Nickel Relives The Failed Attempt By The Hunt Brothers To Corner Silver Tim Treadgold Contributor Oct 20, 2019 Attempts to “corner” a metal market invariably end in tears, if not jail time, which is what happened with silver in 1980 and copper in 1995, so when the market in nickel “inverted” last week warnings were issued that an old game was being played in one of the new generation of battery metals....... https://www.forbes.com/sites/timtre...nt-brothers-to-corner-silver/?sh=4d6ef44b1406
They successfully accumulated a lot of contracts. The fact that they had a 100-million-dollar margin call that they couldn't meet says that most of their buying was at the top. They just drove the price up on themselves. The market controlled them, not the other way around. If they had had enough cash to meet the margin call (and subsequent calls if the price continued to drop) they might have controlled the silver supply. But they couldn't make margin and would have been jailed for their sizable debt that couldn't be paid if the other banks hadn't bailed them out. This wasn't successful in any form. They definitely influenced a rise in price but they didn't profit from it. The onion market was probably a thin market. I'll have to read about it.
There is this myth that everything revolved around the brothers. Nonsense. They had a lot of backers from the Middle East. And they got burned in this.
All this talk about the hunt brothers and all the bs manipulation and the bail out is exactly why Bitcoin exists. The banks and the government can't stand that they don't control it and can't manipulate it. Their only option is to grin and bear it or if you can't beat em, joined em.
Latest move from the SEC re: Bitcoin ETF being "Cash Creates" Good explanation below Twitter thread detailed breakdown
just because Venezuela quit using it doesn't mean that it went to zero there. They could have easily sold it for dollars or something.
Hyper inflation rendered their currency worthless...you can see videos of them throwing money in the streets.
What does that have to do with BTC? I was interpreting the prior post like they were using BTC and then left it for fiat. Did that not happen?