Bitcoin Forum

106555 BTC, holy crap. That's actually amazing, combined with the other exchanges the 24hr volume in the whole Bitcoin ecosystem has probably been ridiculously high recently. I really like seeing all this activity, even if it's probably caused by a bubble.

The Ponzi owners are cashing out! I seriously believe the 'Gambling' section of this forum has driven this bubble in large part - a subforum of that section!

While the Ponzi owners do make a lot of money bud, I don't think that a 6-figure BTC volume has been driven by the owners of Ponzis alone. Maybe 10-100 BTC of the volume is that tops, but it's probably less as I'll bet most Ponzi owners have no actual interest in Bitcoin and cash out instantly. ;)

seen on btc-e that several sold of more then 500 btc were made also on cryptsy to as you said above to many coin are involved for "gambling" to be issue here

It is a lot of volume right now around $255 million on present count looking at all the exchanges combined volumes.
http://coinmarketcap.com/exchanges/volume/24-hour/
http://coinmarketcap.com/currencies/bitcoin/#markets

Bitstamp has a very nice volume which makes it perfectly capable of doing ultra fast day trading. Have made a nice profit during the large swings. Bitfinex is as well doing great with 450K BTC volume. I think the volumes will come back to earth the comming days where the price advance will slow down for a few days or week.

Sure? How can you say that? Do you really think there are so much money (BTC) involved in the gambling section?
Do you have any reference or something you could give to what you have just said?

still a tiny drop in the ocean compared to the volume of those big chinese exchange, it seems that they are the reason why bitcoin it's growing, without chinese we would still be at 100-200 range forever

An important % of bitcoin volumen these days are from traders that are buying and selling bitcoins during the same day.

He's delusional. No gambling or scam can fuel a hype like that. It was the articles about Bitcoin that came up recently and the possible lifting of chinese ban

What about MMM ponzi, that shit has at least $100m in funds. Can't wait until it collapses. A lot of tears everywhere.

If people were cashing out their coins, then the prices would have fallen. But the exact opposite has happened. So my guess is that some institutional investor is accumulating the coins, and probably they are buying hundreds of thousands of Bitcoins. The volumes in BTC-e also went crazy during the past 24-hours. I am not sure, but it seems that it broke the BTC100,000 mark.

Agreed, these prices are clearly driven up by the Chinese.
No way the gambling section has this much influence over the price.  ::)

Fascinating, we almost hit the volume of the NYSE :D

Soon bitcoin will be the biggest financial market in the world.

Was that bitstamp alone or combined volume on all exchanges?

I wouldn't count the chinese volume for sure, as free trading is easily manipulated to fake massive volume..

Although, it could very well be possible that a large part has become real trading last few weeks with the price bump.

Source on what you're referring to here? NYSE dwarfs bitcoin in terms of number of trades, and most especially, value of trade. It's not even close.

Wait and wait. You'll see  ;D

I have to say I do not see major increase of new users arround, no new names on this or other forums. I guess BTC needs to go higher to get this. This is why I believe most of this price jump is speculative.

I think those volume are from day traders. Chinese exchanges have skyrocketed the price and then all those big guy holding large amount of coins jumped in and start to do day trade for profit. I find this good as we can also follow them and earn quick profit. In my opinion price gonna swing around 350-400 on next week also due to those day traders.

I said almost, that means we are not there yet.

But if this continues , bitcoin volume will exceed NYSE. Because it's global.

Imagine the 3.5 billion unbanked, starting trading /moving bitcoins around, the NYSE will become the dwarf.

Volume is crazy, hope this time price will break previous high

Agreed.

It's impossible that a subsection of this forum has managed to move billions of dollars in the last days which is what we've seen (look at the marketcap, it went from to 4 to 7 billion dollars when the price was peaking at 500 USD. Not possible. People want Bitcoin and FOMO can set in fast.

Volume was indeed huge but it's going down constantly. 24 hours ago we had still over 200,000 BTCs of volume which is huge as well. Now we are at about 135,000. Looks like we are heading back to normal.

I do hope though that we pick it up and give this thing another push. It's a weekend though, maybe we just need to wait that money hits the exchanges on Monday. At least I hope so.

I actually think it's a good sign if we return to normal BTC volumes that we would regularly see but maintain this price level of around $380-390. Keeping a stable price level around this area with a normal volume would be a good sign that this price level is here to stay in my opinion - it's been relatively stable the past couple days.

It gives more confidence isnt it. Merchants and shoppers like stable prices, instead of huge volatility.

I would also like it bitcoin would have a stable growth, but only after it reaches more than 10,000$ :D

Perhaps. :P I do think that if we do drop down to a lower volume but maintain this price level we can be sure that it has stabilised for now and is unlikely to drop back down to the $200s, so I'm actually quite looking forward to the volume dropping more as long as the price remains the same! It has so far :)

But that is not deflation, because the coins are still there isnt it?

It's not like throwing 100$ into a volcano and get destroyed? It's still existing, it's just that it's perma-locked, plus you have no way of proving really that the private keys are lost. The owner can sit on it 100 years and his grandsons find his lost private key in some old shelf and then spend the money.

What really happens is the money velocity goes down, which is deflationary in nature, but it could indicate less demand too, so that is not "deflation" as it's commonly defined.

Again, no where near this in any foreseeable future. You're talking about a single currency that does a couple hundred millions dollars of trade on its most dramatically active days, versus an exchange comprised of hundreds of billion dollar companies, and which turns over hundreds of billions of dollars of value in a 7 hour period on its slowest days. Bitcoin is literally thousands of times smaller, and the presently unbanked will join the traditional banking system in larger numbers than bitcoin, thus ensuring bitcoin trade never overtakes NYSE.

Never?

So when you will have thousands of online businesses, tons of new concepts and many new members.

Foxes market volatility is dying, they print so much money that all fiat currencies will die in a stalemate.

Forex traders will love bitcoin they are already joining us.

Then it will still be dwarfed by the magnitude of the NYSE, which is home to hundreds of multi-billion dollar companies. The largest company on NYSE right now is 60 times larger than the entirety of bitcoin, and that's only one company. And there are at least 49 other companies that are each, by themselves, 20 times bigger than the entirety of bitcoin. And then that's still only the first 50 companies, there are more than 3200 companies listed on the NYSE. You're comparing as equals two things that are staggeringly nowhere near being equal. It becomes evident just how great the discrepancy is when you look at hard numbers and don't speak in abstract generalities, or lofty (and generous) estimations on what the future is going to hold for bitcoin adoption.

If price stays at this level for long time may another few weeks then most likely prices will not go back to 200+ range. But without stabilizing at this level again prices move up then more likely prices will fall back because their is no strong foundation for prices to go up so much at shot. But last few days prices around 380 range not going either down or up from that level.