Working hypothesis... BTC is primarily a vehicle for (1) laundering drug money, and (2) Chinese getting money out of the country, getting around government's capital controls. The large fluctuations in price, both up and down, are because somebody with large money "badly needs" or "badly wants" to use BTC for the above or similar reasons. They don't care about the current price, high or low, because they likely won't hold them for long. They care about liquidity. Big price fluctuations come from bidding up the price and costs them some on the margin. Vice versa with selling. They don't expect to get "full spot price", as they know it always "costs" to get such transactions done... call it a "handling fee" or "the vig". They're not concerned much with the costs, just getting the net amount accomplished, whatever the vig. So... all of you BTC players are in the right arena, for now. (Pretty cool! You're making money off of drug profits... and it ain't even illegal!) A couple of the other cryptos may be in play for similar reasons, but the huge bulk of lesser ones probably are going to have a difficult time making any headway at all. $.02 http://www.zerohedge.com/news/2017-11-02/bitcoin-explodes-above-7000-then-crashes-600
Funny thread on reddit: We should use the "Who Wants to be a Millionaire" chart to get excited for each new price break.
Interesting theory. If you had the data you could create an historical consolidated order book across all the primary exchanges and see what was actually going on.
What theory? Figured it out long ago. Thats why the price doesn't matter. $1 or 10,000 If you only use it to launder, and instantly convert, its all the same Some group is keeping the tradeable float as low as possible And the true beliebers(sic) are afraid to sell
bubble bubble toil and trouble By William Watts, MarketWatch Regulations means banks have little appetite for cryptocurrencies: Thiam Credit Suisse Group AG (CSGN.EB) Chief Executive Tidjane Thiam made clear where he stands on bitcoin, joining a growing rank of high-profile bankers and financiers to scorn the soaring cryptocurrency. The widely reported remarks (http://www.reuters.com/article/us-c...-skeptical-about-bitcoin-bubble-idUSKBN1D2189) came at a news conference in Zurich and on the same day bitcoin soared beyond $7,300 (http://www.marketwatch.com/story/bi...resh-all-time-high-then-pares-gain-2017-11-02) for the first time as it and other major digital currencies continued a 2017 tear that's drawn increasing scrutiny from Wall Street, regulators and investors. Indeed, bitcoin's current leg higher was fueled in part after the CME Group Inc. (CME), the world's largest exchange owner, earlier this week announced it would launch a bitcoin futures contract (http://www.marketwatch.com/story/bi...cme-plans-digital-currency-futures-2017-10-31), cheering digital currency fans who saw the move conferring a degree of legitimacy. Bitcoin has seen a more-than-sevenfold increase so far in 2017.
You seem to be getting quite emotional about this scatty, even bringing morals into the equation with it being "drug money", ( the same can be said for cash quite frankly). You seem angry that your being proved wrong , I'm angry that I'm being proved right and did nothing about it .
I've despised this from day 1 , but realized long ago this was a great trading vehicle, since its based on nonsense. Sadly, I am too old and set in my ways to mess with something so vulgar. It's perfect for millennial metrosexuals though
SOES wins the most-forgotten-heavily-used-word-back-in-the-day award of the day. Man, that one came out of nowhere. Refreshing. :-0