Mark Yusko, the founding member of Morgan Creek Capital Management, mentioned that centralized organizations heavily manipulated Bitcoin’s price. Morgan Creek Capital Management is a digital asset index fund that was founded in 2018. It provides sophisticated institutional investors a chance to invest in cryptocurrencies profitably. The index fund has Bitcoin as the majority of its portfolio. However, Yusko has indicated his claims of BTC market manipulation, pulling investors to this new Bitcoin alternative called Bitcoin Spark.
What is market manipulation?
Market manipulation refers to manual or artificial market abuse, where a deliberate move interferes with the normal operations of financial derivative price movements. The process involves:
- Spreading false information about a crypto project.
- Participating in a series of transactions to increase the trading volume of a digital asset.
- Bridging quotes or prices of a cryptocurrency project.
Can Bitcoin Survive Price Manipulation?
Bitcoin is a decentralized platform that stands against centralization in finance. The digital asset pioneered the growth of the DeFi ecology with the effect of improving technology that a central entity cannot control. However, the virtual currency is prone to centralization in its mining activities. Additionally, the increasing institutional interest in Bitcoin may cause its price to surge significantly, especially with the approval of Bitcoin Exchange Traded Funds (ETFs). Can Bitcoin price be manipulated? Bitcoin has a large market capitalization and a strong community of DeFi enthusiasts backing it up. To manipulate Bitcoin’s price, one must have a lot of liquidity. Bitcoin Spark hosts the future of decentralization.
Decentralized finance emanates from the growth and development of virtual currency platforms like Bitcoin. However, Bitcoin uses an old-generation blockchain characterized by high transaction costs, slow transaction speeds, low interoperability, and limited scalability. The platform has paved the way for other DeFi projects like Bitcoin Spark that will revolutionize the industry further. Bitcoin took the first step to achieving decentralization; Bitcoin Spark is taking the crypto world up the ladder.
Bitcoin Spark is the true path to decentralization, incorporating a new consensus mechanism called proof of process that combines mining and staking. The Bitcoin Spark network has a simple mining technique involving handheld devices such as mobile phones and laptops. The network is the only one with a simplified mining ecosystem that can be executed on simple electric gadgets. Typically, networks with the proof of process consensus mechanism have the challenge of requiring expensive mining equipment, operating nodes, and high volumes of electricity.
Mining BTCS involves solving less complicated mathematical algorithms that require a strong internet connection and limited power and RAM from the mining gadget. The mining process will occur in the device’s background, allowing users to use their devices for normal routine operations.
Additionally, mining through electric devices reduces the entry barriers, allowing more users to participate in the mining process. It increases the safety of the network and reduces the chances of centralization, which is often the case in mining networks. The platform has been audited by three independent, smart contract scrutinizing firms: Contract Wolf, Vital Block, and Cognitos. The technical audit compilation reports are available online and on Bitcoin Spark’s official white paper. The project is currently on presale phase 5, and each BTCS token is discounted at a retail price of $2.50.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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Source: https://www.thecoinrepublic.com/2023/09/24/mark-yusko-says-bitcoin-price-is-heavily-manipulated-and-how-bitcoin-spark-resists/