It looks like that at 15:25 EDT the 28th on Poloniex someone paid 1942 BTC for 1.94 ZEC. 1000 BTC per ZEC is not the highest listed. Someone paid 5000 BTC per ZEC, giving up $300,000 for 0.11 ZEC. Maybe it’s a tax game. For example, you owe an investor (like your own LLC) $1 million for personal ZEC mining equipment which the LLC counts as a loss on a bad debt. The company carries the BTC it received from you as inventory indefinitely (there are no taxes on inventory gains below some limit). Your LLC just got a great deal and pretends the BTC was not a transfer for the equipment loss. Your mark-to-market on the 2 ZEC shows you quickly lost a lot of BTC capital gain. Or the friend counts the equipment as an expense that reduces income but counts the BTC as capital gain instead of income (lower tax rate and saves 15% SS tax). On your side, you have a BTC loss that’s 100% deductible. Meanwhile, the ZEC start rolling in.
No Poloniex was trading by themselves as no deposits had hit. Classic thing they do to create fake volume and gather the scarse coins that were going around.
2 Likes
But why fake such high prices and open themselves to suspicion? How do you know no deposits had hit?
I couldnt agree more… when will people realize that polo is the only whale in this game. That price was just a marketing ploy cause their bots know ahead of you before another order hits their orderbook. Insider trading + high frequency trading at its best. For those who still didnt understand they basically pumped alts and front run everyone. So with zec they themselves sold to their own bids.
2 Likes
Other than experience in the cryptomarkets the blockchain never lies.