Bitcoin Forum

Hello everyone,

will, in your opinion, the launch of Gemini Exchange will have an impact on the Bitcoin price?

Useless.





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Resistance is futile, Bitcoin will always win at the end.
We are already here to stay.

the price went up a few bucks today, which might be due to the near launch of the gemini exchange. i hope we'll maintain the $250 level and not fall back to below $240.

it hit 249.01 at bitfinex today and now is steadily going down like the trooper it's always been. 246 and falllllllllllllllllllllling.

Looks like some traders got a little bit too excited with buying, or we might see another bump bringing the price to over $250 today. I have the feeling something will happen today.

Still looking like a steady price rise to mee. Just a little normal correction in between, nothing to be afraid of.

The real launch is when stuff will happen. Just one more day! This will be interesting.

there is already a mini-mini pump ongoing, maybe the gemini is causing it who know, the swing is so little that you can attribute it to anything

it should anyway have some sort of an impact of the market, but i would expect to return at 270 at best

easy ACH transfers to the exchange and hopefully they wont be retarded like coinbase and ban everyone and their mom(s) for no reason.

I am looking forward to using their platform.

I wouldn't call it a mini pump, it's just a good growth in my opinion. A good reaction for a very positive news in Bitcoin ecosystem. We don't need what has happened with Coinbase announcement, when we shot all the way pass $300 just to fall straight down on our face.

I would be happy if we would grow up to $260 and just create there a new healthy floor while staying there!

Traders will buy extra coins to sell on Gemini. The closer it gets to launch time, the more coins they will buy. Of course some traders always will sell for a small profit after any pump, so we had a small correction earlier on. Price rarely rises in a straight unbroken vertical line for long. In the long term the Gemini launch will mark the start of a sustained price rise.

Agreed with you at the moment price has good sign to going up from last week and it stable at up to $238 and with upward signs so we can keep hope it will move more up and cross again $300 again in current month.

On the short term, a pump and dump period just started.
On the long term, it has a good chance to affect the price since there are a lot of people with big bucks that believe in the twins and would invest into bitcoin because of them, but this will be seen in many months to come, not this quick.

I agree expectations will raise price, but when it will actual happen there will be a correction.

I dont think it will make any difference on the price, no new exchange has in the past.

maybe if they can figure out some sort of Willy Bot 0.2 though...

By the time you see anyone asking here if something will affect bitcoin price you can assume any effect is already priced in to the market.

Just another place where people can easily dump their scamcoins so it's guaranteed to push the price down.

It adds one less excuse for BTC to be discounted. I don't think much or anything'll happen in the near term. Perhaps their 'institutional investors' will throw up a surprise but they already have a few little nooks to crawl through.

There are enough places for people to dump their coins. This will not facilitate extra dumping.

Maybe it is just better to buy back the coins you sold too early and move on?

Granted there are other places you can go to dump your coins, Gemini WILL ADD to already burgeoning number of exchanges for EXTRA DUMPING. Why is it so hard for you to understand? Bulltardness is spreading like plague.

When the exchange really gets off the ground, and the institutional money starts flowing in, you can expect an uptick in the price.  :)

you're getting funnier and funnier lately. you once mentioned you don't hate bitcoin at all, and now you say scamcoin... you're making a clown out of yourself.

What is the difference in Gemini with other exchanges? There are lots of them already (noob question, really want to know)

The only thing going for Gemini is that it's located in New York City.

Problem is that no sane institutional investors know enough about bitcoins to plunk down their money or risk their clients' money into it. Winklevoss twins don't exactly inspire confidence in them either. Gemini is facing multiple hurdles, including competition, being late to the game, lack of market share, too many to list.

first asks are placed :D https://api.gemini.com/v1/book/BTCUSD

Indeed:

{"bids":[],"asks":[{"price":"243.50","amount":"0.01","timestamp":"1444311349"},{"price":"244.00","amount":"10","timestamp":"1444311349"},{"price":"245.00","amount":"0.01","timestamp":"1444311349"},{"price":"248.95","amount":"0.2471232","timestamp":"1444311349"},{"price":"265.00","amount":"19","timestamp":"1444311349"},{"price":"300.00","amount":"1","timestamp":"1444311349"},{"price":"400.00","amount":"1","timestamp":"1444311349"},{"price":"600.00","amount":"1","timestamp":"1444311349"},{"price":"800.00","amount":"1","timestamp":"1444311349"},{"price":"1000.00","amount":"1","timestamp":"1444311349"},{"price":"1337.00","amount":"1","timestamp":"1444311349"},{"price":"1500.00","amount":"2","timestamp":"1444311349"},{"price":"2000.00","amount":"1","timestamp":"1444311349"},{"price":"5000.00","amount":"2","timestamp":"1444311349"},{"price":"5555.00","amount":"1","timestamp":"1444311349"},{"price":"9999.00","amount":"1","timestamp":"1444311349"},{"price":"10000.00","amount":"1.21","timestamp":"1444311349"},{"price":"20000.00","amount":"1","timestamp":"1444311349"}]}

Why only asks? Was it not possible to transfer money into the accounts earlier?

Nobody is rushing to sell their coins on Gemini.  Only about 10 coins for sale at a realistic price.  This will be a slow process.  Even if their was a institutional client wanting to buy 1k coins their simply not their.  Good chance for some arbiratige.

dunno but its really boring right now

That 10 minute delay on the public ticker though. Criminal.

You can see here better : http://bitcoinity.org/markets/gemini/USD
thanks to : https://bitcointalk.org/index.php?topic=1201174.msg12634265#msg12634265

So nothing nada zip zero.. Is what Gemini does for the USD/BTC.... Just another nerd exchange. I think we have several years until BTC reach its potential. Or some bank use the blockchain technology and creates their own coin... I just hold and buy. If it goes down the drain, so be it. Happy to have mined mine.

Reality is setting in. Many people will be hugely disappointed. A long waited Winklevoss twin's Gemini exchange is a complete flop, who would've thunk that???

Well, congrats to them for actually having a working product out there.

Unless they themselves have cajoled some new buyers and sellers to come on board, not a great deal's gonna happen.

The current crop of players, and previous ones, don't seem to care all that much about whether their exchange is dependable and honest, they just want masses of leverage and the illusion of volume.

Gemini's launch will have good impact on Bitcoin and it will help to spread the word about it more far.I will promote the Bitcoin and create awareness and let the common man know that Bitcoin is not something just virtual.I see it good thing happening an exchange to be located in New York city and to trade Bitcoin.

If Gemini can prove itself to be solid and reliable then that is useful, though remember that the whole of the USA is only about 5% of the world population, so its immediate impact is not likely to be that great.  Worth keeping an eye on though.

I don't just by launching some new exchange will impact on bitcoin prices. If some big companies starts selling their products for bitcoins then surely it will have a impact on bitcoin prices otherwise gemini will be another bitcoin exchange only. But still they have prove they are trust worthy first to use their services

Anybody beat me to the *crickets* thing? I'm too ambivalent to look back. :(

I guess either no one has any funds on there yet or there is no liquidity yet or it was a failure and no one signed up (would hurt to have paid for all their licencing fees and flopped).

IF they are a flop they should somehow sublease their licences to small traders. It is too difficult for small traders to get licences on a state level so this might actually be a good business model.

Gemini is just an exchange service. it can not have that big a effect on bitcoin price just by starting their service. it seems to be legit and with the license in NY but i don't see any of these a reason for price of bitcoin going up.
it goes up if they decide to pull a gox :)

No effect so far, good or bad.

I think not much people will go for Gemini because of all docs required for sign-up

There's already many thread that are exactly similar to this thread, except they were well thought out, provide links and contribute something to the intellectual conversation that you're pretending to demand.. However I wouldn't expect much an impact, but possibly a slight bump up which would be only artificial, temporarily.

Exciting days ahead, one way or the other.

as expected nothing has happened to the price. i rather have this than people pumping the price hoping for fireworks and then start dumping as they get disappointed as nothing happened.

Yesterday the volume there was 30BTC - https://cryptowat.ch/gemini/btcusd/1day - does not look serious.

Just give it a week. The early to say after 1 day that it isn't serious. Give the twins a week or two to let it work out.

The volume should be logically related to the users numbers and how much they want to trade , compared to other exchange Gemini only allow USA residents to register as far as I know and the others are worldwide so .. that's why I assume

Got any relationship with bitcoin??
What I can see is related with science and USA dollar.

Because banks take days to transfer money.  How do you buy Bitcoin on an exchange the day the exchange opens if your money won't get there till 3 days later o_O

Pending Wall Street investors and capital in the launch
So perhaps if enough big capital latches onto them.

IT Will of course need to be linked to their ETF pending approval.

A lot of people got an invite earlier, were they not able to transfer money?

That's a damn good point, hopefully there's life in this thing yet. I have to be honest I was expecting a pump based on Gemini opening for business. Patience is key then maybe.

Because the exchange was open for many days before, only TRADING started officially yesterday. People had plenty of time to fund their accounts. Gemini is the flop of the year.

Has trading been stopped for the last 11 hours on Gemini, or have there just been o trades made? I can't find any trades for the last 11 hours. It must be open 24 hours a day because all the other exchanges are, and it couldn't compete if it didn't do the same. I looked on the Gemini twitter and it says nothing about a halt in trading.

I'm glad that this did not happen.That what have been pretty sure a buy the rumor and sell the news case.
Give Gemini some time and let us see how it will develop. Furthermore I believe real action there will take place when their ETF will launch. Until then I expect nothing big.

Yes, why the hell a pump? Don't we realize that these pumps and then unavoidable dumps are just making us harm as a community. I am glad that we learned something from the Coinbase pump and dump and that the same mistake hasn't been repeated.

After all, just one exchange has opened up, an exchange that can't give immediate results but it will give results definitely in a long run.

Dumping is far less profitable without a well-orchestrated pump. People have forgotten that making money is hard work, expect to get rich by just waiting for it to happen.
No harm in rationalizing, I suppose. Missed opportunity is how I see it.

Well I am glad people have forgotten how to make well-orchestrated pumps that will most definitely be followed by self-orchestrated dumps.

I believe that you can never have enough good, reliable, legit exchanges, especially after all of the exchanges fiascos that we had until now in history. So no, nobody is late for a party in my opinion!

Money isn't magic, not even bitcoin. It doesn't grow on its own, Mike. Don't buy into the whole "just buy my bitcoins, keep them in cold storage, and, after a few years of doing nothing? Hey presto! You're rich." thing. Where do you think the value of your bitcoin comes from, if not from the people who buy them from you? And why would they bother buying your coins, if you don't make them want to buy them?

And people will only want your coins if they think the coins will be worth more tomorrow, agree?

Well, making them think (the coins will be worth more later) is called "pumping," or "pimping." Pumping is hard work (as is pimping, which also ain't easy). It takes a well-coordinated, consorted effort by a large, multitalented crew, with all working as one towards one common goal: maximizing profit.  Successful pumps can go on for quite a while, and the dumping, when done skillfully, doesn't kill the pump--when done prudently, it's not even called dumping, but rather 'locking in profits.'

Re: "honest exchanges": People like to dump on the likes of Big Vern and MagicalTux, but they're the guys in the trenches, doing our dirty work, what needs to be done. They put us on the map. Without their able tutelage we'd be trading in the low single digits and mining with our CPUs.

Liquidity also seems to be pretty thin. The volume might be a function of that.

With so many people expecting Gemini pump, that was just never going to happen

it's simple for me:

Coinbase opened their exchange today to Texas residents, but Gemini is not available yet.
No go.

I don't know mate, although I can agree with you that in every market, especially new market there is and there was many manipulations, speculations, etc, I think that you can go just about the certain level with all of this. 

Everything in life is about balance. I even argued that allegedly Willy the bot that was running on Mt. Gox has helped us a lot, but imagine if we had another 5 bots like this. We would become a joke. It's OK to do everything up to the certain level but after some time, we have to become at least a bit serious to be taken seriously. It's the same about pump and dumps.

What on earth are you expecting after hardly a day? People didn't even had a chance to fund their accounts yet, and it is currently severely limited to several states in the USA as well.

Things take a little time to get of the ground..

There will be simple positive impact on the price but let the exchange be fully functional give it little time to see the results.We can not judge anything in few hours or few days after its launching.I see it positive anyway for Bitcoin on long term.

Now the investor should trusth on BTC
its a new step, keep calm guys

Winklevoss twins are a flop; Gemini is a flop; ETF will be a flop. Flop, flop, flop. Does that make bitcoin a flop too?

Agreed. If it was still that level of volume after one month it would be a reason for concern

That is the problem we are here often facing. People show absolutely no patience! everything has to happen quick.
But this is not how a solid business and solid price of Bitcoin can thrive.
I believe in a time period of 6-12 months Gemini can have an influence in price. Even more when the ETF is in the game.

Right now Gemini is following the price of the other exchanges fairly well considering its lack of liquidity. I think that's very positive. That will facilitate more interest and volume over time.

Also, the fact that the price hasn't moved much on the other exchanges since trading began on Gemini leaves little reason for a lot of volume to show up on a brand new exchange anyways.

All the people spouting crap about how it is a failure seem pretty pathetic to me. Nothing better to do?

no because if bitcoin, is growing only because of these guys, we are doomed anyway

it should be used as a currency first not as a trading tool for manipulators

There's no doubt that the recent rise to 248 is in some part due to Gemini. Problem is many people here expected a rocket to the moon and it didn't happen. Now, most people have moved on to either the ETF or the next halving. They will be sorely disappointed again when their expected rocket doesn't materialize. Greedy people shall find out their greediness has killed the golden goose.

wow guys give the exchange a chance

come back and look in 12 months, instead of 12 hours

people here only look for quick profits. they don't see that an exchange can't generate thousands of bitcoins worth of volume on just day 1.

Yes it's always the same. People have no patience.Everything must happen quick. But here in this space this won't work out well.
Let them complain.If they will not learn that things need time to evolve they will leave the playground.

If Gemini prove themselves to be a decent conduit that people can use to move sizeable amounts through, then that would be positive, but I don't see why it would impact the price on it's own that much (maybe upwards a little).

We need use cases that have been fully developed to show the real value of the concept, and that will take time to see how it pans out.  I'm thinking multiple years at least.

The scope of its (Gemini) user base on a world wide view needs to be a lot more to impact the market in a significant way.  USA is only 5% of the world population, and if they only have access to half of the states at the moment, then changes will not be that significant from an individual users point of view.  Maybe institutional investors could skew that a little, but I think most would just test the waters for a while before going in with both feet perhaps, sometime in the future.