game theory</strong></a>.</p>\n<p>The following is the standard situation of the prisoner's dilemma. It was proposed by mathematicians Melvin Dresher and&nbsp;Merrill Flood. Later it was codified by Albert W. Tucker.</p>\n<p><em>Two criminal gang members are apprehended and held in separate rooms for questioning. There are no other witnesses. The authorities only have enough evidence to convict one of the criminals. However, they can only do that if the other criminal testifies against them. The authorities make a deal with each criminal. They have two options &ndash; betraying the other criminal by testifying that he committed the crime; or cooperating with the other criminal by remaining silent.</em></p>\n<p>There could be<strong> three potential endings:</strong></p>\n<ul>\n<li><strong>Both criminals end up serving two years each.</strong> This would happen if they betray each other.</li>\n<li><strong>Both criminals end up serving one year each.</strong> This would happen if they both remain silent.</li>\n<li><strong>One criminal is set free</strong> because he betrays the other. However, <strong>the other criminal ends up serving three years</strong> because he remains silent.</li>\n</ul>\n<p>Betrayal is more rewarding than working the other criminal. Thus, it&rsquo;s reasonable to believe that all completely rational criminals will betray each other. This would leave only one potential outcome: <strong>both prisoners betraying one other.</strong> On paper, an individual reward should result in a better outcome. However, in the prisoner's dilemma, <strong>individual reward results in a worse individual outcome.</strong></p>\n<p>Many situations in the economy deal with the prisoner's dilemma. However, over time, a variety of strategies have been established to prioritize the collective good over individual rewards.</p>\n<p>In real-life examples, the majority of interactions are repeated multiple times. A prisoner's dilemma can also occur several times. When this happens, it's called an <strong>iterated prisoner's dilemma.</strong> In this case, individuals are able to apply techniques that provide rewards for collaboration.</p>\n<p>The rewards that individuals get can also be modified by using institutional techniques. Prisoner&rsquo;s dilemma can be guided towards a more collectively advantageous solution by knowing the collective goals. 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Private sales are organized by blockchain companies. The companies determine which investors they want to invite. <strong>The idea is to get early investors to support a certain project in exchange for <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency that has the potential to generate substantial profits.</p>\n<p>Private sales benefit both investors and businesses because:</p>\n<ul>\n<li>Institutional investors can provide large cash to businesses. <strong>This</strong> <strong>allows them to build various projects.</strong></li>\n<li>In comparison to the traditional crowd and public sales, <strong>investors obtain significantly lower crypto prices.</strong></li>\n<li>The discounted rates indicate that, when the coins are distributed to the general public, <strong>there is a chance of receiving quick and significant returns.</strong></li>\n</ul>\n<p>However, private sales have been criticized for excluding average investors. Besides, concentrating large amounts of cryptocurrencies in the hands of a few individuals exposes the coins or tokens to <strong>price manipulation.</strong> In addition, the tokens are exposed to various schemes such as the <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-pump-and-dump-pandd-scheme/">Pump and Dump (P&amp;D) scheme</a>.</strong></p>","level":"easy","meta_title":"What is Private Sale? Definition & Meaning | Crypto Wiki","meta_description":"Private Sale meaning: Private Sale - a private early-stage investment opportunity for a limited number of strategic investors.","meta_keywords":null,"language":"en","created_at":"2022-05-24T06:44:30.000000Z","updated_at":"2022-06-07T11:49:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-private-sale"},"prevSection":{"id":1012,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Price Action?","slug":"what-is-price-action","section":"P","keyword":"Price Action","status":"published","definition":"the movements of the financial asset’s price over a period of time.","content":"<p><strong>Price action is the heart of all</strong>&nbsp;<strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-technical-analysis-trend-analysis-ta/">technical analysis</a>. </strong>This is because it uses previous prices to forecast future price changes. Traders seek formations, trends, and patterns in market structure using price action and chart analysis. They do that in order to generate new trading ideas.</p>\n<p>Price action traders mainly rely on examining the price behavior of a certain asset. Many price action traders that look for short-term investment opportunities utilize price action specifically to determine trade setups.</p>\n<p>Other traders, on the other hand, use a variety of technical indicators to improve their price movement analysis. The premise is that by combining price movement analysis and technical indicators, more trustworthy trading signals can be generated.</p>\n<p>Various charting techniques can be employed to assess price action. The <a href=https://www.bitdegree.org/"https://en.wikipedia.org/wiki/Candlestick_chart/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Japanese candlestick chart</strong></a>, line chart, and bar chart are the most prevalent. Traders use all of them to better identify and comprehend market trends. This is the case because they all depict price activity in different ways. Though keep in mind that each of these chart settings has its own set of benefits. Thus, which one to employ for price action analysis is a matter of personal needs.</p>\n<p>Though the chart patterns that the price action relies on the most are <strong>candlestick patterns.</strong> Such patterns are basically <strong>recurrent price action formations.</strong> Traders can spot and use them to generate new trading ideas. The whole concept of this trading approach is that these patterns tend to repeat themselves. Therefore, trade ideas based on candlestick patterns are usually successful.</p>","level":"easy","meta_title":"What is Price Action? 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