|
I noticed there aren't really any details about the exchange or business plans for how it intends to be successful - all you get is a link some static under construction page. All the promoters keep posting is bullish news about bitcoin itself (as if the revenue of overstock is the revenue of BITC.PK). Duh I knew that I already - but why invest in your company? The readers might as well just invest in bitcoin itself.
|
|
|
|
|
I was looking through the penny stock forums the other day and saw that too. I thought about making a thread here but didn't bother. What a load of crap. A budding bitcoin exchange doesn't need any help from a public ticker from the caveat emptor pinksheets. It's a shame that penny stock pusher scum are latching to bitcoin popularity/success for their latest scams now. I hope it doesn't give bitcoin a bad name.
|
|
|
|
Want to bet for a box of cigars that it won't go below $500 this year? ( edit: Mt.Gox price )
This year?  If it isnt going below this year, then probably it never is. Excluding the inevitable crash to $0 of course. |
|
|
|
Dont care about dollar volume. dollar volume combined with X dollars per unit can simplified as Y unit volume. It's always going to be a constant unit volume which has significance to move a market by some percentage.
That's cool, I'm ONLY interested in Dollar volume. The US Dollar is a better indication of purchasing power than Bitcoin (until the end of the Bitcoin singularity). So when BTC is trading at $10,000, will you will still believe the same USD volume is significant enough to move the price by the same amount? What about $100,000? Eventually only 1 bitcoin of volume will be needed to support a huge rally. Is that correct? |
|
|
|
|
Isn't it kind of fishy how huobi started that massive dump as soon as this was posted on reddit and such? I wonder if the traders at huobi are they same ones who orchestrate all the FUD and maybe even the good news also and they're just playing this whole market like a fiddle, ping ponging all the traders back and forth.
|
|
|
|
So many bull arguments; so little volume totals.
 Your analysis is just wrong, here is a rough graph of $volume for the past year at MtGOX only. Remember in April Gox totally dominated, but $ volume in the December rally at Gox alone was higher than the April rally. $ Volume has increased massively over the last year especially if we include the other exchanges. (Apologies for the roughness of the graph x axis=time, Y-axis is $ volume per day) Dont care about dollar volume. dollar volume combined with X dollars per unit can simplified as Y unit volume. It's always going to be a constant unit volume which has significance to move a market by some percentage. |
|
|
|
|
Actually if you look at the mtgox chart there was no much volume decrease process that occured 2010-2013 - This phenomena has only started just recently, due to exchange diversification.
|
|
|
|
|
The volume levels seem like too drastic of a change to have occured over only 4 months. If they had decreased by 25% or maybe even 50% then that might make sense but not 80%.
|
|
|
|
|
So many bull arguments; so little volume totals.
|
|
|
|
I just think that people have an exaggerated impression about a sudden paradigm shift over a mere 3 months in which the dynamics of bitcoin trading and the amount of volume and depth needed to support the price has completely changed, when in fact if China is removed from the equation, things could go right back to how they were in early 2013.
First you're talking about a ban - that's not on the cards right at this moment. But it is a big question. How important is China to Bitcoin's fundamentals when the speculation has died down? Not important at this early stage I would say. Bitcoin is like a seedling now and will grow in any direction it has to. If we were a couple of years down the line and Bitcoin was in widespread use in China and then they banned it then yes, that would be a problem. But for now the only problems are FUD and panic. There is also support building every day in the US and other places. Why would things go all the way back to early 2013? No way in my opinion - the "cheap coins" will be snapped up before then! This is an optimistic scenario that bulls keep repeating. In reality we have not seen any solid evidence that such a support exists on non-chinese exchanges. Each Chinese crash has been stopped by a sudden volume in explosion on a... Chinese exchange - either btcchina or huobi. You really have no idea what will happen when China is removed. It's like an uncharted territory. It's possible that your optimistic scenario occurs. Or it's possible that we dip back to 400s or lower because the type of horsepower needed to support these levels simply doesn't exist yet on non-chinese exchanges. And we could consider 400 to be a damn impressive increase from the level of 100 we were supporting previously and attribute it to recent developments. Money talks, and even though we might be incredibly bullish, it might still take time to gather all the fresh fiat needed to support these chinese-meth-cocaine-magic-powered levels of Yuan enchantment. |
|
|
|
|
I just think that people have an exaggerated impression about a sudden paradigm shift over a mere 3 months in which the dynamics of bitcoin trading and the amount of volume and depth needed to support the price has completely changed, when in fact if China is removed from the equation, things could go right back to how they were in early 2013. If this is the case then I probably do not want to touch bitcoin until I start seeing average daily volumes of 40K on btce and bitstamp again with 100K+ on hot days.
|
|
|
|
|
Anyone want to guess why the drop stopped just then?
A) All the good PRs and merchant adoption.
B) Support and volume on non-chinese exchanges.
C) China is factored out now and everyone is super bullish about our new market free of China.
D) Someone proved the news is fake.
E) Huobi started buying tens of thousands of coins.
|
|
|
|
One who buys only 900 USD worth of merchandise with 1 BTC obviously does not believe that 1 BTC will be worth 10,000 USD in 2015...  What is that supposed to mean - We're all supposed to refrain from using bitcoin for years until it's reached its ideal valuation? You're telling bitcoiners not to use bitcoin? What sense does that make? No thanks. And that's not going to help the btc economy. If nobody used it then it wouldn't be worth anything. That's a paradox! |
|
|
|
No offense, but this forum has zero impact on the market.
Thank you. I'm tired of people telling me that I'm talking my book, etc. |
|
|
|
|
Suddenly btce is trading $25 below bitstamp today?
|
|
|
|
|
I'm a bear and I think this thread is dumb as shit.
|
|
|
|
Volume at the main exchanges on the three days up to the all-time high, namely 27, 28 and 29/nov, when the price was between 950 and 1130 (on Bitstamp; 10% more on MtGox), in kBTC:
BTC-China 80+80+50 = 210
OKCoin 62+55+30 = 147
Huobi 45+37+20 = 102
MtGox 38+37+15 = 90
BTC-e 39+27+13 = 79
Bitstamp 37+22+13 = 72
BitFinEx 9 + 9+ 5 = 23
Other exchanges had smaller amounts. In total, about 750,000 bitcoins were traded on those exchanges in those three days, when the price was at or above 960 USD and it seemed that it would keep increasing well beyond 1200 USD.
Presumably some of those coins were traded multiple times in that period, but it seems safe to assume that there must be a few hundred thousand bitcoins out there which were bought at those prices by their current owners.
OR... Only about 5%-10% of those numbers represents actual disinct bitcoins newly purchased, and the other 90%-95% represents traders and bots trading the same coins back and forth, especially on chinese exchanges with 0% fees. |
|
|
|
Patience can be rewarded. Wait until bitcoin sells off with daily volume greater than 80000 on bitstamp like on 2013-12-17 with StochRSI < 20. Then buy to get the best price. Price may very well be under $600 on that day, maybe not. No one has a crystal ball.  There was also 140,000 volume on btce. That was insane. And that with WITH China stepping in and leading the recovery. |
|
|
|
|
It looks like the only exchange that is maintaining an impressive bid depth now (compared to last night) is mtgox.
|
|
|
|
Wow I've never seen a wall that big.
I can't see it. Where and how big? On BTC-E. Is that not a wall at 900? Let me guess... Bitcoinity? It doesn't mean that it is super big just because it is steep and maxes out the graph. 500 coins is not very big. Oh I see. At one point the list on btce's website was bigger and you could see all the same data there as on bitcoinity. |
|
|
|
|
Show Posts
