in the last day there's been this hilarious stuff going on with Peercoin that really makes it clear how broken and manipulable cryptocurrency markets are
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yesterday the apparent value of Peercoin spiked because of high bids on the exchange hitbtc. this was 100% sustained solely by hitbtc being a broken piece of shit; they can't successfully generate a Peercoin wallet address for you right now, so nobody can get PPC in to sell it
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so the high price and not-nonexistent volume is i guess people just pumping it using local assets on the exchange. BUT the fact that that IS THE LISTED VALUE on hitbtc causes PPC to jump to the top of rankings that don't have the sense to stop listening to hitbtc's stupid ass
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this gets people buying to try to arbitrage against the effectively 100% fake price, gets opportunistic miners mining, and by now has in fact successfully dragged the price of PPC on all the other exchanges up to pretty much where the fake hitbtc price was last night
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so yeah, cryptocurrency is the Wild West, chapter one point six billion and three
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