Just bought back in myself.
Just looking at how little BTC is even on the books to sell at the moment, on my current exchange, okcoin, and I'm feeling pretty bullish. Yeah buying at a 2 year ATH sounds really dumb, but this is bitcoin we are talking about, logic doesn't apply!
logic does indeed apply.
You mentioned how little bitcoins is available on current exchange..
once you consider how little bitcoins is available to be mined as new issuance moving forward, then the logic of accumulation at the current price makes perfect sense
in other news, can you guys please crash this thing already. As low as possible for as long as possible
I do consider this assertion regarding fewer and fewer coins on the exchanges to be a significant point.
And, I am not sure about how such a fact were to play out, if it were true.
Yeah, one scenario is as described, fewer coins available on the exchanges causes the price to go up because there is an insufficient number of coins on the exchanges.
Actually, as I think through the scenario, this claim of not enough coins on the exchanges merely boils down to fewer people wanting to sell their coins because they are expecting them to appreciate in value in the very near term future.
The fact of the matter remains that bitcoins are very easy to transfer onto the exchanges and to transfer onto exchanges quickly, and the only question remains whether any person potentially willing to sell coins already has an account on such an exchange.
On the contrary, the more difficult logistics involves fiat, and even though there are more and more ways to buy bitcoins, there are still considerable problems in moving fiat onto exchanges in any kind of rapid manner... so in the end, I still conclude logically it makes more sense that the disparate abilities to rapidly move fiat as compared with bitcoins causes more ability for rapid downward price action, rather than rapid upward price action (mostly upward price action has to have some premeditation coupled with the fact that coin HODLers are less and less inclined to sell under current market conditions)
you are right about easier to sell than to buy with fiat currency (to get it on the exchange)
But don't discount the demand created by services like Coinbase where you can buy with debit card (smaller amount) or with linked bank account for delivery in a few business days - this has an effect on demand
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