So yea…Hackers take $196 million from crypto exchange Bitmart, security firm says – December 6, 2021

 

So as many people are learning, there appears to be a pump and dump scheme happening with Bitcoin and other cryptocurrencies and it’s because of the many flaws ingrained into this marketplace. As many people like to point out it’s very easy in Bitcoin to manipulate the price of Bitcoin by paying more for Satoshis? Now, you can get people to pay more for Satoshis if they’re new to Bitcoin which is why a lot of people call Bitcoin a pyramid scheme, but as many of us know there are ways to manipulate the price of stocks, at least Bitcoin is decentralized right?

Well… not so fast, not everything about cryptocurrencies is decentralized, the mere fact there’s an article talking about “Hackers taking $196 million from crypto exchange Bitmart” tells you that the crypto markets have problems I’m certain most people never considered prior to “investing” in this type of market. Now, because of the way Satoshis as an example is structured, is quite easy to manipulate the price of Bitcoin, especially if you’re an existing Bitcoin hoarder wealthy with Bitcoins

Pump and dump, not only pump and dump but if you’ve caught wind of these pump and dump schemes as a hacker, you can also benefit from this. Because as you’re witnessing possible price manipulation occurring, you’ll position yourself to strike during periods when people are at their most vulnerable. I have to remind people that Bitcoin doesn’t do anything, so the price of it could spike to $200K, how much are willing to pay for a Satoshi? That’s the real question and when you’re a newbie, you’re not going to know what’s cheap and what’s expensive, and even if you do know, you might not care, because maybe you just want to ride the wave?

There really isn’t any way to warn people about the risks of the cryptomarkets, because greed is greed, but if you’re going to invest late, keep in mind that there are people rich in Bitcoins, who can push up the price newbies pay for Satoshis.

Hackers take $196 million from crypto exchange Bitmart, security firm says | cnbc.com

Interesting times ahead