of bitcoin futures for reining in a market driven by optimists.

Without shorts, a market has no pessimists. "If you do believe it's a ridiculous price but you don’t own, there's no way to express that view," Giancarlo told CoinDesk, adding:
"If you don't have that derivative, then all you've got are believers [and] it's a believers' market."
The lack of easy ways to short has been cited by other researchers as propping up prices in other crypto assets.

"The CFTC staff handled it strictly on procedural grounds, but at the leadership level I communicated with Treasury Secretary [Steven] Mnuchin and NEC Director Gary Cohn, and we believed that, should bitcoin futures go forward, it would allow institutional money to bring discipline to the value of the cash market," Giancarlo told CoinDesk. "And that's exactly what happened."

Please go to coindesk to read the entire article.

Look what these astonishingly corrupt people did. They can do whatever they want with this price:

Top 100 Cryptocurrency by Market Capitalization

The is "help?" These same people created derivatives to destroy competition from cryptocurrencies over their fiat money system. "Popping a bubble" is help when the market should have been determined strictly by the buyers and sellers in a real open and free fair market.

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