you could be dead on right... that guru of Crypto (Altucher spelling?) recently stated that just like the .com's there will be hundreds of crypto's but only a few will survive and do well...ala Amazon.com, etc...
Be aware that Bitcoin wasn't the first. Many experiments tried in the 20 years before. In that context Bitcoin is already the Amazon.com. I'm 100% sure Bitcoin will still be king in the next 20 years, just as Amazon and Facebook will. It's actual much easier for Bitcoin to stay ahead of the pack, because it's software (so relative easy to modify if needed) and nearly all world's smartest crypto-engineers work for Bitcoin.
You guys are so funny. You make comments on something you have no idea what it is ? Let me ask you this. How d oyou know what true value is when you don't have a clue what forks are in it. Do you even know what a fork it. Just keep watching it go up . GBTC will hit 10,000 one day and you will still want to short it. lol
I guess it's time to take a break. Bitcoin ETF are tumbling this morning and it seems China gov is not really welcoming Bitcoin market. http://www.gorket.com/2017/12/05/chinas-pboc-warns-bitcoin/
Interestingly, GBTC was down more today in 3 hours, but BTC fluctuated very little, like $150. I still can't find the reason for the increased volatility and disconnect. Maybe it was due to the Chinese opinion in the post above?
I don't think there needs to be a complex "reason" for GBTC's decline today. It closed at $995 on November 22, less than 2 weeks ago, so it had risen significantly in a short period of time. The NAV is approx. $1,078 - so even at the intraday low it was still trading well over NAV. .
[QUOTE="m22au, post: 4558918, member: 10346" It closed at $995 on November 22, less than 2 weeks ago, [/QUOTE] Yeah but in that time frame BTC also went up almost 50%, from 8K to 12K. Since GBTC is somehow leveraged, a doubling is not out of the ordinary. But today a 1% down move in BTC caused a 25% drop off in GBTC? Maybe as you said it was just the overbought state of GBTC, maybe something else...
GBTC is not levered, it trades at a large premium to NAV. Big fluctuations happen when people start to second guess paying such an ridiculous premium
At last Bitcoin correction, GBTC and BTSC went down first. I don't think this is a good sign. http://www.gorket.com/2017/12/08/bi...ld-be-a-clusterfck-of-monumental-proportions/
Well. I thought I’d chime in. GBTC has eclipsed 2300. It is strange that it can move opposite BTC. Anyway. I still think this is well worth considering. Yes I’m aware of the premium. But. Considering the most recent $73million in coins being hacked. I am even firmer on my stance that I will not invest thru the wallet/exchange system.