The Bitcoin Thread

Status
Not open for further replies.
Does anybody know what's going on with the local exchanges today?

Despite the price sitting quote stable at 4200 internationally, there is a reasonably big sell-off going on with luno and altcointrader.

Wondering if there is some news I don't know about? I know about the Chinese exchanges, which if revealed to be true will affect global markets and not just local markets
 
biometrics said:
:erm:

View attachment 462511

"That graph scale is adjusted for max drama."

That's exactly what you did.
Click to expand...

The point is time scale matters. Few were even aware of it for half that time scale, nor was it traded in any significant volume. The tired example of tulip mania lasted 7 months, not 7 years. If you take the last 3/4 years, when exchanges proliferated and public awareness solidified, btc really doesnt look as parabolic. That's not to say it won't crash because all this FUD will become a self-fulfilling prophecy, but the long term implications of cryptocurrencies are profound and should not be written off too hastily.
 
garp said:
The point is time scale matters. Few were even aware of it for half that time scale, nor was it traded in any significant volume. The tired example of tulip mania lasted 7 months, not 7 years. If you take the last 3/4 years, when exchanges proliferated and public awareness solidified, btc really doesnt look as parabolic. That's not to say it won't crash because all this FUD will become a self-fulfilling prophecy, but the long term implications of cryptocurrencies are profound and should not be written off too hastily.
Click to expand...
I'm on the same page...

Relating to that graph somebody showed, with the price going to near zero. I just can't see that happening.
I do agree with with idea that there are periods of euphoria in the market where things get parabolic, and then consolidations/corrections follow.

I think under normal circumstances the market has and probably will continue to follow this pattern:

https://medium.com/@cburniske/the-crypto-j-curve-be5fdddafa26

There is way too much money invested in the bitcoin ecosystem, mining, exchanges, bitpay, blockstream satellite, settlement layer for all cryptos etc etc... I really can't see such a bear case for bitcoin, in the absence of something fundamentally wrong with bitcoin.


Should probably have introduced myself yesterday. I originally got into bitcoin back in 2013, I held up until last year and since then I've been buying an trading a number of cryptos and adding to my btc position.
 
So, I've been doing a lot of reading this week, and although it can all be propaganda / fake news, I think it might be plausible for China to ban Crypto trading (although temporarily) due to a combination of the factors below:

1. The fact that a lot of Chinese based companies now accept crypto as a means of payment, and the government cant tax on goods sold / services rendered.

2. The Chinese government has no way to enforce strict laws around money flowing in and out of China

3. The market will drop significantly by implementing a ban, then China will buy massive amounts of crypto, giving them a way of controlling it to some extent.

Thoughts / suggestions?
 
YingYang said:
^how? The very idea of cryptocurrency is that nobody controls it
Click to expand...

Surely, If one owns a large enough amount one can manipulate the price to a certain extent?

Look at http://bitcoinseoul.org/ for example. As I understand the idea of clubs like these is to use leverage of large pools to manipulate the price to either go up or down?

I'm not an expert tho, this is purely from research Ive done. Would love to hear opinions?
 
Yes big players can manipulate prices in certain markets...

Mining also has a fair amount of control... 51% mining share would basically control bitcoin
 
Tman* said:
Surely, If one owns a large enough amount one can manipulate the price to a certain extent?

Look at http://bitcoinseoul.org/ for example. As I understand the idea of clubs like these is to use leverage of large pools to manipulate the price to either go up or down?

I'm not an expert tho, this is purely from research Ive done. Would love to hear opinions?
Click to expand...
You can only manipulate the market if there's a willing party to take the other side of the trade. All matching systems do not allow you to make a bid on an order that you're selling. You cannot buy from yourself.

That and the fact that nobody would be interested in a currency that adds no value to them in some way or the other.
 
YingYang said:
You can only manipulate the market if there's a willing party to take the other side of the trade. All matching systems do not allow you to make a bid on an order that you're selling. You cannot buy from yourself.

That and the fact that nobody would be interested in a currency that adds no value to them in some way or the other.
Click to expand...

There are more ways to manipulate markets than trade.
 
Status
Not open for further replies.
Back
Top
Sign up to the MyBroadband newsletter
X