Tuesday, April 24, 2018

Cryptocurrency pump and dump? Bitcoin Cash miners destroying tokens to pump up price

When it comes to the 'Wild West' that is the cryptocurrency sector, never be fooled that fraud doesn't occur as much if not more than in the controlled manipulated markets of sovereign governments.  And in a new report out on April 24, it appears that one of the miners for the cryptocurrency Bitcoin Cash is purposely 'burning' (destroying) tokens it mines in order to cause the price to rise by artificially limiting supply.

The cryptocurrency market is hot again after more than three months of losses. The rally leader is bitcoin cash, which has more than doubled in price in April. 
The reason for the rise of bitcoin cash is reportedly that one of the largest mining groups, Antpool, has been “burning” the bitcoin cash coins it created to solve the mathematical problems in the network and also cut the supply, thus propping up the price. 
"Antpool has burned $12 worth” of bitcoin cash a day, Kyle Samani, managing partner at crypto hedge fund Multicoin Capital told Bloomberg. "This was purely a PR game so they could say ‘reducing supply.’” 
Another analyst says that it is hard to keep up projects such as bitcoin cash, and miners are burning the crypto-cash just to keep it going. – Russia Today


Post a Comment